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Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 12/14/20212025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 03/28/2030 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/24/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-09-300001851322Investments — non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/2027 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-07-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:TwoThousandTwentyEightNotesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Truist Insurance Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.75% Maturity Date 5/6/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 11/17/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.70% Maturity Date 06/21/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Magenta Buyer, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.85% Maturity Date 07/27/20282024-12-310001851322us-gaap:OtherAggregatedInvestmentsMember2024-06-300001851322ck0001851322:O2025M3AggregateDividendsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-01-012024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 04/03/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.44% Maturity Date 04/03/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/2032 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.85% Maturity Date 04/24/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322ck0001851322:O2024M2AggregateDividendsMember2024-01-012024-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/26/2032 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-01-012025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMember2023-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322us-gaap:RetainedEarningsMember2024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2025-09-3000018513222025-05-052025-05-050001851322ck0001851322:O2025M2AggregateDividendsMember2025-01-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2024-12-310001851322ck0001851322:July320253Member2025-07-032025-07-030001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-01-012025-09-300001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. 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Investment First Lien Debt Reference Rate and Spread S +4.75% Interest Rate 8.75% Maturity Date 10/29/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software UKG, Inc. First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.33% Maturity Date 02/10/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 12/22/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/2031 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 9/09/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Crown Subsea Communications Holding, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 3.73% PIK) Interest Rate 10.33% Maturity Date 9/08/20272024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/29/20262025-09-300001851322us-gaap:AerospaceSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-09-300001851322ck0001851322:SLICMember2025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.30% Maturity Date 08/10/20282024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292024-12-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2024-01-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 09/10/20302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 12/22/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.16% Maturity Date 09/08/20322025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:A2030NotesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Arches Buyer, Inc. 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First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/30/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Revolver Commitment Expiration Date 06/25/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:NotesMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-01-012025-09-300001851322Investment Three2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Filtration Group Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.97% Maturity Date 10/21/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/2/2032 One2025-09-300001851322us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/22/2028 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 9.31% Maturity Date 02/02/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/10/2027 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. 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Commitment Type Revolver Commitment Expiration Date 12/08/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 11/18/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.17% Maturity Date 03/01/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-09-300001851322ck0001851322:NotesMember2025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MediaSectorMember2025-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components LTI Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S +5.25% Interest Rate 9.41% Maturity Date 8/14/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/08/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Ivanti Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 9.12% Maturity Date 12/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/24/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322us-gaap:AssetsTotalMemberck0001851322:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 08/02/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/07/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/21/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/25/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Tidal Waste & Recycling Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.00% Maturity Date 10/24/20312025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 03/13/2028 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/03/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/02/2028 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.37% Maturity Date 9/30/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2023-08-100001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 04/03/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 02/27/2030 One2025-09-300001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software ECI Macola Max Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.75% Maturity Date 05/09/20302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 11/18/2031 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/18/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242025-09-300001851322us-gaap:OtherAggregatedInvestmentsMember2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/2028 Two2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2023-03-160001851322Investments — non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 06/02/2026 One2025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesB2026NotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/20292025-09-3000018513222025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Boost Newco Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.83% Maturity Date 01/31/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 9/19/20302025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2024-01-012024-09-300001851322us-gaap:FairValueInputsLevel1Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/02/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-09-300001851322us-gaap:OtherAggregatedInvestmentsMember2023-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262024-01-012024-12-310001851322ck0001851322:O2024M4AggregateDividendsMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services CoreLogic, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.97% Maturity Date 06/02/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/28/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/02/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 06/30/20312024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services CNT Holdings I Corp. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.56% Maturity Date 11/08/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/17/20272025-09-300001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-07-012024-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 04/12/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/3/2027 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/20292025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Tidal Waste & Recycling Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 10/24/20312024-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Medical Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.91% Maturity Date 11/01/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/02/20252024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2025-09-300001851322ck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/24/20292025-09-300001851322us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:ShortMemberck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-12-310001851322us-gaap:RetainedEarningsMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Central Parent, Inc. First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.25% Maturity Date 07/06/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electric Utilities Kohler Energy Co, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.75% Maturity Date 05/01/20312025-09-300001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 09/22/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 8/31/2029 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-09-250001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262024-12-310001851322us-gaap:EquitySecuritiesMember2023-12-3100018513222024-04-042024-04-040001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.96% Maturity Date 3/09/2028 One2024-12-310001851322Investment One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.16% Maturity Date 12/11/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.49% Maturity Date 12/20/20282024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.56% Maturity Date 03/16/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 10.20% Maturity Date 10/30/20312024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/17/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 08/20/20312024-12-310001851322ck0001851322:ElectricalUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/17/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 8/25/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/11/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/01/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272025-01-012025-09-3000018513222024-08-012024-08-010001851322Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesA2028NotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/02/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262025-01-012025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2027Member2025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 03/19/2027 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/15/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 Two2024-12-310001851322us-gaap:PrimeRateMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2028 Two2025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 01/29/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312025-09-300001851322ck0001851322:DebtInvestmentsMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 02/19/2030 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/26/2031 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.33% Maturity Date 12/17/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Inc Investment First Lien Debt Reference Rate and Spread S + 5.75% PIK Interest Rate 10.24% Maturity Date 6/30/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 5.50% PIK) Interest Rate 12.08% Maturity Date 5/5/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 4/16/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/01/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 8/31/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.63% Maturity Date 08/15/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 08/20/20272025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 09/15/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PCX Holding Corp. Commitment Type Revolver Commitment Expiration Date 04/22/20272025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services KUEHG Corp. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.84% Maturity Date 06/12/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 09/15/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components DG Investment Intermediate Holdings 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.22% Maturity Date 03/31/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/2029 Two2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2025-07-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 11.29% Maturity Date 07/20/20282025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242025-01-012025-09-300001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2024-01-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Capital Markets Orion Advisor Solutions, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.57% Maturity Date 09/24/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 10/27/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/05/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 03/10/20272025-09-300001851322ck0001851322:LifeSciencesToolsServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302024-01-012024-12-310001851322us-gaap:EquitySecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.42% Maturity Date 12/22/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services HUB International Limited Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.37% Maturity Date 6/20/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-01-012025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 01/29/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/10/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-12-310001851322Two Preferred Equity Positions2025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-09-300001851322ck0001851322:RestrictedSecuritiesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Wand NewCo 3, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.66% Maturity Date 01/30/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 01/17/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 02/19/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.86% Maturity Date 07/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 8.11% Maturity Date 10/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.5% Maturity Date 08/29/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology eResearchTechnology, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.36% Maturity Date 2/04/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Red Planet Borrower, LLC First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.96% Maturity Date 10/02/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/19/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292024-12-310001851322ck0001851322:InvestmentNonAffiliatedIssuerNonControlledMemberck0001851322:DebtInvestmentsMemberck0001851322:FoodProductsSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-12-310001851322ck0001851322:InterestRateSwapSeriesC2027NotesMember2023-12-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 02/01/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252024-01-012024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2025-07-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/20262024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 05/28/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 09/29/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S +5.50% Interest Rate 9.50% Maturity Date 4/1/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20302025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 09/18/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/28/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.01% Maturity Date 07/01/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.13% Maturity Date 08/29/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 10/31/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/17/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.26% Maturity Date 12/30/2026 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-09-300001851322ck0001851322:InvestmentNonAffiliatedIssuerNonControlledMemberck0001851322:DebtInvestmentsMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/30/2026 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 01/31/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 04/22/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/01/2029 Two2024-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.84% Maturity Date 10/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.15% Maturity Date 07/20/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 Two2025-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.46% Maturity Date 08/05/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:IndustrialConglomeratesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Icebox Holdco III, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 12/22/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 03/12/2029 Two2025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:AU2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/29/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pacific Dental Services, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.13% Maturity Date 3/15/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.00% Maturity Date 04/09/2030 One2025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Media MJH Healthcare Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.71% Maturity Date 01/28/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 12/05/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 05/24/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.24% Maturity Date 8/21/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20362025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/23/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Inc Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/2027 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/2026 Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/28/20322025-09-3000018513222024-07-012024-07-010001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-01-012025-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:OtherAggregatedInvestmentsMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 05/28/2032 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 07/30/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 04/10/20312025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:OtherSecurityInvestmentsUnsecuredDebtMember2024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.30% Maturity Date 08/10/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/27/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-09-300001851322us-gaap:TransportationSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LifeSciencesToolsAndServicesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/03/20312024-12-3100018513222024-01-042024-01-040001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/08/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Employbridge Holding Company Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 01/19/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/29/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-09-300001851322us-gaap:FairValueInputsLevel2Member2025-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.10% Maturity Date 08/05/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.14% Maturity Date 12/22/2027 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/16/2029 One2025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2024-12-310001851322ck0001851322:SecondLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 03/12/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.7% Maturity Date 05/24/2032 One2025-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 01/29/2030 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Olympus Water US Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.34% Maturity Date 06/20/20312024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2024-07-012024-09-300001851322ck0001851322:ElectricalUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/18/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 9/19/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20252024-12-310001851322Interest Rate Swaps2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/26/2032 Two2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001851322ck0001851322:InterestRateSwapSeriesA2026NotesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/2029 Two2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/2029 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/02/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 11.17% Maturity Date 03/10/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas Us Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.63% Maturity Date 12/09/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 02/26/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 6.50% PIK) Interest Rate 12.08% Maturity Date 5/5/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment First Lien Debt Reference Rate and Spread 3.25% Interest Rate 7.84% Maturity Date 11/30/20272024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/29/20262024-01-012024-12-310001851322ck0001851322:InvestmentNonAffiliatedIssuerNonControlledMemberck0001851322:DebtInvestmentsMemberck0001851322:ProfessionalServicesSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.79% Maturity Date 12/26/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/31/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272024-12-310001851322ck0001851322:O2025M5AggregateDividendsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology MedAssets Software Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.13% Maturity Date 12/15/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.44% Maturity Date 04/03/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.44% Maturity Date 9/01/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl.4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 04/23/2027 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Performance Health & Wellness Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.21% Maturity Date 07/12/20272024-12-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Acquisition Date 09/09/20252025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery TK Elevator US Newco, Inc. First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.20% Maturity Date 04/30/20302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 11/19/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Foundever Worldwide Corporation Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.03% Maturity Date 08/28/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Sedgwick Claims Management Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.59% Maturity Date 7/31/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/23/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 07/01/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/2027 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.29% Maturity Date 03/18/20272025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/4/2027 One2025-09-300001851322ck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 01/22/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Virtusa Corporation Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.41% Maturity Date 2/15/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/30/20312024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LeisureProductsSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.86% Maturity Date 07/02/20292024-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/2028 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/19/2027 Two2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 8/15/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292024-01-012024-12-310001851322ck0001851322:O2024M3AggregateDividendsMember2024-01-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-01-012024-12-310001851322ck0001851322:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/03/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.08% Maturity Date 02/16/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.65% Maturity Date 02/23/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 8.91% Maturity Date 07/22/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/2030 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-08-050001851322srt:MaximumMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/2027 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S +4.75% Interest Rate 8.89% Maturity Date 1/30/2031 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread 5.00% Interest Rate 9.33% Maturity Date 6/27/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 09/06/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/10/2029 One2025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateQuarterlyCatchUpThresholdMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/14/20252025-01-012025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2025-09-300001851322ck0001851322:IndependentPowerAndRenewableElectricityProducersSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FairValueInputsLevel1Member2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262025-01-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/26/20262025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/22/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 11% Maturity Date 07/29/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.08% Maturity Date 02/16/2029 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-09-3000018513222025-05-012025-05-010001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.43% Maturity Date 12/22/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 05/28/20322025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Preferred Equity Acquisition Date 12/06/20222024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262024-12-3100018513222025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001851322ck0001851322:O2024M5AggregateDividendsMember2024-01-012024-09-3000018513222025-06-302025-06-300001851322us-gaap:AssetsTotalMemberus-gaap:CustomerConcentrationRiskMemberck0001851322:QualifyingAssetsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.99% Maturity Date 12/18/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.92% Maturity Date 07/21/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312024-01-012024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.56% Maturity Date 03/16/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Citrin Cooperman Advisors, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 10/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 10/04/2030 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 10/04/2030 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/25/2029 One2025-09-300001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 10/13/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Magenta Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 07/27/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:AU2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread S + 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/2027 One2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/26/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50%Interest Rate 10.19% Maturity Date 10/19/2028 One2024-12-310001851322us-gaap:OtherDebtSecuritiesMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/24/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 07/047/2028 One2024-12-310001851322ck0001851322:April320251Member2025-04-032025-04-030001851322Investments-non-controlled/non-affiliated Debt Investments Software Proofpoint, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.16% Maturity Date 08/31/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/2031 Two2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 11.30% Maturity Date 07/06/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 04/23/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/17/20262024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 02/27/20302025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262025-01-012025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:MSCreditPartnersHoldingsMember2025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/30/2027 One2025-09-300001851322us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/19/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-09-300001851322us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.25% Maturity Date 05/25/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 8/15/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 11/17/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 11/19/20312024-12-310001851322us-gaap:FairValueInputsLevel12And3Member2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-09-300001851322ck0001851322:InterestRateSwapSeriesB2028NotesMemberus-gaap:LongMember2025-09-300001851322ck0001851322:IndependentPowerAndRenewableElectricityProducersSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Orion Group Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/12/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Avalara, Inc. Commitment Type Revolver Commitment Expiration Date 10/19/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Curia Global, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.44% Maturity Date 8/30/20262024-12-310001851322us-gaap:PrimeRateMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 12/06/20222025-01-012025-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread S + 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/2027 One2024-12-310001851322ck0001851322:OneMonthSecuredOvernightFinancingRateSOFRMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.15% Maturity Date 07/20/2029 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/2032 Two2025-09-300001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 6/15/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252025-01-012025-09-300001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2025-07-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components LTI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 9.11% Maturity Date 07/19/20292024-12-310001851322ck0001851322:EquityInvestmentsMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/23/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Olympus Water US Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.00% Maturity Date 06/20/20312025-09-300001851322ck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 01/02/20292025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252025-01-012025-09-300001851322us-gaap:SubsequentEventMember2025-10-012025-10-010001851322ck0001851322:InterestRateSwapSeriesB2026NotesMember2025-09-300001851322us-gaap:FairValueInputsLevel3Member2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-09-300001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/08/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.19% Maturity Date 10/19/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/06/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 6/15/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 12/14/20212025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 09/10/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282024-01-012024-12-3100018513222025-09-300001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2025-07-012025-09-300001851322us-gaap:AerospaceSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-09-300001851322us-gaap:FairValueInputsLevel12And3Member2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.70% Maturity Date 07/01/2027 One2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-01-012025-09-300001851322Investment Three2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 6/27/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-09-3000018513222025-06-042025-06-040001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 03/01/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/2026 One2024-12-310001851322ck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 09/14/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LHS Borrower, LLC Investment Common Equity Acquisition Date 09/04/20252025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/31/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/02/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-01-012025-09-300001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/2027 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/23/2030 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.24% Maturity Date 8/21/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/23/2030 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.65% Maturity Date 3/18/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 11/17/2031 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/29/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation PODS, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.28% Maturity Date 03/31/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-09-3000018513222025-06-300001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2027Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/25/2029 Two2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 10/30/2028 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 03/19/2027 Two2025-09-300001851322us-gaap:RetainedEarningsMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.33% Maturity Date 04/09/2030 One2024-12-310001851322ck0001851322:InvestmentNonAffiliatedIssuerNonControlledMemberck0001851322:DebtInvestmentsMemberck0001851322:TradingCompaniesDistributorsSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 05/02/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 03/01/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Roper Industrial Products Investment Company, LLC First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.75% Maturity Date 11/22/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 5/05/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/25/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.89% Maturity Date 08/05/20282025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322ck0001851322:S2025M9AggregateDividendsMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 02/14/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Midwest Physician Administrative Services, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.59% Maturity Date 3/12/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00%(incl 4.08% PIK) Interest Rate 11.48% Maturity Date 01/20/20272024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/10/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/2029 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/27/2031 One2024-12-310001851322ck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/14/20262024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Artera Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.83% Maturity Date 02/15/20312024-12-310001851322us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20282025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20282024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 9.32% Maturity Date 07/02/20292025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-01-012024-09-300001851322ck0001851322:EquityInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 08/02/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-09-300001851322Interest Rate Swaps2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:CanadianOvernightRepoRateAverageMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-07-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 04/28/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/23/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/14/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 09/22/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292024-01-012024-12-310001851322ck0001851322:A2030NotesMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-09-300001851322us-gaap:CashMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.26% Maturity Date 6/15/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 4/14/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.59% Maturity Date 06/29/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 10/14/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 10/13/2027 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile MajorDrive Holdings IV, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.59% Maturity Date 06/01/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.44% Maturity Date 9/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/10/20292025-09-300001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-09-3000018513222025-09-012025-09-010001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 02/01/2030 Two2024-12-310001851322ck0001851322:InterestRateSwapSeriesC2029NotesMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMembersrt:ScenarioForecastMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-09-132028-09-120001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S +4.75% Interest Rate 8.75% Maturity Date 10/29/2030 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/13/20292024-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:ProfessionalServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMemberck0001851322:FederalFundsRateMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/17/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-12-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262024-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Avalara, Inc. Commitment Type Revolver Commitment Expiration Date 10/19/20282024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.70% Maturity Date 04/23/20312025-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.10% Maturity Date 08/05/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/26/20302025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments IT Services CSC Thrive Holdings, LP (Thrive Networks) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread 5.00% Interest Rate 9.33% Maturity Date 6/27/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/30/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-09-3000018513222024-02-052024-02-050001851322Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/02/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Reorganized Mobileum Grandparent, LLC Investment Common Equity Acquisition Date 09/12/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-12-3100018513222025-01-012025-01-010001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/2028 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services CNT Holdings I Corp. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 11/08/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/27/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/15/2031 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Wand NewCo 3, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 01/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.79% Maturity Date 12/26/20282025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/29/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/01/2029 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Dragon Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.75% Maturity Date 09/30/20312025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 05/25/2028 Two2024-12-310001851322us-gaap:AssetsTotalMemberus-gaap:CustomerConcentrationRiskMemberck0001851322:QualifyingAssetsMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 04/07/2028 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.01% Maturity Date 07/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl.4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.81% Maturity Date 09/13/2032 One2025-09-300001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Applied Systems, Inc. First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.25% Maturity Date 02/24/20312025-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.385% Maturity Date 08/05/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/03/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Symplr Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.91% Maturity Date 12/22/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/02/2031 One2025-09-300001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-01-012025-09-300001851322us-gaap:RelatedPartyMembersrt:MaximumMemberck0001851322:ExpenseSupportAndConditionalReimbursementAgreementMember2025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-09-3000018513222024-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 4/14/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262025-09-300001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.70% Maturity Date 07/01/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Commitment Type Revolver Commitment Expiration Date 09/09/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.26% Maturity Date 6/15/20292025-09-300001851322ck0001851322:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001851322Investment Two2025-09-300001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-07-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/20312024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition Co Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 03/28/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 05/25/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/15/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Orion Group Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/29/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.76% Maturity Date 06/09/2027 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/2031 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Acrisure, LLC Investment First Lien Debt Reference Rate and Spread S +3.00% Interest Rate 7.16% Maturity Date 11/6/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.39% Maturity Date 09/01/2027 One2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments IT Services CSC Thrive Holdings, LP (Thrive Networks) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322us-gaap:FairValueInputsLevel12And3Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 06/23/2032 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.81% Maturity Date 01/25/2030 One2025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.09% Maturity Date 03/05/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 12/05/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas Us Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.63% Maturity Date 12/09/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.54% Maturity Date 04/12/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Quartz Acquireco, LLC First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.08% Maturity Date 06/28/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 10/31/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/28/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% PIK Interest Rate 8.86% Maturity Date 08/29/2031 Two2024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 05/22/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/04/20252024-12-310001851322ck0001851322:O2024M6AggregateDividendsMember2024-01-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GoTo Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.30% Maturity Date 04/28/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 04/04/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 01/29/2030 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 06/17/2031 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/20272024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-07-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 09/10/2030 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302024-01-012024-12-310001851322us-gaap:FairValueInputsLevel12And3Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.14% Maturity Date 12/22/20272025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 01/29/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 10.20% Maturity Date 10/25/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 04/12/2032 Two2025-09-300001851322ck0001851322:InterestRateSwapSeriesA2028NotesMember2025-09-300001851322us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.11% Maturity Date 8/13/20292024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GB2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 06/30/2031 One2025-09-300001851322ck0001851322:SeriesB2026And2028NotesMember2023-03-162023-03-160001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.59% Maturity Date 06/29/2027, One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Artera Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 02/15/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/27/20302024-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.45% Maturity Date 02/28/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Citrin Cooperman Advisors, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 10/01/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 04/23/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 06/28/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pacific Dental Services, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.64% Maturity Date 03/15/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/05/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 12/22/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 10/02/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 5/5/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread S + 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/20272024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262025-01-012025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.08% Maturity Date 07/03/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/30/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 06/28/20302025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/20292024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UnfundedDebtSecuritiesFirstLienMember2024-12-3100018513222024-08-052024-08-050001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282024-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-01-012024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2024-01-012024-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/29/20262025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Berlin Packaging, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.53% Maturity Date 06/07/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.07% Maturity Date 2/20/20302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 10/15/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software ECI Macola Max Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.58% Maturity Date 05/09/20302024-12-3100018513222025-06-012025-06-010001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 4/14/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/10/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel2Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.7% Maturity Date 05/24/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 09/04/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-01-012025-09-300001851322ck0001851322:LifeSciencesToolsServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 09/29/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 06/17/20312025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:FederalReserveBankOfNewYorkRateMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Roper Industrial Products Investment Company, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.08% Maturity Date 11/22/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Crisis Prevention Institute, Inc. 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Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.20% Maturity Date 3/2/20292025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:TwoThousandTwentyEightNotesMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312024-12-310001851322us-gaap:SecuredOvernightFinancingRateSofrMemberck0001851322:InterestRatePeriodTwoMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.24% Maturity Date 02/26/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cloudera, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.01% Maturity Date 10/08/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2032 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-09-3000018513222024-03-012024-03-010001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 07/30/2029 One2025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 07/25/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/31/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 06/24/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 04/23/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.92% Maturity Date 07/21/2027 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-09-3000018513222024-07-032024-07-030001851322Investments — non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272025-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001851322us-gaap:AerospaceSectorMemberck0001851322:InvestmentNonAffiliatedIssuerNonControlledMemberck0001851322:DebtInvestmentsMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.42% Maturity Date 03/31/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/27/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 08/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/3/2027 Two2025-09-300001851322ck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 06/09/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/23/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 04/22/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 09/14/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 04/12/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Alliant Holdings Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.11% Maturity Date 9/19/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/2032 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/19/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282025-01-012025-09-300001851322ck0001851322:DistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Pro Mach Group, Inc. First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.91% Maturity Date 08/31/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 8/25/20282025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/10/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/11/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 09/29/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.13% Maturity Date 08/29/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services MED ParentCo, LP Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.41% Maturity Date 04/15/20312025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2022-02-010001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2026 Notes Company Receives 8.10% Company Pays S + 6.96% Maturity Date 03/16/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/01/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-09-300001851322ck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322ck0001851322:DebtSecuritiesFirstLienMember2025-07-012025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 03/16/20282025-01-012025-09-300001851322us-gaap:OtherDebtSecuritiesMember2025-06-300001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 09/04/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 01/02/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Project Ruby Ultimate Parent Corp. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.47% Maturity Date 3/10/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Sedgwick Claims Management Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.66% Maturity Date 7/31/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-01-012025-09-3000018513222023-12-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/12/2031 Two2024-12-310001851322ck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Household Durables ACProducts, Inc. Investment First Lien Debt Reference Rate and Spread S +4.25% Interest Rate 8.51% Maturity Date 5/17/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:PlacementAgentAgreementMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.16% Maturity Date 11/19/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/2031 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 08/10/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/9/2026 One2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Revolver Commitment Expiration Date 04/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/03/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 01/17/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/10/20262024-01-012024-12-3100018513222024-05-012024-05-010001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/29/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282024-01-012024-12-310001851322us-gaap:OtherAggregatedInvestmentsMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services KUEHG Corp. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.75% Maturity Date 06/12/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/9/20262025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:DistributorsSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.54% Maturity Date 04/12/2027 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/13/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 08/20/20302025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S +5.00% Interest Rate 9.17% Maturity Date 8/31/2029 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/2/2032 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252025-01-012025-09-300001851322ck0001851322:InterestRateSwapSeriesB2028NotesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 4/16/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/24/2031 One2025-09-300001851322us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/20322025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Allied Universal Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.21% Maturity Date 05/12/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Avalara, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/2028 One2024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 7.65% (incl. 3.40% PIK) Interest Rate 12.11% Maturity Date 12/20/20272025-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 02/25/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.06% Maturity Date 01/17/20312025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 01/29/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 08/02/2032 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/01/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 12/28/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/12/20292024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-07-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 11/18/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/9/2032 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 07/03/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/14/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.5% Maturity Date 03/28/20302025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMember2025-06-300001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 06/24/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Applied Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.33% Maturity Date 02/24/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 07/03/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 12/29/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 06/24/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 02/19/2030 Two2025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2026 Notes Company Receives 8.10% Company Pays S + 4.34% Maturity Date 03/16/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery TK Elevator US Newco, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.59% Maturity Date 04/30/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 1/02/20292024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/13/20282024-01-012024-12-310001851322ck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cloud Software Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 03/30/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 01/02/2029 Two2025-09-3000018513222024-03-052024-03-050001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Imprivata, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 12/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 9.47% Maturity Date 10/30/20312025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322One Unsecured Debt Position2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 8/25/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.34% Maturity Date 4/03/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 07/29/20292024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Broadstreet Partners, Inc. Investment First Lien Debt Reference Rate and Spread S +2.75% Interest Rate 6.91% Maturity Date 6/13/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Quest Software US Holdings, Inc. First Lien Debt Reference Rate and Spread P + 3.25% Interest Rate 10.75% Maturity Date 02/01/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 05/25/20282024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberck0001851322:SONIAEURIBOROrCDORMembersrt:MaximumMember2022-06-292022-06-290001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-3000018513222024-07-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/2029 One2024-12-3100018513222024-06-052024-06-050001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 03/01/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312024-01-012024-12-310001851322us-gaap:EquitySecuritiesMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl 5.75% PIK) Interest Rate 11.08% Maturity Date 04/12/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/01/20292024-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/2027 One2025-09-300001851322ck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-01-012025-09-300001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 09/22/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.96% Maturity Date 3/09/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-09-300001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2024-01-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-01-012025-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.46% Maturity Date 08/05/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 4/3/2030 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.49% Maturity Date 12/20/20282024-12-310001851322us-gaap:FairValueInputsLevel3Member2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S +5.25% Interest Rate 9.41% Maturity Date 8/13/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 04/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 05/25/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/01/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 06/23/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 03/28/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 08/28/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/23/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/01/20302024-12-310001851322ck0001851322:SLICMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 10/02/20292024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 8/25/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/2027 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/05/20262024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/11/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 07/14/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 02/27/2030 Two2025-09-300001851322ck0001851322:SLICMember2024-07-142024-07-140001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 06/11/2029 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 07/01/2030 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services CHG Healthcare Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.40% Maturity Date 09/29/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MediaSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292024-12-310001851322us-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/08/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/2028 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/05/20262024-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.385% Maturity Date 08/05/20292024-01-012024-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMemberck0001851322:FederalFundsRateMember2023-09-122023-09-120001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/03/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/28/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Reorganized Mobileum Acquisition Co, LLC First Lien Debt Reference Rate and Spread S + 6.00% (incl. 5.00% PIK) Interest Rate 10.45% Maturity Date 09/11/20292024-12-3100018513222024-09-012024-09-010001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/02/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/10/20292025-01-012025-09-3000018513222024-09-052024-09-050001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-01-012025-09-300001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Other Debt Reference Rate and Spread S + 8.00% PIK Interest Rate 12.17% Maturity Date 02/28/20302025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2026 Notes Company Receives 8.10% Company Pays S + 6.96% Maturity Date 03/16/20262025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread P +3.75% Interest Rate 11.00% Maturity Date 1/30/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/12/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.59% Maturity Date 08/20/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 08/20/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.76% Maturity Date 06/09/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation PODS, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.85% Maturity Date 03/31/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/17/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Spring Education Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.25% Maturity Date 10/04/20302025-09-300001851322us-gaap:FairValueInputsLevel2Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 5.50% PIK) Interest Rate 11.33% Maturity Date 5/05/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Endure Digital, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.84% Maturity Date 2/10/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/18/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 9.25% Maturity Date 12/28/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Symplr Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.19% Maturity Date 12/22/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.16% Maturity Date 11/19/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 03/13/20282024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.97% Maturity Date 07/06/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262025-01-012025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 03/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Medical Solutions Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.19% Maturity Date 11/01/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 03/09/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 3/12/20342024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/29/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 5.13% Maturity Date 08/10/20262024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 05/12/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Conair Holdings, LLC First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.03% Maturity Date 05/17/20282025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 10/16/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242024-01-012024-12-310001851322us-gaap:EquitySecuritiesMember2025-06-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.67% Maturity Date 11/24/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.58% Maturity Date 9/27/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/15/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/2030 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Ensemble RCM, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.31% Maturity Date 08/01/20292025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:PlacementAgentAgreementMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.04% Maturity Date 04/05/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/15/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 9.31% Maturity Date 02/02/2032 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 08/20/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/9/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.77% Maturity Date 03/02/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 03/12/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 09/15/2031 One2025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 12/28/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/24/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electric Utilities Kohler Energy Co, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.11% Maturity Date 05/01/20312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.38% Maturity Date 07/22/2031 One2024-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.22% Maturity Date 09/22/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.34% Maturity Date 03/13/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TTF Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.11% Maturity Date 7/18/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 10/31/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/2026 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/05/20262024-01-012024-12-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/20262024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2028NotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.4% Maturity Date 04/22/2027 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/26/20312024-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 08/15/2031 One2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MediaSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Household Durables Madison Safety & Flow, LLC Investment First Lien Debt Reference Rate and Spread S +2.75% Interest Rate 6.91% Maturity Date 9/26/20312025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262024-01-012024-12-3100018513222025-09-302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 04/15/2027 One2024-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-09-300001851322ck0001851322:O2024M1AggregateDividendsMember2024-01-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-01-012025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 07/30/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/2031 One2025-09-300001851322us-gaap:FairValueInputsLevel1Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.15% Maturity Date 07/20/2029 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 03/16/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesB2028NotesMember2025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:IndustrialConglomeratesSectorMember2025-09-300001851322us-gaap:AerospaceSectorMemberck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/2027 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/15/20272024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:NotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 12/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/20302024-12-310001851322ck0001851322:InvestmentNonAffiliatedIssuerNonControlledMemberck0001851322:DebtInvestmentsMemberck0001851322:BiotechnologySectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/30/20312024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2025-07-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Revolver Commitment Expiration Date 06/25/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 04/26/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 09/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 02/14/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-12-310001851322us-gaap:EquitySecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/2031 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Veritas US, Inc. First Lien Debt Reference Rate and Spread P + 11.50% Interest Rate 19.25% Maturity Date 12/09/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.63% Maturity Date 08/15/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/2030 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/2030 One2025-09-300001851322us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.98% Maturity Date 02/23/20282024-12-310001851322us-gaap:OtherAggregatedInvestmentsMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001851322ck0001851322:DebtSecuritiesFirstLienMember2024-06-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 9.75% Maturity Date 06/28/2029 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262025-09-300001851322us-gaap:OtherDebtSecuritiesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Athenahealth, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 2/15/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 09/08/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 05/14/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies SITEL Worldwide Corporation Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.22% Maturity Date 08/28/20282024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 06/29/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery AI Aqua Merger Sub, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.28% Maturity Date 7/31/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/30/20262024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/22/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212025-01-012025-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/24/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 07/30/2029 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/20302024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:MSCreditPartnersHoldingsMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.66% Maturity Date 07/02/2029 One2025-09-300001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesC2027NotesMember2023-12-010001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/15/20262025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/14/2031 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/07/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/2028 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/14/2031 Two2024-12-310001851322us-gaap:FairValueInputsLevel1Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2025-01-012025-09-300001851322ck0001851322:SecondLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 6/27/2031 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-01-012024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateAnnualizedCatchUpThresholdMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 8.42% Maturity Date 12/28/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.92% Maturity Date 07/21/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDFTron Systems, Inc. Commitment Type Revolver Commitment Expiration Date 07/15/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 07/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/24/2029 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 11.00% Maturity Date 11/17/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 03/10/2027 One2025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262024-12-310001851322us-gaap:FoodAndBeverageSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 10/25/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-01-012024-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/06/2031 One2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 11.29% Maturity Date 07/20/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/08/20302024-12-310001851322ck0001851322:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Mediaocean, LLC First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.96% Maturity Date 12/15/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Gloves Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.16% Maturity Date 05/21/20322025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.59% Maturity Date 9/8/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/05/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 10/02/2029 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/26/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 07/30/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.57% Maturity Date 03/02/20292025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212025-01-012025-09-300001851322us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/2032 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 9/29/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S +5.25% Interest Rate 9.41% Maturity Date 8/13/2029 One2025-09-300001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 05/12/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 11.25% Maturity Date 9/09/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Ascend Learning, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.16% Maturity Date 12/11/20282025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 03/01/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 01/17/20312025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 05/24/2028 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 1/02/2029 One2024-12-310001851322us-gaap:EquitySecuritiesMember2024-01-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.96% Maturity Date 08/21/2026 One2025-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 08/05/20292025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 08/27/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 07/30/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322ck0001851322:S2025M6AggregateDividendsMember2025-01-012025-09-300001851322ck0001851322:NotesMemberus-gaap:LongMember2025-09-250001851322ck0001851322:July320254Member2025-07-032025-07-030001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/18/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 08/02/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 01/22/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/05/20262024-12-310001851322ck0001851322:InterestRateSwapSeriesD2027NotesMember2024-08-050001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 09/09/2027 One2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesA2028NotesMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/15/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Proampac PG Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.26% Maturity Date 09/15/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.65% Maturity Date 04/16/2029 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-01-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:OtherDebtInvestmentsMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 10/04/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.29% Maturity Date 07/02/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/02/2031 Three2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/13/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/22/2028 Two2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.5% Maturity Date 03/28/2030 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 06/18/20282025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Arches Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.71% Maturity Date 12/06/20272024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Brown Group Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.96% Maturity Date 07/01/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.9% Maturity Date 12/03/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/15/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2023-08-100001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.76% Maturity Date 3/9/2028 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/14/20252024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/9/2026 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Atlas Us Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/09/20282024-12-310001851322ck0001851322:DelayedDrawAndRevolvingSeniorSecuredLoansMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Employbridge Holding Company Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.62% Maturity Date 07/19/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-01-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/2032 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/2029 Two2025-09-3000018513222024-03-312024-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.63% Maturity Date 08/15/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.96% Maturity Date 08/21/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.86% Maturity Date 01/25/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.71% Maturity Date 03/04/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.66% Maturity Date 09/23/20312025-09-300001851322ck0001851322:OneMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-09-300001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-07-012025-09-300001851322us-gaap:EquitySecuritiesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-09-3000018513222025-03-052025-03-0500018513222025-09-032025-09-030001851322Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.10% Maturity Date 12/22/20262025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesD2027Member2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/31/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Sophia, L.P. First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.36% Maturity Date 10/09/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 4/3/20302025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.66% Maturity Date 07/25/2029 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/29/20312025-09-300001851322Investments — non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/20282025-09-300001851322us-gaap:OtherAggregatedInvestmentsMember2024-09-300001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/2032 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.77% Maturity Date 02/01/2030 One2025-09-3000018513222024-06-302024-06-300001851322Investments-non-controlled/non-affiliated Debt Investments Building Products LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.66% Maturity Date 12/02/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/03/2030 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GI DI Cornfield Acquisition, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 8/25/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/19/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread S + 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272024-12-310001851322ck0001851322:InterestRateSwapSeriesD2029NotesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Clydesdale Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.18% Interest Rate 7.53% Maturity Date 04/13/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Atlas Us Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/09/20282024-01-012024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMembersrt:ScenarioForecastMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-09-122026-09-120001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Crisis Prevention Institute, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.00% Maturity Date 04/09/20312025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.38% Maturity Date 08/18/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 10/31/2029 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Mermaid Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.80% Maturity Date 07/03/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GB2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/28/2026 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 12/22/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 10/31/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/15/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272024-01-012024-12-310001851322us-gaap:RetainedEarningsMember2023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies EnergySolutions, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.41% Maturity Date 09/20/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/2030 Two2025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/03/2027 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-09-300001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-07-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262024-01-012024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateAnnualizedHurdleRateMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Quartz Acquireco, LLC Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.25% Maturity Date 06/28/20302025-09-300001851322ck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Asurion, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.61% Maturity Date 9/19/20302024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 11.50% Maturity Date 11/23/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 7.72% Maturity Date 12/15/20282025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2024-07-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 04/22/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20262024-12-310001851322us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222025-01-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/04/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/20302025-09-300001851322ck0001851322:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-01-012024-12-310001851322ck0001851322:O2025M4AggregateDividendsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.77% Maturity Date 02/01/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/02/2030 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/28/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:JPMFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/2026 One2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/01/2029 Two2024-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.45% Maturity Date 02/28/2030 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/2028 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 10/31/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 04/22/20272024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/13/20322025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242024-01-012024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 03/01/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S +5.50% Interest Rate 9.50% Maturity Date 4/1/2029 One2025-09-300001851322ck0001851322:EuroInterbankOfferedRateMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 05/24/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/2031 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 03/13/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 06/28/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Wheel Pros, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 11.38% Maturity Date 05/11/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services CoreLogic, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.78% Maturity Date 06/02/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Parexel International Corporation Investment First Lien Debt Reference Rate and Spread 3.00% Interest Rate 7.36% Maturity Date 11/15/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 06/28/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/18/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/28/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/2029 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-01-012025-09-300001851322us-gaap:SubsequentEventMember2025-11-012025-11-010001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.00% PIK) Interest Rate 10.48% Maturity Date 11/30/2029 One2025-09-3000018513222024-02-012024-02-010001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 04/02/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery AI Aqua Merger Sub, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.05% Maturity Date 07/31/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/20292024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/02/2031 Two2024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292024-01-012024-12-310001851322ck0001851322:TotalUnfundedCommitmentsMember2025-09-300001851322us-gaap:OtherAggregatedInvestmentsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/16/2028 One2024-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Ensemble RCM, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.59% Maturity Date 08/01/20292024-12-310001851322us-gaap:AssetsTotalMemberck0001851322:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateQuarterlyHurdleRateMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302025-01-012025-09-300001851322ck0001851322:InvestmentNonAffiliatedIssuerNonControlledMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 10/02/2029 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/2032 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 07/24/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/14/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/06/20312025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001851322:DebtSecuritiesFirstLienMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-09-300001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.05% Maturity Date 06/07/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/29/2031 One2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.58% Maturity Date 05/25/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 04/04/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/2030 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 06/23/20322025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/2029 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/28/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232024-01-012024-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/20292025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-3100018513222025-04-012025-04-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 06/25/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.29% Maturity Date 03/18/2027 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/2032 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread S + 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/20272024-12-310001851322ck0001851322:SLICMember2024-07-140001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/01/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.11% Maturity Date 05/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Pro Mach Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.86% Maturity Date 08/31/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Electron BidCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.91% Maturity Date 11/01/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Athenahealth, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.91% Maturity Date 2/15/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/02/2028 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 03/01/20292024-01-012024-12-310001851322us-gaap:EquitySecuritiesMember2024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 07/03/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302024-01-012024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.34% Maturity Date 04/05/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/20272024-12-310001851322ck0001851322:O2025M7AggregateDividendsMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-09-300001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2025-01-012025-09-300001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2022-06-292022-06-290001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology MedAssets Software Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.43% Maturity Date 12/17/20282024-12-310001851322ck0001851322:O2024M7AggregateDividendsMember2024-01-012024-09-300001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 07/047/2028 Two2024-12-310001851322ck0001851322:EquityInvestmentsMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262024-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2024-07-012024-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesD2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20262024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/2030 One2025-09-300001851322ck0001851322:DebtSecuritiesFirstLienMember2024-01-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings SPV III, LLC Investment First Lien Debt Reference Rate and Spread Interest Rate 15.00% Maturity Date 12/18/20272024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/22/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.29% Maturity Date 07/02/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.33% Maturity Date 04/09/20302024-12-310001851322ck0001851322:SterlingOvernightIndexAverageMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242025-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001851322ck0001851322:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.5% Maturity Date 05/22/2030 One2025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LifeSciencesToolsAndServicesSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-01-012025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 08/10/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/04/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.5% Maturity Date 03/28/2030 One2025-09-300001851322us-gaap:EquitySecuritiesMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2023-03-160001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/22/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/02/2025 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 05/15/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/26/20322025-09-300001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Clydesdale Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.18% Interest Rate 7.34% Maturity Date 12/11/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 8/25/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Media Aragorn Parent Corporation First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.66% Maturity Date 12/15/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.43% Maturity Date 12/09/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:JPMFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/28/2028 Two2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2024-12-310001851322Two Debt Investments2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/20282025-09-3000018513222024-06-300001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.00% PIK) Interest Rate 10.48% Maturity Date 11/30/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 03/28/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Endure Digital, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 2/10/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/28/2028 One2024-12-310001851322us-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:OtherAggregatedInvestmentsMember2024-01-012024-09-3000018513222024-01-012024-01-010001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/04/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PCX Holding Corp. Commitment Type Revolver Commitment Expiration Date 04/22/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 9.75% Maturity Date 06/28/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/23/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 09/29/2031One2024-12-3100018513222025-03-312025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 08/05/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292024-12-310001851322ck0001851322:O2024M9AggregateDividendsMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% PIK Interest Rate 9.91% Maturity Date 06/30/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.4% Maturity Date 04/22/2027 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.47% Maturity Date 3/02/20292024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Gainwell Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.10% Maturity Date 10/1/20272025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/14/20312024-12-310001851322ck0001851322:O2025M9AggregateDividendsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 08/02/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 02/14/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.11% Maturity Date 11/01/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services LSCS Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 03/04/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292025-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.42% Maturity Date 03/31/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/2027 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-09-300001851322us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 6/27/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-09-300001851322ck0001851322:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.39% Maturity Date 09/01/20272025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 8/25/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/30/2031 One2025-09-300001851322us-gaap:OtherAggregatedInvestmentsMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-07-012024-09-300001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/2031 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software PDFTron Systems, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 07/15/20262024-12-310001851322ck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/29/20282024-12-310001851322us-gaap:RelatedPartyMember2025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2026 Notes Company Receives 8.10% Company Pays S + 4.34% Maturity Date 03/16/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 07/01/20312024-12-310001851322ck0001851322:O2025M8AggregateDividendsMember2025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Filtration Group Corporation First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.91% Maturity Date 10/21/20282025-09-300001851322ck0001851322:SLICMember2024-07-150001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.26% Maturity Date 8/31/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & EngineeringLJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 02/01/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. 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Commitment Type Revolver Commitment Expiration Date 12/17/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 05/02/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 03/13/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 03/09/2028 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 9/19/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.10% Maturity Date 12/22/20252025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.25% Maturity Date 05/25/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-09-3000018513222025-02-052025-02-050001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/26/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services EAB Global, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 08/16/20282024-12-310001851322ck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/18/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 02/01/2027 Two2024-12-310001851322us-gaap:RetainedEarningsMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 12/29/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/16/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/2032 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001851322Investment Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-09-3000018513222024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S +4.75% Interest Rate 8.75% Maturity Date 10/29/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 08/27/2031 Two2025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:OtherDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.45% Maturity Date 03/02/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.7% Maturity Date 05/24/2032 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/2031 Two2025-09-300001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/3/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition Co Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 03/28/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Journey Personal Care Corp. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.91% Maturity Date 03/01/20282025-09-300001851322Interest Rate Swaps2025-01-012025-09-3000018513222024-05-032024-05-030001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Biotechnology LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 02/16/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 08/05/2028 One2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 06/11/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services EAB Global, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.16% Maturity Date 08/16/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Donuts, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.49% Maturity Date 12/29/20272024-12-310001851322ck0001851322:S2025M1AggregateDividendsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/01/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282024-01-012024-12-310001851322srt:MinimumMember2025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/26/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 07/16/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/03/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Engineered Machinery Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.34% Maturity Date 05/19/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. 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First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 02/01/20272024-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GI DI Cornfield Acquisition, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.08% Maturity Date 07/03/2028 One2025-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-07-012025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateRealizedCapitalGainsMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 04/28/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/05/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/20292024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.92% Maturity Date 06/11/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.55% Maturity Date 12/07/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 04/02/20312024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/30/20272025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.55% Maturity Date 12/07/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/25/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 05/14/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312025-01-012025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 07/22/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.00% Maturity Date 04/09/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.38% Maturity Date 08/18/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 05/06/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.34% Maturity Date 04/05/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/17/2031 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/23/20262024-12-310001851322us-gaap:SubsequentEventMember2025-10-312025-10-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.53% Maturity Date 08/18/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/29/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 3/31/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/05/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/26/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/29/2028 Two2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services HUB International Limited Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.58% Maturity Date 6/20/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.53% Maturity Date 08/18/2028 One2025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 08/29/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 07/22/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/20282025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/07/20222025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/01/20292024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tempo Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.61% Maturity Date 08/31/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.4% Maturity Date 04/22/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/1/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/04/20252024-01-012024-12-310001851322ck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Spring Education Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.33% Maturity Date 10/04/20302024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/25/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Preferred Equity Acquisition Date 12/06/20222024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/22/20312025-09-300001851322us-gaap:LineOfCreditMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Brown Group Holding, LLC First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 7.00% Maturity Date 07/01/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/14/20252025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292024-12-310001851322One Unsecured Debt Position2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.57% Maturity Date 04/24/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/9/2032 Two2025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2024-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/09/2028 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/29/20312024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 5.13% Maturity Date 08/10/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Entertainment Renaissance Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.36% Maturity Date 04/05/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/29/2031 One2025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2026NotesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.43% Maturity Date 12/22/20262024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 09/18/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 12/28/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.80% Maturity Date 12/11/20282025-09-300001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 07/30/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Electron BidCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.11% Maturity Date 11/01/20282024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2025-07-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302025-09-300001851322us-gaap:FinancialServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:SterlingOvernightIndexAverageMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Household Durables ACProducts, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.84% Maturity Date 05/17/20282024-12-310001851322ck0001851322:A2030NotesMember2024-10-012024-10-010001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.65% Maturity Date 04/16/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 02/24/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrio, LLC Commitment Type Revolver Commitment Expiration Date 12/09/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 8/15/2031 One2025-09-300001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/03/20302025-09-300001851322ck0001851322:RestrictedSecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.36% Maturity Date 04/23/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 07/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Three2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 06/25/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 04/10/2031 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/31/2031 One2025-09-300001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 06/30/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.66% Maturity Date 07/25/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 06/17/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.52% Maturity Date 8/31/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/30/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.94% Maturity Date 07/20/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Revolver Commitment Expiration Date 04/02/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/23/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 09/09/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20262024-12-3100018513222025-01-042025-01-040001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.08% Maturity Date 04/09/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 10/16/2028 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/08/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 06/17/2031 One2024-12-3100018513222025-07-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/16/2029 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt PDFTron Systems, Inc. Commitment Type Revolver Commitment Expiration Date 07/15/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028 Two2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/15/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/15/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/15/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.5% Maturity Date 08/29/2031 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quest Software US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.71% Maturity Date 02/01/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-09-300001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.94% Maturity Date 12/09/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 08/27/2031, One2025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/20282025-09-300001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.08% Maturity Date 07/03/2028 Two2025-09-3000018513222025-02-012025-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/2030 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Avalara, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services National Mentor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.20% Maturity Date 3/02/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Orion Group Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/29/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 11/27/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.61% Maturity Date 10/23/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 03/01/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2024-10-010001851322ck0001851322:DebtSecuritiesSecondLienMember2024-09-300001851322ck0001851322:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Cambrex Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.96% Maturity Date 12/04/20262024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2024-07-012024-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2025-09-3000018513222024-06-012024-06-010001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Boost Newco Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 2.00% Interest Rate 6.00% Maturity Date 01/31/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 09/18/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 12/28/2029 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/22/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/02/2031 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Biotechnology LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.63% Maturity Date 12/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S +5.00% Interest Rate 9.17% Maturity Date 8/31/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services National Mentor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.98% Maturity Date 03/02/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20272024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings SPV III, LLC Investment First Lien Debt Interest Rate 15% Maturity Date 12/09/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 12/06/20222025-09-300001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2023-09-120001851322Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/02/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/2031 Two2025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/2029 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 09/22/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/20312025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 6/28/20292024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2025-09-300001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 08/05/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/22/2031 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-01-012025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262024-01-012024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2024-01-012024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread E +5.25% Interest Rate 7.16% Maturity Date 8/13/20292025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.59% Maturity Date 06/29/2027, Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/11/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Conair Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.22% Maturity Date 05/17/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.97% Maturity Date 07/06/2028 One2025-09-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 03/01/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/29/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 07/28/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 7.96% Maturity Date 12/11/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 02/19/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 01/17/2031 One2024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/02/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/4/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Media Aragorn Parent Corporation Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.34% Maturity Date 12/15/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/22/2028 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 12/22/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.85% Maturity Date 03/02/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 08/20/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 04/07/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl 5.75% PIK) Interest Rate 11.08% Maturity Date 04/12/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-09-300001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Varsity Brands, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.03% Maturity Date 08/26/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 07/25/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 05/22/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/2028 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Central Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.58% Maturity Date 07/06/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 07/24/20312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/2029 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 07/047/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 11.30% Maturity Date 07/06/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 11/27/20292024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2023-12-010001851322ck0001851322:NotesMember2025-09-250001851322Investments-non-controlled/non-affiliated Debt Investments Software Veritas US, Inc. Investment First Lien Debt Reference Rate and Spread S + 12.50% (incl. 4.50% PIK) Interest Rate 16.5% Maturity Date 12/09/20292025-09-300001851322ck0001851322:DebtSecuritiesFirstLienMember2025-06-300001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/05/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/01/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tempo Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 1.75% Interest Rate 5.91% Maturity Date 08/31/20282025-09-3000018513222025-11-100001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.91% Maturity Date 11/01/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.85% Maturity Date 06/02/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 08/20/2031 One2025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-01-012025-09-300001851322ck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272024-12-310001851322ck0001851322:DelayedDrawAndRevolvingSeniorSecuredLoansMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 2.00% Interest Rate 6.16% Maturity Date 10/23/20302025-09-3000018513222025-08-052025-08-050001851322Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 06/17/20302025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.71% Maturity Date 11/03/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 6.50% PIK) Interest Rate 11.33% Maturity Date 5/05/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-01-012025-09-300001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.66% Maturity Date 05/30/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 09/08/2031 Two2025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/2027 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. 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(Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 06/18/20262024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2024-07-012024-09-300001851322ck0001851322:O2024M8AggregateDividendsMember2024-01-012024-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Software Reorganized Mobileum Grandparent, LLC Investment Common Equity Acquisition Date 09/12/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-12-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/31/2027 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-01-012025-09-300001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:A2030NotesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/2029 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 09/08/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 10/15/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-01-012024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:ProfessionalServicesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/02/20302025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-01-012025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2024-07-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-01-012025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:CBNAFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 9.31% Maturity Date 02/02/20322025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Leisure Products Recess Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.09% Maturity Date 02/20/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & EngineeringLJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 02/01/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 02/19/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/20322025-09-300001851322ck0001851322:InvestmentNonAffiliatedIssuerNonControlledMember2025-06-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 05/23/20312024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.04% Maturity Date 04/05/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20342025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 06/29/20272024-12-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-09-122023-09-120001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesD2029NotesMember2024-08-050001851322ck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Independent Power and Renewable Electricity Producers Lightning Power, LLC Investment First Lien Debt Reference Rate and Spread S +2.25% Interest Rate 6.25% Maturity Date 8/18/20312025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/27/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.06% Maturity Date 01/17/2031 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262025-09-300001851322Investments — non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302025-01-012025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UnfundedDebtSecuritiesFirstLienMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 05/23/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 10/15/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery CPM Holdings, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.78% Maturity Date 09/28/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software OceanKey (U.S.) II Corp. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.76% Maturity Date 12/15/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Icebox Holdco III, Inc. First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.25% Maturity Date 12/22/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/29/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/4/2027 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/2031 One2024-12-310001851322ck0001851322:CanadianOvernightRepoRateAverageMember2025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/13/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.26% Maturity Date 12/30/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 08/05/20282024-12-310001851322us-gaap:TransportationSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282024-01-012024-12-310001851322ck0001851322:WellsFundingFacilityMemberck0001851322:SONIAEURIBOROrCDORMemberus-gaap:LineOfCreditMembersrt:MinimumMember2022-06-292022-06-290001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/03/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Midwest Physician Administrative Services, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.26% Maturity Date 03/12/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/16/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 01/31/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.49% Maturity Date 12/20/2028 One2024-12-310001851322us-gaap:CashMember2024-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-07-152024-07-150001851322us-gaap:EquitySecuritiesMember2024-06-300001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-09-300001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/08/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.5% Maturity Date 05/22/20302025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 05/06/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 12/28/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl 5.75% PIK) Interest Rate 11.08% Maturity Date 04/12/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20272024-01-012024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberck0001851322:FederalFundsRateMember2022-06-292022-06-290001851322us-gaap:ChemicalsSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.66% Maturity Date 07/20/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 08/29/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 12/28/20282025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.27% Maturity Date 10/27/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/21/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software McAfee, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.22% Maturity Date 03/01/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/10/20262024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rateand Spread S + 4.50% Interest Rate 8.37% Maturity Date 3/31/2031 Two2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/08/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/30/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.77% Maturity Date 02/01/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 02/19/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Imprivata, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.00% Maturity Date 12/01/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Press Ganey Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.16% Maturity Date 4/30/20312025-09-300001851322us-gaap:EquitySecuritiesMember2024-07-012024-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/2032 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/25/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/21/20262025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/10/20282025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2025-07-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services AssuredPartners, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.86% Maturity Date 2/14/20312024-12-310001851322us-gaap:EquitySecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S +5.00% Interest Rate 9.17% Maturity Date 8/31/20282025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:JPMFundingFacilityMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrio, LLC Commitment Type Revolver Commitment Expiration Date 12/09/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 06/25/2029 Two2024-12-3100018513222025-07-012025-07-010001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 10.20% Maturity Date 02/25/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 08/31/20292025-09-300001851322us-gaap:OtherDebtSecuritiesMember2025-07-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 03/28/20302025-09-300001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/24/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/02/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/08/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.17% Maturity Date 03/01/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/12/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 9/29/2028 Two2025-09-3000018513222024-04-012024-04-010001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/20312024-12-310001851322us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/20292025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/02/20282024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/08/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:DistributorsSectorMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/15/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 11/17/2031 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/14/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/2032 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/06/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-09-300001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesD2027NotesMember2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-01-012025-09-300001851322ck0001851322:DebtSecuritiesFirstLienMember2023-12-310001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-07-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262025-01-012025-09-300001851322Investments — non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/15/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 09/08/2031 One2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.57% Maturity Date 06/02/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Inc Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272024-01-012024-12-310001851322ck0001851322:DistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2029Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/1/2029 Two2024-12-310001851322ck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 04/26/2032 One2025-09-300001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 04/04/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2023-12-010001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/13/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 12/29/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292024-12-3100018513222025-03-012025-03-010001851322Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.89% Maturity Date 08/05/20272025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Madison IAQ, LLC First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.70% Maturity Date 06/21/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 Two2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 07/14/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-09-300001851322us-gaap:EquitySecuritiesMember2025-07-012025-09-300001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322ck0001851322:SeriesB2026And2028NotesMember2023-08-102023-08-100001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 03/01/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.38% Maturity Date 07/22/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Varsity Brands, Inc. First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.27% Maturity Date 08/26/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.89% Maturity Date 08/05/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/2029 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 04/15/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/06/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/05/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312024-01-012024-12-310001851322us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.42% Maturity Date 12/22/20272024-12-310001851322ck0001851322:InterestRateSwapSeriesC2027NotesMember2025-09-300001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services RSC Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 11/01/2029 One2024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2025-09-300001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-09-300001851322us-gaap:RelatedPartyMemberck0001851322:InvestmentAdvisoryAgreementMember2021-11-042021-11-040001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:OtherDebtInvestmentsMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S +4.75% Interest Rate 8.89% Maturity Date 1/30/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.67% Maturity Date 11/24/20282025-09-3000018513222024-09-302024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 06/30/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/2028 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 3/12/20362024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/16/20292025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-09-300001851322us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/20302025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.08% Maturity Date 02/16/2029 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 03/19/20272025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.86% Maturity Date 01/25/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/20292024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/07/20222025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.68% Maturity Date 12/15/20262024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 06/09/20272024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.23% Maturity Date 06/11/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/15/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 05/06/2030 Two2024-12-310001851322ck0001851322:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2024-06-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 10/02/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2028 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.76% Maturity Date 3/9/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.59% Maturity Date 08/20/2027 One2024-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-09-300001851322us-gaap:OtherAggregatedInvestmentsMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2029Member2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 9/29/2028 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles MajorDrive Holdings IV, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.26% Maturity Date 06/01/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 Two2024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/20282025-09-300001851322ck0001851322:O2025M6AggregateDividendsMember2025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Mermaid Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.57% Maturity Date 07/03/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 09/15/2031 One2024-12-310001851322ck0001851322:April320252Member2025-04-032025-04-030001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Centuri Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.96% Maturity Date 08/27/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 08/20/20312025-09-300001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-01-012025-09-300001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Alliant Holdings Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S +2.50% Interest Rate 6.67% Maturity Date 9/19/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.58% Maturity Date 11/22/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 10/19/20292024-12-3100018513222024-01-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-01-012025-09-300001851322Interest Rate Swaps2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 08/31/2029 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.59% Maturity Date 03/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 11/17/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software McAfee, LLC First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.37% Maturity Date 03/01/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 5/5/2028 One2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/17/20272024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 08/10/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Proampac PG Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.60% Maturity Date 09/15/20282024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MediaSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.34% Maturity Date 4/03/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.42% Maturity Date 03/31/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TTF Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.79% Maturity Date 07/18/20312025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 9/09/20272024-12-310001851322ck0001851322:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investment One2025-09-300001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.91% Maturity Date 10/19/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 10/30/20282025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/23/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Commitment Type Revolver Commitment Expiration Date 09/09/20272024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/29/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-01-012025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.81% Maturity Date 02/03/2031 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 06/02/20262025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 08/10/20262025-01-012025-09-300001851322ck0001851322:DebtSecuritiesFirstLienMember2025-09-300001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-01-012024-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/29/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Acquisition Date 09/09/20252025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 4/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Project Ruby Ultimate Parent Corp. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.03% Maturity Date 3/10/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 11/18/2031 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 11.17% Maturity Date 03/10/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 05/12/2031 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.29% Maturity Date 07/02/2031 One2025-09-300001851322ck0001851322:DebtInvestmentsMemberck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262024-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-09-300001851322ck0001851322:InterestRateSwapSeriesD2029NotesMember2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread 5.00% Interest Rate 9.33% Maturity Date 6/27/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/10/2028 Two2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/20312025-09-300001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 03/09/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-01-012025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.81% Maturity Date 09/13/20322025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-09-300001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMember2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-09-300001851322us-gaap:FairValueMeasurementsRecurringMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/02/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 07/14/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LUV Car Wash Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.74% Maturity Date 12/09/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-01-012025-09-300001851322us-gaap:FairValueInputsLevel3Memberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 11.25% Maturity Date 07/02/20292025-09-300001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.45% Maturity Date 02/28/20302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 08/28/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 04/07/2028 One2025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Engineered Machinery Holdings, Inc. First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.76% Maturity Date 05/19/20282025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/14/20292025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 5/05/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20262025-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.91% Maturity Date 10/19/2028 One2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/2/20322025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322ck0001851322:O2025M1AggregateDividendsMember2025-01-012025-09-300001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-09-300001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-07-012024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies TruGreen Limited Partnership Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.46% Maturity Date 11/02/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 9/19/20292025-09-300001851322Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-01-012025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312024-12-310001851322ck0001851322:InterestRateSwapSeriesB2026NotesMemberus-gaap:LongMember2025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/20302025-09-30iso4217:EURxbrli:purexbrli:sharesck0001851322:Investmentiso4217:CADck0001851322:PortfolioCompanyiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDck0001851322:Component

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended September 30, 2025

 

OR

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission File Number 814-01489

North Haven Private Income Fund LLC

(Exact name of registrant as specified in its charter)

 

Delaware		87-4562172
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1585 Broadway		10036
New York, NY		(Zip Code)
(Address of principal executive offices)

 

1 212-761-4000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol		Name of each exchange on which registered
None		None		None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant’s Class S Units outstanding at November 10, 2025 was 188,743,745.

 

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Table of Contents

 

North Haven Private Income Fund LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED September 30, 2025

TABLE OF CONTENTS

 

Part I. Financial Information
Item 1.	Consolidated Financial Statements (Unaudited)	3
	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Members’ Capital	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	7
	Notes to the Consolidated Financial Statements	106
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	135
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	148
Item 4.	Controls and Procedures	149
Part II. Other Information
Item 1.	Legal Proceedings	150
Item 1A.	Risk Factors	150
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	150
Item 3.	Defaults Upon Senior Securities	150
Item 4.	Mine Safety Disclosures	150
Item 5.	Other Information	150
Item 6.	Exhibits	151
SIGNATURES

 

 

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North Haven Private Income Fund LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)

 

		As of
		September 30, 2025				December 31, 2024
		(Unaudited)				(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $6,692,010  and $6,103,560 at September 30, 2025 and December 31, 2024, respectively)		$	6,635,937			$	6,079,019
Non-controlled/affiliated investments, at fair value (amortized cost of $22,584 and $0)			21,786				—
Total investments, at fair value (cost of $6,714,594 and $6,103,560)			6,657,723				6,079,019
Cash and cash equivalents (restricted cash of $8,510 and $1,650)			149,756				159,788
Investments in unaffiliated money market fund (cost of $34,869 and $58,216)			34,869				58,216
Deferred financing costs			35,828				35,183
Interest and dividend receivable from non-controlled/non-affiliated investments			38,900				58,637
Interest receivable from non-controlled/affiliated investments			209				—
Receivable for investments sold/repaid			3,698				15,465
Other assets			14,401				2,196
Total assets			6,935,384				6,408,504
Liabilities
Debt (net of unamortized debt issuance costs of $13,240 and $12,828)			3,227,050				2,861,892
Payable for investments purchased			24				47,887
Payable to affiliates (Note 3)			100				583
Distributions payable			32,880				26,178
Management fees payable			6,863				7,337
Subscriptions received in advance (Note 13)			29,011				51,728
Payable for units repurchased (Note 8)			107,961				55,792
Income based incentive fee payable			7,625				8,399
Interest and financing costs payable			29,868				53,852
Accrued expenses and other liabilities			12,924				23,670
Total liabilities			3,454,306				3,137,318
Commitments and contingencies (Note 7)
Members' Capital
Units, par value $0.001 per unit (186,168,113 and 172,510,464 units issued and outstanding)			186				173
Paid-in capital in excess of par value			3,580,498				3,321,472
Distributable earnings (loss)			(99,606	)			(50,459	)
Total members' capital		$	3,481,078			$	3,271,186
Total liabilities and members' capital		$	6,935,384			$	6,408,504
Net asset value per unit		$	18.70			$	18.96

 

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

3

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Table of Contents

 

North Haven Private Income Fund LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	159,148			$	155,496			$	465,413			$	369,781
Payment-in-kind income			4,054				3,259				15,145				8,672
Dividend income			1,305				1,396				3,729				3,482
Other income			2,048				4,065				7,424				9,302
From non-controlled/affiliated investments:
Interest income			189				—				493				—
Payment-in-kind income			330				—				707				—
Other income			11				—				25				—
Total investment income			167,085				164,216				492,936				391,237
Expenses:
Interest and other financing expenses			62,535				55,271				183,619				110,611
Management fees			11,063				9,677				32,537				26,620
Income based incentive fees			11,825				12,045				35,063				31,000
Professional fees			2,740				2,671				7,028				5,641
Directors' fees			129				103				387				310
Administrative service fees			50				57				104				109
Servicing fees			7,240				6,581				21,787				18,101
General and other expenses			168				77				641				195
Total expenses			95,750				86,482				281,166				192,587
Expense support (Note 3)			—				(1,100	)			—				(2,700	)
Recoupment of expense support (Note 3)			—				400				—				400
Management fees waiver (Note 3)			(4,200	)			—				(11,880	)			—
Income based incentive fees waiver (Note 3)			(4,200	)			—				(11,880	)			(3,600	)
Net expenses			87,350				85,782				257,406				186,687
Net investment income before taxes			79,735				78,434				235,530				204,550
Excise tax expense			—				—				—				15
Net investment income after taxes			79,735				78,434				235,530				204,535
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments			(7,542	)			(21,608	)			(13,383	)			(25,381	)
Foreign currency and other transactions			16				3				46				(11	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(3,842	)			5,005				(33,632	)			9,374
Non-controlled/affiliated investments			(972	)			—				(798	)			—
Translation of assets and liabilities in foreign currencies			(22	)			20				182				(17	)
Net realized and unrealized gain (loss)			(12,362	)		$	(16,580	)			(47,585	)		$	(16,035	)
Net increase (decrease) in members' capital resulting from operations		$	67,373			$	61,854			$	187,945			$	188,500
Net investment income (loss) per unit (basic and diluted)		$	0.42			$	0.48			$	1.27			$	1.35
Earnings (loss) per unit (basic and diluted)		$	0.35			$	0.38			$	1.01			$	1.24
Weighted average units outstanding (basic and diluted)			189,822,018				163,841,380				185,854,627				151,422,460

 

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

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North Haven Private Income Fund LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(In thousands, except unit and per unit amounts)

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Members' Capital at beginning of period:		$	3,480,148			$	3,006,715			$	3,271,186			$	2,304,430
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)			79,735				78,434				235,530				204,535
Net realized gain (loss)			(7,526	)			(21,605	)			(13,337	)			(25,392	)
Net change in unrealized appreciation (depreciation)			(4,836	)			5,025				(34,248	)			9,357
Net increase (decrease) in members’ capital resulting from operations			67,373				61,854				187,945				188,500
Distributions to Unitholders from:
Distributable earnings			(80,129	)			(74,027	)			(237,092	)			(205,713	)
Capital transactions:
Issuance of Units			74,417				140,437				403,751				856,333
Reinvestment of distributions			47,230				42,992				135,580				115,347
Repurchased Units			(107,961	)			(37,636	)			(280,292	)			(118,562	)
Net increase in members' capital resulting from capital transactions			13,686				145,793				259,039				853,118
Total increase (decrease) in members' capital			930				133,620				209,892				835,905
Members' capital at end of period		$	3,481,078			$	3,140,335			$	3,481,078			$	3,140,335
Distributions per unit		$	0.42			$	0.45			$	1.27			$	1.36

 

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

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North Haven Private Income Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

		For the Nine Months Ended
		September 30, 2025				September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations		$	187,945			$	188,500
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments			34,430				(9,374	)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			(182	)			17
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes			1,536				542
Net realized (gain) loss on investments			13,383				25,381
Net realized (gain) loss on foreign currency and other transactions			(46	)			11
Investments in unaffiliated money market fund, net			23,347				—
Net accretion of discount and amortization of premium on investments			(18,580	)			(15,269	)
Payment-in-kind interest and dividend capitalized			(16,656	)			(12,420	)
Amortization of deferred financing costs			5,888				3,533
Amortization of debt issuance costs and original issuance discount on unsecured notes			3,524				2,044
Purchases of investments and change in payable for investments purchased			(1,504,184	)			(2,203,258	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			878,776				811,357
Acquisition of SLIC, net of cash acquired (1)			—				(519,666	)
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			19,738				(22,982	)
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments			(209	)			—
(Increase) decrease in other assets			(7,443	)			12,046
(Decrease) increase in payable to affiliates			(483	)			(3,098	)
(Decrease) increase in management fees payable			(474	)			2,738
(Decrease) increase in incentive fees payable			(774	)			4,212
(Decrease) increase in interest payable			(23,984	)			2,576
(Decrease) increase in accrued expenses and other liabilities			(1,840	)			(8,857	)
Net cash provided by (used in) operating activities			(406,288	)			(1,741,967	)
Cash flows from financing activities:
Borrowings on debt		$	1,543,237			$	2,107,051
Repayments on debt			(1,195,000	)			(887,500	)
Deferred financing costs paid			(6,533	)			(28,124	)
Debt issuance costs paid			(3,549	)			(3,598	)
Distributions paid			(94,810	)			(105,231	)
Proceeds from issuance of Units			352,023				710,213
Subscriptions received in advance			29,011				45,146
Repurchases of Units			(228,123	)			(108,521	)
Net cash provided by (used in) financing activities			396,256				1,729,436
Net increase (decrease) in cash, cash equivalents and restricted cash			(10,032	)			(12,531	)
Effect of foreign exchange rate changes on cash			—				—
Cash, cash equivalents and restricted cash, at beginning of period			159,788				222,244
Cash, cash equivalents and restricted cash, at end of period		$	149,756			$	209,713
Supplemental information and non-cash activities:
Excise tax paid		$	—			$	114
Interest expense paid		$	195,941			$	99,086
Distribution reinvestment paid		$	135,580			$	115,347
Accrued but unpaid distributions		$	32,880			$	25,095
Accrued but unpaid deferred financing costs		$	—			$	—
Accrued but unpaid repurchases of Units		$	107,961			$	37,636
Non-cash purchases of investments		$	(30,915	)		$	(26,872	)
Non-cash sales of investments		$	30,915			$	26,872
Debt assumed in purchase of reorganization (1)		$	—			$	558,073

 

(1) On July 15, 2024, in connection with the acquisition of SL Investment Corporation, the Company acquired total assets of $1,158,037, inclusive of $1,101,382 of investments, $41,990 of cash and cash equivalents and $14,665 of other assets, net of $596,381 of assumed liabilities, inclusive of $558,073 debt assumed. See Note 11 “SLIC Acquisition.”

 

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

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
Jonathan Acquisition Company		(6) (10)		First Lien Debt		S +		5.00%			9.10	%		12/22/2026			13,274			$	13,240			$	13,274				0.38	%
Jonathan Acquisition Company		(6) (10) (18)		First Lien Debt		S +		5.00%			9.10	%		12/22/2025			961				960				961				0.03
Mantech International CP		(6) (7) (8) (11)		First Lien Debt		S +		5.00%			9.31	%		09/14/2029			33,084				32,799				33,084				0.95
Mantech International CP		(6) (11) (18)		First Lien Debt		S +		5.00%			9.31	%		09/14/2029			—				—				—				—
Mantech International CP		(6) (11) (18)		First Lien Debt		S +		5.00%			9.31	%		09/14/2028			—				(31	)			—				—
PCX Holding Corp.		(6) (7) (10)		First Lien Debt		S +		6.25%			10.40	%		04/22/2027			7,596				7,264				7,334				0.21
PCX Holding Corp.		(6) (7) (10)		First Lien Debt		S +		6.25%			10.40	%		04/22/2027			7,651				7,317				7,386				0.21
PCX Holding Corp.		(6) (10) (18)		First Lien Debt		S +		6.25%			10.40	%		04/22/2027			1,496				1,464				1,429				0.04
Two Six Labs, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%			9.58	%		08/20/2027			24,603				24,382				24,603				0.71
Two Six Labs, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.58	%		08/20/2027			1,797				1,759				1,797				0.05
Two Six Labs, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.58	%		08/20/2027			439				431				439				0.01
																					89,585				90,307				2.59
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%			8.92	%		06/11/2027			55,607				55,192				55,607				1.60
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.25%			10.56	%		12/29/2028			1,259				1,237				1,214				0.03
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.25%			10.56	%		12/29/2028			115				114				111				0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
RoadOne IntermodaLogistics		(6) (10) (18)		First Lien Debt		S +		6.25%			10.56	%		12/29/2028			228				224				219				0.01
																					56,767				57,151				1.64
Automobile Components
Continental Battery Company		(6) (7) (8) (13) (14)		First Lien Debt				7.00% PIK			11.29	%		07/20/2028			12,945				11,731				3,984				0.11
LTI Holdings, Inc.				First Lien Debt		S +		3.75%			7.91	%		07/29/2029			4,955				4,951				4,995				0.14
Randy's Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		5.00%			9.17	%		11/01/2029			13,437				13,226				13,303				0.38
Randy's Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%			9.17	%		11/01/2029			3,248				3,176				3,202				0.09
Randy's Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%			9.17	%		11/01/2029			1,132				1,106				1,114				0.03
Sonny's Enterprises, LLC		(6) (7) (8) (10)		First Lien Debt		S +		5.50%			9.89	%		08/05/2028			52,352				51,905				49,978				1.44
Sonny's Enterprises, LLC		(6) (10)		First Lien Debt		S +		5.50%			9.89	%		08/05/2028			5,972				5,896				5,702				0.16
Sonny's Enterprises, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%			9.89	%		08/05/2027			2,233				2,175				1,980				0.06
Spectrum Automotive Holdings Corp.		(6) (7) (11)		First Lien Debt		S +		5.25%			9.41	%		06/29/2028			9,853				9,792				9,853				0.28
Spectrum Automotive Holdings Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.41	%		06/29/2028			3,225				3,181				3,225				0.09
Spectrum Automotive Holdings Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.41	%		06/29/2027			—				(2	)			—				—
																					107,137				97,336				2.80
Automobiles
COP Collisionright Parent, LLC		(6) (9) (10)		First Lien Debt		S +		4.75%			9.06	%		01/29/2030			32,481				31,990				32,319				0.93
COP Collisionright Parent, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%			9.06	%		01/29/2030			17,190				16,873				17,063				0.49
COP Collisionright Parent, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%			9.06	%		01/29/2030			757				682				730				0.02

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Drivecentric Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		4.50%			8.63	%		08/15/2031			38,816				38,467				38,734				1.11
Drivecentric Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.63	%		08/15/2031			—				(40	)			(40	)			0.00
Drivecentric Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.63	%		08/15/2031			—				(34	)			—				—
LeadVenture, Inc.		(6) (7) (11)		First Lien Debt		S +		5.25%			9.25	%		06/23/2032			9,407				9,269				9,407				0.27
LeadVenture, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.25	%		06/23/2032			591				574				591				0.02
LeadVenture, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.25	%		06/23/2032			—				(13	)			—				—
MajorDrive Holdings IV, LLC		(12)		First Lien Debt		S +		4.00%			8.26	%		06/01/2028			2,946				2,949				2,868				0.08
Turbo Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +		6.00%			10.15	%		06/02/2026			15,854				15,575				15,769				0.45
Turbo Buyer, Inc.		(6) (10)		First Lien Debt		S +		6.00%			10.15	%		06/02/2026			2,427				2,399				2,414				0.07
Vehlo Purchaser, LLC		(6) (7) (11)		First Lien Debt		S +		5.00%			9.16	%		05/24/2028			8,471				8,413				8,471				0.24
Vehlo Purchaser, LLC		(6) (7) (11)		First Lien Debt		S +		5.00%			9.16	%		05/24/2028			44,061				43,629				44,061				1.27
Vehlo Purchaser, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.16	%		05/24/2028			—				(3	)			—				—
																					170,730				172,387				4.95
Beverages
Vamos Bidco, Inc.		(6) (7) (12)		First Lien Debt		S +		4.75%			8.75	%		01/30/2032			11,580				11,472				11,551				0.33
Vamos Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%			8.75	%		01/30/2032			—				(22	)			(12	)			0.00
Vamos Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%			8.75	%		01/30/2032			484				471				480				0.01
																					11,921				12,019				0.35
Building Products

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
LSF12 Crown US Commercial Bidco, LLC				First Lien Debt		S +		3.50%			7.66	%		12/02/2031			2,993				3,006				2,994				0.09
Project Potter Buyer, LLC		(6) (8) (10)		First Lien Debt		S +		5.25%			9.25	%		04/23/2027			11,318				11,313				11,318				0.33
Project Potter Buyer, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.25	%		04/23/2027			—				—				—				—
																					14,319				14,312				0.41
Capital Markets
Orion Advisor Solutions, Inc.				First Lien Debt		S +		3.25%			7.57	%		09/24/2030			3,970				3,998				3,976				0.11
Chemicals
Olympus Water US Holding Corporation		(12)		First Lien Debt		S +		3.00%			7.00	%		06/20/2031			4,670				4,681				4,620				0.13
Tank Holding Corp.		(8) (11)		First Lien Debt		S +		6.00%			10.04	%		03/31/2028			52,959				52,285				49,961				1.44
Tank Holding Corp.		(11)		First Lien Debt		S +		6.00%			10.04	%		03/31/2028			5,966				5,841				5,622				0.16
Tank Holding Corp.		(11) (18)		First Lien Debt		S +		6.00%			10.04	%		03/31/2028			—				(16	)			(105	)			0.00
V Global Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.75%			10.14	%		12/22/2027			15,793				15,597				14,671				0.42
V Global Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.75%			10.14	%		12/22/2027			1,804				1,787				1,646				0.05
																					80,175				76,415				2.20
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (7) (10)		First Lien Debt		S +		4.50%			8.79	%		12/26/2028			7,199				7,199				7,199				0.21
365 Retail Markets, LLC		(6) (7) (10)		First Lien Debt		S +		4.50%			8.79	%		12/26/2028			2,310				2,310				2,310				0.07
Atlas US Finco, Inc.		(6) (7) (10) (15)		First Lien Debt		S +		5.00%			9.33	%		12/10/2029			28,893				28,757				28,893				0.83
Atlas US Finco, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +		5.00%			9.33	%		12/09/2029			36,191				35,581				36,191				1.04
Atlas US Finco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		5.00%			9.33	%		12/09/2028			—				(35	)			—				—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Belfor Holdings, Inc.		(12)		First Lien Debt		S +		2.75%			6.91	%		11/01/2030			1,860				1,874				1,865				0.05
BPG Holdings IV Corp.		(6) (7) (9) (11)		First Lien Debt		S +		7.00% (incl. 5.00% PIK)			11.00	%		07/29/2029			26,404				24,994				22,750				0.65
Consor Intermediate II, LLC		(6) (11)		First Lien Debt		S +		4.50%			8.75	%		05/12/2031			7,931				7,873				7,931				0.23
Consor Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.75	%		05/12/2031			—				(19	)			—				—
Consor Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.75	%		05/12/2031			—				(11	)			—				—
CRCI Longhorn Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%			8.91	%		08/27/2031			8,757				8,680				8,757				0.25
CRCI Longhorn Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.91	%		08/27/2031			—				(9	)			—				—
CRCI Longhorn Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.91	%		08/27/2031			—				(12	)			—				—
Energy Labs Holdings Corp.		(6) (7) (10)		First Lien Debt		S +		5.00%			9.26	%		04/07/2028			7,903				7,842				7,745				0.22
Energy Labs Holdings Corp.		(6) (10)		First Lien Debt		S +		5.00%			9.26	%		04/07/2028			2,523				2,494				2,457				0.07
Energy Labs Holdings Corp.		(6) (10) (18)		First Lien Debt		S +		5.00%			9.26	%		04/07/2028			256				241				217				0.01
EnergySolutions, LLC				First Lien Debt		S +		3.25%			7.41	%		09/20/2030			4,957				4,981				4,984				0.14
Firebird Acquisition Corp, Inc.		(6) (11)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)			9.31	%		02/02/2032			6,018				5,990				6,018				0.17
Firebird Acquisition Corp, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)			9.31	%		02/02/2032			541				532				541				0.02
Firebird Acquisition Corp, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)			9.31	%		02/02/2032			—				(5	)			—				—
FLS Holding, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +		5.25%			9.51	%		12/15/2028			23,592				22,642				20,174				0.58
FLS Holding, Inc.		(6) (7) (10) (15)		First Lien Debt		S +		5.25%			9.51	%		12/15/2028			5,532				5,309				4,730				0.14
FLS Holding, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		5.25%			9.51	%		12/17/2027			2,247				2,171				1,917				0.06

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Foundever Worldwide Corporation		(12)		First Lien Debt		S +		3.75%			8.03	%		08/28/2028			4,812				4,821				2,399				0.07
Helios Service Partners, LLC		(6) (10)		First Lien Debt		S +		5.00%			9.26	%		03/19/2027			11,389				11,263				11,370				0.33
Helios Service Partners, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.26	%		03/19/2027			28,603				28,218				28,549				0.82
Helios Service Partners, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.26	%		03/19/2027			892				853				885				0.03
Hercules Borrower, LLC		(6) (11)		First Lien Debt		S +		4.75%			8.75	%		12/15/2028			32,965				32,764				32,965				0.95
Hercules Borrower, LLC		(6) (11)		First Lien Debt		C +		4.75%			7.72	%		12/15/2028			3,000				2,087				2,156				0.06
HSI Halo Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%			9.00	%		06/30/2031			18,879				18,716				18,804				0.54
HSI Halo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.00	%		06/30/2031			2,268				2,242				2,249				0.06
HSI Halo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.00	%		06/28/2030			—				(24	)			(12	)			0.00
Iris Buyer, LLC		(6) (7) (10)		First Lien Debt		S +		5.25%			9.56	%		10/02/2030			19,825				19,457				19,776				0.57
Iris Buyer, LLC		(6) (10)		First Lien Debt		S +		5.25%			9.56	%		10/02/2030			1,869				1,838				1,865				0.05
Iris Buyer, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.56	%		10/02/2029			577				531				569				0.02
Procure Acquireco, Inc. (Procure Analytics)		(6) (7) (11)		First Lien Debt		S +		4.75%			8.75	%		12/20/2028			15,278				15,278				15,278				0.44
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		12/20/2028			928				924				928				0.03
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		12/20/2028			—				—				—				—
Pye-Barker Fire & Safety, LLC		(6) (11)		First Lien Debt		S +		4.50%			8.50	%		05/26/2031			18,135				18,135				18,090				0.52
Pye-Barker Fire & Safety, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		05/26/2031			3,948				3,900				3,930				0.11
Pye-Barker Fire & Safety, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		05/24/2030			314				294				308				0.01

12

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Railpros Parent, LLC		(6) (7) (11)		First Lien Debt		S +		4.50%			8.70	%		05/24/2032			21,211				21,007				20,998				0.60
Railpros Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.70	%		05/24/2032			—				(31	)			(65	)			0.00
Railpros Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.70	%		05/24/2032			—				(31	)			(33	)			0.00
Routeware, Inc.		(6) (7) (10)		First Lien Debt		S +		5.25%			9.28	%		09/18/2031			4,773				4,730				4,757				0.14
Routeware, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%			9.28	%		09/18/2031			136				126				129				0.00
Routeware, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%			9.28	%		09/18/2031			102				98				101				0.00
Sherlock Buyer Corp.		(6) (7) (8) (10)		First Lien Debt		S +		5.75%			9.85	%		12/08/2028			24,907				24,833				24,347				0.70
Sherlock Buyer Corp.		(6) (10) (18)		First Lien Debt		S +		5.75%			9.85	%		12/08/2027			—				(6	)			(67	)			0.00
Surewerx Purchaser III, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +		5.25%			9.25	%		12/28/2029			4,401				4,358				4,401				0.13
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		C +		5.25%			7.70	%		12/28/2029			C$2,598				1,876				1,867				0.05
Surewerx Purchaser III, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.25%			9.25	%		12/28/2029			—				(6	)			—				—
Surewerx Purchaser III, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.25%			9.25	%		12/28/2028			273				260				273				0.01
Sweep Midco, LLC		(6) (7) (17)		Second Lien Debt										03/12/2034			1,086				542				679				0.02
Sweep Midco, LLC		(6) (7) (17)		Second Lien Debt										03/12/2036			3,156				—				—				—
Sweep Purchaser, LLC		(6) (7) (10)		First Lien Debt		S +		5.75% PIK			9.91	%		06/30/2027			4,268				4,268				4,268				0.12
Sweep Purchaser, LLC		(6) (7) (10)		First Lien Debt		S +		5.75%			9.91	%		06/30/2027			2,035				2,035				2,035				0.06
Sweep Purchaser, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%			9.91	%		06/30/2027			94				94				94				0.00
Tamarack Intermediate, LLC		(6) (7) (11)		First Lien Debt		S +		5.00%			9.15	%		03/12/2029			25,607				25,325				25,543				0.73

13

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Tamarack Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.15	%		03/12/2029			3,231				3,172				3,204				0.09
Tamarack Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.15	%		03/12/2029			—				(40	)			(11	)			0.00
Tempo Acquisition, LLC				First Lien Debt		S +		1.75%			5.91	%		08/31/2028			3,957				3,967				3,864				0.11
Transit Technologies, LLC		(6) (11)		First Lien Debt		S +		4.75%			8.82	%		08/20/2031			15,254				15,117				15,223				0.44
Transit Technologies, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.82	%		08/20/2031			1,346				1,317				1,342				0.04
Transit Technologies, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.82	%		08/20/2030			—				(21	)			—				—
Vensure Employer Services, Inc.		(6) (7) (12)		First Lien Debt		S +		4.75%			9.04	%		09/29/2031			30,152				29,899				30,152				0.87
Vensure Employer Services, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%			9.04	%		09/29/2031			—				(25	)			—				—
VRC Companies, LLC		(6) (7) (10)		First Lien Debt		S +		5.50%			9.59	%		06/29/2027			49,973				49,807				49,973				1.44
VRC Companies, LLC		(6) (10)		First Lien Debt		S +		5.50%			9.59	%		06/29/2027			47,236				46,873				47,236				1.36
VRC Companies, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%			9.59	%		06/29/2027			—				—				—				—
																					570,220				565,098				16.23
Construction & Engineering
Arcoro Holdings Corp.		(6) (10)		First Lien Debt		S +		5.50%			9.50	%		03/28/2030			56,674				55,765				55,702				1.60
Arcoro Holdings Corp.		(6) (10) (18)		First Lien Debt		S +		5.50%			9.50	%		03/28/2030			—				(129	)			(148	)			0.00
Artera Services, LLC				First Lien Debt		S +		4.50%			8.50	%		02/15/2031			1,980				1,965				1,764				0.05
Crown Subsea Communications Holding, Inc.		(11)		First Lien Debt		S +		3.50%			7.66	%		01/30/2031			3,980				4,012				4,001				0.11
KPSKY Acquisition, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.50%			9.91	%		10/19/2028			20,588				19,872				18,699				0.54
KPSKY Acquisition, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%			9.91	%		10/19/2028			16,408				16,104				14,903				0.43

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
LJ Avalon Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		4.75%			8.77	%		02/01/2030			6,546				6,484				6,546				0.19
LJ Avalon Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%			8.77	%		02/01/2030			5,289				5,228				5,269				0.15
LJ Avalon Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%			8.77	%		02/01/2029			—				(11	)			—				—
Superman Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		4.50%			8.50	%		08/29/2031			25,203				25,092				25,203				0.72
Superman Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		08/29/2031			5,272				5,231				5,272				0.15
Superman Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		08/29/2031			—				(15	)			—				—
																					139,598				137,211				3.94
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%			9.81	%		02/03/2031			45,137				44,771				45,137				1.30
PDI TA Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50%			9.81	%		02/03/2031			1,502				1,474				1,502				0.04
																					46,245				46,639				1.34
Containers & Packaging
Berlin Packaging, LLC				First Lien Debt		S +		3.25%			7.53	%		06/07/2031			5,950				5,955				5,965				0.17
BP Purchaser, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.50%			9.80	%		12/11/2028			34,117				32,910				28,890				0.83
Clydesdale Acquisition Holdings, Inc.				First Lien Debt		S +		3.18%			7.34	%		04/13/2029			7,303				7,306				7,290				0.21
FORTIS Solutions Group, LLC		(6) (7) (11)		First Lien Debt		S +		5.50%			9.60	%		10/13/2028			21,796				21,720				21,796				0.63
FORTIS Solutions Group, LLC		(6) (11)		First Lien Debt		S +		5.50%			9.60	%		10/13/2028			2,842				2,826				2,842				0.08
FORTIS Solutions Group, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%			9.60	%		10/15/2027			450				445				450				0.01
Proampac PG Borrower, LLC				First Lien Debt		S +		4.00%			8.26	%		09/15/2028			2,942				2,953				2,949				0.08
																					74,115				70,182				2.02

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Distributors
48Forty Solutions, LLC		(6) (7) (14)		First Lien Debt		S +		6.00%			10.48	%		11/30/2029			47,478				46,116				24,926				0.72
48Forty Solutions, LLC		(6) (14) (18)		First Lien Debt		S +		6.00%			10.48	%		11/30/2029			5,684				5,401				2,303				0.07
ABB Concise Optical Group, LLC		(6) (8) (11)		First Lien Debt		S +		7.50%			11.65	%		02/23/2028			17,008				16,803				16,242				0.47
Bradyplus Holdings, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%			9.31	%		10/31/2029			44,074				43,438				44,074				1.27
Bradyplus Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.31	%		10/31/2029			428				408				428				0.01
PT Intermediate Holdings III, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)			9.00	%		04/09/2030			61,493				60,942				61,493				1.77
PT Intermediate Holdings III, LLC		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)			9.00	%		04/09/2030			—				(5	)			—				—
																					173,103				149,466				4.29
Diversified Consumer Services
Any Hour, LLC		(6) (12)		First Lien Debt		S +		5.25%			9.25	%		05/23/2030			11,713				11,569				11,538				0.33
Any Hour, LLC		(6) (12) (18)		First Lien Debt		S +		5.25%			9.25	%		05/23/2030			332				310				280				0.01
Any Hour, LLC		(6) (12) (18)		First Lien Debt		S +		5.25%			9.25	%		05/23/2030			1,039				1,019				1,013				0.03
Any Hour, LLC		(6)		Other Debt				13.00% PIK			13.00	%		05/23/2031			3,510				3,459				3,401				0.10
Apex Service Partners, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%			9.20	%		10/24/2030			71,561				70,674				71,561				2.06
Apex Service Partners, LLC		(6) (10)		First Lien Debt		S +		5.00%			9.20	%		10/24/2030			17,037				16,788				17,037				0.49
Apex Service Partners, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.20	%		10/24/2029			—				(62	)			—				—
Ascend Learning, LLC		(12)		First Lien Debt		S +		3.00%			7.16	%		12/11/2028			7,319				7,292				7,309				0.21
Assembly Intermediate, LLC		(6) (7) (10)		First Lien Debt		S +		5.25%			9.25	%		10/19/2027			8,056				7,801				8,056				0.23

16

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Assembly Intermediate, LLC		(6) (10)		First Lien Debt		S +		5.25%			9.25	%		10/19/2027			1,778				1,720				1,778				0.05
Assembly Intermediate, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.25	%		10/19/2027			—				(27	)			—				—
DA Blocker Corp.		(6) (9) (11) (15)		First Lien Debt		S +		4.75%			8.75	%		02/10/2032			7,759				7,687				7,740				0.22
DA Blocker Corp.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%			8.75	%		02/10/2032			—				(11	)			(6	)			0.00
DA Blocker Corp.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%			8.75	%		02/10/2032			—				(7	)			(2	)			0.00
Eclipse Buyer, Inc.		(6) (7) (12)		First Lien Debt		S +		4.50%			8.68	%		09/08/2031			8,362				8,288				8,362				0.24
Eclipse Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%			8.68	%		09/08/2031			—				(6	)			—				—
Eclipse Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%			8.68	%		09/08/2031			—				(6	)			—				—
Essential Services Holding Corporation		(6) (8) (11)		First Lien Debt		S +		5.00%			9.32	%		06/17/2031			18,624				18,464				18,539				0.53
Essential Services Holding Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%			9.32	%		06/17/2031			—				(21	)			(24	)			0.00
Essential Services Holding Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%			9.32	%		06/17/2030			644				619				630				0.02
EVDR Purchaser, Inc.		(6) (11)		First Lien Debt		S +		5.25%			9.41	%		02/14/2031			41,185				40,511				41,185				1.18
EVDR Purchaser, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.41	%		02/14/2031			—				(91	)			—				—
EVDR Purchaser, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.41	%		02/14/2031			—				(109	)			—				—
Express Wash Acquisition Company, LLC		(6) (7) (10)		First Lien Debt		S +		6.25%			10.58	%		04/10/2031			5,681				5,519				5,624				0.16
Express Wash Acquisition Company, LLC		(6) (10) (18)		First Lien Debt		S +		6.25%			10.58	%		04/10/2031			—				(11	)			(3	)			0.00
FPG Intermediate Holdco, LLC		(6) (13)		First Lien Debt		S +		5.00% PIK			9.32	%		07/02/2029			2,246				2,204				2,204				0.06
FPG Intermediate Holdco, LLC		(6) (10)		First Lien Debt		S +		5.00% PIK			9.32	%		07/02/2029			665				665				665				0.02

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
GarageCo Intermediate II, LLC		(6) (8) (11)		First Lien Debt		S +		4.25%			8.25	%		08/02/2032			3,434				3,401				3,401				0.10
GarageCo Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%			8.25	%		08/02/2032			—				(25	)			(25	)			0.00
GarageCo Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%			8.25	%		07/30/2032			—				(15	)			(15	)			0.00
Heartland Home Services		(6) (11)		First Lien Debt		S +		5.75%			9.85	%		12/15/2026			22,931				22,804				22,234				0.64
Kodiak Buyer, LLC		(6) (9) (11)		First Lien Debt		S +		4.50%			8.50	%		07/26/2032			9,206				9,116				9,116				0.26
Kodiak Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		07/26/2032			—				(16	)			(16	)			0.00
Kodiak Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		07/23/2032			—				(25	)			(25	)			0.00
KUEHG Corp.		(12)		First Lien Debt		S +		2.75%			6.75	%		06/12/2030			7,306				7,332				7,298				0.21
LHS Borrower, LLC		(8) (11)		First Lien Debt		S +		5.25%			9.41	%		09/04/2031			12,950				12,757				12,758				0.37
LHS Borrower, LLC		(11) (18)		First Lien Debt		S +		5.25%			9.41	%		09/04/2031			—				(15	)			(15	)			0.00
Lightspeed Solution, LLC		(6) (7) (11)		First Lien Debt		S +		6.00%			10.17	%		03/01/2028			23,202				23,030				23,040				0.66
Lightspeed Solution, LLC		(6) (11)		First Lien Debt		S +		6.00%			10.17	%		03/01/2028			1,377				1,366				1,367				0.04
Project Accelerate Parent, LLC		(6) (11)		First Lien Debt		S +		5.25%			9.41	%		02/24/2031			33,266				32,992				33,266				0.96
Project Accelerate Parent, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.41	%		02/24/2031			—				(37	)			—				—
Spring Education Group, Inc.				First Lien Debt		S +		3.25%			7.25	%		10/04/2030			3,930				3,942				3,939				0.11
Vertex Service Partners, LLC		(6) (7) (9) (11)		First Lien Debt		S +		6.00%			10.00	%		11/08/2030			9,752				9,560				9,557				0.27
Vertex Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%			10.00	%		11/08/2030			19,041				18,660				18,640				0.54
Vertex Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%			10.00	%		11/08/2030			2,059				2,012				2,007				0.06

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Wand NewCo 3, Inc.				First Lien Debt		S +		2.50%			6.66	%		01/30/2031			7,172				7,177				7,144				0.21
																					358,254				360,558				10.36
Electric Utilities
Kohler Energy Co, LLC				First Lien Debt		S +		3.75%			7.75	%		05/01/2031			4,591				4,627				4,595				0.13
Electrical Equipment
Accel International Holdings, Inc.		(6) (7) (12)		First Lien Debt		S +		4.50%			8.81	%		04/26/2032			24,507				24,390				24,507				0.70
Accel International Holdings, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%			8.81	%		04/26/2032			—				(20	)			—				—
Spark Buyer, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%			9.44	%		10/15/2031			5,273				5,202				5,088				0.15
Spark Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.44	%		10/15/2031			—				(14	)			(74	)			0.00
Spark Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.44	%		10/15/2031			361				348				324				0.01
																					29,906				29,845				0.86
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)			10.97	%		07/06/2028			29,068				28,459				20,638				0.59
Abracon Group Holdings, LLC		(6) (11)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)			10.97	%		07/06/2028			1,944				1,907				1,380				0.04
Chamberlain Group, Inc.				First Lien Debt		S +		3.00%			7.16	%		09/08/2032			6,807				6,802				6,808				0.20
Dwyer Instruments, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		4.75%			8.75	%		07/20/2029			54,057				53,447				53,787				1.55
Dwyer Instruments, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		07/20/2029			23,578				23,244				23,450				0.67
Dwyer Instruments, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		07/20/2029			442				392				414				0.01
Infinite Bidco, LLC		(6) (9) (12)		First Lien Debt		S +		6.25%			10.45	%		03/02/2028			9,092				9,020				9,075				0.26

19

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Infinite Bidco, LLC		(7) (12)		Second Lien Debt		S +		7.00%			11.57	%		03/02/2029			16,800				14,969				14,826				0.43
Magneto Components Buyco, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		6.00%			10.00	%		12/05/2030			48,493				47,806				48,493				1.39
Magneto Components Buyco, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%			10.00	%		12/05/2029			—				(101	)			—				—
NDT Global Holding, Inc.		(6) (7) (12) (15)		First Lien Debt		S +		4.50%			8.65	%		06/04/2032			32,400				32,087				32,076				0.92
NDT Global Holding, Inc.		(6) (12) (15) (18)		First Lien Debt		S +		4.50%			8.65	%		06/04/2032			6,336				6,236				6,192				0.18
NDT Global Holding, Inc.		(6) (12) (15) (18)		First Lien Debt		S +		4.50%			8.65	%		06/04/2032			—				(69	)			(72	)			0.00
NSI Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%			8.91	%		11/17/2031			22,671				22,465				22,671				0.65
NSI Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.91	%		11/17/2031			—				(14	)			—				—
NSI Holdings, Inc.		(6) (18)		First Lien Debt		P +		3.75%			11.00	%		11/17/2031			109				73				109				0.00
																					246,723				239,847				6.89
Financial Services
Applitools, Inc.		(6) (7) (11) (15)		First Lien Debt		S +		6.25% PIK			10.25	%		05/25/2029			13,801				13,691				13,662				0.39
Applitools, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		6.25%			10.25	%		05/25/2028			—				(14	)			(16	)			0.00
BCTO Bluebill Midco, Inc.		(6) (7) (11)		First Lien Debt		S +		4.50%			8.81	%		07/30/2032			21,333				21,124				21,124				0.61
BCTO Bluebill Midco, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%			8.81	%		07/30/2032			—				(26	)			(26	)			0.00
Boost Newco Borrower, LLC				First Lien Debt		S +		2.00%			6.00	%		01/31/2031			7,444				7,466				7,447				0.21
Cerity Partners, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.25%			9.45	%		07/30/2029			3,498				3,464				3,489				0.10
Cerity Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.45	%		07/30/2029			11,341				11,221				11,305				0.32
Cerity Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.45	%		07/28/2028			88				84				87				0.00

20

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Cliffwater, LLC		(6) (9) (11)		First Lien Debt		S +		5.00%			9.31	%		04/22/2032			21,357				21,153				21,143				0.61
Cliffwater, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.31	%		04/22/2032			—				(19	)			(20	)			0.00
GC Waves Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%			9.01	%		10/04/2030			27,360				26,877				27,360				0.79
GC Waves Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			9.01	%		10/04/2030			15,748				15,257				15,748				0.45
GC Waves Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			9.01	%		10/04/2030			—				(24	)			—				—
MAI Capital Management Intermediate, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%			8.75	%		08/29/2031			4,632				4,591				4,586				0.13
MAI Capital Management Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		08/29/2031			1,434				1,405				1,385				0.04
MAI Capital Management Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		08/29/2031			219				209				207				0.01
PMA Parent Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		4.75%			8.75	%		01/31/2031			4,913				4,853				4,876				0.14
PMA Parent Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		01/31/2031			—				(5	)			(3	)			0.00
RFS Opco, LLC		(6) (12)		First Lien Debt		S +		4.75%			8.75	%		04/04/2031			16,830				16,884				16,830				0.48
RFS Opco, LLC		(6) (12) (18)		First Lien Debt		S +		3.50%			7.66	%		04/04/2029			17,507				17,324				17,507				0.50
SitusAMC Holdings Corporation		(6) (7) (8) (11)		First Lien Debt		S +		5.50%			9.50	%		05/14/2031			19,209				19,152				19,209				0.55
Smarsh, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%			8.75	%		02/16/2029			11,250				11,182				11,250				0.32
Smarsh, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		02/16/2029			—				(3	)			—				—
Smarsh, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		02/16/2029			450				440				450				0.01
Trintech, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		5.50%			9.66	%		07/25/2029			69,405				68,386				69,058				1.98
Trintech, Inc.		(6) (10) (18)		First Lien Debt		S +		5.50%			9.66	%		07/25/2029			1,735				1,653				1,704				0.05

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
																					266,325				268,362				7.71
Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (14)		Other Debt				16.25% PIK			16.25	%		06/18/2028			500				340				—				—
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (7) (10) (14)		First Lien Debt		S +		7.65% (incl. 3.40% PIK)			12.11	%		12/20/2027			3,643				3,576				2,981				0.09
																					3,916				2,981				0.09
Ground Transportation
PODS, LLC		(11)		First Lien Debt		S +		3.00%			7.28	%		03/31/2028			4,812				4,815				4,705				0.14
SV Newco 2, Inc.		(6) (11) (15)		First Lien Debt		S +		4.75%			8.75	%		06/02/2031			4,554				4,531				4,531				0.13
SV Newco 2, Inc.		(6) (11) (15)		First Lien Debt		S +		4.75%			8.75	%		06/02/2031			34,929				34,481				34,832				1.00
SV Newco 2, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%			8.75	%		06/02/2031			21,974				21,647				21,878				0.63
SV Newco 2, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%			8.75	%		06/02/2031			—				(161	)			(37	)			0.00
																					65,313				65,909				1.89
Health Care Equipment & Supplies
Journey Personal Care Corp.		(11)		First Lien Debt		S +		3.75%			7.91	%		03/01/2028			4,927				4,884				4,877				0.14
Medline Borrower, LP		(12)		First Lien Debt		S +		2.00%			6.16	%		10/23/2030			6,634				6,636				6,630				0.19
PerkinElmer U.S., LLC		(6) (7) (9) (10)		First Lien Debt		S +		4.75%			8.91	%		03/13/2029			27,171				26,663				27,171				0.78
Tidi Legacy Products, Inc.		(6) (7) (9) (10)		First Lien Debt		S +		4.50%			8.66	%		12/19/2029			11,056				10,892				11,056				0.32
Tidi Legacy Products, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.66	%		12/19/2029			—				(20	)			—				—
Tidi Legacy Products, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.66	%		12/19/2029			—				(29	)			—				—
YI, LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.75%			9.90	%		12/03/2029			17,575				17,313				17,575				0.50

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
YI, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%			9.90	%		12/03/2029			—				(38	)			—				—
																					66,301				67,309				1.93
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (9) (10)		First Lien Debt		S +		4.50%			8.66	%		09/15/2031			12,817				12,607				12,817				0.37
Advarra Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%			8.66	%		09/15/2031			—				(3	)			—				—
CNT Holdings I Corp.		(11)		First Lien Debt		S +		2.25%			6.56	%		11/08/2032			6,816				6,825				6,810				0.20
DCA Investment Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		6.50%			10.44	%		04/03/2028			49,439				49,011				46,502				1.34
DCA Investment Holdings, LLC		(6) (11)		First Lien Debt		S +		6.50%			10.44	%		04/03/2028			3,797				3,760				3,572				0.10
Electron BidCo, Inc.		(12)		First Lien Debt		S +		2.75%			6.91	%		11/01/2028			6,825				6,830				6,837				0.20
Ensemble RCM, LLC				First Lien Debt		S +		3.00%			7.31	%		08/01/2029			4,583				4,591				4,593				0.13
Gateway US Holdings, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +		4.75%			8.75	%		09/22/2028			11,899				11,850				11,840				0.34
Gateway US Holdings, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%			8.75	%		09/22/2028			3,446				3,422				3,422				0.10
Gateway US Holdings, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%			8.75	%		09/22/2028			—				(2	)			(2	)			0.00
Heartland Veterinary Partners, LLC		(6) (7) (8) (10)		First Lien Debt		S +		4.75%			9.23	%		06/12/2028			6,279				6,272				6,279				0.18
Heartland Veterinary Partners, LLC		(6) (7) (10)		Second Lien Debt				14.50% (incl. 7.00% PIK)			14.50	%		09/10/2028			799				795				799				0.02
Heartland Veterinary Partners, LLC		(6) (7) (10)		First Lien Debt		S +		4.75%			9.23	%		06/12/2028			14,219				14,202				14,219				0.41

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Heartland Veterinary Partners, LLC		(6) (10)		Second Lien Debt				14.50% (incl. 7.00% PIK)			14.50	%		09/10/2028			311				309				311				0.01
Heartland Veterinary Partners, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%			9.23	%		06/12/2028			—				(1	)			—				—
iCIMS, Inc.		(6) (11)		First Lien Debt		S +		5.75%			10.53	%		08/18/2028			16,989				16,874				16,934				0.49
iCIMS, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75%			10.53	%		08/18/2028			172				170				167				0.00
Imagine 360, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%			8.75	%		10/02/2028			13,232				13,129				13,232				0.38
Imagine 360, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		10/02/2028			—				(7	)			—				—
Imagine 360, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		10/02/2028			—				(9	)			—				—
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +		6.50%			10.96	%		08/21/2026			9,348				9,261				9,185				0.26
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +		6.50%			10.96	%		08/21/2026			650				646				638				0.02
Invictus Buyer, LLC		(6) (11)		First Lien Debt		S +		4.50%			8.50	%		06/03/2031			6,014				5,963				6,014				0.17
Invictus Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		06/03/2031			—				(10	)			—				—
Invictus Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		06/03/2031			—				(8	)			—				—
LSCS Holdings, Inc.				First Lien Debt		S +		4.50%			8.50	%		03/04/2032			3,483				3,487				3,423				0.10
MED ParentCo, LP				First Lien Debt		S +		3.25%			7.41	%		04/15/2031			2,985				2,999				2,989				0.09
Medical Solutions, LLC		(6)		First Lien Debt		S +		3.50%			7.91	%		11/01/2028			5,312				5,310				3,958				0.11
Merative LP		(6) (8) (11)		First Lien Debt		S +		4.75%			8.75	%		09/30/2032			29,441				29,294				29,294				0.84
Merative LP		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		09/30/2032			—				(8	)			(8	)			0.00
Merative LP		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		09/30/2032			—				(15	)			(15	)			0.00

24

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Midwest Physician Administrative Services, LLC		(11)		First Lien Debt		S +		3.00%			7.26	%		03/12/2028			3,849				3,845				3,575				0.10
mPulse Mobile, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%			8.75	%		08/26/2032			29,279				28,990				28,990				0.83
mPulse Mobile, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		08/26/2032			—				(14	)			(14	)			0.00
mPulse Mobile, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		08/26/2032			—				(41	)			(41	)			0.00
National Mentor Holdings, Inc.		(11)		First Lien Debt		S +		3.75%			7.98	%		03/02/2028			2,699				2,688				2,684				0.08
Pacific Dental Services, LLC				First Lien Debt		S +		2.50%			6.64	%		03/15/2031			2,955				2,964				2,951				0.08
Pareto Health Intermediate Holdings, Inc.		(6) (9) (10)		First Lien Debt		S +		4.75%			8.75	%		06/03/2030			76,118				75,002				76,118				2.19
Pareto Health Intermediate Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%			8.75	%		06/01/2029			—				(130	)			—				—
PPV Intermediate Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		6.00%			10.20	%		08/31/2029			27,499				26,770				27,499				0.79
PPV Intermediate Holdings, LLC		(6) (11)		First Lien Debt		S +		6.00%			10.20	%		08/31/2029			26,291				26,128				26,291				0.76
Promptcare Infusion Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +		6.00%			10.39	%		09/01/2027			3,780				3,767				3,750				0.11
Promptcare Infusion Buyer, Inc.		(6) (10)		First Lien Debt		S +		6.00%			10.39	%		09/01/2027			589				587				584				0.02
Raven Acquisition Holdings, LLC		(15)		First Lien Debt		S +		3.00%			7.16	%		11/19/2031			4,643				4,622				4,640				0.13
Raven Acquisition Holdings, LLC		(15) (18)		First Lien Debt		S +		3.25%			7.16	%		11/19/2031			—				(1	)			—				—
Stepping Stones Healthcare Services, LLC		(6) (7) (10)		First Lien Debt		S +		5.00%			9.00	%		01/02/2029			8,444				8,409				8,444				0.24
Stepping Stones Healthcare Services, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.00	%		01/02/2029			2,576				2,552				2,576				0.07
Stepping Stones Healthcare Services, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.00	%		12/30/2026			—				(2	)			—				—
Suveto Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.66	%		09/09/2027			5,294				5,196				5,294				0.15

25

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Suveto Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.66	%		09/09/2027			—				(10	)			—				—
Tivity Health, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%			9.16	%		06/28/2029			17,861				17,740				17,861				0.51
TTF Holdings, LLC				First Lien Debt		S +		3.75%			7.79	%		07/18/2031			1,917				1,932				1,812				0.05
Vardiman Black Holdings, LLC		(6) (7) (8) (12)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)			11.29	%		03/18/2027			15,969				15,969				14,133				0.41
Vardiman Black Holdings, LLC		(6) (12) (13) (18)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)			11.29	%		03/18/2027			1,809				1,782				1,594				0.05
																					436,289				432,551				12.43
Health Care Technology
Athenahealth, Inc.		(12)		First Lien Debt		S +		2.75%			6.91	%		02/15/2029			7,304				7,287				7,286				0.21
Hyland Software, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.00%			9.16	%		09/19/2030			76,677				75,868				76,677				2.20
Hyland Software, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.16	%		09/19/2029			—				(33	)			—				—
Lightspeed Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +		4.75%			8.75	%		02/03/2027			10,022				10,004				10,022				0.29
Lightspeed Buyer, Inc.		(6) (10)		First Lien Debt		S +		4.75%			8.75	%		02/03/2027			651				647				651				0.02
Lightspeed Buyer, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%			8.75	%		02/03/2027			—				(2	)			—				—
MedAssets Software Intermediate Holdings, Inc.		(12)		First Lien Debt		S +		4.00%			8.13	%		12/15/2028			6,121				6,121				5,555				0.16
Press Ganey Holdings, Inc.				First Lien Debt		S +		3.00%			7.16	%		04/30/2031			2,977				2,974				2,968				0.09
Project Ruby Ultimate Parent Corp.				First Lien Debt		S +		2.75%			7.03	%		03/10/2028			5,321				5,320				5,322				0.15
Symplr Software, Inc.		(11)		First Lien Debt		S +		4.50%			8.91	%		12/22/2027			4,811				4,817				4,314				0.12
																					113,003				112,795				3.24
Household Durables

26

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
ACProducts, Inc.		(12)		First Lien Debt		S +		4.25%			8.51	%		05/17/2028			4,812				4,803				4,006				0.12
Madison Safety & Flow, LLC				First Lien Debt		S +		2.75%			6.91	%		09/26/2031			4,144				4,153				4,146				0.12
																					8,956				8,152				0.23
Independent Power and Renewable Electricity Producers
Lightning Power, LLC				First Lien Debt		S +		2.25%			6.25	%		08/18/2031			6,947				6,955				6,938				0.20
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		4.75%			8.89	%		01/30/2031			77,015				76,418				77,015				2.21
Aptean, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.89	%		01/30/2031			—				(3	)			—				—
Aptean, Inc.		(6) (18)		First Lien Debt		P +		3.75%			11.00	%		01/30/2031			585				541				585				0.02
Excelitas Technologies Corp.		(6) (7) (9) (11)		First Lien Debt		S +		5.25%			9.41	%		08/13/2029			30,707				30,321				30,553				0.88
Excelitas Technologies Corp.		(6) (11)		First Lien Debt		E +		5.25%			7.16	%		08/13/2029		€	5,574				5,697				6,517				0.19
Excelitas Technologies Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.41	%		08/13/2029			—				(66	)			(60	)			0.00
Excelitas Technologies Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.41	%		08/14/2028			—				(29	)			(15	)			0.00
Raptor Merger Sub Debt, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.50%			9.50	%		04/01/2029			45,233				44,640				45,233				1.30
Raptor Merger Sub Debt, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%			9.50	%		04/01/2029			930				886				930				0.03
																					158,405				160,758				4.62
Insurance Services
Acrisure, LLC				First Lien Debt		S +		3.00%			7.16	%		11/06/2030			4,963				4,950				4,949				0.14
Alliant Holdings Intermediate, LLC				First Lien Debt		S +		2.50%			6.67	%		09/19/2031			7,103				7,112				7,083				0.20

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Amerilife Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.00%			9.17	%		08/31/2029			30,765				30,505				30,765				0.88
Amerilife Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.17	%		08/31/2029			3,322				3,296				3,322				0.10
Amerilife Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.17	%		08/31/2028			450				438				450				0.01
Broadstreet Partners, Inc.				First Lien Debt		S +		2.75%			6.91	%		06/13/2031			7,446				7,430				7,451				0.21
Fetch Insurance Services, LLC		(6)		Other Debt				12.75% (incl. 3.75% PIK)			12.75	%		10/31/2027			3,193				3,149				3,161				0.09
Foundation Risk Partners Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%			8.75	%		10/29/2030			34,707				34,432				34,707				1.00
Foundation Risk Partners Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		10/29/2030			18,483				18,283				18,483				0.53
Foundation Risk Partners Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		10/29/2029			—				(17	)			—				—
Galway Borrower, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		4.50%			8.50	%		09/29/2028			51,111				50,515				51,111				1.47
Galway Borrower, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		09/29/2028			21,396				21,138				21,396				0.61
Galway Borrower, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		09/29/2028			752				718				752				0.02
Higginbotham Insurance Agency, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%			8.67	%		11/24/2028			19,964				19,896				19,964				0.57
Higginbotham Insurance Agency, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.67	%		11/24/2028			13,102				12,970				13,102				0.38
High Street Buyer, Inc.		(6) (7) (11)		First Lien Debt		S +		5.25%			9.25	%		04/14/2028			4,163				4,160				4,163				0.12
High Street Buyer, Inc.		(6) (7) (11)		First Lien Debt		S +		5.25%			9.25	%		04/14/2028			65,769				65,115				65,769				1.89
High Street Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%			9.25	%		04/16/2027			—				—				—				—
HUB International Limited		(11)		First Lien Debt		S +		2.25%			6.58	%		06/20/2030			4,213				4,217				4,218				0.12
Inszone Mid, LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.25%			9.25	%		11/30/2029			13,734				13,527				13,699				0.39

28

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Inszone Mid, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.25	%		11/30/2029			24,135				23,764				24,059				0.69
Inszone Mid, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.25	%		11/30/2029			—				(44	)			(8	)			0.00
Integrity Marketing Acquisition, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		5.00%			9.20	%		08/25/2028			111,465				111,465				111,465				3.20
Integrity Marketing Acquisition, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.20	%		08/25/2028			—				—				—				—
Long Term Care Group, Inc.		(6) (7) (8) (11) (13)		First Lien Debt		S +		6.00%			10.59	%		09/08/2027			14,685				14,380				13,253				0.38
Patriot Growth Insurance Services, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.00%			9.15	%		10/16/2028			19,371				19,250				19,371				0.56
Patriot Growth Insurance Services, LLC		(6) (11)		First Lien Debt		S +		5.00%			9.15	%		10/14/2028			24,571				24,318				24,571				0.71
Patriot Growth Insurance Services, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.15	%		10/16/2028			—				(4	)			—				—
Truist Insurance Holdings, LLC				First Lien Debt		S +		2.75%			6.75	%		05/06/2031			5,000				4,985				4,992				0.14
USI, Inc.				First Lien Debt		S +		2.25%			6.25	%		09/29/2030			2,948				2,955				2,943				0.08
USI, Inc.				First Lien Debt		S +		2.25%			6.25	%		11/21/2029			1,965				1,969				1,962				0.06
World Insurance Associates, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%			9.00	%		04/03/2030			100,295				99,090				100,295				2.88
World Insurance Associates, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.00	%		04/03/2030			—				(13	)			—				—
																					603,949				607,448				17.45
Interactive Media & Services
Arches Buyer, Inc.		(12)		First Lien Debt		S +		3.25%			7.51	%		12/06/2027			2,405				2,401				2,406				0.07
FMG Suite Holdings, LLC		(6) (8)		First Lien Debt		S +		4.75%			8.91	%		09/09/2032			18,011				17,832				17,832				0.51
FMG Suite Holdings, LLC		(6) (18)		First Lien Debt		S +		4.75%			8.91	%		09/09/2032			—				(24	)			(24	)			0.00
FMG Suite Holdings, LLC		(6) (18)		First Lien Debt		S +		4.75%			8.91	%		09/09/2032			—				(29	)			(29	)			0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Spectrio, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%			10.20	%		12/09/2026			11,578				11,279				9,286				0.27
Spectrio, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%			10.20	%		12/09/2026			4,639				4,519				3,721				0.11
Spectrio, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%			10.20	%		12/09/2026			1,246				1,212				973				0.03
Triple Lift, Inc.		(6) (8) (11)		First Lien Debt		S +		5.75%			9.90	%		05/05/2028			16,073				15,453				15,069				0.43
Triple Lift, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75%			9.90	%		05/05/2028			—				(80	)			(107	)			0.00
																					52,563				49,127				1.41
IT Services
Apollo Acquisition, Inc.		(6) (9) (11)		First Lien Debt		S +		5.00%			9.16	%		12/30/2031			19,799				19,616				19,799				0.57
Apollo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.16	%		12/30/2031			5,920				5,815				5,920				0.17
Apollo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.16	%		12/30/2030			—				(35	)			—				—
Asurion, LLC				First Lien Debt		S +		4.25%			8.41	%		09/19/2030			7,287				7,275				7,256				0.21
Atlas Purchaser, Inc.		(6) (7) (14)		First Lien Debt		S +		7.50% (incl. 6.50% PIK)			12.08	%		05/05/2028			1,132				977				221				0.01
Atlas Purchaser, Inc.		(6) (7) (14)		First Lien Debt		S +		7.50% (incl. 5.50% PIK)			12.08	%		05/05/2028			2,613				1,860				78				0.00
Catalis Intermediate, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.50%			9.65	%		08/04/2027			23,198				22,796				22,843				0.66
Catalis Intermediate, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%			9.65	%		08/04/2027			5,220				5,133				5,140				0.15
Catalis Intermediate, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50%			9.65	%		08/04/2027			615				573				574				0.02
Endure Digital, Inc.		(10)		First Lien Debt		S +		3.50%			7.84	%		02/10/2028			5,352				5,308				3,800				0.11
Gainwell Acquisition Corp.		(11)		First Lien Debt		S +		4.00%			8.10	%		10/01/2027			6,735				6,747				6,619				0.19
GI DI Cornfield Acquisition, LLC		(6) (8)		First Lien Debt		S +		4.50%			8.76	%		03/09/2028			31,687				31,363				31,472				0.90

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
GI DI Cornfield Acquisition, LLC		(6) (8)		First Lien Debt		S +		4.50%			8.76	%		03/09/2028			16,333				16,254				16,223				0.47
Idera, Inc.		(6) (7) (11)		Second Lien Debt		S +		6.75%			11.20	%		03/02/2029			355				355				355				0.01
Redwood Services Group, LLC		(6) (7) (9) (11)		First Lien Debt		S +		5.25%			9.26	%		06/15/2029			50,151				49,590				49,900				1.43
Redwood Services Group, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.26	%		06/15/2029			39,069				38,585				38,831				1.12
Ridge Trail US Bidco, Inc.		(6) (7) (11) (15)		First Lien Debt		S +		4.50%			8.37	%		09/30/2031			48,613				47,963				48,613				1.40
Ridge Trail US Bidco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		4.50%			8.37	%		09/30/2031			—				(109	)			—				—
Ridge Trail US Bidco, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.50%			8.37	%		03/31/2031			1,520				1,449				1,520				0.04
Sedgwick Claims Management Services, Inc.				First Lien Debt		S +		2.50%			6.66	%		07/31/2031			7,391				7,414				7,380				0.21
Syntax Systems, Ltd.		(6) (7) (11) (15)		First Lien Debt		S +		5.00%			9.27	%		10/27/2028			18,453				18,389				18,269				0.52
Thrive Buyer, Inc. (Thrive Networks)		(6) (7) (11)		First Lien Debt		S +		4.75%			8.75	%		02/02/2032			43,971				43,562				43,861				1.26
Thrive Buyer, Inc. (Thrive Networks)		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		02/02/2032			6,500				6,399				6,462				0.19
Thrive Buyer, Inc. (Thrive Networks)		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		02/02/2032			612				560				597				0.02
UpStack, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%			9.04	%		08/25/2031			5,525				5,476				5,484				0.16
UpStack, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.04	%		08/25/2031			652				640				636				0.02
UpStack, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.04	%		08/25/2031			213				205				206				0.01
Victors Purchaser, LLC		(6) (9) (12)		First Lien Debt		S +		4.75%			8.75	%		08/15/2031			11,195				11,097				11,195				0.32
Victors Purchaser, LLC		(6) (12) (18)		First Lien Debt		S +		4.75%			8.75	%		08/15/2031			579				565				579				0.02
Victors Purchaser, LLC		(6) (12) (18)		First Lien Debt		S +		4.75%			8.75	%		08/15/2031			—				(11	)			—				—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Virtusa Corporation				First Lien Debt		S +		3.25%			7.41	%		02/15/2029			4,962				4,973				4,894				0.14
																					360,784				358,727				10.31
Leisure Products
Recess Holdings, Inc.		(10)		First Lien Debt		S +		3.75%			8.07	%		02/20/2030			6,439				6,481				6,457				0.19
Life Sciences Tools & Services
Model N, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%			8.75	%		06/27/2031			19,698				19,527				19,698				0.57
Model N, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		06/27/2031			—				(22	)			—				—
Model N, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.75	%		06/27/2031			—				(24	)			—				—
Parexel International Corporation		(12)		First Lien Debt		S +		2.50%			6.66	%		11/15/2028			6,495				6,503				6,498				0.19
																					25,984				26,196				0.75
Machinery
AI Aqua Merger Sub, Inc.		(12)		First Lien Debt		S +		3.00%			7.28	%		07/31/2028			7,356				7,360				7,369				0.21
Answer Acquisition, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%			10.26	%		12/30/2026			38,635				38,415				35,761				1.03
Answer Acquisition, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%			10.26	%		12/30/2026			1,633				1,619				1,373				0.04
Chase Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			9.06	%		10/30/2028			19,685				19,412				19,440				0.56
Chase Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			9.06	%		10/30/2028			272				260				261				0.01
Conair Holdings, LLC		(12)		First Lien Debt		S +		3.75%			8.03	%		05/17/2028			3,850				3,852				2,401				0.07
CPM Holdings, Inc.		(12)		First Lien Debt		S +		4.50%			8.78	%		09/28/2028			4,962				4,883				4,946				0.14
Engineered Machinery Holdings, Inc.		(11)		First Lien Debt		S +		3.50%			7.76	%		05/19/2028			6,345				6,341				6,374				0.18
Filtration Group Corporation		(12)		First Lien Debt		S +		2.75%			6.91	%		10/21/2028			7,331				7,346				7,358				0.21

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Icebox Holdco III, Inc.		(12)		First Lien Debt		S +		3.25%			7.25	%		12/22/2031			5,389				5,409				5,417				0.16
Madison IAQ, LLC		(12)		First Lien Debt		S +		2.50%			6.70	%		06/21/2028			4,824				4,821				4,825				0.14
MHE Intermediate Holdings, LLC		(6) (10)		First Lien Debt		S +		6.00%			10.53	%		07/21/2027			7,791				7,774				7,791				0.22
MHE Intermediate Holdings, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%			10.53	%		07/21/2027			6,380				6,340				6,380				0.18
MHE Intermediate Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%			10.53	%		07/21/2027			429				429				429				0.01
Pro Mach Group, Inc.		(10)		First Lien Debt		S +		2.75%			6.91	%		08/31/2028			7,201				7,231				7,211				0.21
Roper Industrial Products Investment Company, LLC		(12)		First Lien Debt		S +		2.75%			6.75	%		11/22/2029			3,940				3,956				3,944				0.11
TK Elevator US Newco, Inc.		(12)		First Lien Debt		S +		3.00%			7.20	%		04/30/2030			7,292				7,313				7,308				0.21
																					132,761				128,588				3.69
Media
Aragorn Parent Corporation				First Lien Debt		S +		3.50%			7.66	%		12/15/2028			5,784				5,776				5,810				0.17
																					5,776				5,810				0.17
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%			8.66	%		12/23/2030			48,240				47,179				48,240				1.39
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.66	%		12/23/2030			5,575				5,474				5,575				0.16
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.66	%		12/23/2030			2,226				2,180				2,226				0.06
Vessco Midco Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%			8.93	%		07/24/2031			33,937				33,643				33,937				0.97
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.93	%		07/24/2031			6,146				6,072				6,146				0.18
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.93	%		07/24/2031			—				(31	)			—				—
																					94,517				96,124				2.76

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Pharmaceuticals
Caerus US 1, Inc.		(6) (7) (9) (11) (15)		First Lien Debt		S +		5.00%			9.00	%		05/25/2029			40,499				39,945				40,317				1.16
Caerus US 1, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%			9.00	%		05/25/2029			5,927				5,840				5,900				0.17
Caerus US 1, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.00%			9.00	%		05/25/2029			2,050				1,997				2,030				0.06
Real Chemistry Intermediate III, Inc.		(6) (9) (12)		First Lien Debt		S +		4.50%			8.50	%		04/12/2032			19,125				19,034				19,029				0.55
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%			8.50	%		04/12/2032			3,273				3,245				3,230				0.09
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%			8.50	%		04/12/2032			—				(20	)			(21	)			0.00
																					70,041				70,485				2.02
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7)		First Lien Debt		S +		6.00%			10.29	%		03/10/2027			1,395				1,360				1,395				0.04
Abacus Data Holdings, Inc. (AbacusNext)		(6) (18)		First Lien Debt		S +		6.00%			10.29	%		03/10/2027			—				(14	)			—				—
Accordion Partners, LLC		(6) (11)		First Lien Debt		S +		5.00%			9.00	%		11/17/2031			52,951				52,471				52,951				1.52
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.00	%		11/17/2031			1,417				1,378				1,417				0.04
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.00	%		11/17/2031			—				(52	)			—				—
Ascend Partner Services, LLC		(6) (11)		First Lien Debt		S +		4.50%			8.54	%		08/11/2031			1,297				1,285				1,297				0.04
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.54	%		08/11/2031			1,801				1,781				1,798				0.05
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%			8.54	%		08/11/2031			—				(4	)			—				—
Bridgepointe Technologies, LLC		(6) (10)		First Lien Debt		S +		5.00%			9.00	%		12/31/2027			18,526				18,236				18,479				0.53
Bridgepointe Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.00	%		12/31/2027			26,971				26,534				26,881				0.77

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Bullhorn, Inc.		(6) (10)		First Lien Debt		S +		5.00%			9.16	%		10/01/2029			3,429				3,409				3,429				0.10
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%			9.16	%		10/01/2029			4,371				4,353				4,371				0.13
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%			9.16	%		10/01/2029			53				52				53				0.00
Carr, Riggs and Ingram Capital, LLC		(6) (7) (12)		First Lien Debt		S +		4.25%			8.25	%		11/18/2031			14,589				14,457				14,553				0.42
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%			8.25	%		11/18/2031			1,569				1,535				1,550				0.04
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%			8.25	%		11/18/2031			—				(30	)			(8	)			0.00
ComPsych Investment Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%			9.08	%		07/22/2031			15,351				15,284				15,351				0.44
ComPsych Investment Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%			9.08	%		07/22/2031			—				(10	)			—				—
CoreLogic, Inc.		(12)		First Lien Debt		S +		3.50%			7.78	%		06/02/2028			4,948				4,939				4,944				0.14
Crisis Prevention Institute, Inc.		(12)		First Lien Debt		S +		4.00%			8.00	%		04/09/2031			17,865				17,790				17,731				0.51
Deerfield Dakota Holding, LLC		(11)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)			9.81	%		09/13/2032			45,725				45,270				45,271				1.30
Deerfield Dakota Holding, LLC		(11) (18)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)			9.81	%		09/13/2032			—				(43	)			(43	)			0.00
EAB Global, Inc.				First Lien Debt		S +		3.00%			7.16	%		08/16/2030			3,930				3,929				3,823				0.11
Employbridge Holding Company				First Lien Debt		S +		4.75%			9.01	%		01/19/2030			2,274				1,332				364				0.01
GPS Merger Sub, LLC		(6) (8) (10)		First Lien Debt		S +		5.25%			9.41	%		10/02/2029			15,829				15,631				15,829				0.45
GPS Merger Sub, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.41	%		10/02/2029			—				(22	)			—				—
GPS Merger Sub, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.41	%		10/02/2029			—				(33	)			—				—
IG Investment Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%			9.31	%		09/22/2028			33,013				32,751				32,848				0.94

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
IG Investment Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.31	%		09/22/2028			—				(29	)			(19	)			0.00
IQN Holding Corp.		(6) (8) (11)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)			9.75	%		05/02/2029			12,059				11,989				12,059				0.35
IQN Holding Corp.		(6) (11)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)			9.75	%		07/16/2031			4,963				4,969				4,947				0.14
IQN Holding Corp.		(6) (11)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)			9.75	%		05/02/2029			3,934				3,892				3,934				0.11
IQN Holding Corp.		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)			9.75	%		05/02/2028			465				461				465				0.01
KENG Acquisition, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%			8.81	%		08/01/2029			10,952				10,761				10,842				0.31
KENG Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.81	%		08/01/2029			5,204				5,074				5,102				0.15
KENG Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.81	%		08/01/2029			—				(53	)			(41	)			0.00
Mermaid Bidco, Inc.				First Lien Debt		S +		3.25%			7.57	%		07/03/2031			3,970				3,983				3,961				0.11
Tidal Waste & Recycling Holdings, LLC				First Lien Debt		S +		3.00%			7.00	%		10/24/2031			1,990				1,997				2,000				0.06
UHY Advisors, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%			8.95	%		11/21/2031			7,689				7,619				7,689				0.22
UHY Advisors, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.95	%		11/21/2031			486				450				486				0.01
UHY Advisors, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.95	%		11/21/2031			159				141				159				0.00
Verdantas, LLC		(6) (11)		First Lien Debt		S +		5.25%			9.25	%		05/06/2031			32,842				32,424				32,799				0.94
Verdantas, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.25	%		05/06/2031			1,825				1,779				1,820				0.05
Verdantas, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.25	%		05/06/2030			1,698				1,658				1,694				0.05
																					350,684				352,181				10.12
Real Estate Management & Development
Associations, Inc.		(6) (10)		First Lien Debt		S +		6.50%			11.08	%		07/03/2028			10,811				10,803				10,811				0.31

36

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Associations, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50%			11.08	%		07/03/2028			320				319				320				0.01
Associations, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50%			11.08	%		07/03/2028			—				(1	)			—				—
Inhabitiq, Inc.		(6) (7) (11)		First Lien Debt		S +		4.50%			8.66	%		01/12/2032			17,181				17,102				17,181				0.49
Inhabitiq, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%			8.66	%		01/12/2032			—				(11	)			—				—
Inhabitiq, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%			8.66	%		01/12/2032			—				(13	)			—				—
MRI Software, LLC		(6) (10)		First Lien Debt		S +		4.75%			8.75	%		02/10/2028			68,241				68,118				68,167				1.96
MRI Software, LLC		(6) (10)		First Lien Debt		S +		4.75%			8.75	%		02/10/2028			7,480				7,423				7,471				0.21
MRI Software, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%			8.75	%		02/10/2028			548				531				542				0.02
Pritchard Industries, LLC		(6) (7) (11)		First Lien Debt		S +		5.75%			9.90	%		10/13/2027			10,638				10,532				10,452				0.30
Pritchard Industries, LLC		(6) (11)		First Lien Debt		S +		5.75%			9.90	%		10/13/2027			2,544				2,518				2,499				0.07
Zarya Intermediate, LLC		(6) (10) (15)		First Lien Debt		S +		6.50%			10.70	%		07/01/2027			38,575				38,549				38,575				1.11
Zarya Intermediate, LLC		(6) (10) (15) (18)		First Lien Debt		S +		6.50%			10.70	%		07/01/2027			—				—				—				—
																					155,870				156,018				4.48
Software
Alert Media, Inc.		(6) (10)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)			10.54	%		04/12/2027			32,544				32,176				32,544				0.93
Alert Media, Inc.		(6) (10) (18)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)			10.54	%		04/12/2027			—				(30	)			—				—
Anaplan, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		4.50%			8.70	%		06/21/2029			80,169				79,406				80,169				2.30
Appfire Technologies, LLC		(6) (10)		First Lien Debt		S +		5.00%			9.00	%		03/09/2028			13,365				13,332				13,365				0.38
Appfire Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.00	%		03/09/2028			187				168				187				0.01

37

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Appfire Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%			9.00	%		03/09/2028			134				130				134				0.00
Applied Systems, Inc.				First Lien Debt		S +		2.25%			6.25	%		02/24/2031			3,950				3,967				3,951				0.11
Apryse Software Corp.		(6) (7) (8) (12)		First Lien Debt		S +		4.75%			8.75	%		06/28/2032			47,559				47,096				47,262				1.36
Apryse Software Corp.		(6) (12) (18)		First Lien Debt		S +		4.75%			8.75	%		06/28/2032			—				(38	)			(25	)			0.00
Artifact Bidco, Inc.		(6)		First Lien Debt		S +		4.25%			8.25	%		07/28/2031			21,837				21,647				21,837				0.63
Artifact Bidco, Inc.		(6) (18)		First Lien Debt		S +		4.25%			8.25	%		07/28/2031			—				(22	)			—				—
Artifact Bidco, Inc.		(6) (18)		First Lien Debt		S +		4.25%			8.25	%		07/26/2030			—				(30	)			—				—
Astra Acquisition Corp.		(14)		First Lien Debt		S +		5.25%						02/25/2028			844				759				166				0.00
Astra Acquisition Corp.		(14)		First Lien Debt		S +		5.25%						10/25/2028			1,185				676				3				0.00
AuditBoard, Inc.		(6) (8) (10)		First Lien Debt		S +		4.50%			8.50	%		07/14/2031			34,200				33,903				34,200				0.98
AuditBoard, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.50	%		07/14/2031			—				(67	)			—				—
AuditBoard, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%			8.50	%		07/14/2031			—				(54	)			—				—
Banyan Software Holdings, LLC		(6) (7) (10)		First Lien Debt		S +		5.25%			9.41	%		01/02/2031			30,283				30,009				29,980				0.86
Banyan Software Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.41	%		01/02/2031			18,795				18,608				18,576				0.53
Banyan Software Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%			9.41	%		01/02/2031			—				(28	)			(33	)			0.00
Bottomline Technologies, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%			8.50	%		05/14/2029			23,584				23,296				23,584				0.68
Bottomline Technologies, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%			8.50	%		05/15/2028			—				(15	)			—				—
Central Parent, Inc.				First Lien Debt		S +		3.25%			7.25	%		07/06/2029			3,960				3,964				3,417				0.10

38

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
CLEO Communications Holding, LLC		(6) (7) (10)		First Lien Debt		S +		5.50%			9.76	%		06/09/2027			16,056				15,978				16,056				0.46
CLEO Communications Holding, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%			9.76	%		06/09/2027			—				(25	)			—				—
Cloudera, Inc.		(12)		First Lien Debt		S +		3.75%			8.01	%		10/08/2028			7,379				7,339				7,247				0.21
Clover Holdings 2, LLC				First Lien Debt		S +		3.75%			7.94	%		12/09/2031			5,985				5,981				5,983				0.17
Clover Holdings SPV III, LLC				First Lien Debt							15.00	%		12/09/2027			303				298				309				0.01
Coupa Holdings, LLC		(6) (7) (9) (11)		First Lien Debt		S +		5.25%			9.56	%		02/27/2030			20,764				20,398				20,764				0.60
Coupa Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.56	%		02/27/2030			—				(6	)			—				—
Coupa Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.56	%		02/27/2029			—				(8	)			—				—
Cyara AcquisitionCo, LLC		(6) (10)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)			9.75	%		06/28/2029			63,071				61,986				63,071				1.81
Cyara AcquisitionCo, LLC		(6) (10) (18)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)			9.75	%		06/28/2029			—				(65	)			—				—
Diligent Corporation		(6) (11)		First Lien Debt		S +		5.00%			9.20	%		08/02/2030			73,157				72,706				73,157				2.10
Diligent Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%			9.20	%		08/02/2030			—				(62	)			—				—
Diligent Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%			9.20	%		08/02/2030			785				744				785				0.02
Dragon Buyer, Inc.				First Lien Debt		S +		2.75%			6.75	%		09/30/2031			4,963				4,965				4,964				0.14
E-Discovery AcquireCo, LLC		(6) (10)		First Lien Debt		S +		6.00%			10.13	%		08/29/2029			36,747				36,138				36,747				1.06
E-Discovery AcquireCo, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%			10.13	%		08/29/2029			2,322				2,263				2,322				0.07
ECI Macola Max Holding, LLC		(11)		First Lien Debt		S +		2.75%			6.75	%		05/09/2030			4,813				4,818				4,809				0.14
Emburse, Inc.		(6) (9) (11)		First Lien Debt		S +		4.25%			8.25	%		05/28/2032			22,105				22,052				22,050				0.63

39

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Emburse, Inc.		(6) (11) (18)		First Lien Debt		S +		4.25%			8.25	%		05/28/2032			—				(5	)			(10	)			0.00
Emburse, Inc.		(6) (11) (18)		First Lien Debt		S +		4.25%			8.25	%		05/28/2032			—				(9	)			(10	)			0.00
Epicor Software Corporation		(11)		First Lien Debt		S +		2.50%			6.66	%		05/30/2031			5,136				5,139				5,140				0.15
Espresso Bidco, Inc.		(6) (7) (11)		First Lien Debt		S +		5.25% (incl. 3.13% PIK)			9.75	%		03/25/2032			27,227				26,847				26,819				0.77
Espresso Bidco, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25% (incl. 3.13% PIK)			9.75	%		03/25/2032			—				(52	)			(111	)			0.00
Espresso Bidco, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25% (incl. 3.13% PIK)			9.75	%		03/25/2032			—				(46	)			(49	)			0.00
Everbridge Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%			9.29	%		07/02/2031			60,357				60,096				60,357				1.73
Everbridge Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.29	%		07/02/2031			7,104				7,051				7,104				0.20
Everbridge Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%			9.29	%		07/02/2031			—				(30	)			—				—
Formstack Acquisition, Co.		(6) (10)		First Lien Debt		S +		5.50%			9.50	%		03/28/2030			52,696				52,074				52,565				1.51
Formstack Acquisition, Co.		(6) (10) (18)		First Lien Debt		S +		5.50%			9.50	%		03/28/2030			5,196				5,041				5,144				0.15
Formstack Acquisition, Co.		(6) (10) (18)		First Lien Debt		S +		5.50%			9.50	%		03/28/2030			1,703				1,585				1,676				0.05
Fullsteam Operations, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%			9.48	%		08/08/2031			38,077				37,703				37,703				1.08
Fullsteam Operations, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.48	%		08/08/2031			—				(62	)			(62	)			0.00
Fullsteam Operations, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%			9.48	%		08/08/2031			—				(41	)			(41	)			0.00
Granicus, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)			10.06	%		01/17/2031			63,328				62,853				63,328				1.82
Granicus, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)			10.06	%		01/17/2031			12,997				12,921				12,997				0.37
Granicus, Inc.		(6) (18)		First Lien Debt		P +		4.25%			11.75	%		01/17/2031			—				(64	)			—				—

40

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
GS AcquisitionCo, Inc.		(6) (7) (10)		First Lien Debt		S +		5.25%			9.25	%		05/25/2028			62,064				61,911				62,064				1.78
GS AcquisitionCo, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%			9.25	%		05/25/2028			1,445				1,436				1,445				0.04
GS AcquisitionCo, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%			9.25	%		05/25/2028			1,773				1,757				1,773				0.05
Hootsuite, Inc.		(6) (15)		First Lien Debt		S +		5.50%			9.50	%		05/22/2030			18,664				18,434				18,664				0.54
Hootsuite, Inc.		(6) (15) (18)		First Lien Debt		S +		5.50%			9.50	%		05/22/2030			—				(24	)			—				—
Icefall Parent, Inc.		(6) (7) (10)		First Lien Debt		S +		4.75%			8.81	%		01/25/2030			25,133				24,741				25,133				0.72
Icefall Parent, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%			8.81	%		01/25/2030			—				(36	)			—				—
Imprivata, Inc.		(6)		First Lien Debt		S +		3.00%			7.00	%		12/01/2027			6,388				6,387				6,410				0.18
LegitScript, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.75%			9.91	%		06/24/2029			36,701				36,301				36,701				1.05
LegitScript, LLC		(6) (11)		First Lien Debt		S +		5.75%			9.91	%		06/24/2029			970				960				970				0.03
LegitScript, LLC		(6) (11) (18)		First Lien Debt		S +		5.75%			9.91	%		06/24/2028			2,109				2,062				2,109				0.06
LogRhythm, Inc.		(6) (10)		First Lien Debt		S +		7.50%			11.66	%		07/02/2029			6,818				6,654				6,631				0.19
LogRhythm, Inc.		(6) (10) (18)		First Lien Debt		S +		7.50%			11.66	%		07/02/2029			—				(15	)			(19	)			0.00
Magenta Buyer, LLC				First Lien Debt		S +		5.00%			9.57	%		07/27/2028			4,825				4,815				1,447				0.04
McAfee, LLC		(12)		First Lien Debt		S +		3.00%			7.22	%		03/01/2029			7,419				7,405				7,073				0.20
Montana Buyer, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		4.75%			8.91	%		07/22/2029			31,958				31,628				31,958				0.92
Montana Buyer, Inc.		(6) (18)		First Lien Debt		P +		4.75%			8.91	%		07/22/2028			—				(28	)			—				—
Nasuni Corporation		(6) (7) (11)		First Lien Debt		S +		5.00%			9.07	%		09/10/2030			21,552				21,273				21,552				0.62

41

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Nasuni Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%			9.07	%		09/10/2030			—				(55	)			—				—
Netwrix Corporation And Concept Searching, Inc.		(6) (7) (8) (9) (11)		First Lien Debt		S +		4.75%			8.95	%		06/11/2029			25,112				24,970				24,986				0.72
Netwrix Corporation And Concept Searching, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.95	%		06/11/2029			—				(8	)			(8	)			0.00
Oak Purchaser, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%			9.37	%		05/31/2028			12,502				12,412				12,494				0.36
Oak Purchaser, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50%			9.37	%		05/31/2028			6,791				6,724				6,763				0.19
Oak Purchaser, Inc.		(6) (18)		First Lien Debt		S +		5.50%			9.37	%		05/31/2028			126				114				126				0.00
OceanKey (U.S.) II Corp.				First Lien Debt		S +		3.50%			7.76	%		12/15/2028			6,886				6,896				6,896				0.20
Onit, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%			8.98	%		01/27/2032			31,481				31,189				31,481				0.90
Onit, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.98	%		01/27/2032			—				(63	)			—				—
Onit, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%			8.98	%		01/27/2032			—				(42	)			—				—
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%			9.16	%		10/30/2031			18,010				17,848				17,740				0.51
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		E +		5.25%			7.15	%		10/30/2031		€	6,630				7,138				7,673				0.22
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		SA +		5.50%			9.47	%		10/30/2031		£	2,210				2,849				2,930				0.08
Optimizely North America, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.00%			9.16	%		10/30/2031			—				(23	)			(40	)			0.00
Polaris Newco, LLC		(12)		First Lien Debt		S +		4.00%			8.57	%		06/02/2028			5,804				5,809				5,587				0.16
Pound Bidco, Inc.		(6) (7) (10) (15)		First Lien Debt		S +		6.00%			10.66	%		02/01/2027			3,743				3,742				3,733				0.11
Pound Bidco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		6.00%			10.66	%		02/01/2027			192				192				191				0.01
Pound Bidco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		6.00%			10.66	%		02/01/2027			63				62				62				0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Project Leopard Holdings, Inc.		(7) (8) (12) (15)		First Lien Debt		S +		5.25%			9.66	%		07/20/2029			22,679				21,656				20,321				0.58
Proofpoint, Inc.		(12)		First Lien Debt		S +		3.00%			7.16	%		08/31/2028			6,988				6,983				7,006				0.20
Quartz Acquireco, LLC				First Lien Debt		S +		2.25%			6.25	%		06/28/2030			4,912				4,922				4,890				0.14
Quest Software US Holdings, Inc.				First Lien Debt		S +		4.25%			8.71	%		02/01/2029			3,570				3,027				2,982				0.09
Revalize, Inc.		(6) (10)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)			10.65	%		04/16/2029			14,296				13,922				13,537				0.39
Revalize, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)			10.65	%		04/16/2029			508				503				466				0.01
Riskonnect Parent, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%			8.62	%		12/07/2028			30,367				29,966				30,367				0.87
Riskonnect Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.62	%		12/07/2028			23,371				23,006				23,371				0.67
Riskonnect Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%			8.62	%		12/07/2028			409				352				409				0.01
Runway Bidco, LLC		(6) (7) (12)		First Lien Debt		S +		5.00%			9.00	%		12/17/2031			17,964				17,800				17,919				0.51
Runway Bidco, LLC		(6) (12) (18)		First Lien Debt		S +		5.00%			9.00	%		12/17/2031			—				(20	)			(11	)			0.00
Runway Bidco, LLC		(6) (12) (18)		First Lien Debt		S +		5.00%			9.00	%		12/17/2031			—				(20	)			(6	)			0.00
Saturn Borrower, Inc.		(6) (9) (10)		First Lien Debt		S +		6.00%			10.00	%		11/10/2028			17,590				17,367				17,468				0.50
Saturn Borrower, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%			10.00	%		11/10/2028			—				(40	)			(45	)			0.00
Saturn Borrower, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%			10.00	%		11/10/2028			694				659				674				0.02
Securonix, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)			12.04	%		04/05/2029			30,876				30,259				27,028				0.78
Securonix, Inc.		(6) (11) (18)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)			12.04	%		04/05/2029			—				(101	)			(673	)			-0.02
Trunk Acquisition, Inc.		(6) (7) (10)		First Lien Debt		S +		6.00%			10.15	%		02/19/2030			13,139				13,070				13,139				0.38

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Trunk Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%			10.15	%		02/19/2030			1,855				1,840				1,855				0.05
Trunk Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%			10.15	%		02/19/2030			—				(3	)			—				—
UKG, Inc.				First Lien Debt		S +		2.50%			6.81	%		02/10/2031			7,437				7,449				7,428				0.21
Veritas US, Inc.		(10)		First Lien Debt		S +		12.50% (incl. 4.50% PIK)			16.50	%		12/09/2029			867				865				875				0.03
Vision Solutions, Inc.				First Lien Debt		S +		4.00%			8.57	%		04/24/2028			6,300				6,260				6,064				0.17
																					1,380,491				1,379,720				39.63
Specialty Retail
Les Schwab Tire Centers				First Lien Debt		S +		2.50%			6.70	%		04/23/2031			6,813				6,818				6,791				0.20
Textiles, Apparel & Luxury Goods
Gloves Buyer, Inc.		(12)		First Lien Debt		S +		4.00%			8.16	%		05/21/2032			7,000				6,819				6,783				0.19
Varsity Brands, Inc.				First Lien Debt		S +		3.00%			7.03	%		08/26/2031			5,985				5,990				5,982				0.17
																					12,809				12,765				0.37
Trading Companies & Distributors
Spin Holdco, Inc.		(11)		First Lien Debt		S +		4.00%			8.39	%		03/04/2028			4,811				4,817				4,012				0.12
White Cap Buyer, LLC				First Lien Debt		S +		3.25%			7.42	%		10/19/2029			2,425				2,427				2,425				0.07
																					7,244				6,437				0.18
Transportation Infrastructure
Brown Group Holding, LLC		(12)		First Lien Debt		S +		2.75%			6.96	%		07/01/2031			4,938				4,943				4,946				0.14
KKR Apple Bidco, LLC				First Lien Debt		S +		2.50%			6.66	%		09/23/2031			7,295				7,274				7,292				0.21
																					12,217				12,238				0.35
Wireless Telecommunication Services

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)				Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
CCI Buyer, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%			9.00	%		05/13/2032			37,793				37,430				37,793				1.09
CCI Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%			9.00	%		05/13/2032			—				(21	)			—				—
Mobile Communications America, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.75%			9.04	%		10/16/2029			13,412				13,267				13,412				0.39
Mobile Communications America, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%			9.04	%		10/16/2029			3,482				3,424				3,482				0.10
Mobile Communications America, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%			9.04	%		10/16/2029			—				(22	)			—				—
																					54,078				54,687				1.57
Total Debt Investments - non-controlled/non-affiliated																				$	6,635,953			$	6,582,898				189.11	%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.		(6) (10) (19)		Second Lien Debt		S +		6.25% (incl. 5.25% PIK)			10.45	%		02/28/2030			13,763				13,763		$		13,763				0.40
KWOR Acquisition, Inc.		(6) (10) (18) (19)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)			10.45	%		02/28/2030			75				9				75				0.00
KWOR Acquisition, Inc.		(6) (10) (18) (19)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)			10.45	%		02/28/2030			111				13				111				0.00
KWOR Acquisition, Inc.		(6) (10) (19)		Other Debt		S +		8.00% PIK			12.17	%		02/28/2030			4,751				4,751				4,751				0.14
																					18,536				18,700				0.54
Total Debt Investments - non-controlled/affiliated																					18,536				18,700				0.54
Total Debt Investments																				$	6,654,489			$	6,601,598				189.64	%

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair				Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
PCX Holding Corp.		(6) (16) (17)		Common Equity						04/22/2021			1,154			$	92			$	141				0.00	%
Automobile Components
Continental Battery Company		(6) (16) (17)		Common Equity						07/16/2025			15,517				—				—				—
Shelby Co-invest, LP (Spectrum Automotive)		(6) (16) (17)		Common Equity						06/29/2021			1,500				228				327				0.01
Wheel Pros, LLC		(16) (17)		Common Equity						12/02/2024			10,032				1,655				1,655				0.05
																	1,883				1,982				0.06
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (16) (17)		Common Equity						02/03/2025			250,000				238				290				0.01
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (16) (17)		Common Equity						12/20/2021			500,000				625				810				0.02
Surewerx Topco, LP		(6) (15) (16) (17)		Common Equity						12/28/2022			384				413				454				0.01
																	1,276				1,554				0.04
Containers & Packaging
BP Purchaser, LLC		(6) (16) (17)		Common Equity						12/10/2021			1,383,156				878				—				—
BP Purchaser, LLC Rights		(6) (16) (17)		Common Equity						03/12/2024			1,666,989				76				—				—
FORTIS Solutions Group, LLC		(6) (16)		Preferred Equity				12.25%		06/24/2022			4,000,000				5,586				3,924				0.11
																	6,540				3,924				0.11
Distributors
48Forty Solutions, LLC		(6) (7) (9) (16) (17)		Common Equity						11/01/2024			7,205				—				—				—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair				Percentage of Net Assets
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (16)		Preferred Equity				12.50% PIK		09/05/2024			310				3,079				3,083				0.09
FPG Parent, LLC		(6) (16) (17)		Common Equity						07/25/2025			5,945				—				—				—
LHS Borrower, LLC		(6) (16) (17)		Common Equity						09/04/2025			600,000				580				580				0.02
LUV Car Wash		(6) (16) (17)		Common Equity						12/06/2022			1,383				1,330				973				0.03
																	4,989				4,636				0.13
Electrical Equipment
Sparkstone Electrical Group		(6) (16) (17)		Common Equity						10/15/2024			1,500				150				88				0.00
Financial Services
Applitools, Inc.		(6) (15) (16) (17)		Common Equity						07/18/2025			3,880,115				2,219				2,219				0.06
Health Care Providers & Services
SDB Holdco, LLC		(6) (16) (17)		Common Equity						03/29/2024			14,561,479				—				—				—
Suveto Buyer, LLC		(6) (15) (16) (17)		Common Equity						11/19/2021			3,398				306				371				0.01
Vardiman Black Holdings, LLC		(6) (16)		Preferred Equity				6.00% PIK		03/29/2024			7,065,190				4,798				—				—
																	5,104				371				0.01
Insurance Services
Amerilife Holdings, LLC		(6) (16) (17)		Common Equity						09/01/2022			9,880				273				692				0.02
Frisbee Holdings, LP (Fetch)		(6) (16) (17)		Common Equity						10/31/2022			33,276				424				814				0.02
Integrity Marketing Acquisition, LLC		(6) (16)		Preferred Equity				10.50%		12/21/2021			750,000				1,097				1,026				0.03
																	1,794				2,532				0.07

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair				Percentage of Net Assets
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (16) (17)		Common Equity						09/09/2025			500				—				—				—
FMG Suite Holdings, LLC		(6) (16)		Preferred Equity						09/09/2025			500				502				502				0.01
																	502				502				0.01
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16) (17)		Common Equity						07/12/2021			5,196				317				255				0.01
Verdantas, LLC		(6) (16) (17)		Common Equity						05/03/2024			8,848				9				12				0.00
Verdantas, LLC		(6) (16)		Preferred Equity				10.00%		05/03/2024			875,952				1,009				1,165				0.03
																	1,335				1,432				0.04
Real Estate Management & Development
Pritchard Industries, LLC		(6) (16) (17)		Common Equity						10/13/2021			332,248				352				268				0.01
Software
Cohesity Global, Inc.		(16)		Preferred Equity						12/09/2024			18,617				382				382				0.01
Fullsteam Operations, LLC		(6) (16) (17)		Common Equity						11/27/2023			45,080				1,520				3,766				0.11
Knockout Intermediate Holdings I, Inc.		(6) (16)		Preferred Equity				11.75%		06/25/2022			5,482				7,390				7,934				0.23
Revalize, Inc.		(6) (16)		Preferred Equity		S +		10.00%		12/14/2021			2,951				4,376				4,248				0.12
Reveal Data Solutions		(6) (16) (17)		Common Equity						08/29/2023			861,539				1,122				1,103				0.03
RSK Holdings, Inc. (Riskonnect)		(6) (16)		Preferred Equity		S +		10.50%		07/07/2022			10,679,200				15,031				15,957				0.46
																	29,821				33,390				0.96

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair				Percentage of Net Assets
Total Equity Investments - non-controlled/non-affiliated																		$	56,057			$	53,039				1.52	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.		(6) (16) (17) (19)		Common Equity								02/28/2025			2,785				1,069				107				0.00
KWOR Intermediate I, Inc.		(6) (16) (19)		Preferred Equity		S +		8.00% PIK				02/28/2025			2,978,848				2,979				2,979				0.09
																			4,048				3,086				0.09
Total Equity Investments - non-controlled/affiliated																		$	4,048			$	3,086				0.09	%
Total Equity Investments																		$	60,105			$	56,125				1.61	%
Total Portfolio Investments																		$	6,714,594			$	6,657,723				191.25	%

 

Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares						3.99 %					34,869				34,869				0.00	%
Cash											149,756				149,756				0.00	%
Total Cash and Cash Equivalents and Short Term Investments											184,625				184,625				0.01	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments										$	6,899,219			$	6,842,348				196.56	%

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.

(2)

Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility as defined below). See Note 6 “Debt”.

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA (“C”) or EURIBOR (“E”) or SOFR (“S”) or SONIA (“SA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

effect as of September 30, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2025. As of September 30, 2025, the reference rates for our variable rate loans were the C at 2.56%, 1-month E at 1.93%, 1-month S at 4.13%, 3-month S at 3.98%, 6-month S at 3.85%, SA at 3.97% and the P at 7.25%.

(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”) unless otherwise noted, Euro (“€”), Great British Pound (“GBP”), or Canadian dollar (“CAD”).

(5)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6)

These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(7)

Assets or a portion thereof are pledged as collateral for the JPM (as defined below). See Note 6 “Debt”.

(8)

Assets or a portion thereof are pledged as collateral for the Wells Funding Facility (as defined below). See Note 6 “Debt”.

(9)

Assets or a portion thereof are pledged as collateral for the CBNA Funding Facility (as defined below). See Note 6 “Debt”.

(10)

Loan includes interest rate floor of 1.00%.

(11)

Loan includes interest rate floor of 0.75%

(12)

Loan includes interest rate floor of 0.50%

(13)

The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 “Significant Accounting Policies”.

(14)

Investment was on non-accrual status as of September 30, 2025.

(15)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, non-qualifying assets represented 6.90% of total assets as calculated in accordance with regulatory requirements.

(16)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of September 30, 2025, the aggregate fair value of these securities is $56,125 or 1.61% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(17)

Non-income producing security.

(18)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date started. See below for more information on the Company’s unfunded commitments as of September 30, 2025

50

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt
48Forty Solutions, LLC		Revolver		11/30/2029		$	1,434			$	(681	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026			2,158				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			3,011				—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027			600				—
Accel International Holdings, Inc.		Revolver		04/26/2032			4,216				—
Accordion Partners, LLC		Delayed Draw Term Loan		11/15/2026			7,450				—
Accordion Partners, LLC		Revolver		11/17/2031			5,913				—
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			1,191				—
Alert Media, Inc.		Revolver		04/12/2027			3,870				—
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026			307				—
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			5,395				—
Amerilife Holdings, LLC		Revolver		08/31/2028			2,248				—
Answer Acquisition, LLC		Revolver		12/30/2026			1,867				(139	)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026			3,127				(47	)
Any Hour, LLC		Revolver		05/23/2030			693				(10	)
Apex Service Partners, LLC		Revolver		10/24/2029			5,686				—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			10,476				—
Apollo Acquisition, Inc.		Revolver		12/30/2030			3,927				—
Appfire Technologies, LLC		Delayed Draw Term Loan		12/31/2025			1,423				—
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026			1,465				—
Appfire Technologies, LLC		Revolver		03/09/2028			490				—
Applitools, Inc.		Revolver		05/25/2028			1,600				(16	)
Apryse Software Corp.		Revolver		06/28/2032			3,941				(25	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			761				—
Aptean, Inc.		Revolver		01/30/2031			5,441				—
Arcoro Holdings Corp.		Revolver		03/28/2030			8,609				(148	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			5,345				—

51

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Artifact Bidco, Inc.		Revolver		07/26/2030			3,818				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026			535				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			404				(2	)
Ascend Partner Services, LLC		Revolver		08/11/2031			449				—
Assembly Intermediate, LLC		Revolver		10/19/2027			889				—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			524				—
Associations, Inc.		Revolver		07/03/2028			678				—
Atlas US Finco, Inc.		Revolver		12/10/2029			4,395				—
AuditBoard, Inc.		Delayed Draw Term Loan		07/12/2026			16,286				—
AuditBoard, Inc.		Revolver		07/14/2031			6,514				—
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			2,667				(26	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		04/15/2027			3,096				(31	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			3,261				(33	)
Bottomline Technologies, Inc.		Revolver		05/15/2028			1,733				—
Bradyplus Holdings, LLC		Delayed Draw Term Loan		10/31/2025			876				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			3,284				(17	)
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			343				—
Bullhorn, Inc.		Revolver		10/01/2029			346				—
CCI Buyer, Inc.		Revolver		05/13/2032			2,207				—
CLEO Communications Holding, LLC		Revolver		06/09/2027			5,358				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		01/29/2026			1,609				(8	)
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			6,693				(33	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			4,541				(23	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			2,206				—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			1,471				—
Caerus US 1, Inc.		Revolver		05/25/2029			2,323				(10	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			5,861				(15	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			3,400				(9	)

52

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Catalis Intermediate, Inc.		Revolver		08/04/2027			2,020				(31	)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			3,233				(8	)
Cerity Partners, LLC		Revolver		07/28/2028			618				(2	)
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			4,160				(43	)
Chase Intermediate, LLC		Revolver		10/30/2028			706				(7	)
Cliffwater, LLC		Revolver		04/22/2032			2,036				(20	)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,667				—
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026			3,126				—
Consor Intermediate II, LLC		Revolver		05/12/2031			1,413				—
Coupa Holdings, LLC		Delayed Draw Term Loan		06/03/2027			851				—
Coupa Holdings, LLC		Revolver		02/27/2029			651				—
Cyara AcquisitionCo, LLC		Revolver		06/28/2029			3,832				—
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027			2,425				(6	)
DA Blocker Corp.		Revolver		02/10/2032			808				(2	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			4,287				(43	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			10,706				—
Diligent Corporation		Revolver		08/02/2030			6,352				—
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			8,375				(41	)
Drivecentric Holdings, LLC		Revolver		08/15/2031			4,059				—
Dwyer Instruments, Inc.		Delayed Draw Term Loan		11/20/2026			2,020				(10	)
Dwyer Instruments, Inc.		Revolver		07/20/2029			5,036				(25	)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			2,032				—
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			11,946				—
EVDR Purchaser, Inc.		Revolver		02/14/2031			7,168				—
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			1,417				—
Eclipse Buyer, Inc.		Revolver		09/08/2031			719				—
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			3,947				(10	)
Emburse, Inc.		Revolver		05/28/2032			3,947				(10	)

53

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026			825				(17	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			1,662				(33	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			7,418				(111	)
Espresso Bidco, Inc.		Revolver		03/25/2032			3,297				(49	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			5,154				(24	)
Essential Services Holding Corporation		Revolver		06/17/2030			2,577				(12	)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			11,101				—
Everbridge Holdings, LLC		Revolver		07/02/2031			7,303				—
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2026			12,000				(60	)
Excelitas Technologies Corp.		Revolver		08/14/2028			3,095				(15	)
Express Wash Acquisition Company, LLC		Revolver		04/10/2031			335				(3	)
FLS Holding, Inc.		Revolver		12/17/2027			28				(4	)
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			4,868				(24	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			2,921				(29	)
FORTIS Solutions Group, LLC		Revolver		10/15/2027			1,349				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027			534				—
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			2,958				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			1,050				—
Formstack Acquisition, Co.		Delayed Draw Term Loan		03/30/2026			15,916				(40	)
Formstack Acquisition, Co.		Revolver		03/28/2030			8,938				(22	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			1,235				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			4,283				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			12,692				(62	)
Fullsteam Operations, LLC		Revolver		08/08/2031			4,231				(41	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/04/2026			4,336				—
GC Waves Holdings, Inc.		Revolver		10/04/2030			1,723				—
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/02/2026			3,668				—
GPS Merger Sub, LLC		Revolver		10/02/2029			2,934				—

54

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026			2,438				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			3,545				—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026			3,612				—
Galway Borrower, LLC		Revolver		09/29/2028			2,811				—
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			5,051				(25	)
GarageCo Intermediate II, LLC		Revolver		08/02/2032			1,515				(15	)
Gateway US Holdings, Inc.		Delayed Draw Term Loan		11/13/2026			1,209				(6	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			484				(2	)
Granicus, Inc.		Delayed Draw Term Loan		01/17/2026			1,383				—
Granicus, Inc.		Revolver		01/17/2031			8,771				—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026			2,273				(9	)
HSI Halo Acquisition, Inc.		Revolver		06/28/2030			3,031				(12	)
Heartland Veterinary Partners, LLC		Revolver		06/12/2028			1,298				—
Helios Service Partners, LLC		Delayed Draw Term Loan		01/26/2026			1,348				(2	)
Helios Service Partners, LLC		Delayed Draw Term Loan		04/29/2026			2,286				(4	)
Helios Service Partners, LLC		Revolver		03/19/2027			3,161				(5	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		03/27/2026			9,783				—
High Street Buyer, Inc.		Revolver		04/16/2027			915				—
Hootsuite, Inc.		Revolver		05/22/2030			2,100				—
Hyland Software, Inc.		Revolver		09/19/2029			3,699				—
IG Investment Holdings, LLC		Revolver		09/22/2028			3,736				(19	)
IQN Holding Corp.		Revolver		05/02/2028			497				—
Icefall Parent, Inc.		Revolver		01/25/2030			2,471				—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			1,884				—
Imagine 360, LLC		Revolver		10/02/2028			1,166				—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027			4,784				—
Inhabitiq, Inc.		Revolver		01/12/2032			2,990				—
Inszone Mid, LLC		Delayed Draw Term Loan		07/24/2026			6,112				(15	)

55

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Inszone Mid, LLC		Revolver		11/30/2029			3,308				(8	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			1,097				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			2,531				—
Invictus Buyer, LLC		Revolver		06/03/2031			938				—
Iris Buyer, LLC		Revolver		10/02/2029			2,306				(6	)
Jonathan Acquisition Company		Revolver		12/22/2026			961				—
KENG Acquisition, Inc.		Delayed Draw Term Loan		01/21/2027			5,085				(51	)
KENG Acquisition, Inc.		Revolver		08/01/2029			4,053				(41	)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			3,219				(16	)
Kodiak Buyer, LLC		Revolver		07/26/2032			2,575				(25	)
LHS Borrower, LLC		Revolver		09/04/2031			987				(15	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/12/2027			2,885				(16	)
LJ Avalon Holdings, LLC		Revolver		02/01/2029			1,752				—
LeadVenture, Inc.		Delayed Draw Term Loan		06/23/2027			1,200				—
LeadVenture, Inc.		Revolver		06/23/2032			896				—
LegitScript, LLC		Revolver		06/24/2028			3,750				—
Lightspeed Buyer, Inc.		Revolver		02/03/2027			279				—
LogRhythm, Inc.		Revolver		07/02/2029			682				(19	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		08/29/2026			1,302				(13	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			2,215				(22	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			998				(10	)
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			643				—
MRI Software, LLC		Revolver		02/10/2028			4,932				(5	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			7,930				—
Mantech International CP		Delayed Draw Term Loan		12/14/2025			1,560				—
Mantech International CP		Revolver		09/14/2028			4,800				—
Merative LP		Delayed Draw Term Loan		09/30/2027			3,365				(8	)
Merative LP		Revolver		09/30/2032			2,944				(15	)

56

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			3,647				—
Mobile Communications America, Inc.		Revolver		10/16/2029			2,202				—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			5,429				—
Model N, Inc.		Revolver		06/27/2031			2,896				—
Montana Buyer, Inc.		Revolver		07/22/2028			3,710				—
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			8,064				(81	)
NDT Global Holding, Inc.		Revolver		06/04/2032			7,200				(72	)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			4,079				—
NSI Holdings, Inc.		Revolver		11/17/2031			3,970				—
Nasuni Corporation		Revolver		09/10/2030			4,490				—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			1,579				(8	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027			5,704				(28	)
Oak Purchaser, Inc.		Revolver		05/31/2028			1,763				—
Onit, Inc.		Delayed Draw Term Loan		01/27/2027			13,889				—
Onit, Inc.		Revolver		01/27/2032			4,630				—
Optimizely North America, Inc.		Revolver		10/30/2031			2,665				(40	)
PCX Holding Corp.		Revolver		04/22/2027			443				(15	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			2,253				—
PMA Parent Holdings, LLC		Revolver		01/31/2031			398				(3	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026			3,605				—
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			10,788				—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			468				—
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027			182				—
Pound Bidco, Inc.		Revolver		02/01/2027			325				(1	)
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026			831				—
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028			952				—
Project Accelerate Parent, LLC		Revolver		02/24/2031			4,813				—
Project Potter Buyer, LLC		Revolver		04/23/2027			885				—

57

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Pye-Barker Fire & Safety, LLC		Delayed Draw Term Loan		05/24/2026			3,306				(8	)
Pye-Barker Fire & Safety, LLC		Revolver		05/24/2030			2,197				(5	)
RFS Opco, LLC		Revolver		04/04/2029			8,493				—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			6,526				(65	)
Railpros Parent, LLC		Revolver		05/24/2032			3,263				(33	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		11/01/2025			1,333				(13	)
Randy's Holdings, Inc.		Revolver		11/01/2029			710				(7	)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029			2,558				—
Raven Acquisition Holdings, LLC		Delayed Draw Term Loan		11/19/2026			333				—
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			5,228				(26	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			4,250				(21	)
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027			8,831				(44	)
Revalize, Inc.		Revolver		04/16/2029			273				(14	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			16,890				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			4,110				—
Riskonnect Parent, LLC		Delayed Draw Term Loan		03/01/2026			5,249				—
Riskonnect Parent, LLC		Revolver		12/07/2028			4,054				—
RoadOne IntermodaLogistics		Revolver		12/29/2028			27				(1	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			2,080				(7	)
Routeware, Inc.		Revolver		09/18/2031			409				(1	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			4,486				(11	)
Runway Bidco, LLC		Revolver		12/17/2031			2,243				(6	)
SV Newco 2, Inc.		Delayed Draw Term Loan		03/22/2028			14,011				(35	)
SV Newco 2, Inc.		Revolver		06/02/2031			13,231				(37	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			6,429				(45	)
Saturn Borrower, Inc.		Revolver		11/10/2028			2,199				(15	)
Securonix, Inc.		Revolver		04/05/2029			5,403				(673	)
Sherlock Buyer Corp.		Revolver		12/08/2027			2,978				(67	)

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027			2,142				—
Smarsh, Inc.		Revolver		02/16/2029			1,157				—
Sonny's Enterprises, LLC		Revolver		08/05/2027			3,331				(151	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			2,125				(74	)
Spark Buyer, LLC		Revolver		10/15/2031			701				(25	)
Spectrio, LLC		Revolver		12/09/2026			132				(26	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		03/24/2026			9				—
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027			4,287				—
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027			378				—
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		04/25/2026			1,813				—
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026			1,250				—
Superman Holdings, LLC		Delayed Draw Term Loan		08/28/2026			2,988				—
Superman Holdings, LLC		Revolver		08/29/2031			3,675				—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		12/28/2025			451				—
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			727				—
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			593				—
Suveto Buyer, LLC		Revolver		09/09/2027			556				—
Sweep Purchaser, LLC		Revolver		06/30/2027			375				—
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			2,440				(15	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			4,328				(11	)
Tank Holding Corp.		Revolver		03/31/2028			1,867				(105	)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			8,794				(22	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			5,124				(13	)
Tidi Legacy Products, Inc.		Delayed Draw Term Loan		12/21/2026			2,961				—
Tidi Legacy Products, Inc.		Revolver		12/19/2029			2,132				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			2,962				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			709				(4	)
Transit Technologies, LLC		Revolver		08/20/2030			2,591				—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Trintech, Inc.		Revolver		07/25/2029			4,336				(22	)
Triple Lift, Inc.		Revolver		05/05/2028			1,714				(107	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			326				—
Trunk Acquisition, Inc.		Revolver		02/19/2030			1,071				—
Two Six Labs, LLC		Delayed Draw Term Loan		10/09/2025			5,000				—
Two Six Labs, LLC		Revolver		08/20/2027			476				—
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			7,241				—
UHY Advisors, Inc.		Revolver		11/21/2031			1,886				—
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			1,473				(11	)
UpStack, Inc.		Revolver		08/25/2031			638				(5	)
V Global Holdings, LLC		Revolver		12/22/2027			422				(30	)
VRC Companies, LLC		Revolver		06/29/2027			959				—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			4,837				(12	)
Vamos Bidco, Inc.		Revolver		01/30/2032			967				(2	)
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026			66				(8	)
Vehlo Purchaser, LLC		Delayed Draw Term Loan		10/05/2025			2,252				—
Vehlo Purchaser, LLC		Delayed Draw Term Loan		12/18/2026			1,564				—
Vehlo Purchaser, LLC		Revolver		05/24/2028			1,564				—
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026			2,130				—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			2,896				(3	)
Verdantas, LLC		Revolver		05/06/2030			1,840				(2	)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			1,010				(20	)
Vertex Service Partners, LLC		Revolver		11/08/2030			508				(10	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			5,166				—
Vessco Midco Holdings, LLC		Revolver		07/24/2031			3,771				—
Victors Purchaser, LLC		Delayed Draw Term Loan		08/15/2026			2,102				—
Victors Purchaser, LLC		Revolver		08/15/2031			1,535				—
World Insurance Associates, LLC		Revolver		04/03/2030			970				—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
YI, LLC		Revolver		12/03/2029			2,795				—
Zarya Intermediate, LLC		Revolver		07/01/2027			3,789				—
iCIMS, Inc.		Revolver		08/18/2028			442				(4	)
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			2,788				(14	)
mPulse Mobile, Inc.		Revolver		08/26/2032			4,183				(41	)
Total First Lien Debt Unfunded Commitments – non-controlled/non-affiliated						$	929,220			$	(4,580	)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.		Delayed Draw Term Loan		02/28/2027			3,019				—
KWOR Acquisition, Inc.		Revolver		02/28/2030			2,214				—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated						$	5,233			$	—
Total Unfunded Commitments						$	934,453			$	(4,580	)

(20)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the nine months ended September 30, 2025 were as follows:

 

		Fair Value as of December 31, 2024				Gross Additions (b)				Gross Reductions (c)				Net Change in Unrealized Gains (Losses)				Net Realized Gain (Loss)				Fair Value as of September 30, 2025				Interest, Dividend and Other Income
KWOR Acquisition, Inc. (a)		$	—			$	22,584			$	—			$	(798	)		$	—			$	21,786			$	1,225
Total		$	—			$	22,584			$	—			$	(798	)		$	—			$	21,786			$	1,225

 

(a)

Inclusive of positions titled KWOR Intermediate I, Inc.

(b)

Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind interest, 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.

(c)

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.

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

(In thousands, except share amounts)

 

Additional Information

 

Interest Rate Swaps(a)(b)(c)
Counterparty		Hedged Instrument		Company Receives		Company Pays		Maturity Date		Notional Amount				Fair Value				Upfront Payments / Receipts				Change in Unrealized Appreciation (Depreciation)
SMBC Capital Markets, Inc.		Series A 2026 Notes		8.10%		S + 6.96%		03/16/2026			204,000			$	(981	)		$	—			$	105
SMBC Capital Markets, Inc.		Series A 2028 Notes		8.13%		S + 4.88%		03/16/2028			146,000				(349	)			—				2,170
SMBC Capital Markets, Inc.		Series B 2026 Notes		8.84%		S + 6.12%		08/10/2026			107,000				(558	)			—				269
SMBC Capital Markets, Inc.		Series B 2028 Notes		8.88%		S + 5.56%		08/10/2028			128,000				(198	)			—				2,310
SMBC Capital Markets, Inc.		Series C 2027 Notes		8.92%		S + 4.49%		03/01/2027			136,500				1,581				—				839
SMBC Capital Markets, Inc.		Series C 2029 Notes		9.07%		S + 4.77%		03/01/2029			163,500				4,461				—				3,522
MUFG Bank, Ltd.		Series D 2027 Notes		6.84%		S + 3.46%		08/05/2027			100,000				34				—				894
MUFG Bank, Ltd.		Series D 2029 Notes		6.91%		S + 3.48%		08/05/2029			200,000				367				—				4,232
Royal Bank of Canada		2028 Notes		5.38%		S + 2.06%		09/22/2028			300,000				(671	)							(671	)
											1,485,000			$	3,686			$	—			$	13,670

 

(a)

Contains a variable rate structure. Bears interest at a rate determined by SOFR (“S”).

(b)

Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense in the Consolidated Statements of Operations. For further details, see Note 2 “Significant Accounting Policies” and Note 6 “Debt”.

(c)

The Company's interest rate swaps are cleared over-the-counter.

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company		(6) (10)		First Lien Debt		S +		5.00%		9.43%		12/22/2026				13,378			$	13,325			$	13,378				0.41	%
Jonathan Acquisition Company		(6) (10) (19)		First Lien Debt		S +		5.00%		9.43%		12/22/2025				343				339				343				0.01
Mantech International CP		(6) (7) (8) (11)		First Lien Debt		S +		5.00%		9.59%		09/14/2029				33,491				33,159				33,491				1.02
Mantech International CP		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		09/14/2029				—				(23	)			—				—
Mantech International CP		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		09/14/2028				—				(40	)			—				—
PCX Holding Corp.		(6) (7) (10)		First Lien Debt		S +		6.25%		10.73%		04/22/2027				7,655				7,181				7,135				0.22
PCX Holding Corp.		(6) (7) (10)		First Lien Debt		S +		6.25%		10.73%		04/22/2027				7,709				7,233				7,185				0.22
PCX Holding Corp.		(6) (10)		First Lien Debt		S +		6.25%		10.73%		04/22/2027				793				745				739				0.02
Two Six Labs, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		9.90%		08/20/2027				24,792				24,491				24,725				0.76
Two Six Labs, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.59%		08/20/2027				1,804				1,752				1,786				0.05
Two Six Labs, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.59%		08/20/2027				—				(12	)			(2	)			0.00
																				88,150				88,780				2.71
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		5.75%		10.23%		06/11/2027				52,728				52,162				52,728				1.61
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.25%		10.84%		12/29/2028				1,269				1,243				1,241				0.04
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.25%		10.84%		12/29/2028				116				114				114				0.00
RoadOne IntermodaLogistics		(6) (10) (19)		First Lien Debt		S +		6.25%		10.84%		12/29/2028				58				53				52				0.00
																				53,572				54,135				1.65
Automobile Components
Continental Battery Company		(6) (7) (8) (10) (13)		First Lien Debt		S +		7.00% (incl. 4.08% PIK)		11.48%		01/20/2027				12,945				11,732				9,142				0.28
LTI Holdings, Inc.				First Lien Debt		S +		4.75%		9.11%		07/19/2029				2,993				2,985				2,994				0.09
Randy's Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		5.00%		9.45%		11/01/2029				13,541				13,304				13,541				0.41
Randy's Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.45%		11/01/2029				1,266				1,216				1,266				0.04
Randy's Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.45%		11/01/2029				626				597				626				0.02
Sonny's Enterprises, LLC		(6) (7) (8) (10)		First Lien Debt		S +		5.50%		10.17%		08/05/2028				52,760				52,210				51,067				1.56

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Sonny's Enterprises, LLC		(6) (10) (19)		First Lien Debt		S +		5.50%		10.17%		08/05/2028				6,018				5,901				5,726				0.18
Sonny's Enterprises, LLC		(6) (10) (19)		First Lien Debt		S +		5.50%		10.17%		08/05/2027				1,391				1,310				1,212				0.04
Spectrum Automotive Holdings Corp.		(6) (7) (11)		First Lien Debt		S +		5.25%		9.58%		06/29/2028				9,930				9,854				9,874				0.30
Spectrum Automotive Holdings Corp.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		06/29/2028				2,820				2,792				2,802				0.09
Spectrum Automotive Holdings Corp.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		06/29/2027				—				(3	)			(2	)			0.00
Wheel Pros, LLC				First Lien Debt		S +		4.50%		11.38%		05/11/2028				—				—				—				—
																				101,898				98,248				3.00
Automobiles
ARI Network Services, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		9.36%		08/28/2026				23,947				23,820				23,840				0.73
ARI Network Services, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		9.36%		08/28/2026				1,524				1,524				1,519				0.05
ARI Network Services, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.36%		08/28/2026				774				770				768				0.02
COP Collisionright Parent, LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.50%		10.09%		01/29/2030				31,005				30,460				30,639				0.94
COP Collisionright Parent, LLC		(6) (10) (19)		First Lien Debt		S +		5.50%		10.09%		01/29/2030				9,083				8,840				8,870				0.27
COP Collisionright Parent, LLC		(6) (10) (19)		First Lien Debt		S +		5.50%		10.09%		01/29/2030				752				667				692				0.02
Drivecentric Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		9.27%		08/15/2031				30,441				30,148				30,417				0.93
Drivecentric Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.27%		08/15/2031				—				(38	)			(3	)			0.00
LeadVenture, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.36%		08/28/2026				976				959				965				0.03
MajorDrive Holdings IV, LLC		(12)		First Lien Debt		S +		4.00%		8.59%		06/01/2028				2,969				2,972				2,889				0.09
Turbo Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +		6.00%		10.48%		12/02/2025				15,930				15,422				15,385				0.47
Turbo Buyer, Inc.		(6) (10)		First Lien Debt		S +		6.00%		10.48%		12/02/2025				2,437				2,382				2,354				0.07
Vehlo Purchaser, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		9.61%		05/24/2028				8,471				8,399				8,417				0.26
Vehlo Purchaser, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.61%		05/24/2028				2,056				1,824				1,779				0.05
Vehlo Purchaser, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.61%		05/24/2028				—				(3	)			(3	)			0.00
																				128,146				128,528				3.93
Biotechnology
GraphPad Software, LLC		(6) (11)		First Lien Debt		S +		4.75%		9.08%		06/30/2031				37,557				37,379				37,557				1.15
GraphPad Software, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		06/30/2031				1,114				1,063				1,114				0.03

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
GraphPad Software, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		06/30/2031				—				(20	)			—				—
																				38,422				38,671				1.18
Building Products
LHS Borrower, LLC		(12)		First Lien Debt		S +		4.75%		9.21%		02/16/2029				3,423				3,353				3,259				0.10
LSF12 Crown US Commercial Bidco, LLC		(14)		First Lien Debt		S +		4.25%		8.63%		12/02/2031				3,000				3,015				2,987				0.09
Project Potter Buyer, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		10.33%		04/23/2027				10,272				10,272				10,272				0.31
Project Potter Buyer, LLC		(6) (10) (19)		First Lien Debt		S +		6.00%		10.33%		04/23/2026				—				—				—				—
																				16,640				16,518				0.50
Chemicals
Olympus Water US Holding Corporation		(12)		First Lien Debt		S +		3.00%		7.34%		06/20/2031				4,706				4,718				4,716				0.14
Tank Holding Corp.		(9) (11)		First Lien Debt		S +		6.00%		10.42%		03/31/2028				53,367				52,514				52,634				1.61
Tank Holding Corp.		(6) (11) (19)		First Lien Debt		S +		6.00%		10.42%		03/31/2028				5,107				4,963				5,079				0.16
Tank Holding Corp.		(11) (19)		First Lien Debt		S +		5.75%		10.42%		03/31/2028				—				(20	)			(37	)			0.00
V Global Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.75%		10.42%		12/22/2027				15,916				15,660				15,128				0.46
V Global Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.75%		10.42%		12/22/2025				1,299				1,280				1,189				0.04
																				79,115				78,709				2.41
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (7) (10)		First Lien Debt		S +		4.75%		9.24%		12/26/2028				7,255				7,255				7,255				0.22
365 Retail Markets, LLC		(6) (7) (10)		First Lien Debt		S +		4.50%		9.24%		12/26/2028				2,328				2,328				2,328				0.07
Allied Universal Holdco, LLC		(12)		First Lien Debt		S +		3.75%		8.21%		05/12/2028				6,789				6,784				6,806				0.21
Atlas Us Finco, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +		5.00%		9.63%		12/09/2029				36,465				35,762				36,465				1.11
Atlas Us Finco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +		5.00%		9.63%		12/09/2028				—				(25	)			—				—
Belfor Holdings, Inc.				First Lien Debt		S +		3.75%		8.11%		11/01/2030				1,995				2,012				2,015				0.06
BPG Holdings IV Corp.		(6) (7) (9) (11)		First Lien Debt		S +		6.00%		10.33%		07/29/2029				25,941				24,300				22,335				0.68
Consor Intermediate II, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.83%		05/12/2031				5,813				5,759				5,780				0.18
Consor Intermediate II, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.83%		05/12/2031				—				(24	)			(30	)			0.00
Consor Intermediate II, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.83%		05/12/2031				—				(13	)			(8	)			0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
CRCI Longhorn Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		9.36%		08/27/2031				8,824				8,738				8,824				0.27
CRCI Longhorn Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.36%		08/27/2031				—				(10	)			—				—
CRCI Longhorn Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.36%		08/27/2031				662				648				662				0.02
Encore Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		9.58%		11/23/2028				9,061				9,011				9,028				0.28
Encore Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		11/23/2028				18,904				18,774				18,811				0.58
Encore Holdings, LLC		(6) (19)		First Lien Debt		P +		4.00%		11.50%		11/23/2027				—				(14	)			(10	)			0.00
Energy Labs Holdings Corp.		(6) (7) (9) (10)		First Lien Debt		S +		5.00%		9.46%		04/07/2028				7,963				7,888				7,868				0.24
Energy Labs Holdings Corp.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.46%		04/07/2028				1,382				1,353				1,348				0.04
Energy Labs Holdings Corp.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.46%		04/07/2028				—				(19	)			(23	)			0.00
FLS Holding, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +		5.25%		9.71%		12/15/2028				23,774				22,635				21,240				0.65
FLS Holding, Inc.		(6) (7) (10) (15)		First Lien Debt		S +		5.25%		9.71%		12/15/2028				5,574				5,307				4,980				0.15
FLS Holding, Inc.		(6) (10) (15) (19)		First Lien Debt		S +		5.25%		9.71%		12/17/2027				1,138				1,037				895				0.03
Ground Penetrating Radar Systems, LLC		(6) (7) (10)		First Lien Debt		S +		5.25%		9.77%		04/02/2031				14,030				13,835				14,030				0.43
Ground Penetrating Radar Systems, LLC		(6) (10) (19)		First Lien Debt		S +		5.25%		9.77%		04/02/2031				—				(36	)			—				—
Ground Penetrating Radar Systems, LLC		(6) (19)		First Lien Debt		P +		4.25%		11.75%		04/02/2031				223				199				223				0.01
Helios Service Partners, LLC		(6) (10)		First Lien Debt		S +		5.00%		9.59%		03/19/2027				12,311				12,112				12,307				0.38
Helios Service Partners, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.59%		03/19/2027				20,148				19,732				20,072				0.61
Helios Service Partners, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.59%		03/19/2027				—				(59	)			(1	)			0.00
Hercules Borrower, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.68%		12/15/2026		C$		3,167				3,025				2,963				0.09
HSI Halo Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		9.59%		06/30/2031				19,022				18,842				19,022				0.58
HSI Halo Acquisition, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		06/30/2031				788				767				788				0.02
HSI Halo Acquisition, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		06/28/2030				—				(28	)			—				—
Iris Buyer, LLC		(6) (7) (10) (15)		First Lien Debt		S +		6.25%		10.84%		10/02/2030				19,977				19,565				19,977				0.61
Iris Buyer, LLC		(6) (10) (19) (15)		First Lien Debt		S +		6.25%		10.84%		10/02/2030				1,884				1,834				1,884				0.06
Iris Buyer, LLC		(6) (10) (19) (15)		First Lien Debt		S +		6.25%		10.84%		10/02/2029				—				(54	)			—				—
Orion Group Holdco, LLC		(6) (19)		First Lien Debt		S +		5.00%		9.59%		03/19/2027				—				(16	)			(16	)			0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Procure Acquireco, Inc. (Procure Analytics)		(6) (7) (11)		First Lien Debt		S +		5.00%		9.49%		12/20/2028				15,397				15,397				15,397				0.47
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (19)		First Lien Debt		S +		4.75%		9.49%		12/20/2028				761				756				756				0.02
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (19)		First Lien Debt		S +		4.75%		9.49%		12/20/2028				—				—				—				—
Pye-Barker Fire & Safety, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.83%		05/26/2031				18,135				18,135				18,135				0.55
Pye-Barker Fire & Safety, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.83%		05/26/2031				2,585				2,538				2,585				0.08
Pye-Barker Fire & Safety, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.83%		05/24/2030				314				291				314				0.01
Routeware, Inc.		(6) (7) (10)		First Lien Debt		S +		5.25%		9.60%		09/18/2031				4,773				4,726				4,773				0.15
Routeware, Inc.		(6) (10) (19)		First Lien Debt		S +		5.25%		9.60%		09/18/2031				—				(11	)			—				—
Routeware, Inc.		(6) (10) (19)		First Lien Debt		S +		5.25%		9.60%		09/18/2031				—				(5	)			—				—
Sherlock Buyer Corp.		(6) (7) (8) (10)		First Lien Debt		S +		5.75%		10.18%		12/08/2028				25,100				25,011				25,100				0.77
Sherlock Buyer Corp.		(6) (10) (19)		First Lien Debt		S +		5.75%		10.18%		12/08/2027				—				(8	)			—				—
SITEL Worldwide Corporation		(12)		First Lien Debt		S +		3.75%		8.22%		08/28/2028				4,850				4,861				3,237				0.10
Surewerx Purchaser III, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +		5.25%		9.58%		12/28/2029				4,039				3,992				4,039				0.12
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		C +		5.25%		8.42%		12/28/2029		C$		2,617				1,888				1,820				0.06
Surewerx Purchaser III, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		5.25%		9.58%		12/28/2029				—				(6	)			—				—
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		C +		5.25%		9.58%		12/28/2028		C$		710				678				695				0.02
Sweep Midco, LLC		(6) (7) (18)		Second Lien Debt								03/12/2034				1,086				543				703				0.02
Sweep Midco, LLC		(6) (7) (18)		Second Lien Debt								03/12/2036				3,156				—				—				—
Sweep Purchaser, LLC		(6) (7) (10)		First Lien Debt		S +		5.75% PIK		10.24%		06/30/2027				3,986				3,986				3,986				0.12
Sweep Purchaser, LLC		(6) (7) (10)		First Lien Debt		S +		5.75%		10.24%		06/30/2027				2,050				2,050				2,050				0.06
Sweep Purchaser, LLC		(6) (10) (19)		First Lien Debt		S +		5.75%		10.24%		06/30/2027				—				—				—				—
Tamarack Intermediate, LLC		(6) (7) (11)		First Lien Debt		S +		5.75%		10.30%		03/13/2028				22,742				22,442				22,742				0.70
Tamarack Intermediate, LLC		(6) (11)		First Lien Debt		S +		5.75%		10.30%		03/13/2028				2,231				2,188				2,231				0.07
Tamarack Intermediate, LLC		(6) (11) (19)		First Lien Debt		S +		5.75%		10.30%		03/13/2028				—				(42	)			—				—
Tempo Acquisition, LLC		(12)		First Lien Debt		S +		2.25%		6.61%		08/31/2028				3,987				4,000				3,999				0.12

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Transit Technologies, LLC		(6) (11)		First Lien Debt		S +		4.75%		9.51%		08/20/2031				12,091				11,975				12,091				0.37
Transit Technologies, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.51%		08/20/2031				—				(20	)			—				—
Transit Technologies, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.51%		08/20/2030				—				(24	)			—				—
TruGreen Limited Partnership		(11)		First Lien Debt		S +		4.00%		8.46%		11/02/2027				4,848				4,821				4,709				0.14
Vensure Employer Services, Inc.		(6) (7) (12)		First Lien Debt		S +		5.00%		9.33%		09/29/2031				25,909				25,660				25,909				0.79
Vensure Employer Services, Inc.		(6) (12) (19)		First Lien Debt		S +		5.00%		9.33%		09/29/2031				1,003				963				1,003				0.03
VRC Companies, LLC		(6) (7) (8) (10)		First Lien Debt		S +		5.75%		10.27%		06/29/2027				50,360				50,128				50,360				1.54
VRC Companies, LLC		(6) (10)		First Lien Debt		S +		5.75%		10.27%		06/29/2027				47,594				47,072				47,594				1.45
VRC Companies, LLC		(6) (10) (19)		First Lien Debt		S +		5.75%		10.27%		06/29/2027				—				—				—				—
																				503,189				502,046				15.35
Construction & Engineering
Arcoro Holdings Corp.		(6) (10)		First Lien Debt		S +		5.50%		9.83%		03/28/2030				57,104				56,071				56,688				1.73
Arcoro Holdings Corp.		(6) (10) (19)		First Lien Debt		S +		5.50%		9.83%		03/28/2030				—				(150	)			(63	)			0.00
Artera Services, LLC		(14)		First Lien Debt		S +		4.50%		8.83%		02/15/2031				1,995				1,978				1,975				0.06
Centuri Group, Inc.		(12)		First Lien Debt		S +		2.50%		6.96%		08/27/2028				1,897				1,896				1,904				0.06
KPSKY Acquisition, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		10.19%		10/19/2028				20,749				19,883				18,348				0.56
KPSKY Acquisition, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%		10.19%		10/19/2028				16,535				16,165				14,622				0.45
LJ Avalon Holdings, LLC		(6) (10)		First Lien Debt		S +		5.00%		9.53%		02/01/2030				2,944				2,874				2,944				0.09
LJ Avalon Holdings, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.53%		02/01/2030				1,205				1,167				1,205				0.04
LJ Avalon Holdings, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.53%		02/01/2029				—				(10	)			—				—
Superman Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		4.50%		8.86%		08/29/2031				25,394				25,271				25,394				0.78
Superman Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.86%		08/29/2031				—				(20	)			—				—
Superman Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.86%		08/29/2031				—				(17	)			—				—
																				125,108				123,017				3.76
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%		10.09%		02/03/2031				36,878				36,568				36,686				1.12
PDI TA Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		10.09%		02/03/2031				4,793				4,715				4,749				0.15
PDI TA Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		10.09%		02/03/2031				—				(32	)			(20	)			0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
																				41,251				41,415				1.27
Containers & Packaging
Berlin Packaging, LLC				First Lien Debt		S +		3.75%		8.05%		06/07/2031				3,980				3,980				4,000				0.12
BP Purchaser, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		10.16%		12/11/2028				32,716				31,266				30,341				0.93
Clydesdale Acquisition Holdings, Inc.		(12)		First Lien Debt		S +		3.18%		7.53%		04/13/2029				3,303				3,306				3,306				0.10
FORTIS Solutions Group, LLC		(6) (7) (11)		First Lien Debt		S +		5.50%		9.93%		10/13/2028				20,986				20,899				20,986				0.64
FORTIS Solutions Group, LLC		(6) (11)		First Lien Debt		S +		5.50%		9.93%		10/13/2028				1,029				970				1,029				0.03
FORTIS Solutions Group, LLC		(6) (11) (19)		First Lien Debt		S +		5.50%		9.93%		10/15/2027				630				624				630				0.02
Proampac PG Borrower, LLC		(11)		First Lien Debt		S +		4.00%		8.60%		09/15/2028				2,965				2,979				2,971				0.09
																				64,024				63,263				1.93
Distributors
48Forty Solutions, LLC		(6) (7) (9) (10)		First Lien Debt		S +		6.00% (incl. 4.00% PIK)		10.65%		11/30/2029				45,825				44,370				29,608				0.91
48Forty Solutions, LLC		(6) (10) (19)		First Lien Debt		S +		6.00% (incl. 4.00% PIK)		10.65%		11/30/2029				3,061				2,841				542				0.02
ABB Concise Optical Group, LLC		(6) (8) (11)		First Lien Debt		S +		7.50%		11.98%		02/23/2028				17,008				16,749				15,898				0.49
Avalara, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		6.25%		10.58%		10/19/2028				22,421				22,158				22,421				0.69
Avalara, Inc.		(6) (19)		First Lien Debt		S +		6.25%		10.58%		10/19/2028				—				(24	)			—				—
Bradyplus Holdings, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%		9.52%		10/31/2029				44,408				43,673				44,408				1.36
Bradyplus Holdings, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.52%		10/31/2029				281				260				281				0.01
PT Intermediate Holdings III, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.33%		04/09/2030				60,057				59,432				60,057				1.84
PT Intermediate Holdings III, LLC		(6) (11) (19)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.33%		04/09/2030				—				(6	)			—				—
																				189,453				173,215				5.30
Diversified Consumer Services
Any Hour, LLC		(6)		First Lien Debt		S +		5.00%		9.33%		05/23/2030				11,802				11,639				11,677				0.36
Any Hour, LLC		(6) (19)		First Lien Debt		S +		5.00%		9.33%		05/23/2030				334				309				298				0.01
Any Hour, LLC		(6) (19)		First Lien Debt		S +		5.00%		9.33%		05/23/2030				831				808				813				0.02

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Any Hour, LLC		(6)		Other Debt				13.00% PIK		13.00%		05/23/2031				3,186				3,130				3,152				0.10
Apex Service Partners, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%		9.51%		10/24/2030				72,104				71,109				72,104				2.20
Apex Service Partners, LLC		(6) (10)		First Lien Debt		S +		5.00%		9.51%		10/24/2030				17,166				16,886				17,166				0.52
Apex Service Partners, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.51%		10/24/2029				3,866				3,793				3,866				0.12
Ascend Partner Services, LLC		(12)		First Lien Debt		S +		4.50%		7.96%		12/11/2028				4,856				4,850				4,877				0.15
Assembly Intermediate, LLC		(6) (7) (10)		First Lien Debt		S +		5.25%		9.58%		10/19/2027				8,889				8,518				8,889				0.27
Assembly Intermediate, LLC		(6) (10)		First Lien Debt		S +		5.25%		9.58%		10/19/2027				1,778				1,702				1,778				0.05
Assembly Intermediate, LLC		(6) (10) (19)		First Lien Debt		S +		5.25%		9.58%		10/19/2027				—				(36	)			—				—
Eclipse Buyer, Inc.		(6) (7) (12)		First Lien Debt		S +		4.75%		9.26%		09/08/2031				8,362				8,281				8,362				0.26
Eclipse Buyer, Inc.		(6) (12) (19)		First Lien Debt		S +		4.75%		9.26%		09/08/2031				—				(7	)			—				—
Eclipse Buyer, Inc.		(6) (12) (19)		First Lien Debt		S +		4.75%		9.26%		09/06/2031				—				(7	)			—				—
Essential Services Holding Corporation		(6) (8) (11)		First Lien Debt		S +		5.00%		9.65%		06/17/2031				18,624				18,448				18,624				0.57
Essential Services Holding Corporation		(6) (11) (19)		First Lien Debt		S +		5.00%		9.65%		06/17/2031				—				(24	)			—				—
Essential Services Holding Corporation		(6) (11) (19)		First Lien Debt		S +		5.00%		9.65%		06/17/2030				—				(29	)			—				—
EVDR Purchaser, Inc.		(6) (11)		First Lien Debt		S +		5.50%		9.86%		02/14/2031				41,498				40,749				41,498				1.27
EVDR Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		9.86%		02/14/2031				—				(104	)			—				—
EVDR Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		9.86%		02/14/2031				1,195				1,070				1,195				0.04
FPG Intermediate Holdco, LLC		(6) (10) (13)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		11.09%		03/05/2027				7,557				7,437				6,013				0.18
FPG Intermediate Holdco, LLC		(6) (10) (13) (19)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		11.09%		03/05/2027				184				184				184				0.01
Heartland Home Services		(6) (11)		First Lien Debt		S +		5.75%		10.18%		12/15/2026				23,109				22,910				21,905				0.67
KUEHG Corp.		(12)		First Lien Debt		S +		3.25%		7.84%		06/12/2030				1,861				1,869				1,878				0.06
Lightspeed Solution, LLC		(6) (7) (8) (11)		First Lien Debt		S +		6.50% (incl. 2.17% PIK)		10.86%		03/01/2028				20,499				20,318				20,499				0.63
Lightspeed Solution, LLC		(6) (11)		First Lien Debt		S +		6.50% (incl. 2.17% PIK)		10.86%		03/01/2028				1,352				1,339				1,352				0.04
LUV Car Wash Group, LLC		(6) (7) (8) (10)		First Lien Debt		S +		7.00%		11.74%		12/09/2026				9,971				9,934				9,971				0.30

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Magnolia Wash Holdings		(6) (7) (10)		First Lien Debt		S +		6.50%		11.36%		07/14/2028				9,804				9,574				8,892				0.27
Magnolia Wash Holdings		(6) (10)		First Lien Debt		S +		6.50%		11.36%		07/14/2028				2,078				2,029				1,885				0.06
Magnolia Wash Holdings		(6) (10) (19)		First Lien Debt		S +		6.50%		11.36%		07/14/2028				262				252				218				0.01
Project Accelerate Parent, LLC		(6) (11)		First Lien Debt		S +		5.25%		9.61%		02/24/2031				33,519				33,214				33,519				1.02
Project Accelerate Parent, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.61%		02/24/2031				—				(42	)			—				—
Spring Education Group, Inc.				First Lien Debt		S +		4.00%		8.33%		10/04/2030				3,960				3,973				3,980				0.12
Vertex Service Partners, LLC		(6) (7) (9) (11)		First Lien Debt		S +		5.75%		10.11%		11/08/2030				9,826				9,612				9,826				0.30
Vertex Service Partners, LLC		(6) (11) (19)		First Lien Debt		S +		5.75%		10.11%		11/08/2030				18,964				18,540				18,958				0.58
Vertex Service Partners, LLC		(6) (11) (19)		First Lien Debt		S +		5.75%		10.11%		11/08/2030				2,273				2,220				2,273				0.07
Wand NewCo 3, Inc.				First Lien Debt		S +		3.25%		7.61%		01/30/2031				5,867				5,881				5,885				0.18
																				340,329				341,537				10.44
Electric Utilities
Kohler Energy Co, LLC				First Lien Debt		S +		3.75%		8.11%		05/01/2031				4,591				4,631				4,580				0.14
Electrical Equipment
Spark Buyer, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		9.77%		10/15/2031				5,313				5,235				5,235				0.16
Spark Buyer, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.77%		10/15/2031				—				(16	)			(16	)			0.00
Spark Buyer, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.77%		10/15/2031				—				(15	)			(15	)			0.00
																				5,204				5,204				0.16
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		11.30%		07/06/2028				28,077				27,329				20,825				0.64
Abracon Group Holdings, LLC		(6) (11)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		11.30%		07/06/2028				1,858				1,810				1,378				0.04
Chamberlain Group, Inc.		(12)		First Lien Debt		S +		3.25%		7.71%		11/03/2028				5,860				5,852				5,887				0.18
DG Investment Intermediate Holdings 2, Inc.		(11)		First Lien Debt		S +		3.75%		8.22%		03/31/2028				4,369				4,371				4,404				0.13
Dwyer Instruments, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		4.75%		9.15%		07/20/2029				54,471				53,758				54,318				1.66
Dwyer Instruments, Inc.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.15%		07/20/2029				23,757				23,366				23,747				0.73
Dwyer Instruments, Inc.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.15%		07/20/2029				—				(60	)			—				—
Infinite Bidco, LLC		(6) (9) (12)		First Lien Debt		S +		6.25%		10.77%		03/02/2028				9,162				9,070				9,162				0.28

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Infinite Bidco, LLC		(7) (12)		Second Lien Debt		S +		7.00%		11.85%		03/02/2029				12,800				11,168				11,264				0.34
Infinite Bidco, LLC		(6) (12)		Second Lien Debt		S +		7.00%		11.59%		03/02/2029				4,000				3,500				3,395				0.10
Magneto Components Buyco, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		6.00% (incl. 1.50% PIK)		10.33%		12/05/2030				48,174				47,401				47,846				1.46
Magneto Components Buyco, LLC		(6) (11) (19)		First Lien Debt		S +		6.00% (incl. 1.50% PIK)		10.33%		12/05/2030				—				(74	)			(65	)			0.00
Magneto Components Buyco, LLC		(6) (11) (19)		First Lien Debt		S +		6.00% (incl. 1.50% PIK)		10.33%		12/05/2029				—				(119	)			(54	)			0.00
NSi Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		9.36%		11/15/2031				22,842				22,617				22,617				0.69
NSi Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.36%		11/15/2031				—				(19	)			(19	)			0.00
NSi Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.36%		11/15/2031				—				(40	)			(40	)			0.00
																				209,930				204,665				6.26
Entertainment
Renaissance Holding Corp.		(12)		First Lien Debt		S +		4.00%		8.36%		04/05/2030				2,960				2,961				2,951				0.09
Financial Services
Applitools, Inc.		(6) (7) (11) (15)		First Lien Debt		S +		6.25% PIK		10.58%		05/25/2029				14,855				14,696				14,727				0.45
Applitools, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		6.25%		10.58%		05/25/2028				—				(18	)			(14	)			0.00
Boost Newco Borrower, LLC				First Lien Debt		S +		2.50%		6.83%		01/31/2031				7,481				7,507				7,511				0.23
Cerity Partners, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.25%		9.76%		07/30/2029				3,525				3,485				3,525				0.11
Cerity Partners, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.76%		07/30/2029				7,739				7,631				7,739				0.24
Cerity Partners, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.76%		07/30/2029				—				(6	)			—				—
GC Waves Holdings, Inc.		(6) (11)		First Lien Debt		S +		4.75%		9.21%		10/04/2030				27,567				27,024				27,358				0.84
GC Waves Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.21%		10/04/2030				2,418				1,932				2,265				0.07
GC Waves Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.21%		10/04/2030				—				(28	)			(13	)			0.00
MAI Capital Management Intermediate, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		9.08%		08/29/2031				4,632				4,587				4,632				0.14
MAI Capital Management Intermediate, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		08/29/2031				866				849				866				0.03
MAI Capital Management Intermediate, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		08/29/2031				138				128				138				0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
PMA Parent Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		5.50%		9.83%		01/31/2031				3,410				3,360				3,360				0.10
PMA Parent Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.50%		9.83%		01/31/2031				—				(4	)			(4	)			0.00
RFS Opco, LLC		(6) (12)		First Lien Debt		S +		4.75%		9.08%		04/04/2031				16,958				16,801				16,891				0.52
RFS Opco, LLC		(6) (12) (19)		First Lien Debt		S +		3.50%		7.83%		04/04/2029				4,680				4,459				4,579				0.14
SitusAMC Holdings Corp.		(6) (11)		First Lien Debt		S +		5.50%		9.93%		12/22/2027				15,768				15,720				15,768				0.48
Smarsh, Inc.		(6) (7) (11)		First Lien Debt		S +		5.75%		10.08%		02/16/2029				8,571				8,514				8,571				0.26
Smarsh, Inc.		(6) (11) (19)		First Lien Debt		S +		5.75%		10.08%		02/16/2029				1,071				1,061				1,071				0.03
Smarsh, Inc.		(6) (11) (19)		First Lien Debt		S +		5.75%		10.08%		02/16/2029				214				211				214				0.01
Trintech, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		5.50%		9.86%		07/25/2029				69,935				68,745				68,914				2.11
Trintech, Inc.		(6) (10) (19)		First Lien Debt		S +		5.50%		9.86%		07/25/2029				1,735				1,637				1,646				0.05
																				188,291				189,744				5.80
Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (17)		Other Debt				16.25% PIK		16.25%		06/18/2026				500				277				295				0.01
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (7) (10)		First Lien Debt		S +		6.25%		10.99%		12/18/2025				3,604				3,482				3,501				0.11
																				3,759				3,796				0.12
Ground Transportation
PODS, LLC		(11)		First Lien Debt		S +		3.00%		7.85%		03/31/2028				4,850				4,853				4,525				0.14
SV Newco 2, Inc.		(6) (11) (15)		First Lien Debt		S +		4.75%		9.26%		06/02/2031				35,194				34,698				34,916				1.07
SV Newco 2, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		4.75%		9.26%		06/02/2031				—				(152	)			(174	)			(0.01	)
SV Newco 2, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		4.75%		9.26%		06/02/2031				—				(182	)			(105	)			0.00
																				39,217				39,162				1.20
Health Care Equipment & Supplies
Journey Personal Care Corp.		(11)		First Lien Debt		S +		3.75%		8.11%		03/01/2028				4,964				4,909				4,959				0.15
Medline Borrower, LP		(12)		First Lien Debt		S +		2.25%		6.61%		10/23/2028				6,684				6,686				6,702				0.20
Performance Health & Wellness		(6) (7) (10)		First Lien Debt		S +		5.75%		10.21%		07/12/2027				4,028				4,028				4,028				0.12
PerkinElmer U.S., LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.00%		9.34%		03/13/2029				27,379				26,777				27,185				0.83
Tidi Legacy Products, Inc.		(6) (7) (9) (10)		First Lien Debt		S +		5.25%		9.61%		12/19/2029				11,140				10,952				11,120				0.34

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Tidi Legacy Products, Inc.		(6) (10) (19)		First Lien Debt		S +		5.25%		9.61%		12/19/2029				—				(24	)			(5	)			0.00
Tidi Legacy Products, Inc.		(6) (10) (19)		First Lien Debt		S +		5.25%		9.61%		12/19/2029				—				(35	)			(4	)			0.00
YI, LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.75%		10.39%		12/03/2029				17,709				17,407				17,709				0.54
YI, LLC		(6) (10) (19)		First Lien Debt		S +		5.75%		10.39%		12/03/2029				—				(30	)			—				—
YI, LLC		(6) (10) (19)		First Lien Debt		S +		5.75%		10.39%		12/03/2029				—				(45	)			—				—
																				70,625				71,694				2.19
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.86%		09/15/2031				12,915				12,683				12,855				0.39
Advarra Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +		4.50%		8.86%		09/15/2031				—				(3	)			—				—
CHG Healthcare Services, Inc.		(12)		First Lien Debt		S +		3.00%		7.40%		09/29/2028				4,850				4,861				4,862				0.15
CNT Holdings I Corp.		(11)		First Lien Debt		S +		3.50%		8.09%		11/08/2027				4,850				4,860				4,876				0.15
DCA Investment Holdings, LLC		(6) (11)		First Lien Debt		S +		6.50%		10.77%		04/03/2028				49,833				49,294				49,449				1.51
DCA Investment Holdings, LLC		(6) (11)		First Lien Debt		S +		6.50%		10.77%		04/03/2028				3,827				3,779				3,797				0.12
Electron BidCo, Inc.		(12)		First Lien Debt		S +		2.75%		7.11%		11/01/2028				6,860				6,866				6,880				0.21
Ensemble RCM, LLC				First Lien Debt		S +		3.00%		7.59%		08/01/2029				4,618				4,627				4,647				0.14
Gateway US Holdings, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +		4.75%		9.08%		09/22/2028				11,899				11,840				11,899				0.36
Gateway US Holdings, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		4.75%		9.08%		09/22/2028				3,355				3,327				3,343				0.10
Gateway US Holdings, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		4.75%		9.08%		09/22/2028				—				(3	)			—				—
Heartland Veterinary Partners, LLC		(6) (7) (8) (10)		First Lien Debt		S +		4.75%		9.47%		12/10/2026				6,328				6,317				6,328				0.19
Heartland Veterinary Partners, LLC		(6) (7) (10)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		12/10/2027				759				754				759				0.02
Heartland Veterinary Partners, LLC		(6) (7) (10)		First Lien Debt		S +		4.75%		9.47%		12/10/2026				14,329				14,305				14,329				0.44
Heartland Veterinary Partners, LLC		(6) (10)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		12/10/2027				295				293				295				0.01
Heartland Veterinary Partners, LLC		(6) (10) (19)		First Lien Debt		S +		4.75%		9.47%		12/10/2026				—				(2	)			—				—
iCIMS, Inc.		(6) (11)		First Lien Debt		S +		5.75%		10.38%		08/18/2028				16,989				16,848				16,989				0.52
iCIMS, Inc.		(6) (11) (19)		First Lien Debt		S +		5.75%		10.38%		08/18/2028				123				120				123				0.00
Imagine 360, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		9.10%		10/02/2028				13,332				13,207				13,332				0.41
Imagine 360, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.10%		10/02/2028				—				(9	)			—				—

74

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Imagine 360, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.10%		10/02/2028				—				(11	)			—				—
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +		6.50%		11.24%		08/21/2026				9,420				9,265				9,127				0.28
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +		6.50%		11.24%		08/21/2026				650				643				630				0.02
Invictus Buyer, LLC		(6) (11)		First Lien Debt		S +		4.75%		9.08%		06/03/2031				6,060				6,003				6,042				0.18
Invictus Buyer, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		06/03/2031				—				(12	)			(7	)			0.00
Invictus Buyer, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		06/03/2031				—				(9	)			(3	)			0.00
Medical Solutions Holdings, Inc.		(12)		First Lien Debt		S +		3.50%		8.19%		11/01/2028				5,353				5,350				3,755				0.11
Midwest Physician Administrative Services, LLC		(11)		First Lien Debt		S +		3.00%		7.59%		03/12/2028				3,879				3,874				3,660				0.11
National Mentor Holdings, Inc.		(11)		First Lien Debt		S +		3.75%		8.20%		03/02/2028				2,720				2,706				2,691				0.08
Pacific Dental Services, LLC				First Lien Debt		S +		2.75%		7.13%		03/15/2031				2,978				2,988				2,995				0.09
Pareto Health Intermediate Holdings, Inc.		(6) (9) (10)		First Lien Debt		S +		5.00%		9.33%		06/01/2030				91,193				89,683				91,193				2.79
Pareto Health Intermediate Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.33%		06/01/2029				—				(157	)			—				—
PPV Intermediate Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		5.75%		10.26%		08/31/2029				27,708				26,863				27,686				0.85
PPV Intermediate Holdings, LLC		(6) (11)		First Lien Debt		S +		6.00%		10.52%		08/31/2029				26,490				26,301				26,490				0.81
Promptcare Infusion Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +		6.00%		10.44%		09/01/2027				3,810				3,792				3,760				0.11
Promptcare Infusion Buyer, Inc.		(6) (10)		First Lien Debt		S +		6.00%		10.44%		09/01/2027				593				591				586				0.02
Raven Acquisition Holdings, LLC		(14) (15)		First Lien Debt		S +		3.25%		7.61%		11/19/2031				4,667				4,644				4,674				0.14
Raven Acquisition Holdings, LLC		(14) (15) (19)		First Lien Debt		S +		3.25%		7.61%		11/19/2031				—				(2	)			1				0.00
Stepping Stones Healthcare Services, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		9.08%		01/02/2029				8,509				8,468				8,509				0.26
Stepping Stones Healthcare Services, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		01/02/2029				2,159				2,132				2,153				0.07
Stepping Stones Healthcare Services, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.08%		12/30/2026				—				(4	)			—				—
Suveto		(6) (7) (11)		First Lien Debt		S +		4.75%		9.11%		09/09/2027				5,021				4,893				4,973				0.15
Suveto		(6) (19)		First Lien Debt		P +		3.75%		11.25%		09/09/2027				28				14				23				0.00
Suveto Buyer, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.11%		09/09/2027				186				182				182				0.01

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Tivity Health, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		9.36%		06/28/2029				17,997				17,856				17,997				0.55
TTF Holdings, LLC				First Lien Debt		S +		3.75%		8.11%		07/18/2031				2,000				2,017				1,980				0.06
Vardiman Black Holdings, LLC		(6) (7) (8) (12)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.65%		03/18/2027				15,377				15,377				15,377				0.47
Vardiman Black Holdings, LLC		(6) (12) (13) (19)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.65%		03/18/2027				1,601				1,561				1,601				0.05
																				388,972				390,838				11.95
Health Care Technology
Athenahealth, Inc.		(12)		First Lien Debt		S +		3.25%		7.61%		02/15/2029				6,341				6,323				6,348				0.19
eResearchTechnology, Inc.		(10)		First Lien Debt		S +		4.00%		8.36%		02/04/2027				4,391				4,385				4,414				0.13
Hyland Software, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		6.00%		10.36%		09/19/2030				77,262				76,354				77,262				2.36
Hyland Software, Inc.		(6) (11) (19)		First Lien Debt		S +		6.00%		10.36%		09/19/2029				—				(39	)			—				—
Imprivata, Inc.		(12)		First Lien Debt		S +		3.50%		8.09%		12/01/2027				6,420				6,419				6,452				0.20
Lightspeed Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +		4.75%		9.08%		02/03/2027				10,097				10,070				10,097				0.31
Lightspeed Buyer, Inc.		(6) (10) (19)		First Lien Debt		S +		4.75%		9.08%		02/03/2027				—				(10	)			—				—
Lightspeed Buyer, Inc.		(6) (10) (19)		First Lien Debt		S +		4.75%		9.08%		02/03/2027				—				(3	)			—				—
MedAssets Software Intermediate Holdings, Inc.		(12)		First Lien Debt		S +		4.00%		8.43%		12/17/2028				6,143				6,143				5,652				0.17
Project Ruby Ultimate Parent Corp.				First Lien Debt		S +		3.00%		7.47%		03/10/2028				5,348				5,347				5,367				0.16
Symplr Software, Inc.		(11)		First Lien Debt		S +		4.50%		9.19%		12/22/2027				4,849				4,856				4,429				0.14
																				119,845				120,021				3.67
Household Durables
ACProducts, Inc.		(12)		First Lien Debt		S +		4.25%		8.84%		05/17/2028				4,849				4,838				3,907				0.12
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		5.00%		9.59%		01/30/2031				70,478				69,870				70,380				2.15
Aptean, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		01/30/2031				1,151				1,113				1,144				0.03
Aptean, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		01/30/2031				—				(50	)			(8	)			0.00
Excelitas Technologies Corp.		(6) (9) (11)		First Lien Debt		S +		5.25%		9.61%		08/13/2029				30,707				30,261				30,387				0.93
Excelitas Technologies Corp.		(6) (11)		First Lien Debt		E +		5.25%		8.11%		08/13/2029			€	5,617				5,728				5,756				0.18
Excelitas Technologies Corp.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.61%		08/13/2029				—				(94	)			(123	)			0.00

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Excelitas Technologies Corp.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.61%		08/14/2028				—				(37	)			(32	)			0.00
Raptor Merger Sub Debt, LLC		(7) (8) (11)		First Lien Debt		S +		5.50%		9.83%		04/01/2029				45,581				44,880				45,430				1.39
Raptor Merger Sub Debt, LLC		(11) (19)		First Lien Debt		S +		5.50%		9.83%		04/01/2029				698				644				686				0.02
																				152,315				153,620				4.70
Insurance Services
Alliant Holdings Intermediate, LLC		(12)		First Lien Debt		S +		2.75%		7.11%		09/19/2031				7,157				7,166				7,168				0.22
Amerilife Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		9.70%		08/31/2029				14,813				14,594				14,813				0.45
Amerilife Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.70%		08/31/2029				1,770				1,757				1,770				0.05
AssuredPartners, Inc.		(12)		First Lien Debt		S +		3.50%		7.86%		02/14/2031				3,970				3,984				3,975				0.12
Fetch Insurance Services, LLC		(6)		Other Debt				12.75% (incl. 3.75% PIK)		12.75%		10/31/2027				3,104				3,046				3,073				0.09
Foundation Risk Partners Corp.		(6) (8) (11)		First Lien Debt		S +		5.25%		9.58%		10/29/2030				34,976				34,668				34,976				1.07
Foundation Risk Partners Corp.		(6) (11)		First Lien Debt		S +		5.25%		9.58%		10/29/2030				18,560				18,339				18,560				0.57
Foundation Risk Partners Corp.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		10/29/2029				—				(20	)			—				—
Galway Borrower, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		4.50%		8.83%		09/29/2028				51,526				50,797				51,526				1.58
Galway Borrower, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.83%		09/29/2028				20,936				20,625				20,936				0.64
Galway Borrower, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.83%		09/29/2028				298				256				298				0.01
Higginbotham Insurance Agency, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%		8.86%		11/24/2028				20,115				20,034				20,029				0.61
Higginbotham Insurance Agency, Inc.		(6) (10) (19)		First Lien Debt		S +		4.50%		8.86%		11/24/2028				6,650				6,524				6,551				0.20
High Street Buyer, Inc.		(6) (7) (11)		First Lien Debt		S +		5.25%		9.58%		04/14/2028				4,195				4,192				4,195				0.13
High Street Buyer, Inc.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		04/14/2028				43,375				42,813				43,303				1.32
High Street Buyer, Inc.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		04/16/2027				—				(1	)			—				—
HUB International Limited				First Lien Debt		S +		2.75%		7.37%		06/20/2030				4,963				4,968				4,987				0.15
Inszone Mid, LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.25%		9.50%		11/302029				13,838				13,601				13,838				0.42
Inszone Mid, LLC		(6) (10) (19)		First Lien Debt		S +		5.25%		9.50%		11/30/2029				16,981				16,655				16,981				0.52
Inszone Mid, LLC		(6) (10) (19)		First Lien Debt		S +		5.25%		9.50%		11/30/2029				—				(45	)			—				—
Inszone Mid, LLC		(6) (10) (19)		First Lien Debt		S +		5.25%		9.50%		11/30/2029				—				(52	)			—				—

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Integrity Marketing Acquisition, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		5.00%		9.51%		08/25/2028				112,310				112,310				112,310				3.43
Integrity Marketing Acquisition, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.51%		08/25/2028				—				—				—				—
Long Term Care Group, Inc.		(6) (7) (8) (11) (13)		First Lien Debt		S +		6.00% (incl. 3.73% PIK)		10.33%		09/08/2027				14,648				14,241				12,555				0.38
Patriot Growth Insurance Services, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		9.48%		10/16/2028				6,437				6,360				6,437				0.20
Patriot Growth Insurance Services, LLC		(6) (11)		First Lien Debt		S +		5.00%		9.48%		10/14/2028				24,759				24,451				24,759				0.76
Patriot Growth Insurance Services, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.48%		10/16/2028				234				229				234				0.01
Peter C. Foy & Associates Insurance Services, LLC		(6) (7) (11)		First Lien Debt		S +		5.50%		9.83%		11/01/2028				22,930				22,744				22,930				0.70
Peter C. Foy & Associates Insurance Services, LLC		(6) (7) (11)		First Lien Debt		S +		5.50%		9.83%		11/01/2028				24,195				24,022				24,174				0.74
Peter C. Foy & Associates Insurance Services, LLC		(6) (11) (19)		First Lien Debt		S +		5.50%		9.83%		11/01/2027				—				(1	)			—				—
RSC Acquisition, Inc.		(6) (10)		First Lien Debt		S +		4.75%		9.21%		11/01/2029				18,508				18,463				18,508				0.57
RSC Acquisition, Inc.		(6) (11)		First Lien Debt		S +		4.75%		9.21%		11/01/2029				54,296				53,963				54,296				1.66
USI, Inc.				First Lien Debt		S +		2.25%		6.58%		09/27/2030				2,970				2,978				2,962				0.09
USI, Inc.				First Lien Debt		S +		2.25%		6.58%		11/22/2029				1,980				1,984				1,975				0.06
World Insurance Associates, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		6.75%		10.34%		04/03/2028				119,299				117,735				118,378				3.62
World Insurance Associates, LLC		(6) (10) (19)		First Lien Debt		S +		6.75%		10.34%		04/03/2028				—				(15	)			(21	)			0.00
																				663,365				666,476				20.37
Interactive Media & Services
Arches Buyer, Inc.		(12)		First Lien Debt		S +		3.25%		7.71%		12/06/2027				2,424				2,419				2,364				0.07
FMG Suite Holdings, LLC		(6) (7) (10)		First Lien Debt		S +		5.50%		9.85%		10/30/2026				9,258				9,182				9,194				0.28
FMG Suite Holdings, LLC		(6) (7) (10)		First Lien Debt		S +		5.50%		9.85%		10/30/2026				1,938				1,920				1,923				0.06
FMG Suite Holdings, LLC		(6) (10) (19)		First Lien Debt		S +		5.50%		9.84%		10/30/2026				—				(9	)			(7	)			0.00
Spectrio, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%		10.51%		12/09/2026				11,375				10,901				10,468				0.32
Spectrio, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%		10.51%		12/09/2026				4,558				4,368				4,195				0.13

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Spectrio, LLC		(6) (10)		First Lien Debt		S +		6.00%		10.51%		12/09/2026				1,345				1,291				1,238				0.04
Triple Lift, Inc.		(6) (8) (11)		First Lien Debt		S +		5.75%		10.25%		05/05/2028				16,199				15,424				15,505				0.47
Triple Lift, Inc.		(6) (11) (19)		First Lien Debt		S +		5.75%		10.25%		05/05/2028				—				(104	)			(73	)			0.00
																				45,392				44,807				1.37
IT Services
Apollo Acquisition, Inc.		(6) (7)		First Lien Debt		S +		5.00%		9.33%		12/30/2031				16,797				16,629				16,629				0.51
Apollo Acquisition, Inc.		(6) (19)		First Lien Debt		S +		5.00%		9.33%		12/30/2031				—				(29	)			(29	)			0.00
Apollo Acquisition, Inc.		(6) (19)		First Lien Debt		S +		5.00%		9.33%		12/30/2030				—				(23	)			(23	)			0.00
Asurion, LLC				First Lien Debt		S +		4.25%		8.61%		09/19/2030				7,342				7,329				7,316				0.22
Atlas Purchaser, Inc.		(7) (11)		First Lien Debt		S +		7.50% (incl. 5.50% PIK)		11.33%		05/05/2028				2,490				1,596				1,484				0.05
Atlas Purchaser, Inc.		(7) (11)		First Lien Debt		S +		7.50% (incl. 6.50% PIK)		11.33%		05/05/2028				1,076				886				1,076				0.03
Catalis Intermediate, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		9.98%		08/04/2027				23,379				22,828				23,028				0.70
Catalis Intermediate, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%		9.98%		08/04/2027				5,260				5,141				5,181				0.16
Catalis Intermediate, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		9.98%		08/04/2027				907				849				868				0.03
Donuts, Inc.		(6) (7) (10)		First Lien Debt		S +		5.00%		9.49%		12/29/2027				20,849				20,816				20,807				0.64
Endure Digital, Inc.		(10)		First Lien Debt		S +		3.50%		8.09%		02/10/2028				5,394				5,337				4,477				0.14
Gainwell Acquisition Corp.		(11)		First Lien Debt		S +		4.00%		8.43%		10/01/2027				6,788				6,804				6,560				0.20
GI DI Cornfield Acquisition, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.96%		03/09/2028				31,687				31,276				31,379				0.96
GI DI Cornfield Acquisition, LLC		(6) (19)		First Lien Debt		S +		4.50%		8.96%		03/09/2028				—				(103	)			(158	)			0.00
Idera, Inc.		(6) (7) (11)		Second Lien Debt		S +		6.75%		11.47%		03/02/2029				355				355				355				0.01
Redwood Services Group, LLC		(6) (7) (9) (11)		First Lien Debt		S +		6.25%		10.68%		06/15/2029				40,035				39,484				40,035				1.22
Redwood Services Group, LLC		(6) (11)		First Lien Debt		S +		6.25%		10.68%		06/15/2029				34,154				33,722				34,080				1.04
Ridge Trail US Bidco, Inc.		(6) (7) (10) (15)		First Lien Debt		S +		4.50%		8.83%		09/30/2031				48,980				48,265				48,848				1.49
Ridge Trail US Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +		4.50%		8.83%		09/30/2031				—				(122	)			(46	)			0.00
Ridge Trail US Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +		4.50%		8.83%		03/31/2031				1,520				1,439				1,505				0.05
Sedgwick Claims Management Services, Inc.				First Lien Debt		S +		3.00%		7.59%		07/31/2031				6,947				6,971				6,982				0.21
Syntax Systems, Ltd.		(6) (7) (11) (15)		First Lien Debt		S +		5.00%		9.46%		10/27/2028				18,610				18,532				18,569				0.57

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Thrive Buyer, Inc. (Thrive Networks)		(6) (10)		First Lien Debt		S +		6.00%		10.78%		01/22/2027				10,566				10,479				10,566				0.32
Thrive Buyer, Inc. (Thrive Networks)		(6) (7) (10)		First Lien Debt		S +		6.00%		10.78%		01/22/2027				6,315				6,268				6,315				0.19
Thrive Buyer, Inc. (Thrive Networks)		(6) (10) (19)		First Lien Debt		S +		6.00%		10.78%		01/22/2027				453				448				453				0.01
UpStack, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		9.52%		08/25/2031				5,525				5,472				5,525				0.17
UpStack, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.52%		08/25/2031				—				(10	)			—				—
UpStack, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.52%		08/25/2031				128				119				128				0.00
Victors Purchaser, LLC		(6) (12)		First Lien Debt		S +		4.75%		9.08%		08/15/2031				11,280				11,171				11,280				0.34
Victors Purchaser, LLC		(6) (12) (19)		First Lien Debt		S +		4.75%		9.08%		08/15/2031				—				(13	)			—				—
Victors Purchaser, LLC		(6) (12) (19)		First Lien Debt		S +		4.75%		9.08%		08/15/2031		C$		322				217				224				0.01
																				302,133				303,414				9.28
Leisure Products
Recess Holdings, Inc.		(14)		First Lien Debt		S +		4.50%		9.09%		02/20/2030				4,987				5,024				5,030				0.15
Life Sciences Tools & Services
Cambrex Corporation				First Lien Debt		S +		3.50%		7.96%		12/04/2026				2,416				2,418				2,412				0.07
Curia Global, Inc.		(11)		First Lien Debt		S +		3.75%		8.44%		08/30/2026				6,789				6,795				6,468				0.20
Model N, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		9.33%		06/27/2031				19,847				19,659				19,847				0.61
Model N, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.33%		06/27/2031				—				(25	)			—				—
Model N, Inc.		(6) (11) (19)		First Lien Debt		S +		5.00%		9.33%		06/27/2031				—				(27	)			—				—
Packaging Coordinators Midco, Inc.		(11)		First Lien Debt		S +		3.25%		7.84%		11/30/2027				6,824				6,836				6,848				0.21
Parexel International Corporation		(12)		First Lien Debt		S +		3.00%		7.36%		11/15/2028				6,544				6,553				6,582				0.20
																				42,209				42,157				1.29
Machinery
AI Aqua Merger Sub, Inc.		(12)		First Lien Debt		S +		3.50%		8.05%		07/31/2028				6,693				6,700				6,693				0.20
Answer Acquisition, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%		10.48%		12/30/2026				38,933				38,590				38,669				1.18
Answer Acquisition, LLC		(6) (10) (19)		First Lien Debt		S +		6.00%		10.48%		12/30/2026				—				(23	)			(24	)			0.00
Chase Intermediate, LLC		(6) (19)		First Lien Debt		S +		4.75%		9.08%		10/30/2028				7,936				7,753				7,907				0.24
Chase Intermediate, LLC		(6) (19)		First Lien Debt		S +		4.75%		9.08%		10/30/2028				—				(14	)			—				—

80

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Conair Holdings, LLC		(12)		First Lien Debt		S +		3.75%		8.22%		05/17/2028				3,880				3,882				3,475				0.11
Engineered Machinery Holdings, Inc.		(11)		First Lien Debt		S +		3.75%		8.34%		05/19/2028				5,394				5,383				5,425				0.17
Filtration Group Corporation		(12)		First Lien Debt		S +		3.50%		7.97%		10/21/2028				4,850				4,854				4,882				0.15
Icebox Holdco III, Inc.		(12)		First Lien Debt		S +		3.50%		8.09%		12/22/2028				3,431				3,439				3,452				0.11
Madison IAQ, LLC		(12)		First Lien Debt		S +		2.75%		7.89%		06/21/2028				4,849				4,846				4,862				0.15
MHE Intermediate Holdings, LLC		(6) (10)		First Lien Debt		S +		6.00%		10.92%		07/21/2027				7,791				7,767				7,791				0.24
MHE Intermediate Holdings, LLC		(6) (7) (10)		First Lien Debt		S +		6.00%		10.92%		07/21/2027				6,429				6,375				6,429				0.20
MHE Intermediate Holdings, LLC		(6) (10) (19)		First Lien Debt		S +		6.00%		10.92%		07/21/2027				214				214				214				0.01
Pro Mach Group, Inc.		(14)		First Lien Debt		S +		3.50%		7.86%		08/31/2028				5,000				5,030				5,037				0.15
Roper Industrial Products Investment Company, LLC		(12)		First Lien Debt		S +		2.75%		7.08%		11/22/2029				3,970				3,988				3,977				0.12
TK Elevator US Newco, Inc.		(12) (14)		First Lien Debt		S +		3.50%		8.59%		04/30/2030				6,852				6,875				6,898				0.21
																				105,659				105,687				3.23
Media
Aragorn Parent Corporation				First Lien Debt		S +		4.00%		8.34%		12/15/2028				5,814				5,803				5,848				0.18
MJH Healthcare Holdings, LLC				First Lien Debt		S +		3.25%		7.71%		01/28/2029				2,494				2,503				2,505				0.08
																				8,306				8,353				0.26
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.75%		9.11%		12/23/2030				48,606				47,420				48,606				1.49
AWP Group Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +		4.75%		9.11%		12/23/2030				5,616				5,508				5,616				0.17
AWP Group Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +		4.75%		9.11%		12/23/2030				262				210				262				0.01
Vessco Midco Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		9.11%		07/24/2031				33,937				33,615				33,937				1.04
Vessco Midco Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.11%		07/24/2031				2,979				2,912				2,979				0.09
Vessco Midco Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		4.75%		9.11%		07/24/2031				—				(35	)			—				—
																				89,630				91,400				2.79
Pharmaceuticals
Caerus US 1, Inc.		(6) (9) (11) (15)		First Lien Debt		S +		5.00%		9.33%		05/25/2029				40,811				40,159				39,566				1.21
Caerus US 1, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%		9.33%		05/25/2029				5,972				5,870				5,790				0.18
Caerus US 1, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		5.00%		9.33%		05/25/2029				328				264				194				0.01

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
																				46,293				45,550				1.39
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7) (10)		First Lien Debt		S +		6.25%		11.17%		03/10/2027				3,913				3,768				3,913				0.12
Abacus Data Holdings, Inc. (AbacusNext)		(6) (10) (19)		First Lien Debt		S +		6.25%		11.17%		03/10/2027				—				(22	)			—				—
Accordion Partners, LLC		(6) (11)		First Lien Debt		S +		5.25%		9.58%		11/17/2031				53,217				52,692				52,692				1.61
Accordion Partners, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		11/17/2031				—				(43	)			(44	)			0.00
Accordion Partners, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		11/17/2031				—				(58	)			(58	)			0.00
Ascend Partner Services, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.86%		08/11/2031				1,306				1,294				1,306				0.04
Ascend Partner Services, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.86%		08/11/2031				—				(11	)			—				—
Ascend Partner Services, LLC		(6) (11) (19)		First Lien Debt		S +		4.50%		8.86%		08/11/2031				269				265				269				0.01
Bridgepointe Technologies, LLC		(6) (10)		First Lien Debt		S +		5.00%		9.33%		12/31/2027				18,669				18,290				18,527				0.57
Bridgepointe Technologies, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.33%		12/31/2027				24,133				23,614				23,919				0.73
Bullhorn, Inc.		(6) (10)		First Lien Debt		S +		5.00%		9.36%		10/01/2029				3,429				3,406				3,429				0.10
Bullhorn, Inc.		(6) (10)		First Lien Debt		S +		5.00%		9.36%		10/01/2029				3,944				3,924				3,944				0.12
Bullhorn, Inc.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.36%		10/01/2029				—				(2	)			—				—
Carr, Riggs and Ingram Capital, LLC		(6) (7) (12)		First Lien Debt		S +		4.75%		9.24%		11/18/2031				14,663				14,518				14,518				0.44
Carr, Riggs and Ingram Capital, LLC		(6) (12) (19)		First Lien Debt		S +		4.75%		9.24%		11/18/2031				—				(37	)			(37	)			0.00
Carr, Riggs and Ingram Capital, LLC		(6) (12) (19)		First Lien Debt		S +		4.75%		9.24%		11/18/2031				425				392				392				0.01
Citrin Cooperman Advisors, LLC		(6) (11)		First Lien Debt		S +		5.00%		9.30%		10/01/2027				8,604				8,543				8,604				0.26
Citrin Cooperman Advisors, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.30%		10/01/2027				14,518				14,476				14,518				0.44
ComPsych Investment Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%		9.38%		07/22/2031				16,302				16,224				16,302				0.50
ComPsych Investment Corp.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.38%		07/22/2031				—				(11	)			—				—
CoreLogic, Inc.		(12)		First Lien Debt		S +		3.50%		7.97%		06/02/2028				4,987				4,975				4,918				0.15
Crisis Prevention Institute, Inc.		(6) (12)		First Lien Debt		S +		4.00%		8.39%		04/09/2031				18,000				17,916				18,000				0.55
Deerfield Dakota Holding, LLC		(10)		First Lien Debt		S +		3.75%		8.08%		04/09/2027				4,848				4,860				4,733				0.14
EAB Global, Inc.				First Lien Debt		S +		3.25%		7.61%		08/16/2028				3,960				3,958				3,969				0.12
Employbridge Holding Company		(11)		First Lien Debt		S +		4.75%		9.62%		07/19/2028				2,425				2,425				1,574				0.05
GPS Merger Sub, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		10.36%		10/02/2029				15,949				15,720				15,920				0.49

82

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
GPS Merger Sub, LLC		(6) (10) (19)		First Lien Debt		S +		6.00%		10.36%		10/02/2029				—				(27	)			—				—
GPS Merger Sub, LLC		(6) (10) (19)		First Lien Debt		S +		6.00%		10.36%		10/02/2029				—				(39	)			—				—
IG Investment Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		9.57%		09/22/2028				33,262				32,942				32,942				1.01
IG Investment Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.57%		09/22/2028				—				(36	)			(36	)			0.00
KENG Acquisition, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		5.00%		9.36%		08/01/2029				11,035				10,813				10,981				0.34
KENG Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.36%		08/01/2029				3,758				3,623				3,708				0.11
KENG Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +		5.00%		9.36%		08/01/2029				—				(57	)			(15	)			0.00
KWOR Acquisition, Inc.		(6) (7) (8) (17)		First Lien Debt		P +		4.25%		11.75%		12/22/2028				23,644				23,319				17,362				0.53
KWOR Acquisition, Inc.		(6) (17)		First Lien Debt		P +		4.25%		11.75%		12/22/2028				4,624				4,554				3,396				0.10
KWOR Acquisition, Inc.		(6) (17)		First Lien Debt		P +		4.25%		11.75%		12/22/2027				1,098				1,087				806				0.02
Mermaid Bidco, Inc.		(14)		First Lien Debt		S +		3.25%		7.80%		07/03/2031				4,000				4,015				4,018				0.12
Project Boost Purchaser, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		9.76%		05/02/2029				12,023				11,940				12,023				0.37
Project Boost Purchaser, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.76%		05/02/2028				377				372				377				0.01
Tidal Waste & Recycling Holdings, LLC		(14)		First Lien Debt		S +		3.50%		7.83%		10/24/2031				2,000				2,007				2,011				0.06
UHY Advisors, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%		9.26%		11/21/2031				7,727				7,651				7,651				0.23
UHY Advisors, Inc.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.26%		11/21/2031				—				(38	)			(38	)			0.00
UHY Advisors, Inc.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.26%		11/21/2031				—				(20	)			(20	)			0.00
Verdantas, LLC		(6) (11)		First Lien Debt		S +		5.00%		9.45%		05/06/2031				33,091				32,628				32,757				1.00
Verdantas, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.45%		05/06/2031				1,398				1,350				1,359				0.04
Verdantas, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.45%		05/06/2030				—				(47	)			(36	)			0.00
																				347,113				340,554				10.41
Real Estate Management & Development
Associations, Inc.		(6) (10)		First Lien Debt		S +		6.50%		11.32%		07/03/2028				10,893				10,884				10,893				0.33
Associations, Inc.		(6) (10) (19)		First Lien Debt		S +		6.50%		11.32%		07/03/2028				141				141				141				0.00
Associations, Inc.		(6) (10) (19)		First Lien Debt		S +		6.50%		11.32%		07/03/2028				339				338				339				0.01
MRI Software, LLC		(6) (10)		First Lien Debt		S +		4.75%		9.08%		02/10/2027				68,783				68,620				68,735				2.10
MRI Software, LLC		(6) (10) (19)		First Lien Debt		S +		4.75%		9.08%		02/10/2027				716				673				713				0.02
MRI Software, LLC		(6) (10) (19)		First Lien Debt		S +		4.75%		9.08%		02/10/2027				304				279				301				0.01

83

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Pritchard Industries, LLC		(6) (7) (11)		First Lien Debt		S +		5.75%		10.29%		10/13/2027				10,721				10,579				10,593				0.32
Pritchard Industries, LLC		(6) (11)		First Lien Debt		S +		5.75%		10.29%		10/13/2027				2,563				2,529				2,533				0.08
Zarya Intermediate, LLC		(6) (10) (15)		First Lien Debt		S +		6.50%		11.01%		07/01/2027				38,869				38,832				38,830				1.19
Zarya Intermediate, LLC		(6) (10) (15) (19)		First Lien Debt		S +		6.50%		11.01%		07/01/2027				—				—				(4	)			0.00
																				132,875				133,074				4.07
Software
Alert Media, Inc.		(6) (10)		First Lien Debt		S +		6.75% (incl 5.75% PIK)		11.08%		04/12/2027				22,079				21,731				21,756				0.67
Alert Media, Inc.		(6) (10)		First Lien Debt		S +		6.75% (incl 5.75% PIK)		11.08%		04/12/2027				10,000				9,817				9,833				0.30
Alert Media, Inc.		(6) (10) (19)		First Lien Debt		S +		6.75% (incl 5.75% PIK)		11.08%		04/12/2027				—				(45	)			(44	)			0.00
Anaplan, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		5.25%		9.58%		06/21/2029				80,774				79,876				80,475				2.46
Appfire Technologies, LLC		(6) (7) (10)		First Lien Debt		S +		5.00%		9.33%		03/09/2028				12,956				12,914				12,956				0.40
Appfire Technologies, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.33%		03/09/2028				—				(27	)			—				—
Appfire Technologies, LLC		(6) (10) (19)		First Lien Debt		S +		5.00%		9.33%		03/09/2028				45				39				45				0.00
Apryse Software Corp.		(6) (7) (10) (15)		First Lien Debt		S +		5.00%		9.59%		07/15/2027				13,897				13,897				13,880				0.42
Applied Systems, Inc.				First Lien Debt		S +		3.00%		7.33%		02/24/2031				3,980				3,998				4,016				0.12
Artifact Bidco, Inc.		(6) (12)		First Lien Debt		S +		4.50%		8.83%		07/01/2031				21,837				21,629				21,837				0.67
Artifact Bidco, Inc.		(6) (12) (19)		First Lien Debt		S +		4.50%		8.83%		07/01/2031				—				(25	)			—				—
Artifact Bidco, Inc.		(6) (12) (19)		First Lien Debt		S +		4.50%		8.83%		07/01/2030				—				(35	)			—				—
Astra Acquisition Corp.		(12)		First Lien Debt		S +		5.25%		10.20%		02/25/2028				846				759				550				0.02
Astra Acquisition Corp.		(12)		First Lien Debt		S +		5.25%		10.20%		10/25/2028				1,186				656				59				0.00
AuditBoard, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		9.08%		07/14/2031				34,200				33,875				34,200				1.05
AuditBoard, Inc.		(6) (10) (19)		First Lien Debt		S +		4.75%		9.08%		07/14/2031				—				(76	)			—				—
AuditBoard, Inc.		(6) (10) (19)		First Lien Debt		S +		4.75%		9.08%		07/14/2031				—				(61	)			—				—
Bottomline Technologies, Inc.		(6) (11)		First Lien Debt		S +		5.75%		10.32%		05/14/2029				23,763				23,424				23,763				0.73
Bottomline Technologies, Inc.		(6) (11) (19)		First Lien Debt		S +		5.75%		10.32%		05/15/2028				—				(19	)			—				—
Central Parent, Inc.		(14)		First Lien Debt		S +		3.25%		7.58%		07/06/2029				3,990				3,995				3,931				0.12
CLEO Communications Holding, LLC		(6) (7) (10)		First Lien Debt		S +		5.50%		9.96%		06/09/2027				17,013				16,898				17,013				0.52

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
CLEO Communications Holding, LLC		(6) (10) (19)		First Lien Debt		S +		5.50%		9.96%		06/09/2027				—				(36	)			—				—
Cloud Software Group, Inc.		(12)		First Lien Debt		S +		3.50%		7.83%		03/30/2029				4,442				4,424				4,452				0.14
Cloudera, Inc.		(12)		First Lien Debt		S +		3.75%		8.21%		10/08/2028				5,431				5,400				5,409				0.17
Clover Holdings 2, LLC		(14)		First Lien Debt		S +		4.00%		8.43%		12/09/2031				5,000				4,994				5,050				0.15
Clover Holdings SPV III, LLC				First Lien Debt						15.00%		12/18/2027				281				276				282				0.01
Coupa Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		5.50%		10.09%		02/27/2030				20,922				20,504				20,828				0.64
Coupa Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.50%		10.09%		02/27/2030				—				(7	)			(4	)			0.00
Coupa Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.50%		10.09%		02/27/2029				—				(10	)			(3	)			0.00
Cyara AcquisitionCo, LLC		(6) (10)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		10.85%		06/28/2029				62,363				61,099				62,363				1.91
Cyara AcquisitionCo, LLC		(6) (10) (19)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		10.85%		06/28/2029				—				(78	)			—				—
Diligent Corporation		(6) (11)		First Lien Debt		S +		5.00%		10.09%		08/02/2030				73,157				72,652				73,157				2.24
Diligent Corporation		(6) (11) (19)		First Lien Debt		S +		5.00%		10.09%		08/02/2030				—				(72	)			—				—
Diligent Corporation		(6) (11) (19)		First Lien Debt		S +		5.00%		10.09%		08/02/2030				—				(48	)			—				—
E-Discovery AcquireCo, LLC		(6) (10)		First Lien Debt		S +		6.25%		10.70%		08/29/2029				36,747				36,045				36,600				1.12
E-Discovery AcquireCo, LLC		(6) (10) (19)		First Lien Debt		S +		6.25%		10.70%		08/29/2029				—				(70	)			(17	)			0.00
ECI Macola Max Holding, LLC		(11)		First Lien Debt		S +		3.25%		7.58%		05/09/2030				4,850				4,855				4,891				0.15
Epicor Software Corporation		(11)		First Lien Debt		S +		2.75%		7.11%		05/30/2031				5,169				5,184				5,203				0.16
Everbridge Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		9.59%		07/02/2031				64,438				64,133				64,438				1.97
Everbridge Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		07/02/2031				7,157				7,098				7,157				0.22
Everbridge Holdings, LLC		(6) (11) (19)		First Lien Debt		S +		5.00%		9.59%		07/02/2031				—				(34	)			—				—
Formstack Acquisition Co		(6) (10)		First Lien Debt		S +		5.25%		9.58%		03/28/2030				58,218				57,441				57,852				1.77
Formstack Acquisition Co		(6) (10) (19)		First Lien Debt		S +		5.25%		9.58%		03/28/2030				5,817				5,623				5,671				0.17
Formstack Acquisition Co		(6) (10) (19)		First Lien Debt		S +		5.25%		9.58%		03/28/2030				1,169				1,018				1,095				0.03
Fullsteam Operations, LLC		(6) (7) (10)		First Lien Debt		S +		8.25%		12.91%		11/27/2029				19,976				19,462				19,976				0.61
Fullsteam Operations, LLC		(6) (10) (19)		First Lien Debt		S +		8.25%		12.91%		11/27/2029				12,137				11,645				12,137				0.37
Fullsteam Operations, LLC		(6) (10) (19)		First Lien Debt		S +		8.25%		12.91%		11/27/2029				—				(27	)			—				—
GoTo Group, Inc.				First Lien Debt		S +		4.75%		9.30%		04/28/2028				4,797				4,118				3,357				0.10

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Granicus, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.34%		01/17/2031				62,718				62,185				62,718				1.92
Granicus, Inc.		(6) (11) (19)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.34%		01/17/2031				12,873				12,788				12,871				0.39
Granicus, Inc.		(6) (11) (19)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.34%		01/17/2031				—				(74	)			—				—
GS AcquisitionCo, Inc.		(6) (7) (10)		First Lien Debt		S +		5.25%		9.58%		05/25/2028				62,556				62,364				62,556				1.91
GS AcquisitionCo, Inc.		(6) (11) (19)		First Lien Debt		S +		5.25%		9.58%		05/25/2028				863				854				863				0.03
GS AcquisitionCo, Inc.		(6) (10) (19)		First Lien Debt		S +		5.25%		9.58%		05/25/2028				—				(20	)			—				—
Hootsuite, Inc.		(6) (15)		First Lien Debt		S +		5.50%		9.83%		05/22/2030				18,806				18,545				18,640				0.57
Hootsuite, Inc.		(6) (15) (19)		First Lien Debt		S +		5.50%		9.83%		05/22/2030				—				(28	)			(18	)			0.00
Icefall Parent, Inc.		(6) (7) (10)		First Lien Debt		S +		6.50%		10.86%		01/25/2030				25,949				25,490				25,541				0.78
Icefall Parent, Inc.		(6) (10) (19)		First Lien Debt		S +		6.50%		10.86%		01/25/2030				—				(42	)			(39	)			0.00
Ivanti Software, Inc.		(12)		First Lien Debt		S +		4.25%		9.12%		12/01/2027				2,431				2,433				1,665				0.05
Kaseya, Inc.		(6) (9) (11)		First Lien Debt		S +		5.50%		10.09%		06/25/2029				52,656				52,105				52,656				1.61
Kaseya, Inc.		(6) (11)		First Lien Debt		S +		5.50%		10.09%		06/25/2029				808				788				807				0.02
Kaseya, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		10.09%		06/25/2029				795				765				795				0.02
LegitScript, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.75%		10.11%		06/24/2029				36,984				36,516				36,984				1.13
LegitScript, LLC		(6) (11)		First Lien Debt		S +		5.75%		10.11%		06/24/2029				978				966				978				0.03
LegitScript, LLC		(6) (11) (19)		First Lien Debt		S +		5.75%		10.11%		06/24/2028				1,875				1,815				1,875				0.06
LogRhythm, Inc.		(6) (10)		First Lien Debt		S +		7.50%		11.86%		07/02/2029				6,818				6,629				6,694				0.20
LogRhythm, Inc.		(6) (10) (19)		First Lien Debt		S +		7.50%		11.86%		07/02/2029				—				(18	)			(12	)			(0.00	)
Magenta Buyer, LLC		(11)		First Lien Debt		S +		5.00%		9.85%		07/27/2028				4,875				4,863				1,462				0.04
McAfee, LLC				First Lien Debt		S +		3.00%		7.37%		03/01/2029				4,975				4,975				4,974				0.15
Mediaocean, LLC		(12) (14)		First Lien Debt		S +		3.50%		7.96%		12/15/2028				3,940				3,947				3,950				0.12
Montana Buyer, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.00%		9.36%		07/22/2029				32,204				31,818				32,204				0.98
Montana Buyer, Inc.		(6) (19)		First Lien Debt		P +		4.00%		11.50%		07/22/2028				636				600				636				0.02
Nasuni Corporation		(6) (7) (11)		First Lien Debt		S +		5.75%		10.18%		09/10/2030				21,552				21,241				21,552				0.66
Nasuni Corporation		(6) (11) (19)		First Lien Debt		S +		5.75%		10.18%		09/10/2030				—				(64	)			—				—
Netwrix Corporation And Concept Searching, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		4.75%		9.26%		06/11/2029				25,305				25,139				25,143				0.77

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Netwrix Corporation And Concept Searching, Inc.		(6) (11) (19)		First Lien Debt		S +		4.75%		9.26%		06/11/2029				—				(10	)			(10	)			0.00
Oak Purchaser, Inc.		(6) (7) (11)		First Lien Debt		S +		5.50%		9.83%		04/28/2028				11,724				11,622				11,623				0.36
Oak Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		9.83%		04/28/2028				6,791				6,711				6,699				0.20
Oak Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +		5.50%		9.83%		04/28/2028				—				(8	)			(11	)			0.00
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%		9.36%		10/30/2031				18,101				17,923				17,923				0.55
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		E +		5.25%		8.11%		10/30/2031			€	6,663				7,167				6,832				0.21
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		SA +		5.50%		10.20%		10/30/2031			£	2,221				2,861				2,754				0.08
Optimizely North America, Inc.		(6) (11) (15) (19)		First Lien Debt		S +		5.00%		9.36%		10/30/2031				—				(26	)			(26	)			0.00
PDFTron Systems, Inc.		(6) (10) (15) (19)		First Lien Debt		S +		5.00%		9.52%		07/15/2026				1,100				1,100				1,096				0.03
Polaris Newco, LLC		(12)		First Lien Debt		S +		4.00%		8.85%		06/02/2028				4,850				4,861				4,855				0.15
Pound Bidco, Inc.		(6) (7) (10) (15)		First Lien Debt		S +		6.00%		10.86%		02/01/2027				3,743				3,742				3,733				0.11
Pound Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +		6.00%		10.86%		02/01/2027				89				89				88				0.00
Pound Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +		6.00%		10.86%		02/01/2027				—				—				(1	)			0.00
Project Leopard Holdings, Inc.		(7) (8) (12) (15)		First Lien Debt		S +		5.25%		9.94%		07/20/2029				22,854				21,662				20,397				0.62
Proofpoint, Inc.		(12)		First Lien Debt		S +		3.00%		7.36%		08/31/2028				7,041				7,035				7,070				0.22
Quartz Acquireco, LLC				First Lien Debt		S +		2.75%		7.08%		06/28/2030				4,950				4,961				4,981				0.15
Quest Software US Holdings, Inc.				First Lien Debt		P +		3.25%		10.75%		02/01/2029				3,910				3,892				2,476				0.08
Red Planet Borrower, LLC		(12)		First Lien Debt		S +		3.50%		7.96%		10/02/2028				4,850				4,859				4,762				0.15
Reorganized Mobileum Acquisition Co, LLC		(6) (10)		First Lien Debt		S +		6.00% (incl. 5.00% PIK)		10.45%		09/11/2029				4,796				4,796				4,796				0.15
Revalize, Inc.		(6) (10)		First Lien Debt		S +		5.75%		10.49%		04/15/2027				14,327				13,816				13,354				0.41
Revalize, Inc.		(6) (10) (19)		First Lien Debt		S +		5.75%		10.49%		04/15/2027				566				559				513				0.02
Riskonnect Parent, LLC		(6) (7) (9) (11)		First Lien Debt		S +		5.25%		9.55%		12/07/2028				30,600				30,116				30,367				0.93
Riskonnect Parent, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.55%		12/07/2028				23,549				23,108				23,329				0.71
Riskonnect Parent, LLC		(6) (11) (19)		First Lien Debt		S +		5.25%		9.55%		12/07/2028				—				(70	)			(34	)			0.00
Runway Bidco, LLC		(6) (7) (12)		First Lien Debt		S +		5.00%		9.33%		12/17/2031				18,054				17,875				17,875				0.55
Runway Bidco, LLC		(6) (12) (19)		First Lien Debt		S +		5.00%		9.33%		12/17/2031				—				(22	)			(22	)			0.00
Runway Bidco, LLC		(6) (12) (19)		First Lien Debt		S +		5.00%		9.33%		12/17/2031				—				(22	)			(22	)			0.00

87

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Securonix, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.34%		04/05/2028				30,014				29,269				27,358				0.84
Securonix, Inc.		(6) (11) (19)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.34%		04/05/2028				122				(5	)			(356	)			(0.01	)
Sophia, L.P.		(12)		First Lien Debt		S +		3.00%		7.36%		10/09/2029				4,339				4,337				4,364				0.13
Trunk Acquisition, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		6.00%		10.48%		02/19/2030				11,086				11,026				11,028				0.34
Trunk Acquisition, Inc.		(6) (7) (10)		First Lien Debt		S +		6.00%		10.48%		02/19/2030				2,156				2,134				2,134				0.07
Trunk Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +		6.00%		10.48%		02/19/2030				—				(11	)			(11	)			0.00
Trunk Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +		6.00%		10.48%		02/19/2026				—				(4	)			(6	)			0.00
UKG, Inc.				First Lien Debt		S +		3.00%		7.33%		02/10/2031				4,975				4,986				5,007				0.15
Veritas US, Inc.				First Lien Debt		P +		11.50%		19.25%		12/09/2029				842				840				837				0.03
Vision Solutions, Inc.		(12)		First Lien Debt		S +		4.00%		8.85%		04/24/2028				4,850				4,849				4,767				0.15
																				1,251,407				1,250,178				38.22
Specialty Retail
Les Schwab Tire Centers		(12)		First Lien Debt		S +		3.00%		7.36%		04/23/2031				6,847				6,853				6,875				0.21
Textiles, Apparel & Luxury Goods
Varsity Brands, Inc.		(14)		First Lien Debt		S +		3.75%		8.27%		08/26/2031				3,000				3,011				3,001				0.09
Trading Companies & Distributors
Spin Holdco, Inc.		(11)		First Lien Debt		S +		4.00%		8.71%		03/04/2028				4,849				4,856				4,072				0.12
White Cap Buyer, LLC				First Lien Debt		S +		3.25%		7.61%		10/19/2029				2,444				2,446				2,446				0.07
																				7,302				6,518				0.20
Transportation Infrastructure
Brown Group Holding, LLC		(12)		First Lien Debt		S +		2.50%		7.00%		07/01/2031				4,975				4,981				4,986				0.15
KKR Apple Bidco, LLC		(12)		First Lien Debt		S +		2.75%		7.22%		09/22/2028				4,850				4,846				4,872				0.15
																				9,827				9,858				0.30
Wireless Telecommunication Services
CCI Buyer, Inc.		(11)		First Lien Debt		S +		4.00%		8.33%		12/17/2027				4,889				4,852				4,887				0.15
Mobile Communications America, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		5.25%		9.78%		10/16/2029				13,514				13,346				13,514				0.41

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Mobile Communications America, Inc.		(6) (10) (19)		First Lien Debt		S +		5.25%		9.78%		10/16/2029				840				808				840				0.03
Mobile Communications America, Inc.		(6) (10) (19)		First Lien Debt		S +		5.25%		9.78%		10/16/2029				550				525				550				0.02
																				19,531				19,791				0.61
Total Debt Investments																			$	6,045,815			$	6,020,987				184.06	%

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December 31, 2024

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Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread		Acquisition Date		Par Amount/ Shares (4)					Cost (5)				Fair				Percentage of Net Assets
Equity Investments
Aerospace & Defense
PCX Holding Corp.		(6) (16) (18)		Common Equity				07/15/2024				1,154			$	92			$	79				0.00	%
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)		(6) (16) (18)		Common Equity				07/15/2024				1,500				228				258				0.01
Wheel Pros, LLC		(16) (18)		Common Equity				12/02/2024				10,032				1,655				1,655				0.05
																1,883				1,913				0.06
Commercial Services & Supplies
Encore Holdings, LLC		(6) (16) (18)		Common Equity				07/15/2024				602				194				221				0.01
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (16) (18)		Common Equity				07/15/2024				500,000				625				735				0.02
Surewerx Topco, LP		(6) (15) (16) (18)		Common Equity				12/28/2022				384				413				512				0.02
																1,232				1,468				0.04
Containers & Packaging
BP Purchaser, LLC		(6) (16) (18)		Common Equity				07/15/2024				1,383,156				878				659				0.02
BP Purchaser, LLC Rights		(6) (16) (18)		Common Equity				07/15/2024				1,666,989				76				83				0.00
FORTIS Solutions Group, LLC		(6) (16)		Preferred Equity		12.25%		06/24/2022				4,000,000				5,064				3,920				0.12
																6,018				4,662				0.14
Distributors
48Forty Solutions, LLC		(6) (7) (9) (16) (18)		Common Equity				11/01/2024				7,205				—				—				—
Diversified Consumer Services

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread		Acquisition Date		Par Amount/ Shares (4)					Cost (5)				Fair				Percentage of Net Assets
Eclipse Topco, Inc.		(6) (16)		Preferred Equity		12.50% PIK		09/05/2024				310				3,048				3,036				0.09
LUV Car Wash		(6) (16) (18)		Common Equity				12/06/2022				1,383				1,331				933				0.03
																4,379				3,969				0.12
Electrical Equipment
Sparkstone Electrical Group		(6) (16) (18)		Common Equity				10/15/2024				1,500				150				150				0.00
Health Care Providers & Services
SDB Holdco, LLC		(6) (16) (18)		Common Equity				03/29/2024				14,561,479				—				—				—
Suveto Buyer, LLC		(6) (15) (16) (18)		Common Equity				07/15/2024				3,398				306				330				0.01
Vardiman Black Holdings, LLC		(6) (16)		Preferred Equity		6.00% PIK		03/29/2024				7,065,190				4,798				2,462				0.08
																5,104				2,792				0.09
Insurance Services
Amerilife Holdings, LLC		(6) (16) (18)		Common Equity				09/01/2022				9,880				273				590				0.02
Frisbee Holdings, LP (Fetch)		(6) (16) (18)		Common Equity				10/31/2022				33,276				424				535				0.02
Integrity Marketing Acquisition, LLC		(6) (16)		Preferred Equity		10.50%		07/15/2024				750,000				1,013				998				0.03
																1,710				2,123				0.06
IT Services
CSC Thrive Holdings, LP (Thrive Networks)		(6) (16) (18)		Common Equity				07/15/2024				54,103				282				361				0.01
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16) (18)		Common Equity				07/15/2024				21,459				332				286				0.01
Verdantas, LLC		(6) (16) (18)		Common Equity				05/03/2024				8,848				9				11				0.00

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares (4)					Cost (5)				Fair				Percentage of Net Assets
Verdantas, LLC		(6) (16)		Preferred Equity		10.00%						05/03/2024				875,952				936				1,060				0.03
																				1,277				1,357				0.04
Real Estate Management & Development
Pritchard Industries, LLC		(6) (16) (18)		Common Equity								10/13/2021				332,248				352				312				0.01
Software
Cohesity Global, Inc.		(16)		Preferred Equity								12/09/2024				18,617				382				382				0.01
Fullsteam Operations, LLC		(6) (16) (18)		Common Equity								11/27/2023				45,080				1,520				3,630				0.11
Knockout Intermediate Holdings I, Inc.		(6) (16)		Preferred Equity		11.75%						06/25/2022				9,990				13,135				13,549				0.41
Reorganized Mobileum Grandparent, LLC		(6) (16) (18)		Common Equity								09/12/2024				234,896				—				—				—
Revalize, Inc.		(6) (16)		Preferred Equity		S +		10.00%				12/14/2021				2,951				4,076				4,281				0.13
Reveal Data Solutions		(6) (16) (18)		Common Equity								08/29/2023				861,539				1,122				1,413				0.04
RSK Holdings, Inc. (Riskonnect)		(6) (16)		Preferred Equity		S +		10.50%				07/07/2022				10,679,200				15,031				15,591				0.48
																				35,266				38,846				1.19
Total Equity Investments																			$	57,745			$	58,032				1.77	%
Total Portfolio Investments																			$	6,103,560			$	6,079,019				185.84	%

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

 

Investments non - controlled/non - affiliated
Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund		$	58,216			$	58,216			1.78			%
Cash			159,788				159,788			4.88
Total Cash and Cash Equivalents		$	218,004			$	218,004				6.66		%
Total Portfolio Investments, Cash and Cash Equivalents		$	6,321,564			$	6,297,023			192.5			%

 

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

 

 

 

Interest Rate Swaps(a)(b)
Counterparty		Hedged Instrument		Company Receives		Company Pays			Maturity Date		Notional Amount				Fair Value				Upfront Payments / Receipts				Change in Unrealized Appreciation (Depreciation)
SMBC Capital Markets, Inc.		Series A 2026 Notes		8.10%		S +	4.34%		03/16/2026		$	204,000			$	(1,086	)		$	—			$	(1,086	)
SMBC Capital Markets, Inc.		Series A 2028 Notes		8.13%		S +	4.56%		03/16/2028			146,000				(2,520	)			—				(2,520	)
SMBC Capital Markets, Inc.		Series B 2026 Notes		8.84%		S +	5.13%		08/10/2026			107,000				(827	)			—				(827	)
SMBC Capital Markets, Inc.		Series B 2028 Notes		8.88%		S +	5.30%		08/10/2028			128,000				(2,508	)			—				(2,508	)
SMBC Capital Markets, Inc.		Series C 2027 Notes		8.92%		S +	4.49%		03/01/2027			136,500				742				—				(1,724	)
SMBC Capital Markets, Inc.		Series C 2029 Notes		9.07%		S +	4.77%		03/01/2029			163,500				939				—				(4,145	)
MUFG Bank, Ltd.		Series D 2027 Notes		6.84%		S +	3.10%		08/05/2027			100,000				(860	)			—				(860	)
MUFG Bank, Ltd.		Series D 2029 Notes		6.91%		S +	3.385%		08/05/2029			200,000				(3,864	)			—				(3,864	)
											$	1,185,000			$	(9,984	)		$	—			$	(17,534	)

 

(a)

Contains a variable rate structure. Bears interest at a rate determined by SOFR (“S”).

(b)

Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense in the Consolidated Statements of Operations. For further details, see Note 2 “Significant Accounting Policies” and Note 6 “Debt”.

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.

(2)

Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E"), or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P"), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. 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, 2024. As of December 31, 2024, the reference rates for our variable rate loans were the C at 3.32%, 1-month E at 2.85%, 1-month S at 4.33%, 3-month S at 4.31%, 6-month S at 4.25%,SA at 4.70% and the P at 7.50%.

(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") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").

(5)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6)

These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(7)

Assets or a portion thereof are pledged as collateral for the JPM (as defined below). See Note 6 “Debt”.

(8)

Assets or a portion thereof are pledged as collateral for the Wells Funding Facility (as defined below). See Note 6 “Debt”.

(9)

Assets or a portion thereof are pledged as collateral for the CBNA Funding Facility (as defined below). See Note 6 “Debt”.

(10)

Loan includes interest rate floor of 1.00%.

(11)

Loan includes interest rate floor of 0.75%

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

(12)

Loan includes interest rate floor of 0.50%

(13)

The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

(14)

Position or portion thereof unsettled as of December 31, 2024.

(15)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 6.40% of total assets as calculated in accordance with regulatory requirements.

(16)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $58,032 or 1.77% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(17)

Investment was on non-accrual status as of December 31, 2024.

(18)

Non-income producing security.

(19)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date started. See below for more information on the Company’s unfunded commitments as of December 31, 2024

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt
48Forty Solutions, LLC		Revolver		11/30/2029		$	4,057			$	(1,436	)
ARI Network Services, Inc.		Revolver		08/28/2026			1,032				(4	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026			2,158				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			4,975				—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027			600				—
Accordion Partners, LLC		Delayed Draw Term Loan		11/15/2026			8,869				(44	)
Accordion Partners, LLC		Revolver		11/17/2031			5,913				(58	)
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			1,191				—
Alert Media, Inc.		Revolver		04/12/2027			3,870				(44	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026			1,879				—
Answer Acquisition, LLC		Revolver		12/30/2026			3,500				(24	)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026			3,127				(33	)
Any Hour, LLC		Revolver		05/23/2030			900				(10	)
Apex Service Partners, LLC		Revolver		10/24/2029			1,819				—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		12/30/2026			5,859				(29	)
Apollo Acquisition, Inc.		Revolver		12/30/2030			2,344				(23	)
Appfire Technologies, LLC		Delayed Draw Term Loan		03/31/2025			2,125				—
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026			1,465				—
Appfire Technologies, LLC		Revolver		03/09/2028			579				—
Applitools, Inc.		Revolver		05/25/2028			1,600				(14	)
Aptean, Inc.		Delayed Draw Term Loan		01/30/2026			3,222				(5	)
Aptean, Inc.		Revolver		01/30/2031			5,903				(8	)
Arcoro Holdings Corp.		Revolver		03/28/2030			8,609				(63	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			5,345				—
Artifact Bidco, Inc.		Revolver		07/26/2030			3,818				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026			2,245				—
Ascend Partner Services, LLC		Revolver		08/11/2031			180				—
Assembly Intermediate, LLC		Revolver		10/19/2027			889				—

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			705				—
Associations, Inc.		Revolver		07/03/2028			339				—
Atlas Us Finco, Inc.		Revolver		12/09/2028			1,360				—
AuditBoard, Inc.		Delayed Draw Term Loan		07/12/2026			16,286				—
AuditBoard, Inc.		Revolver		07/14/2031			6,514				—
Avalara, Inc.		Revolver		10/19/2028			2,242				—
Bottomline Technologies, Inc.		Revolver		05/15/2028			1,733				—
Bradyplus Holdings, LLC		Delayed Draw Term Loan		10/31/2025			1,026				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		06/03/2026			2,293				(26	)
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			770				—
Bullhorn, Inc.		Revolver		10/01/2029			399				—
CLEO Communications Holding, LLC		Revolver		06/09/2027			5,358				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		01/29/2026			8,971				(106	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			4,309				(51	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			2,206				—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			809				—
Caerus US 1, Inc.		Revolver		05/25/2029			4,044				(123	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			7,438				(37	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			2,975				(29	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			1,727				(26	)
Cerity Partners, LLC		Delayed Draw Term Loan		06/07/2026			3,423				—
Cerity Partners, LLC		Revolver		07/30/2029			707				—
Chase Intermediate, LLC		Delayed Draw Term Loan		08/31/2025			11,574				(17	)
Chase Intermediate, LLC		Revolver		10/30/2028			978				—
Citrin Cooperman Advisors, LLC		Delayed Draw Term Loan		12/13/2025			248				—
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,667				—
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026			5,298				(30	)
Consor Intermediate II, LLC		Revolver		05/12/2031			1,413				(8	)
Coupa Holdings, LLC		Delayed Draw Term Loan		08/27/2025			851				(4	)

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Coupa Holdings, LLC		Revolver		02/27/2029			651				(3	)
Cyara AcquisitionCo, LLC		Revolver		06/28/2029			3,832				—
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			10,706				—
Diligent Corporation		Revolver		08/02/2030			7,137				—
Drivecentric Holdings, LLC		Revolver		08/15/2031			4,059				(3	)
Dwyer Instruments, Inc.		Delayed Draw Term Loan		11/20/2026			2,020				(10	)
Dwyer Instruments, Inc.		Revolver		07/20/2029			5,478				—
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			4,354				(17	)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2025			11,946				—
EVDR Purchaser, Inc.		Revolver		02/14/2031			5,973				—
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			1,417				—
Eclipse Buyer, Inc.		Revolver		09/06/2031			719				—
Encore Holdings, LLC		Delayed Draw Term Loan		10/31/2026			303				(2	)
Encore Holdings, LLC		Delayed Draw Term Loan		12/20/2026			4,872				(12	)
Encore Holdings, LLC		Revolver		11/23/2027			2,695				(10	)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026			1,981				(18	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			1,918				(23	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			5,154				—
Essential Services Holding Corporation		Revolver		06/17/2030			3,222				—
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			11,101				—
Everbridge Holdings, LLC		Revolver		07/02/2031			7,303				—
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2025			1,032				(11	)
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2026			12,000				(112	)
Excelitas Technologies Corp.		Revolver		08/14/2028			3,095				(32	)
FLS Holding, Inc.		Revolver		12/17/2027			1,138				(121	)
FMG Suite Holdings, LLC		Revolver		10/30/2026			994				(8	)
FORTIS Solutions Group, LLC		Delayed Draw Term Loan		06/24/2025			9,627				—
FORTIS Solutions Group, LLC		Revolver		10/15/2027			1,169				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		12/31/2025			112				—

98

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Formstack Acquisition Co		Delayed Draw Term Loan		03/30/2026			17,485				(110	)
Formstack Acquisition Co		Revolver		03/28/2030			10,519				(66	)
Foundation Risk Partners Corp.		Revolver		10/29/2029			4,283				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/25/2025			16,967				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		02/23/2026			3,352				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		05/01/2026			10,125				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		06/30/2026			1,125				0
Fullsteam Operations, LLC		Revolver		11/27/2029			1,118				—
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/04/2026			17,742				(135	)
GC Waves Holdings, Inc.		Revolver		10/04/2030			1,723				(13	)
GI DI Cornfield Acquisition, LLC		Delayed Draw Term Loan		05/31/2026			16,333				(158	)
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/02/2026			3,668				—
GPS Merger Sub, LLC		Revolver		10/02/2029			2,934				—
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026			3,028				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			5,318				—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026			4,235				—
Galway Borrower, LLC		Revolver		09/29/2028			3,265				—
Gateway US Holdings, Inc.		Delayed Draw Term Loan		11/14/2026			1,300				(13	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			484				—
Granicus, Inc.		Delayed Draw Term Loan		01/17/2026			1,383				(2	)
Granicus, Inc.		Revolver		01/17/2031			8,771				—
GraphPad Software, LLC		Delayed Draw Term Loan		06/28/2026			10,055				—
GraphPad Software, LLC		Revolver		06/30/2031			4,190				—
Ground Penetrating Radar Systems, LLC		Delayed Draw Term Loan		04/02/2027			5,302				—
Ground Penetrating Radar Systems, LLC		Revolver		04/02/2031			1,563				—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026			3,759				—
HSI Halo Acquisition, Inc.		Revolver		06/28/2030			3,031				—
Heartland Veterinary Partners, LLC		Revolver		12/10/2026			1,298				—
Helios Service Partners, LLC		Delayed Draw Term Loan		02/10/2025			10,016				(70	)

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Helios Service Partners, LLC		Revolver		03/19/2027			4,053				(1	)
Hercules Borrower, LLC		Delayed Draw Term Loan		04/05/2026			29,963				(96	)
Hercules Borrower, LLC		Delayed Draw Term Loan		04/17/2025			2,176				(670	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		03/27/2026			16,321				(70	)
High Street Buyer, Inc.		Delayed Draw Term Loan		02/04/2025			802				—
High Street Buyer, Inc.		Delayed Draw Term Loan		03/11/2026			21,972				(73	)
High Street Buyer, Inc.		Revolver		04/16/2027			915				—
Hootsuite, Inc.		Revolver		05/22/2030			2,100				(18	)
Hyland Software, Inc.		Revolver		09/19/2029			3,699				—
IG Investment Holdings, LLC		Revolver		09/22/2028			3,736				(36	)
Icefall Parent, Inc.		Revolver		01/25/2030			2,471				(39	)
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			1,884				—
Imagine 360, LLC		Revolver		10/02/2028			1,166				—
Inszone Mid, LLC		Delayed Draw Term Loan		11/10/2025			3,386				—
Inszone Mid, LLC		Delayed Draw Term Loan		07/24/2026			10,025				—
Inszone Mid, LLC		Revolver		11/12/2029			3,308				—
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			1,097				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			2,531				(7	)
Invictus Buyer, LLC		Revolver		06/03/2031			938				(3	)
Iris Buyer, LLC		Delayed Draw Term Loan		04/02/2025			980				—
Iris Buyer, LLC		Revolver		10/02/2029			2,883				—
Jonathan Acquisition Company		Revolver		12/22/2025			1,579				—
KENG Acquisition, Inc.		Delayed Draw Term Loan		08/01/2025			4,659				(23	)
KENG Acquisition, Inc.		Delayed Draw Term Loan		07/17/2026			1,912				(9	)
KENG Acquisition, Inc.		Revolver		08/01/2029			3,040				(15	)
Kaseya, Inc.		Delayed Draw Term Loan		06/23/2025			2,339				—
Kaseya, Inc.		Revolver		06/25/2029			2,358				—
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		10/01/2025			1,890				—
LJ Avalon Holdings, LLC		Revolver		02/01/2029			486				—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
LeadVenture, Inc.		Delayed Draw Term Loan		08/28/2026			2,196				(8	)
LegitScript, LLC		Revolver		06/24/2028			3,984				—
Lightspeed Buyer, Inc.		Delayed Draw Term Loan		06/01/2025			1,041				—
Lightspeed Buyer, Inc.		Revolver		02/03/2027			279				—
LogRhythm, Inc.		Revolver		07/02/2029			682				(12	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		08/29/2026			1,869				—
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			894				—
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			857				—
MRI Software, LLC		Delayed Draw Term Loan		09/04/2026			6,786				(3	)
MRI Software, LLC		Revolver		02/10/2027			5,176				(4	)
Magneto Components Buyco, LLC		Delayed Draw Term Loan		06/05/2025			9,516				(65	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			7,930				(54	)
Magnolia Wash Holdings		Revolver		07/14/2028			215				(20	)
Mantech International CP		Delayed Draw Term Loan		06/14/2025			5,023				—
Mantech International CP		Revolver		09/14/2028			4,800				—
Mobile Communications America, Inc.		Delayed Draw Term Loan		10/16/2025			3,560				—
Mobile Communications America, Inc.		Revolver		10/16/2029			1,651				—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			5,429				—
Model N, Inc.		Revolver		06/27/2031			2,896				—
Montana Buyer, Inc.		Revolver		07/22/2028			3,074				—
NSi Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			4,079				(19	)
NSi Holdings, Inc.		Revolver		11/15/2031			4,079				(40	)
Nasuni Corporation		Revolver		09/10/2030			4,490				—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			1,579				(10	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		02/01/2025			3,903				(34	)
Oak Purchaser, Inc.		Revolver		04/28/2028			1,241				(11	)
Optimizely North America, Inc.		Revolver		10/30/2031			2,665				(26	)
Orion Group Holdco, LLC		Delayed Draw Term Loan		04/29/2026			2,286				(16	)
PDFTron Systems, Inc.		Revolver		07/15/2026			2,200				(3	)

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
PDI TA Holdings, Inc.		Delayed Draw Term Loan		02/01/2026			3,789				(20	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			3,754				(20	)
PMA Parent Holdings, LLC		Revolver		01/31/2031			240				(3	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026			4,240				—
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			10,788				—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			234				—
Peter C. Foy & Associates Insurance Services, LLC		Delayed Draw Term Loan		04/23/2026			746				(3	)
Peter C. Foy & Associates Insurance Services, LLC		Revolver		11/01/2027			532				—
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027			275				(1	)
Pound Bidco, Inc.		Delayed Draw Term Loan		02/01/2027			10				—
Pound Bidco, Inc.		Revolver		02/01/2027			388				(1	)
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026			1,005				(5	)
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028			952				—
Project Accelerate Parent, LLC		Revolver		02/24/2031			4813				—
Project Boost Purchaser, LLC		Revolver		05/02/2028			586				—
Project Potter Buyer, LLC		Revolver		04/23/2026			885				—
Pye-Barker Fire & Safety, LLC		Delayed Draw Term Loan		05/24/2026			4,670				—
Pye-Barker Fire & Safety, LLC		Revolver		05/24/2030			2,197				—
RFS Opco, LLC		Revolver		04/04/2029			21,320				(83	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		11/01/2025			3,332				—
Randy's Holdings, Inc.		Revolver		11/01/2029			1,217				—
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029			2,791				(9	)
Raven Acquisition Holdings, LLC		Delayed Draw Term Loan		11/19/2026			333				1
Redwood Services Group, LLC		Delayed Draw Term Loan		02/05/2026			627				(4	)
Revalize, Inc.		Revolver		04/15/2027			215				(15	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			16,890				(46	)
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			4,110				(11	)
Riskonnect Parent, LLC		Delayed Draw Term Loan		03/01/2026			5,249				(40	)
Riskonnect Parent, LLC		Revolver		12/07/2028			4,463				(34	)

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
RoadOne IntermodaLogistics		Revolver		12/29/2028			197				(4	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			2,216				—
Routeware, Inc.		Revolver		09/18/2031			511				—
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			4,486				(22	)
Runway Bidco, LLC		Revolver		12/17/2031			2,243				(22	)
SV Newco 2, Inc.		Delayed Draw Term Loan		05/31/2026			22,051				(174	)
SV Newco 2, Inc.		Revolver		06/02/2031			13,231				(105	)
Securonix, Inc.		Revolver		04/05/2028			5,281				(467	)
Sherlock Buyer Corp.		Revolver		12/08/2027			2,978				—
Smarsh, Inc.		Delayed Draw Term Loan		02/18/2025			1,071				—
Smarsh, Inc.		Revolver		02/16/2029			321				—
Sonny's Enterprises, LLC		Delayed Draw Term Loan		06/05/2026			3,067				(98	)
Sonny's Enterprises, LLC		Revolver		08/05/2027			4,173				(134	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			2,125				(15	)
Spark Buyer, LLC		Revolver		10/15/2031			1,063				(15	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		03/24/2026			439				(2	)
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027			378				(2	)
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		04/25/2026			2,250				(5	)
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026			1,250				—
Superman Holdings, LLC		Delayed Draw Term Loan		08/28/2026			8,299				—
Superman Holdings, LLC		Revolver		08/29/2031			3,675				—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		12/28/2025			845				—
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			305				—
Suveto		Revolver		09/09/2027			528				(5	)
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			720				(3	)
Sweep Purchaser, LLC		Revolver		06/30/2027			469				—
Tamarack Intermediate, LLC		Revolver		03/13/2028			3,375				—
Tank Holding Corp.		Delayed Draw Term Loan		11/22/2025			904				(4	)
Tank Holding Corp.		Revolver		03/31/2028			1,867				(37	)

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Thrive Buyer, Inc. (Thrive Networks)		Revolver		01/22/2027			227				—
Tidi Legacy Products, Inc.		Delayed Draw Term Loan		06/19/2025			2,961				(5	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			2,132				(4	)
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			4,318				—
Transit Technologies, LLC		Revolver		08/20/2030			2,591				—
Trintech, Inc.		Revolver		07/25/2029			4,336				(63	)
Triple Lift, Inc.		Revolver		05/05/2028			1,714				(73	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			2,193				(11	)
Trunk Acquisition, Inc.		Revolver		02/19/2026			1,071				(6	)
Two Six Labs, LLC		Delayed Draw Term Loan		10/09/2025			5,000				(14	)
Two Six Labs, LLC		Revolver		08/20/2027			915				(2	)
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			7,727				(38	)
UHY Advisors, Inc.		Revolver		11/21/2031			2,045				(20	)
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			2,125				—
UpStack, Inc.		Revolver		08/25/2031			722				—
V Global Holdings, LLC		Revolver		12/22/2025			927				(46	)
VRC Companies, LLC		Revolver		06/29/2027			959				—
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026			222				—
Vehlo Purchaser, LLC		Delayed Draw Term Loan		10/05/2025			41,821				(263	)
Vehlo Purchaser, LLC		Revolver		05/24/2028			411				(3	)
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026			5,588				—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			3,334				(24	)
Verdantas, LLC		Revolver		05/06/2030			3,538				(36	)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			1,229				(6	)
Vertex Service Partners, LLC		Revolver		11/08/2030			293				—
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			8,333				—
Vessco Midco Holdings, LLC		Revolver		07/24/2031			3,771				—
Victors Purchaser, LLC		Delayed Draw Term Loan		08/15/2026			2,685				—
Victors Purchaser, LLC		Revolver		08/15/2031			1,305				—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
World Insurance Associates, LLC		Revolver		04/03/2028			970				(21	)
YI, LLC		Delayed Draw Term Loan		06/01/2025			3,727				—
YI, LLC		Revolver		12/03/2029			2,795				—
Zarya Intermediate, LLC		Revolver		07/01/2027			3,789				(4	)
iCIMS, Inc.		Revolver		08/18/2028			491				—
Total First Lien Debt Unfunded Commitments						$	1,035,399			$	(6,633	)
Total Unfunded Commitments						$	1,035,399			$	(6,633	)

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North Haven Private Income Fund LLC

Notes to the Consolidated Financial Statements

September 30, 2025

(In thousands, except unit and per unit amounts)

(1) ORGANIZATION

North Haven Private Income Fund LLC (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for US federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of, or consolidated with, Morgan Stanley.

The Company was formed as a Delaware limited liability company on March 4, 2021 and commenced investment operations on February 1, 2022. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the “Adviser” or “Investment Adviser”).

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

The Company is conducting a continuous private offering of its units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The Company has offered and currently intends to offer one class of units, Class S Units (the “Units”) in its continuous private offering.

On July 15, 2024, the Company acquired SL Investment Corp. (“SLIC”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 28, 2024, by and among SLIC, the Company, Cobalt Merger Sub, Inc. (“Merger Sub”), a wholly-owned subsidiary of the Company, and the Adviser. Pursuant to the Merger Agreement, SLIC was merged with and into the Company in a two-step transaction with the Company as the surviving company (the “SLIC Acquisition”). See Note 11 “SLIC Acquisition.”

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company's functional currency is U.S. Dollars (“USD”) and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to Regulation S-X. 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”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2025.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position, or the consolidated results of operations as previously reported.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

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 accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of September 30, 2025, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: PIF CA SPV LLC (“CA SPV”), NHPIF Equity Holdings SPV LLC (“Equity Holdings”), PIF Financing SPV LLC (“Financing SPV”), PIF Financing II SPV LLC (“Financing II SPV”), Broadway Funding Holdings LLC (“Broadway Holdings”), SLIC Financing SPV LLC (“SLIC Financing SPV”), SLIC CA SPV

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LLC (“SLIC CA”), SLIC Equity Holdings LLC (“SLIC Equity Holdings”), PIF Lending SPV LLC (“Lending SPV” and, collectively with CA SPV, Equity Holdings, Financing SPV, Financing II SPV, Broadway Holdings, SLIC Financing SPV, SLIC CA, SLIC Equity Holdings and NHPIF SPV the “subsidiaries”), The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments with original maturities of three months or less, and restricted cash pledged as collateral. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Money Market Funds

Investments in money market funds are valued at NAV per share and are included in Investments in unaffiliated money market fund in the Consolidated Statements of Financial Condition.

Foreign Currency Translation

Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company applies fair value to its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”) issued by the FASB. The Company’s Board of Directors (the “Board of Directors” or the “Board”) has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company's framework for determining fair value, fair value hierarchies, and the composition of the Company's portfolio.

Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments, except as described in Note 6. “Debt”. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that 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. Pursuant to 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. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so.

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Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. 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 investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. 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 is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to continue to qualify as a RIC, even though the Company has not yet collected cash.

Dividend Income

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. Dividend income is presented net of withholding tax, if any.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of September 30, 2025 and December 31, 2024, the Company had certain investments in five portfolio companies that were on non-accrual status. The amortized cost of investments on non-accrual status as of September 30, 2025 and December 31, 2024 was $71,436 and $29,237, respectively.

Deferred Financing Costs and Debt Issuance Costs

The Company records upfront fees, legal and other direct costs incurred in connection with the Company’s issuance of revolving credit facilities (the “Deferred Financing Costs”). These costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method. Deferred Financing Costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Financial Condition. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses.

The Company records costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Financial Condition.

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as distributions.

In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

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The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90 % of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98 % of its ordinary income for each calendar year, (2) 98.2 % of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and nine months ended September 30, 2025 the Company accrued $0 and $0 of U.S. federal excise tax, respectively. For the three and nine months ended September 30, 2024 the Company accrued $0 and $15 of U.S. federal excise tax, respectively.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company’s chief operating decision maker (the “CODM”) includes the Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in net assets resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company’s distribution policy, portfolio construction and deployment, and strategic initiatives. 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.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

(3) RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On November 4, 2021, the Company entered into an investment advisory agreement with our Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s unitholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Investment Advisory Agreement was most recently approved in August 2025.

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately be borne by the unitholders.

Base Management Fee

The base management fee is calculated at an annual rate of 1.25 % of the Company’s average net asset value at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any subsequent month prior to the termination of the Investment Advisory Agreement, and any such recoupment would be subject to any applicable expense waiver. Base management fees for any partial month are prorated based on the number of days in the month. The base management fee is payable quarterly in arrears, any base management fees waived are not subject to recoupment by the Adviser.

For the three and nine months ended September 30, 2025, base management fees were $6,863, and $20,657, net of waiver, respectively. For the three and nine months ended September 30, 2024, base management fees were $9,677 and $26,620, net of waiver, respectively. As of September 30, 2025 and December 31, 2024, $6,863 and $7,337, respectively, was payable to the Investment Adviser relating to base management fees.

Incentive Fee

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.

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i. Incentive Fee based on Income

Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee and any servicing fees and/or distribution fees paid to broker dealers. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Investment Advisory Agreement, the Company pays the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:

•

No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);

•

100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.4286% in any quarter (5.7143% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 12.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter; and

•

12.5% of the pre-incentive fee net investment income, if any, that exceeds 1.4286% in any calendar quarter (5.7143% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all the Company’s pre-incentive fee net investment income is paid to the Investment Adviser.

For the three and nine months ended September 30, 2025, income-based incentive fees were $7,625, and $23,183, net of waiver, respectively. For the three and nine months ended September 30, 2024, income based fees were $12,045 and $27,400, net of waiver, respectively. As of September 30, 2025 and December 31, 2024, $7,625 and $8,399, respectively, was payable to the Investment Adviser relating to income-based incentive fees.

ii. Incentive Fee based on Capital Gains

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”).

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three and nine months ended September 30, 2025, and 2024, there were no capital gains incentive fees accrued to the Investment Adviser.

The Investment Advisory Agreement does not include unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to the administration agreement between the Company and the Administrator dated November 4, 2021 (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently re-approved in August 2025.

For the three and nine months ended September 30, 2025, the Company incurred $50 and $104, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company incurred $57 and $109, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in the payable to affiliates on the Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024 were $100 and $88, respectively.

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Placement Agent Agreements

On November 9, 2021, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates assist in the placement of Units in the Company’s private offering. The Company is not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement, which payments are made by the Investment Adviser and, to the extent the Paying Agent receives any payments, the Paying Agent.

On November 9, 2021, the Company entered into a placement agency agreement (the “MSDI Agreement”) with Morgan Stanley Distribution Inc. (“MSDI”). Under the terms of the MSDI Agreement, MSDI assists in the placement of Units in the Company’s private offering. The Company pays servicing fees to MSDI calculated based on the net asset values of each eligible class of units and calculated in arrears.

For the three and nine months ended September 30, 2025, the Company incurred $7,240, and $21,787 expenses, respectively, under the MSDI Agreement, which were recorded in servicing fees on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, the Company incurred $6,581 and $18,101 expenses, respectively, under the MSDI Agreement, which were recorded in servicing fees on the Consolidated Statements of Operations. Amounts unpaid and included in the accrued expenses and other liabilities on the Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024 were $5,451 and $5,211, respectively.

Expense Support and Conditional Reimbursement Agreement

On November 30, 2021, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser, which was subsequently amended on March 15, 2022 (as amended, the “Expense Support Agreement”). The Investment Adviser may elect to pay the Company’s expenses on its behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any of the Company’s interest expense and/or unitholder servicing fees. The Expense Support Agreement may require the Company to repay the Investment Adviser for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver.

For the three and nine months ended September 30, 2025, the Company did not incur any organization costs, offering costs or expense support. For the three and nine months ended September 30, 2025, the Investment Adviser recaptured $— of previously waived amounts from the Company. As of September 30, 2025, the Company had reimbursed the Investment Adviser all organization and offering costs incurred and there were no organization and offering costs payable on the Consolidated Statements of Financial Condition.

Indemnification Agreements

The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act, and are generally consistent with the indemnification provisions of the Company’s certificate of incorporation and bylaws. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.

MS Credit Partners Holdings, Inc. Investment

MS Credit Partners Holdings, Inc. (“MS Credit Partners Holdings”), a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements and has made an aggregate capital contribution of $25,000, in exchange for 1,256,051 Units. MS Credit Partners Holdings has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

Morgan Stanley & Co. Related Transactions

Morgan Stanley & Co. LLC, an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as a co-agent in connection with the private placement of the Company’s Series A Notes (as defined below in Note 6) and the Company’s Series B Notes (as defined below in Note 6) pursuant to note purchase agreements dated March 16, 2023 and August 10, 2023, respectively, and received fees of $175 and $118 at closing, respectively.

Morgan Stanley & Co. LLC also served as an initial purchaser in connection with the Company’s 2030 Notes (as defined below in Note 6) and the Company’s 2028 Notes (as defined below in Note 6) pursuant to supplemental indentures dated October 1, 2024 and September 25, 2025, respectively, and received fees of $180 and $180 at closing, respectively.

These fees are deferred and amortized over the life of the related term obligation using the straight-line method. Any unamortized amounts are presented as a reduction to the outstanding term debt principal amount on the Consolidated Statements of Financial Condition.

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(4) INVESTMENTS

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled, non-affiliated, non-controlled,affiliated or controlled,affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company’s investment portfolio was as follows:

 

		September 30, 2025												December 31, 2024
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	6,612,057			$	6,559,552				98.5		%	$	6,022,749			$	5,997,696				98.6		%
Second Lien Debt			30,733				30,733				0.5				16,613				16,771				0.3
Other Debt Investments			11,699				11,313				0.2				6,453				6,520				0.1
Equity			60,105				56,125				0.8				57,745				58,032				1.0
Total		$	6,714,594			$	6,657,723				100.0		%	$	6,103,560			$	6,079,019				100.0		%

 

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The industry composition of investments at fair value was as follows:

 

		September 30, 2025				December 31, 2024 (1)
Aerospace & Defense			1.4		%		1.5		%
Air Freight & Logistics			0.9				0.9
Automobile Components			1.5				1.6
Automobiles			2.6				2.1
Beverages			0.2				—
Biotechnology			—				0.6
Building Products			0.2				0.3
Capital Markets			0.1				—
Chemicals			1.1				1.3
Commercial Services & Supplies			8.5				8.5
Construction & Engineering			2.1				2.0
Consumer Staples Distribution & Retail			0.7				0.7
Containers & Packaging			1.1				1.1
Distributors			2.2				2.8
Diversified Consumer Services			5.5				5.7
Electric Utilities			0.1				0.1
Electrical Equipment			0.4				0.1
Electronic Equipment, Instruments & Components			3.6				3.4
Entertainment			—				0.1
Financial Services			4.1				3.1
Food Products (2)			—				0.1
Ground Transportation			1.0				0.6
Health Care Equipment & Supplies			1.0				1.2
Health Care Providers & Services			6.5				6.5
Health Care Technology			1.7				2.0
Household Durables			0.1				0.1
Independent Power and Renewable Electricity Producers			0.1				—
Industrial Conglomerates			2.4				2.5
Insurance Services			9.2				11.0
Interactive Media & Services			0.7				0.7
IT Services			5.4				5.0
Leisure Products			0.1				0.1
Life Sciences Tools & Services			0.4				0.7
Machinery			1.9				1.7
Media			0.1				0.1
Multi-Utilities			1.4				1.5
Pharmaceuticals			1.1				0.7
Professional Services			5.6				5.6
Real Estate Management & Development			2.3				2.2
Software			21.3				21.0
Specialty Retail			0.1				0.1
Textiles, Apparel & Luxury Goods			0.2				0.1
Trading Companies & Distributors			0.1				0.1
Transportation Infrastructure			0.2				0.2
Wireless Telecommunication Services			0.8				0.3
Total			100.0		%		100.0		%

 

(1) The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2024 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the prior period’s Consolidated Statement of Financial Condition.

(2) Rounds to 0.

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The geographic composition of investments at cost and fair value was as follows:

 

		September 30, 2025												December 31, 2024
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
Australia		$	64,303			$	65,084				1.0		%	$	35,737			$	36,465				0.6		%
Canada			133,371				134,201				2.0				118,951				119,346				2.0
United Kingdom			47,782				48,247				0.7				46,293				45,550				0.7
United States			6,469,138				6,410,191				96.3				5,902,579				5,877,658				96.7
Total		$	6,714,594			$	6,657,723				100.0		%	$	6,103,560			$	6,079,019				100.0		%

 

(5)

FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, 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 the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below). As part of the valuation process, the Valuation Designee takes into account relevant factors and appropriate techniques in determining the fair value of the Company’s investments, with the assistance of the independent valuation firms (“Valuation Firms”). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and the discounted cash flow analyses. Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

•

With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•

With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser’s valuation policy;

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•

The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

•

The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser’s senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

•

Each quarter, the Company’s audit committee (the “Audit Committee”) reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and

•

The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

The following tables present the fair value hierarchy of the investments as of:

 

 

	September 30, 2025															December 31, 2024
	Level 1				Level 2				Level 3				Total			Level 1				Level 2				Level 3				Total
First Lien Debt	$	—			$	586,411			$	5,973,141			$	6,559,552		$	—			$	555,530			$	5,442,166			$	5,997,696
Second Lien Debt		—				14,826				15,907				30,733			—				14,659				2,112				16,771
Other Debt Investments		—				—				11,313				11,313			—				—				6,520				6,520
Equity		—				2,037				54,088				56,125			—				2,037				55,995				58,032
Total Investments	$	—			$	603,274			$	6,054,449			$	6,657,723		$	—			$	572,226			$	5,506,793			$	6,079,019
Cash and cash equivalents	$	149,756			$	—			$	—			$	149,756		$	159,788			$	—			$	—			$	159,788
Unaffiliated money market	$	34,869			$	—			$	—			$	34,869		$	58,216			$	—			$	—			$	58,216

 

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2025:

 

	First Lien Debt				Second Lien Debt				Other Debt				Equity			Total Investments
Fair value, beginning of period	$	5,828,001			$	15,701			$	11,058			$	52,782		$	5,907,542
Purchases of investments (1)		410,049				—				—				3,298			413,347
Proceeds from principal repayments and sales of investments (2)		(262,276	)			—				—				(1,249	)		(263,525	)
Accretion of discount/amortization of premium		6,159				—				18				—			6,177
Payment-in-kind		3,401				203				290				259			4,153
Net change in unrealized appreciation (depreciation)		(6,683	)			3				(53	)			(1,156	)		(7,889	)
Net realized gains (losses)		(5,510	)			—				—				154			(5,356	)
Transfers into/(out) of Level 3 (3)		—				—				—				—			—
Fair value, end of period	$	5,973,141			$	15,907			$	11,313			$	54,088		$	6,054,449
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025	$	(6,104	)		$	3			$	(53	)		$	(1,157	)	$	(7,311	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2025:

 

	First Lien Debt				Second Lien Debt				Other Debt				Equity			Total Investments
Fair value, beginning of period	$	5,442,166			$	2,112			$	6,520			$	55,995		$	5,506,793
Purchases of investments (1)		1,310,264				13,407				4,468				7,584			1,335,723
Proceeds from principal repayments and sales of investments (2)		(778,133	)			—				—				(9,722	)		(787,855	)
Accretion of discount/amortization of premium		17,517				1				81				—			17,599
Payment-in-kind		14,266				414				696				1,225			16,601
Net change in unrealized appreciation (depreciation)		(22,568	)			(27	)			(452	)			(4,267	)		(27,314	)
Net realized gains (losses)		(12,440	)			—				—				3,273			(9,167	)
Transfers into/(out) of Level 3 (3)		2,069				—				—				—			2,069
Fair value, end of period	$	5,973,141			$	15,907			$	11,313			$	54,088		$	6,054,449
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025	$	(20,134	)		$	(27	)		$	(452	)		$	(4,162	)	$	(24,775	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2024:

 

	First Lien Debt				Second Lien Debt				Other Securities				Equity			Total Investments
Fair value, beginning of period	$	3,711,698			$	771			$	5,456			$	40,056		$	3,757,981
Purchases of investments (1)		1,772,718				2,142				652				12,941			1,788,453
Proceeds from principal repayments and sales of investments (1)		(347,106	)			(1,000	)			—				(173	)		(348,279	)
Accretion of discount/amortization of premium		6,842				1				27				—			6,870
Payment-in-kind		3,366				17				130				375			3,888
Net change in unrealized appreciation (depreciation)		(1,608	)			10,504				50				312			9,258
Net realized gains (losses)		(9,102	)			(10,505	)			—				(182	)		(19,789	)
Transfers into/(out) of Level 3 (2)		(17,911	)			—				—				—			(17,911	)
Fair value, end of period	$	5,118,897			$	1,930			$	6,315			$	53,329		$	5,180,471
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	(783	)		$	10,504			$	51			$	312		$	10,084

 

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2024:

 

	First Lien Debt				Second Lien Debt				Other Securities				Equity			Total Investments
Fair value, beginning of period	$	2,710,858			$	21,708			$	2,484			$	33,352		$	2,768,402
Purchases of investments (1)		2,995,680				2,406				3,537				17,201			3,018,824
Proceeds from principal repayments and sales of investments (1)		(599,654	)			(17,500	)			—				(173	)		(617,327	)
Accretion of discount/amortization of premium		14,066				393				34				—			14,493
Payment-in-kind		8,692				26				217				3,424			12,359
Net change in unrealized appreciation (depreciation)		9,353				5,402				43				(293	)		14,505
Net realized gains (losses)		(10,963	)			(10,505	)			—				(182	)		(21,650	)
Transfers into/(out) of Level 3 (2)		(9,135	)			—				—				—			(9,135	)
Fair value, end of period	$	5,118,897			$	1,930			$	6,315			$	53,329		$	5,180,471
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024	$	8,740			$	4,779			$	43				(293	)	$	13,269

 

(1)

Includes transactions relating to restructurings.

(2)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of September 30, 2025 and December 31, 2024 , respectively. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

 

	September 30, 2025
	Fair				Valuation		Significant Unobservable		Range (1)							Weighted
	Value				Technique (2)		Input		Low			High				Average (3)
Investments in first lien debt	$	5,962,574			Yield Analysis		Discount Rate			6.77	%		29.40	%			9.15	%
		10,567			Market Approach		EBITDA Multiple		8.25x			10.00x				9.78x
Investments in second lien debt		2,144			Yield Analysis		Discount Rate			10.02	%		15.29	%			13.29	%
		13,763			Market Approach		EBITDA Multiple									8.25x
Other debt		6,562			Yield Analysis		Discount Rate			14.45	%		15.20	%			14.81	%
		4,751			Market Approach		EBITDA Multiple		8.25x			9.00x				8.25x
Preferred equity		28,238			Income Approach		Discount Rate			12.09	%		15.66	%			13.43	%
		12,581			Market Approach		EBITDA Multiple		8.25x			15.43x				12.80x
Common equity		7,087			Market Approach		Revenue Multiple		3.30x			22.25x				11.24x
		6,182			Market Approach		EBITDA Multiple		1.50x			24.60x				12.20x
Total Investments	$	6,054,449

 

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the nine months ended September 30, 2025, two preferred equity positions with a combined fair value of $9.1 million transitioned from an income approach to a market approach valuation technique, two debt investments with a combined fair value of $10.4 million transitioned from a yield analysis to market approach valuation technique, and one debt investment with a fair value of $0.3 million transitioned from market approach to yield analysis valuation technique.

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(3)

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.

 

	December 31, 2024
	Fair				Valuation		Significant Unobservable		Range (1)							Weighted
	Value				Technique (2)		Input		Low			High				Average (3)
Investments in first lien debt	$	5,439,606			Yield Analysis		Discount Rate			7.92	%		34.06	%			10.10	%
		2,560			Market Approach		EBITDA Multiple									6.50x
Investments in second lien debt		2,112			Yield Analysis		Discount Rate			10.18	%		12.70	%			11.63	%
Other debt		6,225			Yield Analysis		Discount Rate			9.42	%		14.90	%			12.13	%
		295			Market Approach		EBITDA Multiple									9.00x
Preferred equity		42,434			Income Approach		Discount Rate			12.19	%		17.50	%			15.13	%
		2,462			Market Approach		EBITDA Multiple									8.50x
Common equity		5,043			Market Approach		Revenue Multiple		7.60x			12.70x				11.27x
		6,056			Market Approach		EBITDA Multiple		3.90x			18.70x				13.77x
Total Investments	$	5,506,793

 

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the year ended December 31, 2024, one unsecured debt position with a fair value of $3.07 million transitioned from an income approach to a yield analysis valuation technique.

(3)

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.

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

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Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facilities and unsecured notes are estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:

 

	September 30, 2025									December 31, 2024
	Level	Carrying Value				Fair Value				Carrying Value				Fair Value
ING Facility	3	$	261,484			$	261,484			$	313,352			$	313,352
Wells Funding Facility	3		224,250				224,250				381,250				381,250
CBNA Funding Facility	3		225,000				225,000				93,750				93,750
JPM Funding Facility	3		744,073				744,073				614,073				614,073
Series A 2026 Notes(1)(6)	3		203,663				203,562				203,112				202,899
Series A 2028 Notes(1)(6)	3		145,222				145,962				144,986				143,487
Series B 2026 Notes(2)(6)	3		106,639				106,555				106,345				106,170
Series B 2028 Notes(2)(6)	3		127,152				128,099				126,945				125,503
Series C 2027 Notes(3)(6)	3		135,850				137,748				135,515				137,188
Series C 2029 Notes(3)(6)	3		162,339				167,434				162,094				164,336
Series D 2027 Notes(4)(6)	3		99,293				100,194				99,007				99,146
Series D 2029 Notes(4)(6)	3		198,233				200,929				197,890				196,159
2030 Notes(5)	3		294,518				294,518				293,686				293,686
2028 Notes(7)	3		294,532				293,850				—				—
Total		$	3,222,248			$	3,233,658			$	2,872,005			$	2,870,999

 

(1)

The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $337 and $778, respectively, as of September 30, 2025, and $888 and $1,014, respectively, as of December 31, 2024.

(2)

The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $361 and $848, respectively, as of September 30, 2025, and $655 and $1,055, respectively, as of December 31, 2024.

(3)

The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $650 and $1,161, respectively, as of September 30, 2025, and $985 and $1,406, respectively, as of December 31, 2024.

(4)

The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $707 and $1,767, respectively, as of September 30, 2025, and $993 and $2,110, respectively, as of December 31, 2024.

(5)

The carrying value of the Company’s 2030 Notes (as defined below) was presented net of unamortized debt issuance cost of $3,271, as of September 30, 2025, and $3,721 as of December 31, 2024. The carrying value of the Company’s 2030 Notes (as defined below) was presented net of unamortized original issue discount of $2,211, as of September 30, 2025, and $2,587 as of December 31, 2024.

(6)

Inclusive of change in fair market value of effective hedge.

(7)

The carrying value of the Company’s 2028 Notes (as defined below) was presented net of unamortized debt issuance costs and unamortized original issue discount of $3,362, and $2,106, respectively, as of September 30, 2025.

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

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(6) DEBT

The Company’s outstanding debt obligations were as follows:

 

	September 30, 2025												December 31, 2024
	Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
ING Facility(1)	$	1,350,000			$	261,484			$	1,087,903			$	1,350,000			$	313,352			$	1,036,036
Wells Funding Facility		900,000				224,250				675,750				900,000				381,250				518,750
CBNA Funding Facility		375,000				225,000				150,000				375,000				93,750				281,250
JPM Funding Facility		1,200,000				744,073				455,927				1,200,000				614,073				585,927
Series A 2026 Notes(2)		204,000				204,000				—				204,000				204,000				—
Series A 2028 Notes(2)		146,000				146,000				—				146,000				146,000				—
Series B 2026 Notes(3)		107,000				107,000				—				107,000				107,000				—
Series B 2028 Notes(3)		128,000				128,000				—				128,000				128,000				—
Series C 2027 Notes(4)		136,500				136,500				—				136,500				136,500				—
Series C 2029 Notes(4)		163,500				163,500				—				163,500				163,500				—
Series D 2027 Notes(5)		100,000				100,000				—				100,000				100,000				—
Series D 2029 Notes(5)		200,000				200,000				—				200,000				200,000				—
2030 Notes(6)		300,000				300,000				—				300,000				300,000				—
2028 Notes(7)		300,000				300,000				—				—				—				—
Total	$	5,610,000			$	3,239,807			$	2,369,580			$	5,310,000			$	2,887,425			$	2,421,963

 

(1)

As of September 30, 2025 and December 31, 2024, letters of credit of $613 and $613, respectively, were outstanding, which reduced the unused availability under the ING Facility by the same amount. Under the ING Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 12,216 and 12,216. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Canadian dollars (CAD) of 5,800 and 2,800, respectively. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in British Pound (GBP) of 2,200 and 2,200, respectively.

(2)

The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $337 and $778, respectively, as of September 30, 2025 and $888 and $1,014, respectively, as of December 31, 2024.

(3)

The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $361 and $848, respectively, as of September 30, 2025 and $655 and $1,055, respectively, as of December 31, 2024.

(4)

The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $650 and $1,161, respectively, as of September 30, 2025 and $985 and $1,406, respectively, as of December 31, 2024.

(5)

The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $707 and $1,767, respectively, as of September 30, 2025 and $993 and $2,110, respectively, as of December 31, 2024.

(6)

The carrying value of the Company’s 2030 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,271, as of September 30, 2025 and $3,721, as of December 31, 2024.

(7)

The carrying value of the Company’s 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,362 as of September 30, 2025.

 

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Combined weighted average interest rate (1)		6.98	%			7.98	%			7.07	%			8.33	%
Combined weighted average effective interest rate(2)		7.41	%			8.40	%			7.53	%			8.82	%
Combined weighted average debt outstanding	$	3,118,714			$	2,438,561			$	3,025,075			$	1,497,160

 

(1)

Excludes unused commitment fees, amortization of financing costs, accretion of original issue discount and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

(2)

Excludes unused commitment fees.

 

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As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the credit facilities, debt securitizations and each of the respective unsecured notes.

 

ING Facility

On February 1, 2022, the Company initially entered into a senior secured revolving credit agreement (as amended, restated, supplemented or otherwise modified from time to time, the “ING Facility”) with the Company, as borrower, ING, as administrative agent, Sumitomo Mitsui Banking Corporation, MUFG Union Bank, N.A., and Truist Securities, Inc. as joint lead arrangers, and the lenders from time to time party thereto. Pursuant to the ING Facility, the lenders have agreed to extend credit to the Company in an aggregate principal amount of up to $1,350,000, subject to availability under a borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the ING Facility may be increased to $2,025,000 through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The availability period of the ING Facility will terminate on July 15, 2028 and will mature on July 15, 2029.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the ING Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by The Wall Street Journal, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month SOFR plus 1% per annum) plus 0.875%, and (y) for loans for which the Company elects the SOFR option, the applicable SOFR rate for the related interest period for such borrowing plus 1.875% per annum. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the ING Facility.

The summary information of the ING Facility is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	2,247			$	5,399			$	9,683			$	6,318
Facility unused commitment fees		1,157				959				3,257				2,666
Amortization of deferred financing costs		535				495				1,575				1,131
Total	$	3,939			$	6,853			$	14,515			$	10,115
Weighted average interest rate		6.13	%			7.36	%			6.20	%			7.34	%
Weighted average effective interest rate		7.59	%			8.03	%			7.21	%			8.66	%
Weighted average outstanding balance	$	143,456			$	287,216			$	205,834			$	113,060

 

Wells Funding Facility

On June 29, 2022, the Company initially entered into (i) a contribution agreement (the “Wells Contribution Agreement”) with Financing SPV, pursuant to which the Company contributed to Financing SPV certain loans it has originated or acquired, or will originate or acquire (the “Loans”) from time to time, (ii) a loan and servicing agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Loan and Servicing Agreement” and, together with the Wells Contribution Agreement, the “Wells Agreements”) with Financing SPV, as the borrower, Wells Fargo Bank, National Association (“Wells”), as the administrative agent and swingline lender, the Company, as the equityholder and as the servicer, and State Street Bank and Trust Company, as collateral agent and as collateral custodian, pursuant to which Wells has agreed to extend credit to Financing SPV in an aggregate principal amount up to $900,000 at any one time outstanding (the “Wells Funding Facility”) and (iii) various supporting documentation, including an account control agreement.

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The obligations of Financing SPV under the Wells Funding Facility are secured by all of the assets held by Financing SPV, including the Loans contributed or transferred by the Company to Financing SPV. The Wells Funding Facility is a revolving funding facility with a reinvestment period ending September 12, 2028 and a final maturity date of September 12, 2030. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the Wells Funding Facility are available in US dollars, pound sterling, Euros or Canadian dollars, or Australian dollars, and subject to certain exceptions, the interest charged on the Wells Funding Facility is based on Daily Simple SOFR (Dollar), SONIA (GBP), EURIBOR (Euros), CORRA (Canadian dollars), BBSY (Australian dollars) or as applicable (or, if any such reference rate is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 1.50%), as applicable), plus a margin equal to 1.90%. SONIA, EURIBOR, CORRA and BBSY are subject to a floor of zero. Under the Wells Agreements, the Company and Financing SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Servicing Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing Wells, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the Wells Funding Facility.

The summary information of the Wells Funding Facility is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	6,223			$	9,808			$	18,835			$	12,757
Facility unused commitment fees		1,403				795				4,149				4,797
Amortization of deferred financing costs		549				505				1,598				1,241
Total	$	8,175			$	11,108			$	24,582			$	18,795
Weighted average interest rate		6.53	%			7.59	%			6.56	%			7.69	%
Weighted average effective interest rate		7.11	%			7.98	%			7.12	%			8.44	%
Weighted average outstanding balance	$	372,717			$	505,967			$	378,375			$	217,897

 

CBNA Funding Facility

On September 12, 2023, the Company entered into (i) a contribution agreement (the “CBNA Contribution Agreement”) with Financing II SPV, pursuant to which the Company will contribute to Financing II SPV certain loans it has originated or acquired, or will originate or acquire (the “Loans”) from time to time, (ii) a loan and security agreement (the “Loan and Security Agreement” and, together with the CBNA Contribution Agreement, the “CBNA Agreements”) with Financing II SPV, as the borrower, Citizens Bank, N.A. (“CBNA”), as the facility agent, the lenders party thereto (collectively, the “Lenders”), the Company, as the servicer, as the equityholder and as the transferor, and State Street Bank and Trust Company, as collateral agent, as account bank and as collateral custodian, pursuant to which the Lenders have agreed to extend credit to Financing II SPV in an aggregate principal amount of up to $375,000 at any one time outstanding (which aggregate amounts may be increased to a maximum of $750,000, subject to certain conditions set forth in the Loan and Security Agreement) (the “CBNA Funding Facility”) and (iii) various supporting documentation, including an account control agreement.

The obligations of Financing II SPV under the CBNA Funding Facility are secured by all of the assets held by Financing II SPV, including the Loans contributed or transferred by the Company to Financing II SPV. The CBNA Funding Facility is a revolving funding facility with a reinvestment period ending July 10, 2027 and a final maturity date of July 10, 2029. Advances under the CBNA Funding Facility are available in US dollars, and subject to certain exceptions, the interest charged on the CBNA Funding Facility is based on Term SOFR (or, if such reference rate is not available, a benchmark replacement or a “base rate” (which is the greatest of the Daily SOFR Rate, a prime rate, and the federal funds rate plus 0.50%), as applicable), plus a margin equal to (i) 2.25% during the reinvestment period or (ii) 2.90% after the reinvestment period. Term SOFR is subject to a floor of zero. Under the CBNA Agreements, the Company and Financing II SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Security Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing CBNA, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the CBNA Funding Facility.

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The summary information of the CBNA Funding Facility is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	3,656			$	1,964			$	8,521			$	3,575
Facility unused commitment fees		202				334				774				1,060
Amortization of deferred financing costs		279				253				825				623
Total	$	4,137			$	2,551			$	10,120			$	5,258
Weighted average interest rate		6.57	%			7.58	%			6.57	%			7.84	%
Weighted average effective interest rate		7.07	%			8.56	%			7.21	%			9.20	%
Weighted average outstanding balance	$	217,663			$	101,359			$	170,948			$	59,926

 

JPM Funding Facility

On July 15, 2024, following the consummation of the SLIC Acquisition, the Company became party to and assumed SLIC’s obligations under the Amended and Restated Loan and Security Agreement, initially dated as of November 24, 2021 (as amended, the “JPM Funding Facility”), among SLIC Financing SPV, the Company, as successor by merger to SLIC, as parent and servicer, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, JP Morgan Chase Bank, N.A., as administrative agent (“JPM”), the lenders party thereto, and the issuing banks party thereto. Pursuant to the JPM Facility, JPM has agreed to extend credit to SLIC Financing SPV in an aggregate principal amount, as of September 30, 2025, of up to $1,200,000 at any one time outstanding, subject to the satisfaction of various conditions, including availability under the borrowing base, which is based on a combination of unfunded capital commitments and loan collateral.

The JPM Funding Facility is a revolving funding facility with a reinvestment period ending September 15, 2028 (or upon the occurrence of certain events as specified therein) and a final maturity date of September 15, 2030. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of September 30, 2025, the interest charged on the JPM Funding Facility is based on SOFR (or, if 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), Daily Simple RFR, EURIBOR, Adjusted Term CORRA, or the AUD Screen Rate, as applicable, plus a margin of 1.90%, as set forth in the JPM Funding Facility. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility.

The summary information of the JPM Funding Facility is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024 (1)				September 30, 2025				September 30, 2024 (1)
Borrowing interest expense	$	14,583			$	9,151			$	38,495			$	9,151
Facility unused commitment fees		614				1,043				2,409				1,043
Amortization of deferred financing costs		637				538				1,890				538
Total	$	15,834			$	10,732			$	42,794			$	10,732
Weighted average interest rate		6.48	%			7.57	%			6.52	%			7.57	%
Weighted average effective interest rate		6.77	%			8.01	%			6.84	%			8.01	%
Weighted average outstanding balance	$	880,312			$	558,073			$	778,326			$	558,073

 

(1) For the three and nine months ended September 30, 2024, calculated for the period from July 15, 2024 through September 30, 2024.

 

The Series A 2026 Notes and the Series A 2028 Notes

On March 16, 2023, the Company entered into a Master Note Purchase Agreement (the “March 2023 NPA”) governing the issuance of (i) $204,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due March 16, 2026 (the “Series A 2026 Notes”) and (ii) $146,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due March 16, 2028 (the “Series A 2028 Notes” and, together with the Series A 2026 Notes, the “Series A Notes”) to certain qualified institutional investors in a private placement.

The Series A Notes were delivered and paid for on March 16, 2023, subject to certain customary closing conditions. The Series A 2026 Notes have a fixed interest rate of 8.10% per year and will mature on March 16, 2026 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. The Series A 2028 Notes have a fixed interest rate of 8.13% per year and will mature on March 16, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. Interest on the Series A Notes is due semiannually in March and September of each year. Subject to the terms of the March 2023 NPA, the Company may redeem the Series A 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2025, a make-whole premium, and the Company may redeem the Series A 2028 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2027, a make-whole premium. The Company’s obligations under the March 2023 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the Series A Notes.

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In connection with the Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series A 2026 Notes, the Company receives a fixed interest rate of 8.10% per annum and pays a floating interest rate of SOFR + 6.96% per annum on $204,000 notional amount of the Series A 2026 Notes. Under the interest rate swap agreement related to the Series A 2028 Notes, the Company receives a fixed interest rate of 8.13% per annum and pays a floating interest rate of SOFR + 4.88% per annum on $146,000 notional amount of the Series A 2028 Notes. The interest rate swaps related to the Series A 2026 Notes and Series A 2028 Notes mature on March 16, 2026 and March 16, 2028, respectively. The interest expense related to the Series A Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of September 30, 2025, the interest rate swaps had a fair value of $(981) and $(349), respectively, related to the Series A 2026 Notes and Series A 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series A 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated the interest rate swap on the Series A 2028 Notes as the hedging instrument in a qualifying hedge accounting relationship.

The change in fair value of the interest rate swap on the Series A 2026 Notes is included as a component of interest and other financing expense on the Consolidated Statements of Operations. The interest rate swap on the Series A 2026 Notes does not qualify for hedge accounting treatment.

 

 

The summary information of the Series A 2026 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	4,131			$	4,232			$	12,564			$	12,494
Amortization of debt issuance costs		185				186				551				553
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		249				67				641				81
Total	$	4,565			$	4,485			$	13,756			$	13,128
Stated interest rate		8.10	%			8.30	%			8.10	%			8.17	%
Weighted average effective interest rate		8.95	%			8.66	%			8.99	%			8.53	%

 

The summary information of the Series A 2028 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	2,967			$	3,051			$	9,053			$	8,986
Amortization of debt issuance costs		79				80				236				238
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		123				34				393				54
Total	$	3,169			$	3,165			$	9,682			$	9,278
Stated interest rate		8.13	%			8.36	%			8.13	%			8.21	%
Weighted average effective interest rate		8.68	%			8.58	%			8.84	%			8.42	%

 

The Series B 2026 Notes and the Series B 2028 Notes

On August 10, 2023, the Company entered into a Master Note Purchase Agreement (the “August 2023 NPA”) governing the issuance of $107,000 in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 2026 (the “Series B 2026 Notes”) and the issuance of $128,000 in aggregate principal amount of Series B Senior Notes, Tranche B, due August 10, 2028 (the “Series B 2028 Notes” and, together with the Series B 2026 Notes, collectively, the “Series B Notes”) to certain qualified institutional investors in a private placement. The Series B Notes were delivered and paid for on August 10, 2023, subject to certain customary closing conditions.

The Series B 2026 Notes have a fixed interest rate of 8.84% per year and the Series B 2028 Notes have a fixed interest rate of 8.88% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the August 2023 NPA) or a Secured Debt Ratio Event (as defined in the August 2023 NPA) occurs. The Series B 2026 Notes will mature on August 10, 2026 and the Series B 2028 Notes will mature on August 10, 2028, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the August 2023 NPA. Interest on the Series B Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series B Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2023 NPA, the Company may redeem the Series B Notes in whole or in part at any time or from time to time at the

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Company’s option at par plus accrued interest to the prepayment date and, if the Series B 2026 Notes are redeemed on or before May 10, 2026 or the Series B 2028 Notes are redeemed on or before May 10, 2028, a make-whole premium. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the Series B Notes.

In connection with the Series B Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series B 2026 Notes, the Company receives a fixed interest rate of 8.84% per annum and pays a floating interest rate of SOFR + 6.12% per annum on $107,000 notional amount of the Series B 2026 Notes. Under the interest rate swap agreement related to the Series B 2028 Notes, the Company receives a fixed interest rate of 8.88% per annum and pays a floating interest rate of SOFR + 5.56% per annum on $128,000 notional amount of the Series B 2028 Notes. The interest rate swaps related to the Series B 2026 Notes and Series B 2028 Notes mature on August 10, 2026 and August 10, 2028, respectively. The interest expense related to the Series B Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of September 30, 2025, the interest rate swaps had a fair value of $(558) and $(198), respectively, related to the Series B 2026 Notes and Series B 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series B Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The change in fair value of the interest rate swap on the Series B 2026 Notes is included as a component of interest expense and other financing on the Consolidated Statements of Operations. The interest rate swap on the Series B 2026 Notes does not qualify for hedge accounting treatment.

 

The summary information of the Series B 2026 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	2,365			$	2,420			$	7,192			$	7,149
Amortization of debt issuance costs		105				102				308				304
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		(12	)			34				163				43
Total	$	2,458			$	2,556			$	7,663			$	7,496
Stated interest rate		8.84	%			9.05	%			8.84	%			8.91	%
Weighted average effective interest rate		9.19	%			9.43	%			9.55	%			9.29	%

 

The summary information of the Series B 2028 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	2,842			$	2,915			$	8,659			$	8,598
Amortization of debt issuance costs		74				73				219				218
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		120				25				360				46
Total	$	3,036			$	3,013			$	9,238			$	8,862
Stated interest rate		8.88	%			9.11	%			8.88	%			8.96	%
Weighted average effective interest rate		9.49	%			9.34	%			9.62	%			9.18	%

 

The Series C 2027 Notes and the Series C 2029 Notes

On December 1, 2023, the Company entered into the First Supplement, dated as of December 1, 2023 (the “First Supplement”), to the August 2023 NPA (as supplemented by the First Supplement, the “December 2023 NPA”) governing the issuance of $136,500 in aggregate principal amount of Series C Senior Notes, Tranche A, due March 1, 2027 (the “Series C 2027 Notes”) and the issuance of $163,500 in aggregate principal amount of Series C Senior Notes, Tranche B, due March 1, 2029 (the “Series C 2029 Notes” and, together with the Series C 2027 Notes, collectively, the “Series C Notes”) to certain qualified institutional investors in a private placement. The Series C Notes were delivered and paid for on December 1, 2023, subject to certain customary closing conditions.

The Series C 2027 Notes have a fixed interest rate of 8.92% per year and the Series C 2029 Notes have a fixed interest rate of 9.07% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the December 2023 NPA) or a Secured Debt Ratio Event (as defined in the December 2023 NPA) occurs. The Series C 2027 Notes will mature on March 1, 2027 and the Series C 2029 Notes will mature on March 1, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the December 2023 NPA. Interest on the Series C Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series C Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the December 2023 NPA, the Company may redeem the Series C Notes in whole or in part at any time or from time to time at

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the Company’s option at par plus accrued interest to the prepayment date and, if the Series C 2027 Notes are redeemed on or before December 1, 2026 or the Series C 2029 Notes are redeemed on or before December 1, 2028, a make-whole premium. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the Series C Notes.

In connection with the Series C Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series C 2027 Notes, the Company receives a fixed interest rate of 8.92% per annum and pays a floating interest rate of SOFR + 4.49% per annum on $136,500 notional amount of the Series C 2027 Notes. Under the interest rate swap agreement related to the Series C 2029 Notes, the Company receives a fixed interest rate of 9.07% per annum and pays a floating interest rate of SOFR + 4.77% per annum on $163,500 notional amount of the Series C 2029 Notes. The interest rate swaps related to the Series C 2027 Notes and Series C 2029 Notes mature on March 1, 2027 and March 1, 2029, respectively. The interest expense related to the Series C Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of September 30, 2025, the interest rate swaps had a fair value of $1,581 and $4,461, respectively, related to the Series C 2027 Notes and Series C 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of “accrued expenses and other liabilities” or “prepaid expenses and other assets” on the Company's Consolidated Statements of Financial Condition. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series C Notes, with the remaining difference included as a component of interest expense and other financing on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the Series C 2027 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	3,056			$	3,406			$	9,106			$	10,163
Amortization of debt issuance costs		116				115				342				344
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		(228	)			(44	)			(278	)			137
Total	$	2,944			$	3,477			$	9,170			$	10,644
Stated interest rate		8.92	%			9.98	%			8.92	%			9.93	%
Weighted average effective interest rate		8.63	%			10.32	%			8.96	%			10.26	%

 

The summary information of the Series C 2029 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	3,777			$	4,197			$	11,254			$	12,521
Amortization of debt issuance costs		86				85				253				255
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		(113	)			(295	)			(424	)			184
Total	$	3,750			$	3,987			$	11,083			$	12,960
Stated interest rate		9.07	%			10.27	%			9.07	%			10.21	%
Weighted average effective interest rate		9.17	%			10.48	%			9.04	%			10.42	%

 

The Series D 2027 Notes and the Series D 2029 Notes

On August 5, 2024, the Company entered into the Second Supplement, dated as of August 5, 2024 (the “Second Supplement”), to the Master Note Purchase Agreement dated as of August 10, 2023 (as supplemented by the First Supplement and the Second Supplement, the “Note Purchase Agreement”) governing the issuance of $100,000 in aggregate principal amount of Series D Senior Notes, Tranche A, due August 5, 2027 (the “Series D 2027 Notes”) and the issuance of $200,000 in aggregate principal amount of Series D Senior Notes, Tranche B, due August 5, 2029 (the “Series D 2029 Notes” and, together with the Series D 2027 Notes, collectively, the “Series D Notes”) to certain qualified institutional investors in a private placement. The Series D Notes were delivered and paid for on August 5, 2024, subject to certain customary closing conditions.

The Series D 2027 Notes have a fixed interest rate of 6.84% per year and the Series D 2029 Notes have a fixed interest rate of 6.91% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the Note Purchase Agreement) or a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs. The Series D 2027 Notes will mature on August 5, 2027 and the Series D 2029 Notes will mature on August 5, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the Series D Notes is due semiannually in March and September of each year, beginning in September 2024. In addition, the Company is obligated to offer to repay the Series D Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control

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events occur. Subject to the terms of the Note Purchase Agreement, the Company may redeem the Series D Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if the Series D 2027 Notes are redeemed on or before May 5, 2027 or the Series D 2029 Notes are redeemed on or before May 5, 2029, a make-whole premium. As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the Series D Notes.

In connection with the Series D 2027 Notes and Series D 2029 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series D 2027 Notes, the Company receives a fixed interest rate of 6.84% per annum and pays a floating interest rate of SOFR + 3.46% per annum on $100,000 of the Series D 2027 Notes. Under the interest rate swap agreement related to the Series D 2029 Notes, the Company receives a fixed interest rate of 6.91% per annum and pays a floating interest rate of SOFR + 3.48% per annum on $200,000 of the Series D 2029 Notes. As of September 30, 2025, the interest rate swaps had a fair value of $34 and $367, respectively, related to the Series D 2027 Notes and Series D 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of “accrued expenses and other liabilities” or “prepaid expenses and other assets” on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series D Notes, with the remaining difference included as a component of interest and other financing expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the Series D 2027 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	1,710			$	1,064			$	5,130			$	1,064
Amortization of debt issuance costs		97				59				286				59
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items		21				2				154				2
Total	$	1,828			$	1,125			$	5,570			$	1,125
Stated interest rate		6.84	%			6.84	%			6.84	%			6.84	%
Weighted average effective interest rate		7.31	%			7.10	%			7.43	%			7.10	%

 

The summary information of the Series D 2029 Notes is as follows:

 

	For the Three Months Ended								For the Nine Months Ended
	September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Borrowing interest expense	$	3,455			$	2,150			$	10,365			$	2,150
Amortization of debt issuance costs		116				71				343				71
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items		175				(4	)			538				(4	)
Total	$	3,746			$	2,217			$	11,246			$	2,217
Stated interest rate		6.91	%			6.91	%			6.91	%			6.91	%
Weighted average effective interest rate		7.49	%			7.01	%			7.50	%			7.01	%

 

The 2030 Notes

On October 1, 2024, the Company issued $300,000 in aggregate principal amount of 5.750% notes due 2030 (the “2030 Notes”), pursuant to a Base Indenture dated October 1, 2024 (the “Base Indenture”) between the Company and US Bank Trust Company, National Association (the “Trustee”), as supplemented by the First Supplemental Indenture dated October 1, 2024 (the “First Supplemental Indenture” and together with the Base Indenture, the “February 2030 Notes Indenture”). As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the 2030 Notes.

The 2030 Notes will mature on February 1, 2030 and may be redeemed in whole or in part at the Company’s option at any time prior to January 1, 2030 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the February 2030 Notes Indenture and at par value on January 1, 2030 or thereafter. The 2030 Notes bear interest at a rate of 5.75% per year payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2025. The 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s

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secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

Pursuant to a Registration Statement on Form N-14 (File No. 333-284526), which went effective on February 28, 2025, the Company closed an exchange offer in which holders of the 2030 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 100% of the outstanding principal of the then restricted 2030 Notes obtained registered, unrestricted 2030 Notes.

The summary information of the 2030 Notes is as follows:

 

	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025				September 30, 2024		September 30, 2025				September 30, 2024
Borrowing interest expense	$	4,312			N/A		$	12,937			N/A
Amortization of debt issuance costs		190			N/A			557			N/A
Accretion of original issuance discount		128			N/A			381			N/A
Total	$	4,630			N/A		$	13,875			N/A
Stated interest rate		5.75	%		N/A			5.75	%		N/A
Weighted average effective interest rate		6.17	%		N/A			6.17	%		N/A

 

 

 

 

 

The 2028 Notes

On September 25, 2025, the Company issued $300,000 in aggregate principal amount of 5.125% notes due 2028 (the “2028 Notes”), pursuant to a Base Indenture, as supplemented by the Second Supplemental Indenture dated September 25, 2025 (the “Second Supplemental Indenture” and together with the Base Indenture, the “September 2028 Notes Indenture”) between the Company and Trustee. . As of September 30, 2025, the Company was in compliance with all covenants and other requirements of the 2028 Notes.

 

The 2028 Notes will mature on September 25, 2028 and may be redeemed in whole or in part at the Company’s option at any time prior to August 25, 2028 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the September 2028 Notes Indenture and at par value on August 25, 2028 or thereafter. The 2028 Notes bear interest at a rate of 5.125% per year payable semi-annually on March 25 and September 25 of each year, commencing on March 25, 2026. The 2028 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2028 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the 2028 Notes, the Company receives a fixed interest rate of 5.13% per annum and pays a floating interest rate of SOFR + 2.06% per annum on $300,000 of the 2028 Notes. As of September 30, 2025, the interest rate swaps had a fair value of $(671), related to the 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of “accrued expenses and other liabilities” or “prepaid expenses and other assets” on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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The summary information of the 2028 Notes is as follows:

 

	For the Three Months Ended						For the Nine Months Ended
	September 30, 2025 (1)				September 30, 2024		September 30, 2025 (1)				September 30, 2024
Borrowing interest expense	$	290			N/A		$	290			N/A
Amortization of debt issuance costs		41			N/A			41			N/A
Accretion of original issuance discount		12			N/A			12			N/A
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items		(12	)		N/A			(12	)		N/A
Total	$	331			N/A		$	331			N/A
Stated interest rate		5.13	%		N/A			5.13	%		N/A
Weighted average effective interest rate		6.63	%		N/A			6.63	%		N/A

 

 

(1) For the three and nine months ended September 30, 2025, calculated for the period from September 25, 2025 through September 30, 2025.

 

 

(7) COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter 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.

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had $934,453 and $1,035,399 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

 

(8) MEMBERS’ CAPITAL

The following table shows the components of distributable earnings as shown on the Consolidated Statements of Financial Condition:

 

		As of
		September 30, 2025				December 31, 2024
Total distributable earnings (loss), beginning of period		$	(50,459	)		$	(26,988	)
Net investment income			235,530				278,465
Net realized gain (loss)			(13,337	)			(26,749	)
Net unrealized appreciation (depreciation)			(34,248	)			8,255
Distributions declared			(237,092	)			(282,812	)
Tax reclassification of unitholders' equity			—				(630	)
Total distributable earnings (loss), end of period		$	(99,606	)		$	(50,459	)

 

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The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the nine months ended September 30, 2025 and 2024:

 

Unit Issuance Date		Units Issued				Proceeds Received
For the Nine Months Ended September 30, 2025
January 01, 2025			2,728,267			$	51,728
February 01, 2025			2,952,665				55,982
March 01, 2025			4,210,752				79,752
April 01, 2025			3,003,865				56,533
May 01, 2025			1,797,612				33,759
June 01, 2025			2,743,611				51,580
July 01, 2025			1,522,289				28,573
August 01, 2025			1,254,942				23,555
September 01, 2025			1,189,990				22,289
Total			21,403,993			$	403,751
For the Nine Months Ended September 30, 2024
January 01, 2024			7,646,273			$	146,120
February 01, 2024			6,231,714				119,088
March 01, 2024			6,662,271				127,383
April 01, 2024			5,566,519				106,042
May 01, 2024			7,767,198				147,888
June 01, 2024			3,628,420				69,375
July 01, 2024			2,486,537				47,418
August 01, 2024			2,187,027				41,554
September 01, 2024			2,705,841				51,465
Total			44,881,800			$	856,333

 

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The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2025 and 2024:

 

Date Declared		Record Date		Payment Date		Per Unit Amount					Total Amount
For the Nine Months Ended September 30, 2025
January 27, 2025		January 31, 2025		February 05, 2025		$	0.1265				$	22,270
February 27, 2025		February 28, 2025		March 05, 2025			0.1263					22,696
March 25, 2025		March 31, 2025		April 03, 2025			0.1263					23,317
January 27, 2025		March 31, 2025		April 03, 2025			0.0474					8,751		(1)
April 25, 2025		April 30, 2025		May 05, 2025			0.1261					23,346
May 22, 2025		May 31, 2025		June 04, 2025			0.1259					23,628
June 18, 2025		June 30, 2025		July 03, 2025			0.1254					23,971
June 18, 2025		June 30, 2025		July 03, 2025			0.0470					8,984		(1)
July 24, 2025		July 31, 2025		August 05, 2025			0.1250					23,499
August 21, 2025		August 31, 2025		September 03, 2025			0.1250					23,749
September 22, 2025		September 30, 2025		October 03, 2025			0.1250					23,993
September 22, 2025		September 30, 2025		October 03, 2025			0.0463					8,888		(1)
Total Distributions						$	1.2722				$	237,092
For the Nine Months Ended September 30, 2024
January 29, 2024		January 31, 2024		February 05, 2024		$	0.1513				$	19,487
February 27, 2024		February 29, 2024		March 05, 2024			0.1512					20,505
March 26, 2024		March 31, 2024		April 04, 2024			0.1513					21,619
April 25, 2024		April 30, 2024		May 03, 2024			0.1508					22,258
May 28, 2024		May 31, 2024		June 05, 2024			0.1508					23,532
June 25, 2024		June 28, 2024		July 03, 2024			0.1514					24,285
July 25, 2024		July 30, 2024		August 05, 2024			0.1510					24,293
August 27, 2024		August 31, 2024		September 05, 2024			0.1504					24,639
September 24, 2024		September 30, 2024		October 03, 2024			0.1500					25,095
Total Distributions						$	1.3582				$	205,713

 

(1) Represents a special distribution.

 

The Company adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

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The following table summarizes the amounts received and units issued to unitholders who have participated in the DRIP during for the nine months ended September 30, 2025 and 2024:

 

Payment Date		DRIP Units Issued				DRIP Units Value
For the Nine Months Ended September 30, 2025
January 04, 2025			807,260			$	15,306
February 05, 2025			697,198				13,219
March 05, 2025			711,427				13,474
April 03, 2025			717,209				13,498
April 03, 2025			269,166				5,066
May 05, 2025			735,715				13,817
June 04, 2025			743,135				13,970
July 03, 2025			738,795				13,867
July 03, 2025			276,901				5,197
August 05, 2025			746,168				14,006
September 03, 2025			755,970				14,160
Total			7,198,944			$	135,580
For the Nine Months Ended September 30, 2024
January 04, 2024			539,376			$	10,307
February 05, 2024			583,174				11,144
March 05, 2024			613,350				11,728
April 04, 2024			649,347				12,370
May 03, 2024			681,693				12,979
June 05, 2024			723,162				13,827
July 03, 2024			734,980				14,016
August 05, 2024			755,243				14,351
September 05, 2024			768,983				14,625
Total			6,049,308			$	115,347

 

Unit Repurchase Program

At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units.

In the event the amount of Units tendered exceeds the repurchase offer amount, Units will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the unit repurchase plan, as applicable.

The following table further summarizes the unit repurchases completed for the nine months ended September 30, 2025 and 2024:

 

Repurchase Deadline Request		Percentage of Outstanding Units the Company Offered to Repurchase(1)				Price Paid Per Unit				Repurchase Pricing Date		Amount Repurchased				Number of Units Repurchased				Percentage of Outstanding Units Repurchased(1)				Maximum number of units that may yet be purchased under the repurchase program(2)
For the Nine Months Ended September 30, 2025
March 07, 2025			5.00	%		$	18.82			March 31, 2025		$	65,290				3,469,202				2.01	%			—
June 07, 2025			5.00	%		$	18.77			June 30, 2025			107,041				5,702,776				3.15	%			—
September 04, 2025			5.00	%		$	18.70			September 30, 2025			107,961				5,773,310				3.11	%			—
Total												$	280,292				14,945,288
For the Nine Months Ended September 30, 2024
March 05, 2024			5.00	%		$	19.05			March 31, 2024		$	28,707				1,506,944				1.25	%			—
June 08, 2024			5.00	%		$	19.07			June 30, 2024			52,219				2,738,253				1.94	%			—
September 07, 2024			5.00	%		$	19.00			September 30, 2024			37,636				1,980,872				1.26	%			—
Total												$	118,562				6,226,069

 

(1)

Percentage is based on total units as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

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(9) EARNINGS (LOSS) PER UNIT

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

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Numerator - net increase (decrease) in Members' Capital from operations		$	67,373			$	61,854			$	187,945			$	188,500
Denominator - weighted average Units outstanding			189,822,018				163,841,380				185,854,627				151,422,460
Basic and diluted earnings (loss) per Unit		$	0.35			$	0.38			$	1.01			$	1.24

 

(10) CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights (dollar amounts in thousands, except per share amounts):

 

		For the Nine Months Ended
		September 30, 2025				September 30, 2024
Per Unit Data:(1)
Net asset value, beginning of period		$	18.96			$	19.11
Net investment income (loss)			1.27				1.35
Net unrealized and realized gain (loss)(2)			(0.26	)			(0.10	)
Net increase (decrease) in net assets resulting from operations			1.01				1.25
Distributions declared			(1.27	)			(1.36	)
Total increase (decrease) in net assets			(0.26	)			(0.11	)
Net asset value, end of period		$	18.70			$	19.00
Units outstanding, end of period			186,168,113				165,318,487
Weighted average units outstanding			185,854,627				151,422,460
Total return based on net asset value(3)			5.51	%			6.74	%
Ratio/Supplemental Data:
Members' Capital, end of period		$	3,481,078			$	3,140,335
Ratio of expenses before waivers to average Members' Capital(4)			10.37	%			8.52	%
Ratio of net expenses to average Members’ Capital(4)			9.58	%			8.32	%
Ratio of net investment income to average Members’ Capital(4)			9.19	%			9.72	%
Asset coverage ratio(5)			208.00	%			217.00	%
Portfolio turnover rate			13.50	%			18.79	%

 

(1)

The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.

(2)

The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)

Total return (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.

(4)

Amounts are annualized except for incentive fees, organization and offering costs, and other expenses for which expense support was provided, as applicable.

(5)

Effective October 27, 2021, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to October 27, 2021, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

(11) SLIC ACQUISTION

On July 15, 2024, the Company completed its acquisition of SLIC, pursuant to the Merger Agreement. Pursuant to the Merger Agreement, Merger Sub was first merged with and into SLIC, with SLIC as the surviving company (the “Initial Merger”), and, immediately following the Initial Merger, SLIC was then merged with and into the Company, with the Company as the surviving company (the “Second Merger”). As a result of, and as of the effective time of, the Second Merger, SLIC’s separate existence ceased.

In accordance with the terms of the Merger Agreement, at the effective time of the Second Merger, each share of common stock, $0.001 par value per share, of SLIC (“SLIC Common Stock”) issued and outstanding immediately prior to the effective time, except for shares owned by the Company, was converted into the right to receive an amount in cash equal to $20.59 per share, and SLIC was then merged with and into the Company for no consideration.

In connection with the closing of the SLIC Acquisition, the Company paid approximately $562,504 for the SLIC Common Stock, inclusive of transaction related expenses, pursuant to the terms of the Merger Agreement and for the shares of SLIC Common Stock acquired by the Company pursuant to that certain Securities Purchase Agreement, dated as of May 24, 2024, by and between the Company and an investor in SLIC (the “SPA”). The purchase price per share of SLIC Common Stock in the SPA was equal to the price per share paid to former SLIC stockholders pursuant to the

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Merger Agreement plus an amount per share of SLIC Common Stock equal to the distributions on such shares of SLIC Common Stock acquired pursuant to the SPA with a record date after the date of the SPA and prior to closing of the SLIC Acquisition.

The SLIC Acquisition was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations—Related Issues (“ASC 805”), and the Company was the accounting survivor following the SLIC Acquisition. Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values of net identifiable assets acquired other than certain “non-qualifying” assets (for example cash) and does not give rise to goodwill.

The following table summarizes the assets and liabilities of SLIC acquired by the Company in connection with the SLIC Acquisition:

 

		As of July 14, 2024
Assets acquired		(Unaudited)
Non-controlled/non-affiliated investments, at fair value		$	1,101,382
Cash and cash equivalents			41,990
Other assets			14,665
Total assets acquired			1,158,037
Liabilities assumed
Debt			558,073
Dividend payable			21,506
Other liabilities(1)			16,802
Total liabilities assumed			596,381
Net Assets acquired			561,656
Transaction cost			848
Total consideration paid			562,504

 

(1) Includes $0.41 million of management fees payable.

(12) NORTH HAVEN KEYSTONE LLC

 

North Haven Keystone LLC, a Delaware limited liability company, was formed as a joint venture (the "JV") between the Company and a large North American insurance company (the “JV Partner”), and commenced operations on September 25, 2025 and operates under a limited liability company agreement. The JV’s principal purpose is to make investments, primarily in senior secured loans issued by middle-market companies. The Company and the JV Partner each agreed to contribute up to $500,000 and $75,000, respectively, to the JV. The Company and the JV Partner have equal control of the JV's investment decisions and generally all other decisions in respect of the JV must be approved by the JV's investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the JV Partner.

As of September 30, 2025, the Company and the JV Partner have not yet contributed any capital and the JV has not yet commenced investment activities.

 

(13) SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

October Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 1,551,396 Units for an aggregate offering price of $29,011 effective October 1, 2025.

On October 23, 2025, the Company declared a distribution in the amount of $0.1250 per unit and payable on or around November 5, 2025 to unitholders of record as of October 31, 2025.

November Issuances

Pursuant to the Company’s continuous private offering, the Company held a close relating to the sale of its Units for an aggregate offering price of $18,496 effective November 1, 2025.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to North Haven Private Income Fund LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential”, “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

•

uncertainty and changes in the general interest rate environment;

•

general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•

the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

•

the impact of interruptions in the supply chain on our portfolio companies;

•

disruptions related to tariffs and other trade or sanctions issues;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”) and its affiliates;

•

the dependence of our future success on the general economy and its effect on the industries in which we invest;

•

the ability of our portfolio companies to achieve their objectives;

•

the timing and amount of cash flows, distributions and dividends, if any, from the operations of our portfolio companies;

•

the use of borrowed money to finance a portion of our investments;

•

the adequacy of our financing sources and working capital;

•

the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•

the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•

our ability to maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•

the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•

currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;

•

the effect of changes in tax laws and regulations and interpretations thereof; and

•

the risks, uncertainties and other factors we identify under “Part I, Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed

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or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are a private, perpetual-life BDC, which is a BDC whose units are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose units are intended to be sold by us monthly on a continuous basis at a price generally equal to our monthly net asset value per Unit. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by the Adviser, an indirect wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR). We also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than our private credit investments, for cash management purposes, including to manage payment obligations under our unit repurchase program. Depending on various factors, including our cash flows and the market for middle-market company debt investments, we expect that our liquid loan portfolio could represent a material portion of our investments from time to time.

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser on June 3, 2025 (the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds (as defined in the Order) and other accounts advised by our Adviser and its affiliates, which may include proprietary accounts of Morgan Stanley, if applicable, in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of ours is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

On July 15, 2024, we acquired SL Investment Corp., or SLIC, pursuant to that certain Agreement and Plan of Merger, or the Merger Agreement, dated as of May 28, 2024, by and among SLIC, us, Cobalt Merger Sub, Inc., a wholly-owned subsidiary of us, and the Adviser. Pursuant to the Merger Agreement, SLIC was merged with and into us in a two-step transaction with us as the surviving company, or the SLIC Acquisition.

KEY COMPONENTS OF OUR RESULTS 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 available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity

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also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by MS Private Credit Administrative Services LLC (the “Administrator”) in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and the Administrator; and (iii) other operating expenses as detailed below:

•

initial organization costs and offering costs incurred;

•

costs associated with any private offerings of our common units (the “Units”) and any other securities offerings;

•

the cost of effecting any sales and repurchases of our Units and other securities, including servicing fees;

•

calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•

out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•

base management fee and any incentive fees payable under the Investment Advisory Agreement;

•

certain costs and expenses relating to distributions paid by us;

•

administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•

arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

•

the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•

amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

•

the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•

dues and expenses incurred in connection with membership industry or trade organizations;

•

fees and expenses payable under any dealer manager agreements;

•

escrow agent, distribution agent, transfer agent and custodial fees and expenses;

•

costs of derivatives and hedging;

•

commissions and other compensation payable to brokers or dealers;

•

any fees payable to rating agencies;

•

federal and state registration fees;

•

the cost of effecting any sales and repurchases of our Units and other securities, including servicing fees;

•

U.S. federal, state and local taxes, including any excise taxes;

•

costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•

Independent Director fees and expenses;

•

costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of 1940 Act compliance, Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

•

the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;

•

the costs of specialty and custom software for monitoring risk, compliance and overall investments;

•

fees and expenses associated with marketing efforts;

•

any fidelity bond required by applicable law;

•

any necessary insurance premiums;

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•

any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company),

•

direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•

cost of winding up; and

•

all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. 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.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio is presented below:

		September 30, 2025												December 31, 2024
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	6,612,057			$	6,559,552				98.5		%	$	6,022,749			$	5,997,696				98.6		%
Second Lien Debt			30,733				30,733				0.5				16,613				16,771				0.3
Other Debt Investments			11,699				11,313				0.2				6,453				6,520				0.1
Equity			60,105				56,125				0.8				57,745				58,032				1.0
Total		$	6,714,594			$	6,657,723				100.0		%	$	6,103,560			$	6,079,019				100.0		%

 

 

Our debt portfolio displayed the following characteristics of each of our investments(1), (2) unless otherwise noted:

 

		As of
		September 30, 2025				December 31, 2024
Number of portfolio companies			311				304
Number of new investment commitments in portfolio companies			37				97
Number of investment commitments exited or fully repaid			30				35
Percentage of performing debt bearing a floating rate, at fair value			99.9	%			99.9	%
Percentage of performing debt bearing a fixed rate, at fair value			0.1	%			0.1	%
Weighted average yield on debt and income producing investments, at cost(3)			9.5	%			10.2	%
Weighted average yield on debt and income producing investments, at fair value(3)			9.6	%			10.2	%
Weighted average yield on total portfolio, at cost(4)			9.4	%			10.1	%
Weighted average yield on total portfolio, at fair value(4)			9.5	%			10.1	%
Weighted average 12-month EBITDA(5)		$	173.34			$	175.57
Median 12-month EBITDA(6)			89.2				86.5
Weighted average net leverage through tranche(5)(6)			6.0	x		6.0x
Weighted average interest coverage(7)			1.6	x		1.5x
Weighted average loan to value(5)(8)			40.2	%			39.9	%
Percentage of our debt portfolio subject to business cycle volatility(5)			4.9	%			5.6	%
Average position size of our investments		$	21.4			$	20.0

 

(1) Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

(2) Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

(3) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(4) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of the Company divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(5) Excludes liquid loan portfolio.

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(6) Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.

(7) Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. 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.

(8) Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

 

		As of and For the Three Months Ended
		September 30, 2025				September 30, 2024
New investments committed
Gross Principal Balance(1)		$	426,476			$	729,853
Less: Syndications			—				—
Net New Investments Committed		$	426,476			$	729,853
Investments, at cost
Investments, beginning of period		$	6,636,821			$	4,425,515
New investments purchased			408,605				1,792,524
Net accretion of discount on investments			6,525				7,222
Payment-in-kind			4,163				3,949
Net realized gain (loss) on investments			(7,542	)			(21,606	)
Investments sold or repaid			(333,978	)			(486,451	)
Investments, end of period		$	6,714,594			$	5,721,153
Principal amount of investments funded (3)
First lien debt investments		$	411,315			$	693,190
Equity(2)			1,079				3,045
Total		$	412,394			$	696,235
Amount of investments sold/fully repaid, at principal
First lien debt investments		$	193,074			$	300,703
Second lien debt investments			—				1,000
Total		$	193,074			$	301,703

 

(1)

Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.

(2)

Represents dollar amount of equity investments funded.

(3)

In July 2024, in connection with the SLIC Acquisition, we acquired investments of $1,101.38 million at fair value from SLIC and assumed unfunded loan commitments totaling $95.46 million. The investments received consisted of 148 portfolio companies across 29 industries. The impact of this transaction is excluded from the information presented in the table. For additional information see Note 11 “SLIC Acquisition” in our consolidated financial statements included in this report.

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial

underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

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Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:

 

		September 30, 2025								December 31, 2024
		Fair Value				% of Total				Fair Value				% of Total
Risk rating 1		$	—				-		%	$	31,948				0.5		%
Risk rating 2			6,484,885				97.4				5,906,377				97.1
Risk rating 3			138,069				2.1				119,130				2.0
Risk rating 4			34,769				0.5				21,564				0.4
Total		$	6,657,723				100.0		%	$	6,079,019				100.0		%

 

The table below presents the amortized cost of our performing and non-accrual investments as of the following periods:

 

		September 30, 2025								December 31, 2024
		Amortized Cost				% of Total				Amortized Cost				% of Total
Performing		$	6,643,158				98.9		%	$	6,074,323				99.5		%
Non-accrual			71,436				1.1				29,237				0.5
Total		$	6,714,594				100.0		%	$	6,103,560				100.0		%

 

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

 

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Total investment income		$	167,085			$	164,216			$	492,936			$	391,237
Less: Net expenses			87,350				85,782				257,406				186,687
Net investment income before taxes			79,735				78,434				235,530				204,550
Less: Excise tax expense			—				—				—				15
Net investment income after taxes			79,735				78,434				235,530				204,535
Net realized gain (loss)			(7,526	)			(21,605	)			(13,337	)			(25,392	)
Net change in unrealized appreciation (depreciation)			(4,836	)			5,025				(34,248	)			9,357
Net increase (decrease) in Members' Capital resulting from operations		$	67,373			$	61,854			$	187,945			$	188,500

 

Investment Income

Investment income was as follows:

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Investment income:
Interest income		$	159,337			$	155,496			$	465,906			$	369,781
Payment-in-kind income			4,384				3,259				15,852				8,672
Dividend income			1,305				1,396				3,729				3,482
Other income			2,059				4,065				7,449				9,302
Total Investment Income		$	167,085			$	164,216			$	492,936			$	391,237

 

In the table above, total investment income increased from $164,216 and $391,237 for the three and nine months ended September 30, 2024, respectively, to $167,085 and $492,936 for the three and nine months ended September 30, 2025, respectively. The increase was primarily driven by

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our deployment of capital and the SLIC Acquisition. The size of our investment portfolio at cost increased from $5,721,153 as of September 30, 2024 to $6,714,594 as of September 30, 2025. This was offset by a decrease in our weighted average yield at cost to 9.5% at September 30, 2025 from 10.8% at September 30, 2024, which was primarily driven by the reduction in base rates and repricing on our existing portfolio.

 

Additionally, for the three and nine months ended September 30, 2025, we recorded $1,823 and $4,612, respectively, of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $2,845 and $5,109, respectively, for the same periods in the prior year, primarily as a result of decreased prepayments.

Expenses

Expenses were as follows:

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Expenses:
Interest and other financing expenses		$	62,535			$	55,271			$	183,619			$	110,611
Management fees			11,063				9,677				32,537				26,620
Income based incentive fees			11,825				12,045				35,063				31,000
Professional fees			2,740				2,671				7,028				5,641
Directors' fees			129				103				387				310
Administrative service fees			50				57				104				109
Servicing fees			7,240				6,581				21,787				18,101
General and other expenses			168				77				641				195
Total expenses		$	95,750			$	86,482			$	281,166			$	192,587
Expense support			—				(1,100	)			—				(2,700	)
Recoupment of expense support			—				400				—				400
Management fees waiver			(4,200	)			—				(11,880	)			—
Income based incentive fees waiver			(4,200	)			—				(11,880	)			(3,600	)
Net expenses		$	87,350			$	85,782			$	257,406			$	186,687
Excise tax expense		$	—			$	—			$	—			$	15

 

Interest and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs, net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items and deferred financing costs, increased from $55,271 and $110,611 for the three and nine months ended September 30, 2024, respectively, to $62,535 and $183,619 for the three and nine months ended September 30, 2025, respectively. The increase was primarily driven by our increased borrowings. Our debt outstanding increased from $2,699,454 as of September 30, 2024 to $3,227,050 as of September 30, 2025.

Base Management Fee

The base management fees before waiver were $11,063 and $9,677 for the three months ended September 30, 2025 and 2024, respectively, and $32,537 and $26,620 for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily due to an increase in capital contributions. For more information on base management fee, including terms thereof, for further details, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

Incentive Fees

The income-based incentive fees before waiver were $11,825 and $12,045 for the three months ended September 30, 2025 and 2024, respectively, and $35,063 and $31,000 for the nine months ended September 30, 2025 and 2024, respectively. The increase for the nine months ended September 30, 2025 was primarily due to an increase in pre-incentive fee net investment income. For more information on incentive fee, including terms thereof, for further details, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

Professional Fees, Administrative Service Fee, Servicing fees and Other Expenses

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company, which include costs of a financial printer utilized for certain preparation, printing and distribution services related to the offering materials. Professional fees were $2,740 and $2,671 for the three months ended September 30, 2025 and 2024, respectively, and $7,028 and $5,641, for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily due to an increase in total assets.

Administrative service fees represent fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. General and other expenses include insurance, filing, research, subscriptions and other costs. Organization and offering costs include expenses incurred in our initial formation and our offering of units.

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Servicing fees include placement agency fees paid in connection with the Company’s private offering. Servicing fees were $7,240 and $6,581 for the three months ended September 30, 2025 and 2024, respectively, and $21,787 and $18,101 for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily due to an increase in capital contributions. For more information on servicing fees, including terms thereof, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this report.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Realized and unrealized gain (loss):
Net realized gain (loss):
Net realized gain (loss) on investments		$	(7,542	)		$	(21,608	)		$	(13,383	)		$	(25,381	)
Foreign currency and other transactions			16				3				46				(11	)
Net realized gain (loss):		$	(7,526	)		$	(21,605	)		$	(13,337	)		$	(25,392	)
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on investments			(4,814	)			5,005				(34,430	)			9,374
Foreign currency translations and other transactions			(22	)			20				182				(17	)
Net change in unrealized appreciation (depreciation):		$	(4,836	)		$	5,025			$	(34,248	)		$	9,357
Net realized and unrealized gain (loss)		$	(12,362	)		$	(16,580	)		$	(47,585	)		$	(16,035	)

 

For the three and nine months ended September 30, 2025, net realized losses were $7,526 and $13,337, respectively, which were primarily due to the sale/repayment on certain positions offset by the restructuring of two and five of our portfolio companies, respectively. For the three and nine months ended September 30, 2024, net realized losses were $21,605 and $25,392, respectively, which were primarily due to the restructuring of one and five portfolio companies, respectively.

For the three and nine months ended September 30, 2025, net change in unrealized depreciation on our investments of $4,836 and $34,248, respectively, was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies. For the three and nine months ended September 30, 2024, net change in unrealized appreciation on our investments of $5,025 and $9,357, respectively, was primarily driven by changes in spreads in the primary and secondary markets, partially offset by the reversal of unrealized depreciation in connection with the aforementioned restructuring.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Units, net borrowings from our credit facilities and unsecured debt, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Units. Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our unit repurchase program and payment of cash distributions to our unitholders. Details of our credit facilities are described in “—Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of September 30, 2025, we had approximately $176.1 million of unrestricted cash and cash equivalents, and short term investments (including investments in money market funds), which taken together with our approximately $1,087.9 million, $675.8 million, $150.0 million and $455.9 million of availability under the ING Facility, Wells Funding Facility, CBNA Funding Facility and JPM Funding Facility (subject to borrowing base availability) (each as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of September 30, 2025, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $934.5 million.

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Unregistered Sales of Equity Securities

For the nine months ended September 30, 2025 and 2024, total Units issued and proceeds received were as follows:

Unit Issuance Date		Units Issued				Proceeds Received
For the Nine Months Ended September 30, 2025
January 01, 2025			2,728,267			$	51,728
February 01, 2025			2,952,665				55,982
March 01, 2025			4,210,752				79,752
April 01, 2025			3,003,865				56,533
May 01, 2025			1,797,612				33,759
June 01, 2025			2,743,611				51,580
July 01, 2025			1,522,289				28,573
August 01, 2025			1,254,942				23,555
September 01, 2025			1,189,990				22,289
Total			21,403,993			$	403,751
For the Nine Months Ended September 30, 2024
January 01, 2024			7,646,273			$	146,120
February 01, 2024			6,231,714				119,088
March 01, 2024			6,662,271				127,383
April 01, 2024			5,566,519				106,042
May 01, 2024			7,767,198				147,888
June 01, 2024			3,628,420				69,375
July 01, 2024			2,486,537				47,418
August 01, 2024			2,187,027				41,554
September 01, 2024			2,705,841				51,465
Total			44,881,800			$	856,333

 

 

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The following table summarizes the Company’s distributions declared and payable for the nine months ended September 30, 2025 and 2024:

 

Date Declared		Record Date		Payment Date		Per Unit Amount					Total Amount
For the Nine Months Ended September 30, 2025
January 27, 2025		January 31, 2025		February 05, 2025		$	0.1265				$	22,270
February 27, 2025		February 28, 2025		March 05, 2025			0.1263					22,696
March 25, 2025		March 31, 2025		April 03, 2025			0.1263					23,317
January 27, 2025		March 31, 2025		April 03, 2025			0.0474					8,751		(1)
April 25, 2025		April 30, 2025		May 05, 2025			0.1261					23,346
May 22, 2025		May 31, 2025		June 04, 2025			0.1259					23,628
June 18, 2025		June 30, 2025		July 03, 2025			0.1254					23,971
June 18, 2025		June 30, 2025		July 03, 2025			0.0470					8,984		(1)
July 24, 2025		July 31, 2025		August 05, 2025			0.1250					23,499
August 21, 2025		August 31, 2025		September 03, 2025			0.1250					23,749
September 22, 2025		September 30, 2025		October 03, 2025			0.1250					23,993
September 22, 2025		September 30, 2025		October 03, 2025			0.0463					8,888		(1)
Total Distributions						$	1.2722				$	237,092
For the Nine Months Ended September 30, 2024
January 29, 2024		January 31, 2024		February 05, 2024		$	0.1513				$	19,487
February 27, 2024		February 29, 2024		March 05, 2024			0.1512					20,505
March 26, 2024		March 31, 2024		April 04, 2024			0.1513					21,619
April 25, 2024		April 30, 2024		May 03, 2024			0.1508					22,258
May 28, 2024		May 31, 2024		June 05, 2024			0.1508					23,532
June 25, 2024		June 28, 2024		July 03, 2024			0.1514					24,285
July 25, 2024		July 30, 2024		August 05, 2024			0.1510					24,293
August 27, 2024		August 31, 2024		September 05, 2024			0.1504					24,639
September 24, 2024		September 30, 2024		October 03, 2024			0.1500					25,095
Total Distributions						$	1.3582				$	205,713

 

 

(1)

Represents a special distribution.

We have adopted an “opt out” DRIP. As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions automatically reinvested in additional units of the same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

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The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP during for the nine months ended September 30, 2025 and 2024:

 

Payment Date		DRIP Units Issued				DRIP Units Value
For the Nine Months Ended September 30, 2025
January 04, 2025			807,260			$	15,306
February 05, 2025			697,198				13,219
March 05, 2025			711,427				13,474
April 03, 2025			717,209				13,498
April 03, 2025			269,166				5,066
May 05, 2025			735,715				13,817
June 04, 2025			743,135				13,970
July 03, 2025			738,795				13,867
July 03, 2025			276,901				5,197
August 05, 2025			746,168				14,006
September 03, 2025			755,970				14,160
Total			7,198,944			$	135,580
For the Nine Months Ended September 30, 2024
January 04, 2024			539,376			$	10,307
February 05, 2024			583,174				11,144
March 05, 2024			613,350				11,728
April 04, 2024			649,347				12,370
May 03, 2024			681,693				12,979
June 05, 2024			723,162				13,827
July 03, 2024			734,980				14,016
August 05, 2024			755,243				14,351
September 05, 2024			768,983				14,625
Total			6,049,308			$	115,347

 

 

Unit Repurchase Program

At the discretion of the Board of Directors, we may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. The limitations and restrictions described in the applicable offer to repurchase units may prevent us from accommodating all repurchase requests made in any quarter. The unit repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase Units on such terms as may be determined by our Board of Directors in its complete and absolute discretion.

The following table further summarizes the unit repurchases completed for the nine months ended September 30, 2025 and 2024:

Repurchase Deadline Request		Percentage of Outstanding Units the Company Offered to Repurchase(1)				Price Paid Per Unit				Repurchase Pricing Date		Amount Repurchased				Number of Units Repurchased				Percentage of Outstanding Units Repurchased(1)				Maximum number of units that may yet be purchased under the repurchase program(2)
For the Nine Months Ended September 30, 2025
March 07, 2025			5.00	%		$	18.82			March 31, 2025		$	65,290				3,469,202				2.01	%			—
June 07, 2025			5.00	%		$	18.77			June 30, 2025			107,041				5,702,776				3.15	%			—
September 04, 2025			5.00	%		$	18.70			September 30, 2025			107,961				5,773,310				3.11	%			—
Total												$	280,292				14,945,288
For the Nine Months Ended September 30, 2024
March 05, 2024			5.00	%		$	19.05			March 31, 2024		$	28,707				1,506,944				1.25	%			—
June 08, 2024			5.00	%		$	19.07			June 30, 2024			52,219				2,738,253				1.94	%			—
September 07, 2024			5.00	%		$	19.00			September 30, 2024			37,636				1,980,872				1.26	%			—
Total												$	118,562				6,226,069

 

 

(1)

Percentage is based on total units as of the close of the previous calendar quarter.

(2)

All repurchase requests were satisfied in full.

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Debt

Our outstanding debt obligations were as follows:

	September 30, 2025												December 31, 2024
	Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
ING Facility(1)	$	1,350,000			$	261,484			$	1,087,903			$	1,350,000			$	313,352			$	1,036,036
Wells Funding Facility		900,000				224,250				675,750				900,000				381,250				518,750
CBNA Funding Facility		375,000				225,000				150,000				375,000				93,750				281,250
JPM Funding Facility		1,200,000				744,073				455,927				1,200,000				614,073				585,927
Series A 2026 Notes(2)		204,000				204,000				—				204,000				204,000				—
Series A 2028 Notes(2)		146,000				146,000				—				146,000				146,000				—
Series B 2026 Notes(3)		107,000				107,000				—				107,000				107,000				—
Series B 2028 Notes(3)		128,000				128,000				—				128,000				128,000				—
Series C 2027 Notes(4)		136,500				136,500				—				136,500				136,500				—
Series C 2029 Notes(4)		163,500				163,500				—				163,500				163,500				—
Series D 2027 Notes(5)		100,000				100,000				—				100,000				100,000				—
Series D 2029 Notes(5)		200,000				200,000				—				200,000				200,000				—
2030 Notes(6)		300,000				300,000				—				300,000				300,000				—
2028 Notes(7)		300,000				300,000				—				—				—				—
Total	$	5,610,000			$	3,239,807			$	2,369,580			$	5,310,000			$	2,887,425			$	2,421,963

 

 

(1)

As of September 30, 2025 and December 31, 2024, letters of credit of $613 and $613, were outstanding, which reduced the unused availability under the ING Facility by the same amount. Under the ING Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 12,216 and 12,216. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Canadian dollars (CAD) of 5,800 and 2,800. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in British Pound (GBP) of 2,200 and 2,200.

(2)

The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $337 and $778, respectively, as of September 30, 2025 and $888 and $1,014, respectively, as of December 31, 2024.

(3)

The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $361 and $848, respectively, as of September 30, 2025 and $655 and $1,055, respectively, as of December 31, 2024.

(4)

The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $650 and $1,161, respectively, as of September 30, 2025 and $985 and $1,406, respectively, as of December 31, 2024.

(5)

The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $707 and $1,767, respectively, as of September 30, 2025 and $993 and $2,110, respectively, as of December 31, 2024.

(6)

The carrying value of the Company’s 2030 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,271, as of September 30, 2025 and $3,721 as of December 31, 2024.

(7)

The carrying value of the Company’s 2028 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,362, as of September 30, 2025.

For further details, see Note 6 “Debt” to our consolidated financial statements included in this Report.

RECENT DEVELOPMENTS

October Issuances and Distribution Declarations

Pursuant to our continuous private offering, we issued approximately 1,551,396 Units for an aggregate offering price of $29.0 million effective October 1, 2025.

On October 23, 2025, we declared a regular distribution in the amount of $0.1250 per unit and payable on or around November 5, 2025 to unitholders of record as of October 31, 2025.

November Issuances

Pursuant to our continuous private offering, we held a close relating to the sale of our Units for an aggregate offering price of $18.5 million effective November 1, 2025.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us 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. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

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We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to Note 5 “Fair Value Measurements” included in the notes to the consolidated financial statements in Part 1, Item 1 of this Report.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

•

the Investment Advisory Agreement;

•

the Administration Agreement;

•

the Placement Agent Agreement;

•

the MSDI Agreement; and

•

the Expense Support Agreement.

For further details, see Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

MS Credit Partners Holdings, Inc., an indirect wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements and has made capital contributions at the closings of the Company’s continuous private offering representing an aggregate capital contribution of $25.0 million, in exchange for 1,256,051 Units. Because MS Credit Partners Holdings, Inc. has made an aggregate capital contribution of $25.0 million as of the date of this Report, MS Credit Partners Holdings, Inc. has no further obligation, contractual or otherwise, to support us. Morgan Stanley has no history of financially supporting any of the BDCs on the MS Private Credit platform, even during periods of financial distress.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by our Board of Directors, based on, among other things, the input of the Investment Adviser, including our Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board of Directors, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, government shutdowns, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and “Part I, Item 1A. Risk Factors—General Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our most recent Annual Report on Form 10-K.

Interest Rate 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 September 30, 2025, approximately 99.9% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of September 30, 2025) (dollar amounts in thousands):

 

		Interest				Interest				Net
Basis Point Change - Interest Rates		Income				Expense(1)				Income
Up 300 basis points		$	197,253			$	(88,194	)		$	109,059
Up 200 basis points		$	131,502			$	(58,796	)		$	72,706
Up 100 basis points		$	65,751			$	(29,398	)		$	36,353
Up 25 basis points		$	16,438			$	(7,350	)		$	9,088
Down 25 basis points		$	(16,438	)		$	7,350			$	(9,088	)
Down 100 basis points		$	(65,751	)		$	29,398			$	(36,353	)
Down 200 basis points		$	(131,502	)		$	58,796			$	(72,706	)
Down 300 basis points		$	(197,253	)		$	88,194			$	(109,059	)

 

(1)

Includes the impact of our interest rate swaps as a result of interest rate changes.

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. 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 or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of September 30, 2025 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

Item 1. Legal Proceedings

The Company, the Investment Adviser, and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Investment Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under Item 1A of our Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Sales of Unregistered Securities

Refer to “Part I. Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Members’ Capital” in this Report, the Annual Report on Form 10-K and our Current Reports on Form 8-K filed on July 25, 2025, August 25, 2025 and September 26, 2025, for the issuance of our Class S Units for the three months ended September 30, 2025. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

At the discretion of the Board of Directors, we have in the past and may in the future conduct quarterly repurchase offers pursuant to a unit repurchase program. The purpose of the unit repurchase program is to provide liquidity to unitholders. We intend to limit the number of Units to be repurchased in each quarter to no more than 5% of our outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end. All Units purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units. Any Units to be purchased from any of our officers, directors or affiliates will be on the same terms and conditions as any other purchase of Units.

On August 5, 2025, we announced a quarterly tender offer that commenced on August 6, 2025 and ended at 12:01 a.m., Eastern Time, on September 4, 2025 (the “Offer”). Because there is no secondary trading market for our Units, our Board of Directors determined, after consideration of various matters, that the Offer was in the best interests of unitholders in order to provide liquidity for our unitholders. Approximately 5,773,310 of our Units were validly tendered and not withdrawn prior to the expiration of the Offer. The Units were repurchased at a price of $18.70 per Unit, which represents the net asset value per Unit as of September 30, 2025. The payment of the purchase price of the Units tendered was promptly made in cash issued to the unitholders whose tenders were accepted for purchase by us in accordance with the terms of the Offer.

The following table sets forth information regarding repurchases of Units during the three months ended September 30, 2025:

 

Offer Date		Tender Offer Expiration		Purchase Price per Share				Share Repurchased				Aggregate Dollar Amount of Shares Accepted for Repurchase (in thousands)
August 6, 2025		September 4, 2025		$	18.70				5,773,310			$	107,961

 

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits and Financial Statement Schedules

(a) Exhibits

The following exhibits are filed as part of this Report or hereby incorporated by reference to exhibits previously filed with the SEC:

 

Exhibit	Description
4.1	Second Supplemental Indenture, dated as of September 25, 2025, relating to the 5.125% Notes due 2028, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 26, 2025 (File No. 814-01489)).
4.2	Form of 5.125% Notes due 2028 (Incorporated by reference to Exhibit 4.1 hereto).
4.3	Registration Rights Agreement, dated as of September 25, 2025, relating to the 5.125% Notes due 2028, by and among the Company and Wells Fargo Securities, LLC, BNP Paribas Securities Corp., ING Financial Markets LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 26, 2025 (File No. 814-01489)).
10.1***	Fourth Amendment to Loan and Servicing Agreement, dated as of September 12, 2025, by and among PIF Financing SPV LLC, as borrower, PIF Lending SPV LLC, as securitization subsidiary, the conduit lenders and institutional lenders from time to time party thereto, as lenders, the lender agents from time to time party thereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, and North Haven Private Income Fund LLC, as equityholder and servicer (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 15, 2025 (File No. 814-01489)).
10.2***	Amendment No. 1 to the Second Amended and Restated Loan and Security Agreement, dated as of September 15, 2025, by and among SLIC Financing SPV LLC, as borrower, North Haven Private Income Fund LLC, as parent and as servicer, U.S. Bank Trust Company, National Association, as collateral agent and as collateral administrator, and U.S. Bank National Association, as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 16, 2025 (File No. 814-01489)).
31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal 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 Chief Financial Officer (Principal 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)

 

 

* Filed herewith

** Furnished herewith

*** Exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		North Haven Private Income Fund LLC
Dated: November 10, 2025		By:	/s/ Michael Occi
			Michael Occi Director and Chief Executive Officer (Principal Executive Officer)
Dated: November 10, 2025		By:	/s/ David Pessah
			David Pessah Chief Financial Officer (Principal Financial Officer)

 

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