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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/6/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 07/02/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/7/2028 One2025-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.25% PIK) Interest Rate 9.67% Maturity Date 11/8/20302025-12-310001851322Investments-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 8.42% Maturity Date 10/29/20302025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-12-310001851322ck0001851322:InvestmentMeasuredAtNetAssetValueMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. 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Commitment Type Revolver Commitment Expiration Date 5/25/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. 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Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/06/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. 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Commitment Type Revolver Commitment Expiration Date 07/20/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20272026-01-012026-03-3100018513222026-03-312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272026-01-012026-03-3100018513222026-02-012026-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 0.00% Maturity Date 2/25/20282025-12-310001851322Investments-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 8.42% Maturity Date 2/10/20282025-12-310001851322ck0001851322:InterestRateSwapSeriesB2028NotesMemberus-gaap:LongMember2023-08-100001851322us-gaap:RetainedEarningsMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. 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Commitment Type Revolver Commitment Expiration Date 6/28/20302025-01-012025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001851322Interest Rate Swaps2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/20322025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. 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Commitment Type Revolver Commitment Expiration Date 05/02/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 12/02/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/3/20322025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292026-03-3100018513222025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.94% Maturity Date 09/18/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 05/12/20312026-03-310001851322Investments-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 12.08% Maturity Date 04/3/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. 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(Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 11.47% Maturity Date 03/30/20292026-03-310001851322Investments-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 8.82% Maturity Date 8/25/20282025-12-310001851322Investments-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% PIK Interest Rate 10.77% Maturity Date 03/18/20272026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:SoftwareSectorMember2026-03-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/6/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/2028 One2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LifeSciencesToolsAndServicesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312026-01-012026-03-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 6/23/20322025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate & Spread S +5.25% Interest Rate 8.92% Maturity Date 10/02/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 06/29/2028 One2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LeisureProductsSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20302026-03-310001851322ck0001851322:InterestRateSwapSeriesA2028NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/28/20332026-03-310001851322Investments-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 8.45% Maturity Date 02/25/2033 Two2026-03-310001851322Investments-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 10.43% Maturity Date 07/03/2028 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.42% Maturity Date 5/02/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.90% Maturity Date 10/15/2031 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 6/29/2027 One2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2027NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.94% Maturity Date 12/28/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 09/04/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.40% Maturity Date 10/16/2029 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread P + 5.50% Interest Rate 9.31% Maturity Date 08/05/2028 Two2026-03-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.23% Maturity Date 07/24/2031 Two2026-03-310001851322Investments-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 8.42% Maturity Date 1/31/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/20322026-01-012026-03-3100018513222026-01-062026-01-060001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.16% Maturity Date 12/26/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies EnergySolutions, LLC Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.97% Maturity Date 09/20/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 02/16/2029 Two2026-03-310001851322Investments-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 10.32% Maturity Date 7/01/2027 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Foundever Group Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.71% Maturity Date 08/28/20282026-03-310001851322us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272026-03-310001851322Investments-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 8.45% Maturity Date 02/10/2028 Two2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.45% Maturity Date 06/27/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/2031 One2026-03-310001851322Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272025-01-012025-12-310001851322Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Artifact Bidco, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.85% Maturity Date 07/26/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Household Durables Project Madison Safety & Flow, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.23% Maturity Date 09/26/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282026-01-012026-03-310001851322Investments - non-controlled/affiliated Alpine Acquisition Corp. II2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272026-01-012026-03-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 8/01/2029 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/8/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 8/04/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/20312025-12-310001851322Investments-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 8.42% Maturity Date 6/12/2028 Two2025-12-310001851322Investments-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 8.84% Maturity Date 9/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/22/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 10/01/2032 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/30/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312026-01-012026-03-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Unsecured Debt Reference Rate & Spread S + 8.00% PIK Interest Rate 11.67% Maturity Date 02/28/20302026-03-310001851322Investments-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 8.67% Maturity Date 4/03/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.75% Interest Rate 8.42% Maturity Date 12/10/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 02/10/2032 One2026-03-310001851322Investments-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) Maturity Date 4/9/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/25/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 04/23/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 9/30/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 1.75% Interest Rate 5.47% Maturity Date 10/23/20302025-12-310001851322Investments-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 9.95% Maturity Date 09/1/20272026-03-310001851322Investments-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 8.42% Maturity Date 10/2/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 5/11/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/29/2028 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262025-12-310001851322ck0001851322:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Interest Rate Swaps2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/29/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/2/20302026-03-310001851322Investments-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 9.57% Maturity Date 8/31/2029 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312025-01-012025-12-310001851322Investments-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 8.84% Maturity Date 9/22/2028 One2025-12-3100018513222025-01-012025-01-010001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 12/05/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.93% Maturity Date 09/04/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Other Debt Reference Rate & Spread S + 8.00% PIK Interest Rate 12.20% Maturity Date 2/28/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/6/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/2/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:IndustrialConglomeratesSectorMember2026-03-310001851322ck0001851322:LifeSciencesToolsServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.42% Maturity Date 10/30/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/23/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Banyan Software Holdings, LLC Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 01/2/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 1/29/20302025-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001851322Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.75% Interest Rate 10.45% Maturity Date 12/29/20282026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322ck0001851322:InterestRatePeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/20312025-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/12/20322026-03-310001851322ck0001851322:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 02/14/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 03/09/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/1/20312025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 6/11/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 08/01/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272026-01-012026-03-310001851322Investments-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 8.45% Maturity Date 02/25/2033 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/1/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/1/20312025-12-310001851322Investments-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% PIK Interest Rate 10.77% Maturity Date 03/18/2027 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Acrisure, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.67% Maturity Date 11/06/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/7/20292025-01-012025-12-310001851322Investments-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 8.42% Maturity Date 10/29/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 10/01/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:IndustrialConglomeratesSectorMember2025-12-310001851322Investments-non-controlled/affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.81% Maturity Date 01/14/2031 One2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2023-12-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/31/2033 Two2026-03-3100018513222026-01-012026-01-010001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20302025-12-310001851322Investments-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 8.67% Maturity Date 1/2/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 11/01/20302026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 05/13/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20272025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2026-03-310001851322Investments-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 9.34% Maturity Date 2/3/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/17/2031 One2025-12-310001851322ck0001851322:INGFacilityAmendmentMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/2028 Two2025-12-310001851322Investments-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 10.18% Maturity Date 4/10/20312025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery CPM Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.17% Maturity Date 09/28/20282026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 4/22/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272026-01-012026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/07/2033 One2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.10% Maturity Date 12/17/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/26/20322026-03-310001851322ck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.23% Maturity Date 07/24/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272026-01-012026-03-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/31/20272026-03-310001851322Investments-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 8.42% Maturity Date 2/10/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 04/14/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 7/22/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 7/30/20322025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies EnergySolutions, LLC Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.92% Maturity Date 09/20/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services ExamWorks BidCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 02/06/20332026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2025-12-310001851322us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322ck0001851322:ValuationYieldAnalysisMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 Two2025-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282026-03-310001851322Investments-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% Maturity Date 2/3/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/04/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 03/28/2030 Two2026-03-310001851322Investments-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 8.42% Maturity Date 09/09/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/11/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 02/16/20292026-03-310001851322Investments-non-controlled/affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.81% Maturity Date 01/14/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/29/2030 One2026-03-310001851322Investments-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% PIK Interest Rate 10.77% Maturity Date 3/18/2027 One2025-12-310001851322us-gaap:FoodAndBeverageSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.13% Maturity Date 08/11/2031 Two2026-03-310001851322Investments-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 8.10% Maturity Date 7/30/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272026-01-012026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.19% Maturity Date 7/20/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/6/20262025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 04/14/20222026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberck0001851322:INGFacilityMember2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/20322026-03-310001851322Investments-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 8.57% Maturity Date 9/09/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 04/14/20222026-03-310001851322Investments-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 10.66% Maturity Date 7/03/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20282025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2023-12-010001851322Investments-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 9.61% Maturity Date 8/18/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 8/26/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/2031 One2025-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 7/20/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 05/24/20322026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312026-01-012026-03-310001851322Investments-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 8.45% Maturity Date 10/29/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/23/2030 Two2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% PIK Acquisition Date 06/24/20222026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/14/20282026-03-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 08/01/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 08/27/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 2/10/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/24/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.50% Maturity Date 12/07/2028 Two2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2023-03-160001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/23/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272025-01-012025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2028NotesMember2025-12-310001851322Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/18/20252025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2026-03-310001851322Investments-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 7.27% Maturity Date 11/1/20282026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Software New Blackboard, LLC Investment Common Equity Acquisition Date 02/27/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/04/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/24/2031 One2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2026-03-310001851322ck0001851322:CanadianOvernightRepoRateAverageMember2025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322ck0001851322:InterestRateSwapSeriesD2027NotesMember2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.25% Interest Rate 11.00% Maturity Date 01/17/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/13/20322025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesD2029NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001851322ck0001851322:BankMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272026-01-012026-03-310001851322Investments-controlled/affiliated Equity Investments Investments Investments In Joint Ventures North Haven Keystone, LLC Investment LLC Interest Acquisition Date 10/30/20252026-01-012026-03-310001851322Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 4/1/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 07/02/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 05/24/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.94% Maturity Date 09/18/2031 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 8/26/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/2026 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322ck0001851322:DebtSecuritiesSecondLienMember2025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Conair Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.58% Maturity Date 5/17/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.18% Maturity Date 05/22/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 2/16/20292025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate & Spread S +5.25% Interest Rate 8.92% Maturity Date 10/02/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 04/23/2027 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/20282025-12-310001851322Investments-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 8.97% Maturity Date 2/24/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282026-03-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesC2027NotesMember2023-12-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.44% Maturity Date 6/28/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate and Spread S +4.50% Maturity Date 1/13/20332026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/11/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292026-01-012026-03-310001851322Investments-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 8.82% Maturity Date 10/24/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312026-03-310001851322ck0001851322:InterestRateSwapSeriesD2029NotesMember2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292026-01-012026-03-310001851322Investments-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 8.97% Maturity Date 10/02/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/25/2030 One2026-03-310001851322Investments-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 9.43% Maturity Date 12/3/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 2/24/2031 One2025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/26/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.17% Maturity Date 01/17/20312026-03-310001851322Investments-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 8.32% Maturity Date 3/09/20282025-12-310001851322ck0001851322:InvestmentFundMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20262025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 One2025-12-310001851322ck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.47% Maturity Date 6/24/20282025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001851322us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282026-01-012026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2026-03-310001851322Investments-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 10.66% Maturity Date 7/03/20282025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-01-012026-03-310001851322Investments-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 8.17% Maturity Date 12/19/20292026-03-310001851322Investments-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 8.82% Maturity Date 10/24/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/26/2032 One2026-03-310001851322us-gaap:PrimeRateMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/07/20282026-03-310001851322Investments-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 8.45% Maturity Date 02/10/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.94% Maturity Date 12/28/2028 Two2026-03-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Second Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 2/28/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302026-01-012026-03-310001851322ck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222026-01-012026-03-310001851322Investments-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 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/29/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282026-01-012026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2029Member2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 12/07/2029 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2026-03-310001851322Investments-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 Two2025-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 2/28/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tidal Waste & Recycling Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.45% Maturity Date 10/24/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 06/9/2027 One2026-03-310001851322Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-01-012025-12-310001851322us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:NorthHavenKeystoneLLCMember2026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 12/23/20322025-12-310001851322Investments-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 8.57% Maturity Date 9/09/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322026-03-310001851322Investments-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 9.95% Maturity Date 09/1/2027 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 05/06/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262026-03-310001851322Investments-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 8.67% Maturity Date 1/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.50% Interest Rate 11.25% Maturity Date 05/31/20282026-03-310001851322ck0001851322:InterestRateSwapSeriesA2026NotesMember2026-03-310001851322ck0001851322:SlicAcquisitionMember2026-01-012026-03-3100018513222025-03-052025-03-050001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 10/19/2027 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262026-01-012026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 7/22/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services AuditBoard, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/14/2031 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272026-01-012026-03-3100018513222026-03-012026-03-010001851322ck0001851322:DebtSecuritiesFirstLienMember2025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 01/07/20332026-03-310001851322us-gaap:FairValueInputsLevel12And3Member2025-12-310001851322Investments-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 8.22% Maturity Date 6/11/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 11.00% Maturity Date 9/4/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 2/16/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312026-03-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.32% Maturity Date 07/06/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.45% Maturity Date 06/28/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/2028 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:SeriesD2027NotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/2032 One2025-12-310001851322Investments - non-controlled/affiliated North Haven Keystone, LLC2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/26/20272025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/08/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/28/2033 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery CPM Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 9/28/20282025-12-310001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001851322Investments-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 12.08% Maturity Date 4/3/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.68% Maturity Date 11/17/2031 Two2026-03-310001851322ck0001851322:GroundTransportationSectorMemberck0001851322:NHKeystoneMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/28/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212026-01-012026-03-310001851322ck0001851322:SecondLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Household Durables Project Madison Safety & Flow, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.18% Maturity Date 09/26/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 06/02/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 10/01/20322026-03-310001851322Investments-non-controlled/affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Common Equity Acquisition Date 01/14/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 8/4/20272025-01-012025-12-310001851322ck0001851322:RestrictedSecuritiesMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 09/30/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/15/20282026-03-310001851322us-gaap:AssetsTotalMemberck0001851322:QualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-12-310001851322ck0001851322:O2026M2AggregateDividendsMember2026-01-012026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:SoftwareSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 10/19/20272026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.70% Maturity Date 05/25/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 02/01/20302026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 3/16/20282025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 05/12/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Brown Group Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 07/01/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Proofpoint, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.70% Maturity Date 08/31/20282026-03-310001851322Investments-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 8.42% Maturity Date 9/22/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Icebox Holdco III, Inc. Investment First Lien Debt Reference Rate & Spread S +3.25% Interest Rate 6.95% Maturity Date 12/22/20312026-03-310001851322Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:DistributorsSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Maturity Date 8/31/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20302025-12-310001851322Investments-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 8.25% Maturity Date 9/8/2031 Two2025-12-310001851322Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242025-01-012025-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 12/23/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 4/22/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate & Spread C + 4.75% Interest Rate 7.01% Maturity Date 12/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/6/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302026-01-012026-03-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.50% PIK) Maturity Date 02/03/20312026-03-310001851322us-gaap:EquitySecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302026-03-310001851322Investment Three2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 9.92% Maturity Date 5/25/20292025-12-310001851322Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222025-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 8/10/20282025-12-310001851322ck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322us-gaap:SeniorNotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/31/2027 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.45% Maturity Date 07/16/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 7/20/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/29/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/27/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 02/10/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/20272025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 07/02/2031 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.97% Maturity Date 6/29/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 08/01/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 12/03/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 10.75% PIK Acquisition Date 06/25/20222026-01-012026-03-310001851322Investments-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% PIK Interest Rate 10.77% Maturity Date 3/18/20272025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2022-06-292022-06-2900018513222025-03-312025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 6/28/2029 One2025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262026-01-012026-03-310001851322ck0001851322:InterestRateFloorThreeMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 4/10/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Banyan Software Holdings, LLC Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 01/2/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 04/22/20322026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 12/23/2032 One2026-03-310001851322us-gaap:FairValueInputsLevel2Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Interest Rate Swaps2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 7/30/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/2027 One2025-12-310001851322Investments-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 10.43% Maturity Date 07/03/2028 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Madison IAQ, LLC Investment First Lien Debt Reference Rate & Spread S +2.50% Interest Rate 6.13% Maturity Date 06/21/20282026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2031 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.13% Maturity Date 08/11/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 5/25/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/16/2029 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/2032 One2025-12-310001851322Investments-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 10.49% Maturity Date 8/21/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/10/20282026-03-310001851322Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312026-03-310001851322Investments-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 8.42% Maturity Date 09/09/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 12/05/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-12-310001851322us-gaap:SeniorNotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% PIK Interest Rate 8.70% Maturity Date 07/02/20292026-03-310001851322Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/26/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272026-01-012026-03-310001851322Investments-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 9.17% Maturity Date 4/01/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 10/04/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/24/20272025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.70% Maturity Date 05/25/2029 Two2026-03-310001851322Investments-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 9.59% Maturity Date 05/05/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/3/20272025-12-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Interest Rate 0.00% Maturity Date 03/12/20362025-12-310001851322Investments-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 8.70% Maturity Date 09/19/20302026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateAnnualizedCatchUpThresholdMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:DebtSecuritiesSecondLienMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% PIK Interest Rate 9.95% Maturity Date 05/25/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-12-310001851322Investments-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 8.27% Maturity Date 03/09/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 7/25/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/2031 One2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 09/04/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread P + 5.00% Interest Rate 8.67% Maturity Date 11/01/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 12/01/20312026-03-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/2031 Two2025-12-310001851322ck0001851322:O2025M2AggregateDividendsMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesB2026NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242026-03-310001851322ck0001851322:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.35% Maturity Date 04/16/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 8/04/2027 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:IndustrialConglomeratesSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20272025-12-310001851322Investments-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 09/11/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/1/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-01-012025-12-310001851322Investments-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% Maturity Date 06/03/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 02/24/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/9/20282025-12-310001851322Investments-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 7.07% Maturity Date 12/06/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/02/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 7.15% Maturity Date 8/13/20292025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262025-01-012025-12-310001851322Investments-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 8.42% Maturity Date 8/29/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20272025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services KUEHG Corp. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 6/12/20302025-12-310001851322Investments-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 9.42% Maturity Date 08/18/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.45% Maturity Date 05/23/20302026-03-310001851322us-gaap:FairValueInputsLevel2Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/08/2030 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.63% Maturity Date 08/25/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Endure Digital, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.40% Maturity Date 4/30/20292025-12-310001851322Investments-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 8.10% Maturity Date 9/30/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292026-03-310001851322ck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.44% Maturity Date 12/23/2032 One2026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:PharmaceuticalsSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/1/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.95% Maturity Date 07/26/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.93% Maturity Date 04/24/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread C + 5.25% Interest Rate 7.51% Maturity Date 12/28/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 09/29/2028 One2026-03-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/30/2032 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2025-01-012025-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 2/27/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/29/2030 Two2025-12-310001851322ck0001851322:O2026M1AggregateDividendsMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 2/27/2030 One2025-12-310001851322ck0001851322:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.45% Maturity Date 05/23/2030 Two2026-03-310001851322Investments-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 9.59% Maturity Date 05/05/2028 Two2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.45% Maturity Date 06/27/20312026-03-310001851322Investments-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 11.34% Maturity Date 2/23/20282025-12-310001851322Investments-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 8.32% Maturity Date 3/09/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20272025-01-012025-12-310001851322Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Employbridge Holding Company Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.68% Maturity Date 1/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread E + 5.25% Interest Rate 7.16% Maturity Date 10/30/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Group Holdings, LP Investment Common Equity Acquisition Date 07/16/20252026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.30% Maturity Date 10/13/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 10/04/2030 One2026-03-310001851322Investments-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 7.89% Maturity Date 9/15/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 09/08/20322026-03-310001851322Investments-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 8/11/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 05/24/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/20262025-01-012025-12-310001851322Investments-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 8.85% Maturity Date 10/16/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 08/29/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 10.07% Maturity Date 8/29/2029 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322026-01-012026-03-310001851322Investments-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 8.42% Maturity Date 9/22/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/20292025-12-310001851322Investments-non-controlled/affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Preferred Equity Acquisition Date 01/14/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 1/25/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/30/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 6/23/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/25/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-12-310001851322Investments-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 8.92% Maturity Date 5/23/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 5/28/20322025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2026-03-310001851322ck0001851322:InvestmentsInJointVenturesMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.42% Maturity Date 10/30/20282026-03-310001851322ck0001851322:NorthAmericanInsuranceCompanyMember2026-03-310001851322us-gaap:EquitySecuritiesMember2025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 4/26/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/13/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312026-01-012026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:ConsumerStaplesDistributionAndRetailSectorMember2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/28/2033 One2026-03-310001851322us-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/29/2028 One2026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 3/1/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Olympus Water US Holding Corporation Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 6/20/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 2/1/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 2/1/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-01-012026-03-310001851322Investments-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 8.42% Maturity Date 2/03/2027 Two2025-12-3100018513222025-01-012025-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesD2029NotesMember2025-12-310001851322us-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.50% Interest Rate 11.17% Maturity Date 07/02/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.94% Maturity Date 09/18/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.10% Maturity Date 12/15/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/3/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.38% Maturity Date 01/27/2032 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/12/20292025-12-310001851322us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/2/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% (incl. 1.00% PIK) Interest Rate 8.45% Maturity Date 04/09/2030 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 1/12/20322025-01-012025-12-310001851322ck0001851322:SlicAcquisitionMember2026-03-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001851322Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 8/10/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/12/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 01/13/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/4/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/14/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 6/17/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.40% Maturity Date 11/29/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/25/20322025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:TwoThousandTwentyEightNotesMember2025-12-310001851322Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.75% Acquisition Date 06/25/20222025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/16/20282026-03-310001851322Investments-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 8.42% Maturity Date 2/03/2027 One2025-12-310001851322Investments-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 8.27% Maturity Date 03/09/20292026-03-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.52% Maturity Date 02/19/2030 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 2/2/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/29/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262026-03-310001851322us-gaap:OtherDebtSecuritiesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/14/20282025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 06/23/2032 Two2026-03-310001851322Investments-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 8.22% Maturity Date 9/15/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/7/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/3/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272026-01-012026-03-310001851322Investments-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 8.20% Maturity Date 06/3/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 10.07% Maturity Date 8/29/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272026-01-012026-03-310001851322Investments-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 9.52% Maturity Date 12/15/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.43% Maturity Date 03/13/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.89% Maturity Date 08/08/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/14/20292026-03-310001851322us-gaap:HealthcareSectorMemberck0001851322:NHKeystoneMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/31/2033 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 5/2/20282025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:DistributorsSectorMember2025-12-310001851322Investments-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 9.59% Maturity Date 5/05/20282025-12-310001851322us-gaap:RetainedEarningsMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292026-01-012026-03-310001851322us-gaap:OtherDebtSecuritiesMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 1/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 4/1/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312025-12-310001851322Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2025-03-310001851322Investments-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 8.82% Maturity Date 10/14/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% (incl. 2.50% PIK) Interest Rate 9.67% Maturity Date 02/3/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 1/29/2030 Two2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312026-01-012026-03-310001851322Investments-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 8.45% Maturity Date 01/05/2033 One2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 12/20/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 10/19/2027 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/20332026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.45% Maturity Date 03/25/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 07/20/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/9/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 10/30/2028 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/24/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/26/20322026-03-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2026-03-310001851322Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.75% Acquisition Date 06/25/20222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.22% Maturity Date 9/23/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 1/12/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/2031 One2025-12-310001851322Investment Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20272025-01-012025-12-310001851322Investments Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-12-310001851322ck0001851322:InvestmentFundMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/1/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282025-12-310001851322Investments-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 8.97% Maturity Date 9/4/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272026-03-310001851322ck0001851322:InterestRateSwapSeriesC2027NotesMember2023-12-010001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/1/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/30/2032 Two2026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:AutomobileComponentsSectorMember2026-03-310001851322ck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/2032 Two2025-12-310001851322Investments-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 9.20% Maturity Date 04/01/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20322025-12-310001851322Investments-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 8.17% Maturity Date 6/3/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/29/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/20322026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 6/30/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 09/23/20312026-03-310001851322ck0001851322:GroundTransportationSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272026-03-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:DistributorsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 12/06/20222025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:AU2026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/12/20322026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate & Spread S +6.00% Interest Rate 9.55% Maturity Date 03/10/2027 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 06/24/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-01-012025-12-310001851322Investments-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 9.57% Maturity Date 10/13/20272025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312026-03-3100018513222025-02-052025-02-050001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262026-01-012026-03-310001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2026-03-310001851322Investments-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 8.70% Maturity Date 9/29/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262026-01-012026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 08/27/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Broadstreet Partners, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.47% Maturity Date 06/13/20312026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/29/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Acrisure, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.72% Maturity Date 11/06/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/2032 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AerospaceDefenseSectorMember2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +6.00% Interest Rate 9.82% Maturity Date 07/21/2027 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312026-03-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.75% PIK) Interest Rate 9.17% Maturity Date 06/17/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 5/5/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% PIK Interest Rate 9.58% Maturity Date 06/30/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/23/2032 One2026-03-310001851322Investments-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 6.17% Maturity Date 09/19/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262025-12-310001851322us-gaap:EquitySecuritiesMember2026-03-310001851322Investments-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 8.84% Maturity Date 7/2/2029 One2025-12-310001851322Investments-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 10.14% Maturity Date 3/2/20282025-12-310001851322ck0001851322:InterestRatePeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.92% Maturity Date 9/29/20302025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:NorthHavenKeystoneLLCMember2026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.97% Maturity Date 6/29/2028 One2025-12-310001851322Investments-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 9.49% Maturity Date 12/3/20292025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:OtherSecurityInvestmentsUnsecuredDebtMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.90% Maturity Date 10/15/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/30/2032 Two2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery TK Elevator US Newco, Inc. Investment First Lien Debt Reference Rate & Spread S +2.75% Interest Rate 6.38% Maturity Date 04/30/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/22/20282025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 One2026-03-3100018513222026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282026-03-310001851322ck0001851322:DebtSecuritiesSecondLienMember2026-01-012026-03-310001851322Investments-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 09/11/20282026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/20252026-01-012026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 08/20/2027 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/2028 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/28/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/7/20282025-01-012025-12-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 09/09/20252025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:INGFacilityMember2025-12-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272026-01-012026-03-310001851322Investments-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 6.42% Maturity Date 11/22/20292025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMembersrt:ScenarioForecastMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-09-122026-09-120001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 9/19/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312026-03-310001851322Investments-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 5.47% Maturity Date 8/31/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/1/20322025-12-310001851322Investments-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 8.22% Maturity Date 12/19/2029 Two2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software ECI Macola Max Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.45% Maturity Date 05/9/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/26/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 06/03/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GB2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 11/30/2029 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/20282026-03-310001851322Investments-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 8.42% Maturity Date 8/26/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262025-01-012025-12-310001851322ck0001851322:SterlingOvernightIndexAverageMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302026-03-310001851322us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 7/16/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 12/3/20322025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LeisureProductsSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/09/2026 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 06/9/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 06/23/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/6/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.52% Maturity Date 02/19/2030 One2026-03-310001851322ck0001851322:EuroInterbankOfferedRateMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 7/25/20292025-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2026-03-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/01/2029 One2026-03-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Dragon Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 9/30/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/08/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 Two2025-12-310001851322Investments-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 3/10/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 03/31/2033 One2026-03-310001851322Investments-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 8.92% Maturity Date 10/19/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 6/28/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 2/1/2027 One2025-12-310001851322Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.94% Maturity Date 12/28/20292026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Broadstreet Partners, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 6/13/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/31/20312025-12-310001851322ck0001851322:InterestRateSwapSeriesD2027NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 6/23/20322025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322ck0001851322:SeriesB2026And2028NotesMember2023-03-162023-03-160001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 2/14/20312025-12-310001851322Investments-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 10.89% Maturity Date 3/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 8.92% Maturity Date 04/12/20272026-03-310001851322Investments-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% Maturity Date 06/01/20292026-03-310001851322us-gaap:SubsequentEventMember2026-05-012026-05-010001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 07/20/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-01-012025-12-310001851322Investments-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 8.82% Maturity Date 8/25/2028 One2025-12-310001851322Investments-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 9.49% Maturity Date 12/3/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 9/29/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.40% Maturity Date 11/29/2030 One2026-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:ProfessionalServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 09/29/20282026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.63% Maturity Date 08/25/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 6/11/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 3/12/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/11/2029 One2026-03-310001851322ck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/3/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. 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Commitment Type Revolver Commitment Expiration Date 9/22/20282025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/12/2032 One2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2025-01-012025-03-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Clydesdale Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.18% Interest Rate 6.84% Maturity Date 04/13/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 6/23/2032 Three2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.20% Maturity Date 3/28/2030 One2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Ascend Learning, LLC Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 12/11/20282026-03-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/24/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-01-012026-03-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/1/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 4/26/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging AA&D Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 11/29/20302026-03-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2023-09-120001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/30/20322026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:TextilesApparelLuxuryGoodsMember2026-03-310001851322Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-12-310001851322Investments-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 6.42% Maturity Date 5/06/20312025-12-310001851322us-gaap:RetainedEarningsMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302026-01-012026-03-310001851322Investments-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 8.45% Maturity Date 01/05/20332026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262025-12-310001851322Investments Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-12-310001851322us-gaap:AerospaceSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 6/12/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 1/29/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20272025-01-012025-12-310001851322Investments-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 7.92% Maturity Date 11/18/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.67% Maturity Date 02/02/2032 One2026-03-310001851322Investments-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 9.61% Maturity Date 8/18/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 3/13/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282026-03-310001851322ck0001851322:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/2032 Two2025-12-310001851322us-gaap:PrimeRateMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20262026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Gainwell Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.80% Maturity Date 10/01/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 6/29/20272025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2026-03-310001851322Investments-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 9.42% Maturity Date 9/13/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/2/20292025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.67% Maturity Date 09/22/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/10/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/2031 One2025-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/2031 One2026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Brown Group Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.56% Maturity Date 7/1/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Gainwell Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.77% Maturity Date 10/01/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/20322025-12-310001851322Investments-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 6.72% Maturity Date 11/19/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GB2026-03-310001851322Investments-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 10.54% Maturity Date 7/6/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Athenahealth, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 02/15/20292026-03-310001851322Investments-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 10.66% Maturity Date 7/03/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 05/15/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.85% Maturity Date 6/2/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 03/31/20312026-03-310001851322Investments-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 8/11/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Applied Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.95% Maturity Date 02/24/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.22% Maturity Date 8/20/2027 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312026-01-012026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 4/12/20272025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/10/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 9/8/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/28/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 2/10/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 4/22/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 01/07/2033 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/2/2026 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262026-03-310001851322Investments-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 8.22% Maturity Date 04/26/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-03-310001851322Investments-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 8.93% Maturity Date 6/15/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/31/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.86% Maturity Date 08/29/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 5/24/20282025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Icebox Holdco III, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.92% Maturity Date 12/22/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 5/28/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2025-12-310001851322Investments-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 7.02% Maturity Date 12/06/20272026-03-310001851322ck0001851322:DebtSecuritiesSecondLienMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/20312025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2023-08-100001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/10/2028 One2026-03-310001851322us-gaap:ChemicalsSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Wand NewCo 3, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 01/30/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/30/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 12/06/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.47% Maturity Date 11/1/20302025-12-310001851322Investments-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 8.67% Maturity Date 4/03/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292026-03-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322026-03-310001851322Investments-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 8.22% Maturity Date 12/19/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.42% Maturity Date 5/02/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:BankSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate & Spread S + 7.50% Interest Rate 11.36% Maturity Date 02/23/20282026-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272026-01-012026-03-310001851322ck0001851322:DebtInvestmentsMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/08/2030 Two2026-03-310001851322Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/1/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 1/12/2032 One2025-12-3100018513222025-01-042025-01-040001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.42% Maturity Date 11/21/20312026-03-310001851322Investments-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 8.42% Maturity Date 2/10/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software UKG, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 02/10/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Imprivata, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.70% Maturity Date 12/01/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 5/5/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Madison IAQ, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.70% Maturity Date 6/21/20282025-12-310001851322Investments-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 6.22% Maturity Date 01/30/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.42% Maturity Date 07/22/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.67% Maturity Date 02/02/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 3/9/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 05/30/20312026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/23/2030 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 9/18/20312025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.32% Maturity Date 6/9/20272025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.77% Maturity Date 10/27/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 6/28/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/1/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% (incl. 1.00% PIK) Maturity Date 04/09/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.20% Maturity Date 05/14/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 7/21/2027 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/20332026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 7/2/20312025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-12-310001851322Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/6/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Magenta Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.93% Maturity Date 07/27/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302025-01-012025-12-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2025-01-012025-12-310001851322us-gaap:HealthcareSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272025-01-012025-12-310001851322Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.35% Maturity Date 08/04/2027 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 06/29/20272026-03-310001851322Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20272025-01-012025-12-310001851322Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-01-012025-12-310001851322us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:ShortMemberck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322Investments-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 8.42% Maturity Date 6/12/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 3/1/20292026-01-012026-03-310001851322ck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.50% Interest Rate 11.34% Maturity Date 7/2/2029 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 3/16/20282025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services AuditBoard, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/14/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20302025-12-310001851322Investments-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 10.17% Maturity Date 07/01/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/29/2031 Two2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S +5.00% (incl 2.50% PIK) Interest Rate 8.70% Maturity Date 02/02/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 9/19/20292025-01-012025-12-310001851322Investments-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 9.67% Maturity Date 12/5/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262026-01-012026-03-310001851322ck0001851322:O2026M3AggregateDividendsMember2026-01-012026-03-310001851322us-gaap:FairValueInputsLevel12And3Member2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/30/2031 One2025-12-310001851322Investments-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 8.22% Maturity Date 9/9/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312026-03-3100018513222026-03-070001851322Investments-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 9.42% Maturity Date 8/31/20292026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:SubsequentEventMember2026-04-212026-04-210001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/07/20332026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/06/2032 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/26/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/22/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 6/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/1/2029 Two2025-12-310001851322Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 8/10/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/30/2031 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:TwoThousandTwentyEightNotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 07/22/20282026-03-310001851322Investments-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 7.44% Maturity Date 11/1/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 02/24/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/17/2027 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 5/06/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/4/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.75% PIK) Interest Rate 9.17% Maturity Date 06/17/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors White Cap Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.92% Maturity Date 10/19/20292026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282026-03-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:OtherAggregatedInvestmentsMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 6/17/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/2028 Two2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252025-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001851322Investments-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 8.67% Maturity Date 9/19/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/10/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272026-03-310001851322us-gaap:SubsequentEventMember2026-04-012026-04-010001851322Interest Rate Swaps2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.77% Maturity Date 04/07/2028 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 5/14/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.30% Maturity Date 10/13/20282026-03-310001851322ck0001851322:RestrictedSecuritiesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/20282026-01-012026-03-310001851322Investments-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 8.22% Maturity Date 12/19/2029 One2025-12-310001851322ck0001851322:NotesMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/8/20302025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate & Spread S +4.25% Interest Rate 7.94% Maturity Date 11/18/20312026-03-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.46% Maturity Date 8/5/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/6/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.45% Maturity Date 12/06/20302026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/09/2026 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 06/29/2027 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/26/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 8/8/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 07/02/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20282026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.35% Maturity Date 08/04/20272026-03-310001851322Investments-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 8.70% Maturity Date 04/03/2030 One2026-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:DistributorsSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:DistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 3/1/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-03-310001851322One Unsecured Debt Position2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/2031 One2025-12-3100018513222025-03-310001851322Investments-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 8.97% Maturity Date 10/02/2029 Two2025-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 3.70% PIK) Interest Rate 9.27% Maturity Date 1/2/20292025-12-310001851322ck0001851322:InvestmentsInJointVenturesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/1/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/26/20302025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:InsuranceSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 9/30/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262025-12-310001851322Investments-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 6.09% Maturity Date 11/8/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 06/02/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 08/29/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 01/14/20312026-01-012026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 05/06/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/10/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% (incl. 2.50% PIK) Interest Rate 9.67% Maturity Date 02/3/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282026-01-012026-03-310001851322Investments-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 8.85% Maturity Date 10/16/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 3.50% Interest Rate 7.37% Maturity Date 12/02/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services HUB International Limited Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.92% Maturity Date 06/20/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322026-01-012026-03-310001851322Investments-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 8.45% Maturity Date 09/22/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2032 Two2025-12-310001851322ck0001851322:InvestmentMeasuredAtNetAssetValueMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.22% Maturity Date 5/30/20312025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberck0001851322:SONIAEURIBOROrCDORMembersrt:MaximumMember2022-06-292022-06-290001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/2/2030 Two2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242026-03-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292026-01-012026-03-310001851322ck0001851322:InterestRateFloorThreeMember2025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.38% Maturity Date 01/27/2032 One2026-03-310001851322ck0001851322:S2026M3AggregateDividendsMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.45% Maturity Date 06/28/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quest Software US Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.24% Maturity Date 2/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 1/13/2033 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% PIK Interest Rate 8.70% Maturity Date 07/02/2029 One2026-03-310001851322ck0001851322:NHKeystoneMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272026-01-012026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/2033 One2026-03-310001851322ck0001851322:DebtInvestmentsMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread S + 13.00% PIK Interest Rate 13.00% Maturity Date 5/23/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/2031 Two2025-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/28/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 7/21/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Banyan Software Holdings, LLC Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 01/2/20312026-03-310001851322Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 12/06/20222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/29/20282026-03-310001851322Investments-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 8.42% Maturity Date 10/2/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.68% Maturity Date 12/9/20312026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 01/07/20332026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 3/1/20292025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.68% Maturity Date 11/17/20312026-03-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252026-03-310001851322us-gaap:EquitySecuritiesMember2025-01-012025-03-310001851322ck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-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 8.42% Maturity Date 2/10/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/15/2028 One2025-12-310001851322Investments-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 8.22% Maturity Date 06/11/20312025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/09/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 07/02/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 08/01/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/25/2029 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.50% PIK) Maturity Date 02/03/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/17/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/30/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.15% Maturity Date 2/1/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/23/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/14/20312026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.37% Maturity Date 5/31/2028 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2026-03-310001851322us-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 8/20/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/31/2033 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/2028 Two2025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2026-01-012026-03-310001851322Investments-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 8/25/20312025-12-310001851322Investments-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 8.82% Maturity Date 10/24/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 6/11/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-01-012026-03-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292026-01-012026-03-310001851322Investments-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 6.84% Maturity Date 8/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 4/12/2027 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/29/2030 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments-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 8.45% Maturity Date 06/2/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.90% Maturity Date 04/10/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.90% Maturity Date 04/10/2031 One2026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-09-122023-09-120001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:JPMFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +6.00% Interest Rate 9.82% Maturity Date 07/21/2027 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312026-01-012026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesD2027NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20302025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Filtration Group Corporation Investment First Lien Debt Reference Rate & Spread S +2.50% Interest Rate 6.17% Maturity Date 10/21/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.29% Maturity Date 9/14/2029 One2025-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/29/20312025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:Multi-UtilitiesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services EAB Global, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.72% Maturity Date 8/16/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 6/3/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/30/2031 One2026-03-310001851322Investments-non-controlled/affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Common Equity Acquisition Date 01/14/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 4/14/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 2/14/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 03/09/20292026-03-310001851322us-gaap:RelatedPartyMemberck0001851322:InvestmentAdvisoryAgreementMember2021-11-042021-11-040001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 2/27/20302025-12-310001851322ck0001851322:InterestRateSwapSeriesB2028NotesMember2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 01/14/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 10.75% Maturity Date 12/30/20262025-12-310001851322ck0001851322:SeriesB2026NotesMemberus-gaap:SubsequentEventMember2026-05-110001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 8.92% Maturity Date 04/12/2027 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/20312025-12-310001851322Investments-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 8.45% Maturity Date 02/10/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Artifact Bidco, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.85% Maturity Date 07/28/20312026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2026-03-310001851322Investments-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 7.77% Maturity Date 12/15/20282025-12-310001851322Investments-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 8.88% Maturity Date 6/17/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.95% Maturity Date 09/29/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Asurion, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.97% Maturity Date 9/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/30/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Filtration Group Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 10/21/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/28/2033 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.67% Maturity Date 02/02/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.29% Maturity Date 9/14/20292025-12-3100018513222025-03-012025-03-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.32% Maturity Date 4/16/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/22/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Dragon Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.45% Maturity Date 09/30/20312026-03-310001851322Investment Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.10% Maturity Date 12/15/2028 One2026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:A2030NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.50% Maturity Date 12/07/20282026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.56% Maturity Date 03/02/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/28/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread SA + 5.50% Interest Rate 9.22% Maturity Date 10/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 3/9/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 2/14/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 5/6/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.45% Maturity Date 12/07/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 2/02/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/27/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 1.75% Interest Rate 5.42% Maturity Date 10/23/20302026-03-310001851322Investments-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 8.44% Maturity Date 12/22/20272025-12-310001851322Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-01-012025-12-310001851322ck0001851322:NHKeystoneMember2026-03-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/24/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.75% (incl. 3.75% PIK) Interest Rate 11.19% Maturity Date 4/5/2029 One2025-12-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2024-12-310001851322Investments-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 8.45% Maturity Date 10/2/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/31/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.75% Interest Rate 11.50% Maturity Date 7/22/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments-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 5.97% Maturity Date 08/18/20312025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:INGFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-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 8.48% Maturity Date 3/13/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242026-01-012026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:TechnologySectorMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.18% Maturity Date 09/08/2031 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322026-01-012026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2025-12-310001851322Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/30/20312025-12-310001851322Investments-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 8.42% Maturity Date 9/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery TK Elevator US Newco, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.95% Maturity Date 4/30/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment First Lien Debt Maturity Date 03/12/20342026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quest Software US Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.07% Maturity Date 02/01/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 03/12/2029 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312026-03-310001851322us-gaap:FairValueInputsLevel3Member2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/20332026-01-012026-03-310001851322Investments-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 8.42% Maturity Date 7/20/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20362026-03-310001851322ck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282026-01-012026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/28/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302026-01-012026-03-310001851322Investments-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 8.42% Maturity Date 06/27/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/8/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quartz Acquireco, LLC Investment First Lien Debt Reference Rate & Spread S + 2.25% Interest Rate 5.95% Maturity Date 06/28/20302026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 8/10/20282026-01-012026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-09-250001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 1/12/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/31/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 05/25/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/14/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242026-01-012026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 8/10/20262025-01-012025-12-310001851322Investments-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 9.60% Maturity Date 10/13/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.50% Interest Rate 11.34% Maturity Date 7/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/20282025-12-310001851322us-gaap:RelatedPartyMembersrt:MaximumMemberck0001851322:ExpenseSupportAndConditionalReimbursementAgreementMember2026-01-012026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 7.50% (incl. 1.00% PIK) Interest Rate 11.44% Maturity Date 12/11/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.57% Maturity Date 2/19/2030 Two2025-12-310001851322Investments-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 10.17% Maturity Date 07/01/2027 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/29/2030 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/27/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/10/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread P + 6.25% (incl. 3.70% PIK) Interest Rate 10.05% Maturity Date 01/02/20292026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Life Sciences Tools & Services Parexel International Corporation Investment First Lien Debt Reference Rate & Spread S +2.75% Interest Rate 6.42% Maturity Date 12/12/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/31/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 11/29/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 04/26/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 2/10/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/20262025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/30/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.89% Maturity Date 08/08/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/2028 One2025-12-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322ck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20242026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/15/20282025-12-310001851322Investments-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 8.10% Maturity Date 8/2/2032 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2026-03-310001851322Investments-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 6.96% Maturity Date 03/12/20282026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMemberck0001851322:FederalFundsRateMember2023-09-122023-09-120001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 9/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 02/14/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/20252026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 7/2/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/07/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/31/2032 One2025-12-310001851322Investments-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 8.45% Maturity Date 10/2/2028 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.95% Maturity Date 05/28/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.45% Maturity Date 03/25/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/30/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 06/24/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/20302025-12-310001851322ck0001851322:TwoThousandTwentyEightNotesMember2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/2/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20282025-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:InsuranceSectorMember2025-12-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate & Spread S +5.75% (incl. 2.75% PIK) Interest Rate 9.45% Maturity Date 09/13/2032 One2026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 5/2/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/4/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/20332026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesD2029NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.63% Maturity Date 08/25/20312026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software ECI Macola Max Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 5/9/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/31/20312025-01-012025-12-310001851322Investment Three2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 1/27/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 3/12/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.16% Maturity Date 12/26/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/12/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/14/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20262025-01-012025-12-310001851322ck0001851322:InterestRateFloorOneMember2026-03-310001851322Investments-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 8.10% Maturity Date 8/2/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 7/21/2027 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/2026 Two2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 7/25/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2025-12-310001851322us-gaap:FairValueInputsLevel2Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001851322us-gaap:FairValueInputsLevel1Member2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.17% Maturity Date 02/01/2027 One2026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/28/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.52% Maturity Date 8/5/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 07/14/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322026-03-310001851322Investments-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 6.93% Maturity Date 3/12/20282025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Artera Services, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 2/15/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282026-01-012026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:CommercialAndIndustrialSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.95% Maturity Date 05/28/2032 Two2026-03-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2026-03-310001851322Investments-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 8.34% Maturity Date 7/30/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 1/25/20302025-12-310001851322Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/28/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.25% (incl. 3.75% PIK) Interest Rate 10.90% Maturity Date 04/05/2029 One2026-03-310001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/8/20312025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.42% Maturity Date 07/22/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.75% Interest Rate 10.45% Maturity Date 12/29/2028 One2026-03-310001851322ck0001851322:DebtSecuritiesSecondLienMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/28/20312025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/31/20272026-03-310001851322Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-01-012025-12-310001851322Investments-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 9.57% Maturity Date 10/13/2027 One2025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 3/16/20282026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322us-gaap:OtherAggregatedInvestmentsMember2025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272025-12-310001851322Investments-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 8.42% Maturity Date 7/20/2029 One2025-12-310001851322Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/18/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/9/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/20282026-03-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.32% Maturity Date 07/06/20282026-03-310001851322Investments-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 8.10% Maturity Date 9/30/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.59% Maturity Date 8/20/2030 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 05/25/2028 Two2026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 8/10/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread P + 3.50% Interest Rate 10.25% Maturity Date 09/14/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 09/30/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/30/2032 One2026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:FederalReserveBankOfNewYorkRateMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/15/20282025-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.77% Maturity Date 04/07/2028 One2026-03-310001851322us-gaap:FairValueInputsLevel1Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001851322Investments-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 12/20/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/14/2031 Two2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Interactive Media & Services Aragorn Parent Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.17% Maturity Date 12/15/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 8/01/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.46% Maturity Date 06/28/2032 One2026-03-3100018513222025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Archduke Buyer, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 12/3/2032 One2026-03-310001851322us-gaap:AerospaceSectorMemberck0001851322:NHKeystoneMember2026-03-310001851322Investments-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 06/18/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272025-01-012025-12-310001851322ck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:A2030NotesMember2024-10-012024-10-010001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/13/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/28/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/17/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Maturity Date 12/23/20322026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.25% PIK) Interest Rate 9.67% Maturity Date 11/8/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.58% Maturity Date 06/30/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292026-03-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 09/09/20252025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312026-03-310001851322Investments-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 6.18% Maturity Date 03/15/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 05/02/20282026-03-310001851322us-gaap:SubsequentEventMember2026-04-242026-04-240001851322Investments-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 8.17% Maturity Date 6/3/2031 One2025-12-310001851322Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate & Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 10.67% Maturity Date 7/30/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/24/20292026-03-310001851322Investments-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 8/11/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/4/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/10/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.55% Maturity Date 12/15/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 8/1/2031 One2025-12-310001851322Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20242026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 9/13/2032 One2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/2029 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.84% Maturity Date 02/02/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 7/2/2031 Two2025-12-310001851322Investments-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 8.51% Maturity Date 06/12/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.53% Maturity Date 01/02/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282026-01-012026-03-310001851322ck0001851322:CanadianOvernightRepoRateAverageMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UnfundedDebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/09/20262026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 6/3/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 06/03/2031 Two2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.68% Maturity Date 11/17/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/24/20292025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 8/5/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Electron BidCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 11/1/20282025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 8.10% Maturity Date 4/24/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 0.00% Maturity Date 10/25/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.95% Maturity Date 07/26/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:INGFacilityMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.45% Maturity Date 03/25/2032 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 11/30/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 8/20/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272026-01-012026-03-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-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 8.25% Maturity Date 9/8/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/7/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/20282026-03-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesD2029NotesMember2024-08-050001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 06/24/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Leisure Products Recess Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S +3.75%Interest Rate 7.42% Maturity Date 02/20/20302026-03-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:ProfessionalServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322ck0001851322:InterestRateSwapSeriesB2026NotesMember2023-08-100001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/2033 Two2026-03-310001851322Investments-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 8.42% Maturity Date 6/2/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/28/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.86% Maturity Date 08/29/20292026-03-310001851322ck0001851322:InterestRateSwapSeriesA2028NotesMember2023-03-160001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/2032 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.17% Maturity Date 01/17/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/3/20282025-12-310001851322us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242026-01-012026-03-310001851322ck0001851322:InterestRateSwapSeriesB2028NotesMember2023-08-100001851322Investments-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 6.92% Maturity Date 10/4/20302025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 8/10/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/1/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/15/20282025-12-310001851322Investment One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.57% Maturity Date 2/19/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 10.50% Maturity Date 11/17/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 07/02/20312026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322us-gaap:RetainedEarningsMember2026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001851322Investments-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 8.67% Maturity Date 4/9/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/01/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/01/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% (incl. 1.00% PIK) Interest Rate 8.45% Maturity Date 04/09/20302026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2025-12-310001851322Investments-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 8.42% Maturity Date 1/31/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272026-03-310001851322us-gaap:OtherAggregatedInvestmentsMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/24/2030 One2026-03-310001851322Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.97% Maturity Date 6/29/20282025-12-310001851322Investments-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 8.84% Maturity Date 6/29/20292025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2026-03-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20272025-12-310001851322Investments-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 8.17% Maturity Date 09/9/20272026-03-310001851322Investments-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 8.25% Maturity Date 9/8/20312025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322Investments-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 8.67% Maturity Date 08/25/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/26/2032 One2025-12-310001851322Investments-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 8.45% Maturity Date 09/22/2028 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282025-01-012025-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:ControlledAffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Tidal Waste & Recycling Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 10/24/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/28/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 10/04/2030 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-01-012025-12-310001851322Investments-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 8.42% Maturity Date 8/26/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/20272025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Roper Industrial Products Investment Company, LLC Investment First Lien Debt Reference Rate & Spread S +2.50% Interest Rate 6.20% Maturity Date 11/22/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/2028 One2025-12-310001851322us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/2031 One2025-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 12/20/20282026-03-310001851322Investments-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 10.43% Maturity Date 07/03/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/20322025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:DistributorsSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/8/2030 One2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/2029 One2025-12-310001851322ck0001851322:InterestRateFloorTwoMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/27/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/23/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-03-310001851322Investments-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 6.97% Maturity Date 4/15/20312025-12-310001851322Investments-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 9/11/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 8/04/2027 Two2025-12-310001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/2029 One2025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberck0001851322:SONIAEURIBOROrCDORMembersrt:MinimumMember2022-06-292022-06-290001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292026-03-310001851322Investments-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 7.92% Maturity Date 11/18/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322026-01-012026-03-310001851322ck0001851322:DelayedDrawAndRevolvingSeniorSecuredLoansMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/28/20272025-01-012025-12-310001851322ck0001851322:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 01/12/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282026-01-012026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Foundever Group Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.76% Maturity Date 08/28/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software OceanKey (U.S.) II Corp. Investment First Lien Debt Reference Rate & Spread S + 3.50% Interest Rate 7.27% Maturity Date 12/15/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/24/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/2031 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2026-03-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322us-gaap:FairValueInputsLevel2Member2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cloudera, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.52% Maturity Date 10/8/20282026-03-310001851322Investments-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 8.22% Maturity Date 6/4/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/20302025-12-310001851322Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-03-310001851322ck0001851322:SterlingOvernightIndexAverageMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/07/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 12/21/20212026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 1/27/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/26/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Conair Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +3.75% Interest Rate 7.53% Maturity Date 05/17/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.22% Maturity Date 8/20/2027 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282026-01-012026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-12-310001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/13/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/9/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 One2025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 6/15/20292025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 06/29/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/20312025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Sedgwick Claims Management Services, Inc. Investment First Lien Debt Reference Rate & Spread S +2.50% Interest Rate 6.17% Maturity Date 07/31/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/19/20282026-03-310001851322Investments-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 6.58% Maturity Date 3/10/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292026-01-012026-03-310001851322Investments-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 8.17% Maturity Date 06/11/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302026-01-012026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:AutomobilesSectorMember2026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2026-03-310001851322Investments-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 8.97% Maturity Date 2/24/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/20282026-03-310001851322us-gaap:RelatedPartyMemberck0001851322:PlacementAgentAgreementMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles MajorDrive Holdings IV, LLC Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.96% Maturity Date 06/01/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 12/21/20212026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322Investments-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 9.27% Maturity Date 10/13/20282025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.46% Maturity Date 8/5/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/25/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/12/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/8/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312026-01-012026-03-310001851322Investments-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 6.22% Maturity Date 9/19/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/25/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/29/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.75% PIK) Interest Rate 9.17% Maturity Date 06/17/2031 One2026-03-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Kohler Energy Co, LLC Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.70% Maturity Date 05/01/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/08/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/13/20292025-12-310001851322Investment One2025-12-310001851322ck0001851322:NotesMember2025-09-250001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/28/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 4/5/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/6/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-12-310001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 9/22/20282026-03-310001851322ck0001851322:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:A2030NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 9/18/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/2029 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.75% (incl. 3.75% PIK) Interest Rate 11.19% Maturity Date 4/5/20292025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302026-01-012026-03-310001851322ck0001851322:CanadianOvernightRepoRateAverageMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.20% Maturity Date 3/28/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services HUB International Limited Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.12% Maturity Date 6/20/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292026-01-012026-03-310001851322Investments-controlled/affiliated Equity Investments Investments Investments In Joint Ventures North Haven Keystone, LLC Investment LLC Interest Acquisition Date 10/30/20252026-03-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 02/28/20252026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/14/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services CNT Holdings I Corp. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 11/8/20322026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesB2026NotesMember2025-12-310001851322Investments-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 8.17% Maturity Date 7/23/20322025-12-310001851322Investments-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 8.17% Maturity Date 09/15/20312026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2023-03-160001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 02/28/20252026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 11/12/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.31% Maturity Date 4/23/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-12-310001851322Investments-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 8.42% Maturity Date 06/27/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/28/2031 Two2025-12-310001851322Investments-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 7.92% Maturity Date 11/18/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312025-12-310001851322Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 3/1/20292026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.67% Maturity Date 09/22/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/04/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 02/16/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Endure Digital, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.40% Maturity Date 2/10/20282025-12-310001851322Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/7/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/2031 One2025-12-310001851322ck0001851322:IndependentPowerAndRenewableElectricityProducersSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252026-01-012026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMemberck0001851322:FederalFundsRateMember2026-01-012026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20302026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 01/07/20332026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292026-01-012026-03-310001851322Investments-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 8.17% Maturity Date 6/3/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/31/20262025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate & Spread S +5.75% (incl. 2.75% PIK) Interest Rate 9.45% Maturity Date 09/13/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20312025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/04/20252025-12-310001851322Investments-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 8.93% Maturity Date 6/15/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/20/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/12/2031 Two2025-12-310001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 9/22/20282025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Capital Markets Orion Advisor Solutions, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 7.11% Maturity Date 9/24/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20262025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.95% Maturity Date 11/21/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 6/28/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 6/21/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services CoreLogic, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.33% Maturity Date 6/02/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/2028 Two2026-03-310001851322Investments-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 8.34% Maturity Date 7/30/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/12/20272025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/4/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 9/13/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/06/2032 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Berlin Packaging, LLC Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.92% Maturity Date 06/07/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.95% Maturity Date 07/23/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Goose Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 03/02/20332026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/3/20322025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:SeriesD2029NotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/26/2032 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 06/29/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/17/20262025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 03/12/20292026-03-310001851322Investments-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 8.42% Maturity Date 10/2/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate & Spread S +6.00% Interest Rate 9.69% Maturity Date 06/30/2028 One2026-03-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.46% Maturity Date 8/5/20272025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.50% Interest Rate 11.17% Maturity Date 07/02/2029 One2026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InvestmentsInFirstLienDebtMember2026-03-310001851322Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/04/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.95% Maturity Date 05/28/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.52% Maturity Date 8/5/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Leisure Products Recess Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.62% Maturity Date 02/20/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/31/20262025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate & Spread S +4.25% Interest Rate 7.94% Maturity Date 11/18/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/6/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 04/22/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262026-01-012026-03-310001851322ck0001851322:UnfundedCommitmentsMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272025-12-310001851322Investments-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 8.17% Maturity Date 12/19/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Gloves Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.67% Maturity Date 05/21/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/17/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 6/1/20292025-12-310001851322Investments-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 9.27% Maturity Date 10/13/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 05/06/20312026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Virtusa Corporation Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.97% Maturity Date 2/15/20292025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2026-03-310001851322Investments-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 8.42% Maturity Date 8/29/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software New Blackboard, LLC Investment Preferred Equity Reference Rate and Spread 5.65% PIK Acquisition Date 02/27/20262026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/30/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/20262025-12-3100018513222026-02-042026-02-040001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 Two2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services MED ParentCo, LP Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.67% Maturity Date 04/15/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 07/28/2031 Two2026-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/24/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/21/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/24/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-12-310001851322Investments-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 8.70% Maturity Date 9/29/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/12/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-01-012025-12-310001851322Investments-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 7.74% Maturity Date 12/15/20282026-03-310001851322Investments-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 9.93% Maturity Date 09/08/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-01-012026-03-310001851322ck0001851322:S2025M1AggregateDividendsMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.92% Maturity Date 11/21/20292025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesC2027Member2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Asurion, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 09/19/20302026-03-310001851322Investments-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 9.60% Maturity Date 10/13/2027 One2026-03-310001851322us-gaap:FairValueInputsLevel3Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/07/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272026-03-310001851322Investments-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% Maturity Date 01/05/2033 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/22/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/7/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/31/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/20322026-03-310001851322ck0001851322:IndependentPowerAndRenewableElectricityProducersSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 6/3/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.44% Maturity Date 6/28/20322025-12-310001851322Investments-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 5.67% Maturity Date 1/31/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 02/14/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/2031 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322025-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.38% Maturity Date 01/27/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/2029 Two2025-12-310001851322Investments-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 8.42% Maturity Date 6/2/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Maturity Date 12/23/2032 One2025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMembersrt:ScenarioForecastMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-09-132028-09-120001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2024-10-010001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/9/20272025-12-310001851322Investments-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 6.67% Maturity Date 04/30/20312026-03-310001851322us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292025-12-310001851322Investments-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 8.67% Maturity Date 9/19/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software UKG, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.34% Maturity Date 2/10/20312025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/10/2028 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 2/1/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/30/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.52% Maturity Date 8/5/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Applied Systems, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 2/24/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.15% Maturity Date 02/01/2029 Two2026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 01/12/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.25% Maturity Date 05/31/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/28/2030 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.25% (incl. 3.75% PIK) Interest Rate 10.90% Maturity Date 04/05/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread P + 5.50% Interest Rate 9.31% Maturity Date 08/05/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 2/2/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/6/20322025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-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 9.27% Maturity Date 10/15/20272025-12-310001851322Investments-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 10.49% Maturity Date 8/21/2026 One2025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:BankSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 6/4/20322025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Goose Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 03/02/2033 One2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242026-03-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.77% Maturity Date 12/9/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.32% Maturity Date 4/16/20292025-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:ConsumerSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments-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 8.57% Maturity Date 9/09/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.48% Maturity Date 12/11/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 5/13/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 Two2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:AutomobilesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 5/6/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Maturity Date 12/23/20322025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/1/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Imprivata, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.67% Maturity Date 12/01/20272025-12-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 05/24/2028 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Artera Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 2/15/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/8/20262025-01-012025-12-310001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 1/17/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222026-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322026-03-310001851322Investments-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 8.72% Maturity Date 6/28/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20272026-01-012026-03-310001851322ck0001851322:TwoThousandTwentyEightNotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/23/20322026-03-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 8/5/20292025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/22/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/27/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors White Cap Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.97% Maturity Date 10/19/20292025-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.17% Maturity Date 02/01/2027 Two2026-03-310001851322Investments-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 6.72% Maturity Date 11/19/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/3/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 01/12/20322026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:INGFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-03-310001851322Investments-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 8.17% Maturity Date 12/19/2029 Two2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252026-01-012026-03-310001851322Investments-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 8.70% Maturity Date 09/19/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 5/24/2028 Two2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.44% Maturity Date 12/23/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.35% Maturity Date 04/16/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2026-03-310001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 9/22/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 4/23/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/2031 Two2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate & Spread S +4.25% Interest Rate 7.94% Maturity Date 11/18/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/24/2030 Two2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.35% Maturity Date 08/04/2027 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/1/20272025-12-310001851322Investments-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 9.31% Maturity Date 6/29/2027 One2025-12-310001851322Investments-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 8.45% Maturity Date 02/25/20332026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:OtherDebtInvestmentsMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322026-01-012026-03-3100018513222026-03-042026-03-040001851322Investments-non-controlled/non-affiliated Debt Investments Entertainment Varsity Brands, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.45% Maturity Date 08/26/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 2/1/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services AuditBoard, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/14/2031 One2026-03-310001851322ck0001851322:SLICMember2024-07-140001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-12-310001851322Investments-non-controlled/affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Preferred Equity Acquisition Date 01/14/20262026-01-012026-03-310001851322ck0001851322:O2025M1AggregateDividendsMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.49% Maturity Date 12/26/2028 One2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services EAB Global, Inc. Investment First Lien Debt Reference Rate & Spread S +3.00% Interest Rate 6.70% Maturity Date 08/16/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292025-01-012025-12-310001851322Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322026-03-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/11/20282026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate & Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 10.70% Maturity Date 07/30/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/01/20322026-03-310001851322Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-01-012025-12-310001851322Investments-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 8.17% Maturity Date 06/11/2031 One2026-03-310001851322ck0001851322:NorthAmericanInsuranceCompanyMember2026-01-012026-03-310001851322Investments-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 8.43% Maturity Date 03/13/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/06/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20272025-01-012025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 6/4/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 1/29/2030 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 4/23/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/20292025-12-310001851322ck0001851322:UnfundedCommitmentsMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282026-01-012026-03-310001851322Investments-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 8.92% Maturity Date 5/23/2030 One2025-12-310001851322Investments-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 8.71% Maturity Date 06/03/20302026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 3/16/20282026-01-012026-03-310001851322Investments-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 8.42% Maturity Date 6/12/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/4/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.15% Maturity Date 2/1/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/11/20272025-12-310001851322Investments-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 8.22% Maturity Date 6/4/2032 Two2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Endure Digital, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.27% Maturity Date 04/30/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/25/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 12/23/2032 One2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/27/2030 One2026-03-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 2/28/2030 One2025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2022-06-290001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 06/23/20322026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:DistributorsSectorMember2026-03-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 8/5/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 8.98% Maturity Date 6/29/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 11/29/2030 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Athenahealth, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 2/15/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-12-310001851322Investments - non-controlled/affiliated Alpine Acquisition Corp. II2026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/12/20322026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/02/20282026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 7/20/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/28/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2026-03-310001851322us-gaap:AssetsTotalMemberus-gaap:CustomerConcentrationRiskMemberck0001851322:QualifyingAssetsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/22/2032 Two2026-03-310001851322ck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-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 8.88% Maturity Date 6/17/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 04/12/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 1/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/26/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/27/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262026-01-012026-03-310001851322Investments-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 8.20% Maturity Date 06/3/2031 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Employbridge Holding Company Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.71% Maturity Date 01/19/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/31/20332026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262025-12-310001851322Investments - non-controlled/affiliated Alpine Acquisition Corp. II2026-01-012026-03-310001851322Investments-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 6.67% Maturity Date 11/19/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2030 One2025-12-310001851322Investments-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 8.22% Maturity Date 9/15/2031 One2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate & Spread S +6.00% Interest Rate 9.69% Maturity Date 06/30/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 11/30/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:JPMFundingFacilityMember2025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 5/13/20322025-12-310001851322Investments-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 6.67% Maturity Date 11/19/2031 One2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 08/20/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/12/2032 One2025-12-310001851322Investments-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 8.92% Maturity Date 10/19/2027 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 10/30/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/15/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Varsity Brands, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 8/26/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software New Blackboard, LLC Investment Common Equity Acquisition Date 02/27/20262026-01-012026-03-310001851322Investments-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 6.86% Maturity Date 7/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/17/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Magenta Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.10% Maturity Date 7/27/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 8/5/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.50% Interest Rate 11.25% Maturity Date 5/31/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 5/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 5/06/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/24/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 09/9/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.23% Maturity Date 5/22/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/2032 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/29/20262025-01-012025-12-310001851322Investments-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 8.97% Maturity Date 10/02/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262026-03-310001851322us-gaap:CashAndCashEquivalentsMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 03/31/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 3/9/20282025-12-310001851322us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.47% Maturity Date 6/24/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312026-03-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/20/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2030 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/12/2032 One2026-03-310001851322us-gaap:FairValueInputsLevel1Member2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/1/20292025-01-012025-12-310001851322Investments Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.40% Maturity Date 11/29/2030 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 07/07/20222026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/10/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/31/20332026-03-310001851322ck0001851322:O2025M3AggregateDividendsMember2025-01-012025-03-310001851322Investments-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% Maturity Date 08/31/20292026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments-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 8.45% Maturity Date 10/29/20292026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.89% Maturity Date 08/08/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 1/12/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001851322us-gaap:AssetsTotalMemberck0001851322:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/13/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 05/25/2028 One2026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:ConsumerStaplesDistributionAndRetailSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/20252026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.45% Maturity Date 05/02/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20262025-12-310001851322Investments-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 12.08% Maturity Date 04/3/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-01-012025-12-310001851322Investments-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 8.20% Maturity Date 03/4/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 01/29/2030 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/14/20282025-12-310001851322Investments-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 8.17% Maturity Date 7/26/20322025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-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 8.67% Maturity Date 4/9/2030 One2025-12-310001851322ck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Olympus Water US Holding Corporation Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.70% Maturity Date 06/20/20312026-03-310001851322Investments-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 10/31/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272026-03-310001851322Investments-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 6.72% Maturity Date 4/30/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/12/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/06/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 03/31/2033 Two2026-03-310001851322Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-01-012025-12-310001851322Investments-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 6.89% Maturity Date 4/13/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 03/01/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.77% Maturity Date 04/07/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/16/20292025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322ck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-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 8.51% Maturity Date 06/12/2028 Two2026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001851322ck0001851322:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.25% Interest Rate 11.00% Maturity Date 1/17/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2025-12-310001851322ck0001851322:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.17% Maturity Date 08/01/2029 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.17% Maturity Date 08/01/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Media Aragorn Parent Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.22% Maturity Date 12/15/20282025-12-310001851322Investments Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282026-01-012026-03-310001851322ck0001851322:InterestRateFloorTwoMember2025-12-310001851322ck0001851322:InterestRateSwapSeriesC2027NotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components LTI Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.47% Maturity Date 7/29/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 8.98% Maturity Date 6/29/2027 Two2026-03-310001851322us-gaap:RelatedPartyMemberck0001851322:PlacementAgentAgreementMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/1/20292025-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 04/16/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.40% Maturity Date 10/16/2029 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate & Spread S +6.00% Interest Rate 9.55% Maturity Date 03/10/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2028NotesMember2025-12-310001851322us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quartz Acquireco, LLC Investment First Lien Debt Reference Rate & Spread S + 2.25% Interest Rate 5.92% Maturity Date 6/28/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/2/20262025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software New Blackboard, LLC Investment Preferred Equity Reference Rate and Spread 5.65% PIK Acquisition Date 02/27/20262026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2022-02-010001851322Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 9/10/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2026-03-310001851322ck0001851322:InterestRateSwapSeriesB2026NotesMemberus-gaap:LongMember2023-08-100001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Virtusa Corporation Investment First Lien Debt Reference Rate & Spread S +3.25% Interest Rate 6.92% Maturity Date 02/15/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/16/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/23/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/31/2032 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +6.00% Interest Rate 9.82% Maturity Date 07/21/20272026-03-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:ControlledAffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Group Holdings, LP Investment Common Equity Acquisition Date 07/16/20252026-03-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282026-01-012026-03-310001851322ck0001851322:EuroInterbankOfferedRateMember2026-01-012026-03-310001851322ck0001851322:DebtSecuritiesFirstLienMember2026-03-310001851322ck0001851322:NHKeystoneMemberck0001851322:DistributorsSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322026-03-310001851322Investments-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 9.31% Maturity Date 6/29/20272025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateQuarterlyHurdleRateMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 12/01/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272026-01-012026-03-310001851322us-gaap:FoodAndBeverageSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 3/1/20272025-12-310001851322ck0001851322:OtherDebtInvestmentsMemberck0001851322:ValuationYieldAnalysisMember2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 04/12/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread P + 5.50% Interest Rate 9.31% Maturity Date 08/05/20282026-03-310001851322Investments-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 5.92% Maturity Date 08/18/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/14/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292025-01-012025-12-310001851322Investments-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 8.22% Maturity Date 6/4/2032 One2025-12-310001851322Investments-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 9.72% Maturity Date 3/1/20282025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2026-03-310001851322Investments-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 8.84% Maturity Date 7/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 6/30/2028 One2025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/23/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/19/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.50% Maturity Date 12/07/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 08/01/2029 Two2026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 3/1/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 07/20/2029 Two2026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMember2026-03-310001851322ck0001851322:BankMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:ConsumerSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 07/22/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.18% Maturity Date 09/08/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 7/25/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282026-01-012026-03-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/2032 Two2026-03-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/21/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/20282025-12-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/28/2031 One2025-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001851322Investments-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 6.24% Maturity Date 3/15/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 07/07/20222026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.67% Maturity Date 10/01/20292026-03-310001851322Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Capital Markets Orion Advisor Solutions, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 9/24/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 05/06/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 9/29/2028 One2025-12-310001851322ck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.32% Maturity Date 6/9/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 7/22/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 6/11/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-03-310001851322Investments-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 8.67% Maturity Date 08/25/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/20312026-03-310001851322Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 7/30/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/29/20302025-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 2/10/20322025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2023-08-100001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/28/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 05/06/20302026-03-310001851322Investments-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 6.53% Maturity Date 03/10/20282026-03-310001851322Investments-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 8.42% Maturity Date 8/26/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.91% Maturity Date 03/02/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 12/03/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 04/16/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/14/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-01-012026-03-310001851322Investments-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 7.47% Maturity Date 3/1/20282025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.18% Maturity Date 09/08/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.44% Maturity Date 10/19/20282025-12-310001851322Investments - non-controlled/affiliated North Haven Keystone, LLC2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Machinery AI Aqua Merger Sub, Inc. Investment First Lien Debt Reference Rate & Spread S +2.75% Interest Rate 6.29% Maturity Date 07/31/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.18% Maturity Date 05/22/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/20312026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/20252026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles MajorDrive Holdings IV, LLC Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.93% Maturity Date 6/1/20282025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-03-310001851322us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 03/01/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/11/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/30/2032 One2026-03-310001851322Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-01-012025-12-310001851322Investments-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 8.67% Maturity Date 06/28/20292026-03-310001851322Investments-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 6.45% Maturity Date 05/06/20312026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2026-03-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Second Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 02/28/20302026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LifeSciencesToolsAndServicesSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 5/11/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.45% Maturity Date 05/02/20292026-03-310001851322Investments-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 8.51% Maturity Date 06/12/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001851322Investments-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 8.22% Maturity Date 04/26/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/20302025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/20332026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242026-01-012026-03-310001851322Investments-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 7.47% Maturity Date 03/1/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/02/2030 One2026-03-310001851322Investments-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 9.95% Maturity Date 9/1/2027 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2025-12-310001851322Investments-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% Maturity Date 01/05/2033 One2026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20312025-01-012025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberck0001851322:FederalFundsRateMember2022-06-292022-06-290001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/20292025-12-310001851322Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/3/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/12/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/20332026-01-012026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-01-012025-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services CoreLogic, Inc. Investment First Lien Debt Reference Rate & Spread S +3.50% Interest Rate 7.28% Maturity Date 06/02/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.75% Maturity Date 3/02/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Berlin Packaging, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.11% Maturity Date 6/7/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272025-12-310001851322Investments-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 8.70% Maturity Date 04/03/20302026-03-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/26/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/28/2031 One2026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2026-03-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:NotesMember2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.42% Maturity Date 11/21/2031 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.70% Maturity Date 05/25/2029 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S +5.00% (incl 2.50% PIK) Interest Rate 8.70% Maturity Date 02/02/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UnfundedDebtSecuritiesFirstLienMember2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:JPMFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 04/23/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/28/2031 Two2026-03-310001851322Investments-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% Maturity Date 2/3/20312025-12-310001851322Investments-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 9.43% Maturity Date 12/3/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.30% Maturity Date 10/15/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/21/20312026-03-310001851322Investments-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 9.20% Maturity Date 04/01/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Spring Education Group, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.95% Maturity Date 10/04/20302026-03-310001851322ck0001851322:InterestRateSwapSeriesA2026NotesMember2025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.57% Maturity Date 2/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies FORTIS Solutions Group, LLC Investment Preferred Equity Acquisition Date 04/06/20222026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.49% Maturity Date 12/26/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/1/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.02% Maturity Date 07/20/20292026-03-310001851322Investments-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 8.71% Maturity Date 06/01/20292026-03-310001851322Investments-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 10.18% Maturity Date 4/10/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/27/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-01-012025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 8/10/20262026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 04/14/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2030 Two2026-03-310001851322Investments - non-controlled/affiliated North Haven Keystone, LLC2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate & Spread S + 7.00% PIK Interest Rate 11.29% Maturity Date 7/20/20282025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/24/2032 One2026-03-3100018513222026-05-130001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 02/10/20322026-03-310001851322Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate & Spread S +5.25% Interest Rate 8.92% Maturity Date 10/02/2029 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/8/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.42% Maturity Date 5/02/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/01/20292026-03-310001851322ck0001851322:NotesMemberus-gaap:LongMember2025-09-250001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/22/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 10.25% Maturity Date 12/23/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 08/01/20312026-03-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Crown Subsea Communications Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.22% Maturity Date 1/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/01/2032 One2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322026-03-310001851322Investments-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 8.42% Maturity Date 10/29/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262025-01-012025-12-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:NHKeystoneMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 10.75% PIK Acquisition Date 06/25/20222026-03-310001851322Investments-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 8.17% Maturity Date 09/15/2031 One2026-03-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292026-01-012026-03-310001851322ck0001851322:EquityInvestmentsMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 06/28/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/31/20322026-03-310001851322Investments-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 9.42% Maturity Date 9/13/2032 One2025-12-310001851322Investments-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 8.82% Maturity Date 10/16/20282025-12-310001851322Investments-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 9.34% Maturity Date 2/3/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.46% Maturity Date 06/28/20322026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/7/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20262025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282025-12-310001851322us-gaap:EquitySecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 10.50% Maturity Date 11/17/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/29/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 08/01/2031 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/11/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 07/28/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/13/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/09/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 06/15/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.58% Maturity Date 06/30/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/31/2033 Two2026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:OtherDebtInvestmentsMember2025-12-310001851322Investments-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 9.59% Maturity Date 5/05/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/23/20322025-01-012025-12-310001851322Investments-controlled/affiliated Equity Investments Investment Fund North Haven Keystone, LLC Investment LLC Interest Acquisition Date 10/29/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 06/30/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/2031 One2025-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 07/28/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/29/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 03/28/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software McAfee, LLC Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 03/01/20292026-03-310001851322Investments-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 8.85% Maturity Date 10/16/2028 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20292025-01-012025-12-310001851322Investments-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 9.95% Maturity Date 9/1/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Gloves Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.72% Maturity Date 5/21/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/24/20322026-03-310001851322Investments-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 9.31% Maturity Date 6/29/2027 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 11/29/20302026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312026-01-012026-03-310001851322Investments Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-01-012025-12-310001851322Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-01-012025-12-310001851322Investments-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 9.67% Maturity Date 12/5/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.53% Maturity Date 06/30/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 2/24/20312025-12-310001851322Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/28/2033 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 4/16/20272025-12-310001851322Investments-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 12.08% Maturity Date 4/3/2028 One2025-12-310001851322Investments-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 10.54% Maturity Date 7/6/20282025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/25/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 9/29/2031 One2026-03-310001851322Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/30/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 7.06% Maturity Date 12/15/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/1/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/12/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.25% Maturity Date 05/31/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/2030 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 5/31/20282025-01-012025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2026-03-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 4/5/20292025-01-012025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread P + 3.50% Interest Rate 10.25% Maturity Date 05/11/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.34% Maturity Date 5/11/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20332026-01-012026-03-310001851322Investments-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 8.17% Maturity Date 7/26/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Parexel International Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 12/12/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 11/12/20282026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.42% Maturity Date 08/31/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 1/29/2030 One2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.17% Maturity Date 08/01/2029 Two2026-03-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/20272025-01-012025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:PharmaceuticalsSectorMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-12-310001851322Investments-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 8.42% Maturity Date 2/10/20322025-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:CommercialAndIndustrialSectorMember2025-12-310001851322Investments-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 9/11/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/2031 One2026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.23% Maturity Date 07/24/20312026-03-310001851322ck0001851322:BanksSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322ck0001851322:NHKeystoneMemberus-gaap:TechnologySectorMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 02/24/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 05/14/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/23/20272025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 4/10/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/10/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 9/29/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262026-03-310001851322ck0001851322:InterestRateFloorOneMember2025-12-310001851322us-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Mermaid Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S +3.25% Interest Rate 6.91% Maturity Date 07/03/20312026-03-310001851322Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-01-012025-12-310001851322Investments-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 6.72% Maturity Date 12/11/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/22/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-03-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/12/2032 Two2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:IndustrialConglomeratesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/31/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate & Spread S + 7.00% Interest Rate 10.93% Maturity Date 03/02/20292026-03-310001851322ck0001851322:InterestRateSwapSeriesD2029NotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. 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Investment First Lien Debt Reference Rate & Spread S +4.75% Interest Rate 8.45% Maturity Date 06/27/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Interest Rate 0.00% Maturity Date 03/12/20342025-12-310001851322Investments-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% Maturity Date 01/05/20332026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.40% Maturity Date 10/16/20292026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/2029 Two2025-12-310001851322ck0001851322:A2030NotesMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.90% Maturity Date 10/15/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/20282025-12-310001851322Investments-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 8.45% Maturity Date 06/2/2031 Two2026-03-310001851322Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212025-12-310001851322ck0001851322:NHKeystoneMember2026-01-012026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2026-01-012026-03-310001851322Investments-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 9.72% Maturity Date 3/1/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/21/20292026-03-3100018513222024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/27/2031 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread C + 5.25% Interest Rate 7.51% Maturity Date 12/28/20292026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.23% Maturity Date 5/22/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/10/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% PIK Acquisition Date 06/24/20222026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 6/11/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Crown Subsea Communications Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 1/30/20312026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Archduke Buyer, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 12/3/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 05/12/2031 One2026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2026-03-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments-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 8.45% Maturity Date 10/29/2030 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 2/02/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Artifact Bidco, Inc. Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.85% Maturity Date 07/28/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/16/20282025-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:AU2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/7/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282026-01-012026-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2028NotesMember2026-03-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272026-03-310001851322Investments-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 8.88% Maturity Date 6/17/2031 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-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 8.10% Maturity Date 3/31/20312025-12-310001851322Investments-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 7.42% Maturity Date 05/01/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292025-01-012025-12-310001851322ck0001851322:DelayedDrawAndRevolvingSeniorSecuredLoansMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272026-01-012026-03-310001851322Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/20292025-12-310001851322us-gaap:AerospaceSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 8.98% Maturity Date 6/29/2027 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/23/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272025-01-012025-12-310001851322ck0001851322:SeriesB2026And2028NotesMember2023-08-102023-08-100001851322Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212025-01-012025-12-310001851322Investments-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) Maturity Date 4/9/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.42% Maturity Date 08/31/2029 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software OceanKey (U.S.) II Corp. Investment First Lien Debt Reference Rate & Spread S + 3.50% Interest Rate 7.32% Maturity Date 12/15/20282025-12-310001851322Investments-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 8.82% Maturity Date 10/16/2028 One2025-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312026-03-310001851322us-gaap:OtherAggregatedInvestmentsMember2024-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.70% Maturity Date 06/15/20292026-03-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 2/1/2027 Two2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate & Spread S +5.00% Interest Rate 8.67% Maturity Date 10/01/2029 One2026-03-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/2/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 8/31/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 04/14/2028 One2026-03-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20302025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20282026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 04/12/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/20282026-01-012026-03-310001851322us-gaap:EquitySecuritiesMember2026-01-012026-03-310001851322ck0001851322:InterestRateSwapSeriesC2029NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies FORTIS Solutions Group, LLC Investment Preferred Equity Acquisition Date 04/06/20222026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/14/20282026-01-012026-03-310001851322Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/22/2032 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 8/1/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2025-12-310001851322Investments - non-controlled/affiliated North Haven Keystone, LLC2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 7/25/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 2/02/20322025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:ProfessionalServicesSectorMember2026-03-310001851322ck0001851322:LifeSciencesToolsServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-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 8.42% Maturity Date 2/10/2032 Two2025-12-310001851322ck0001851322:SLICMember2024-07-142024-07-140001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesD2027NotesMember2024-08-050001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/16/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.92% Maturity Date 05/25/20282026-03-310001851322us-gaap:AssetsTotalMemberck0001851322:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/27/20302026-03-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 3/1/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 03/28/2030 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322026-03-310001851322Investments-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 3/10/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/25/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 04/26/2032 One2026-03-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateAnnualizedHurdleRateMember2026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cloudera, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.57% Maturity Date 10/8/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/30/2031 One2026-03-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software McAfee, LLC Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.72% Maturity Date 3/1/20292025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesB2028NotesMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/31/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312025-12-310001851322Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 08/27/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/22/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 08/20/2027 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.70% Maturity Date 05/13/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% (incl. 1.00% PIK) Maturity Date 04/09/2030 One2026-03-310001851322Investments-controlled/affiliated Equity Investments Investment Fund North Haven Keystone, LLC Investment LLC Interest Acquisition Date 10/29/20252025-12-310001851322Investments-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 8.27% Maturity Date 12/22/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 7/30/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Proofpoint, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 8/31/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262026-03-310001851322Investments-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 8.45% Maturity Date 10/2/2028 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 6/12/20282025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.47% Maturity Date 6/24/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/4/2030 Two2025-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.20% Maturity Date 12/23/2032 Two2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20272025-12-3100018513222025-02-012025-02-010001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 8/5/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/14/20272025-12-310001851322Investments-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 8.42% Maturity Date 2/03/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.45% Maturity Date 07/20/20292026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20312025-01-012025-12-310001851322Investments-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 8.92% Maturity Date 5/23/2030 Two2025-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 06/30/20312026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272026-01-012026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/20312025-12-310001851322Investments-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 8.17% Maturity Date 3/4/20322025-12-310001851322us-gaap:RelatedPartyMember2026-01-012026-03-310001851322ck0001851322:InterestRateSwapSeriesB2026NotesMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262026-03-310001851322Investments-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 10.13% Maturity Date 9/08/20272025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 10.50% Maturity Date 1/30/20312025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:JPMFundingFacilityMember2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262025-12-310001851322us-gaap:EquitySecuritiesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 6/3/2031 One2025-12-310001851322us-gaap:RetainedEarningsMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 7/25/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 9/10/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/20292026-01-012026-03-310001851322us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.00% PIK Interest Rate 10.85% Maturity Date 07/20/20282026-03-310001851322Investments-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 9.42% Maturity Date 08/18/2028 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 3.70% PIK) Interest Rate 9.27% Maturity Date 1/2/2029 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.37% Maturity Date 5/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/17/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252026-01-012026-03-310001851322Investments-non-controlled/ non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S +4.50% Interest Rate 8.70% Maturity Date 02/02/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/2028 Two2025-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272026-01-012026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% PIK Interest Rate 9.53% Maturity Date 06/30/20272026-03-310001851322Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Mermaid Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.15% Maturity Date 7/03/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.53% Maturity Date 06/30/2027 One2026-03-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 8.02% Maturity Date 3/4/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Unsecured Debt Reference Rate & Spread 13.00% PIK Interest Rate 13.00% Maturity Date 05/23/20312026-03-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262025-01-012025-12-310001851322Investments-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 8.45% Maturity Date 06/2/2031 One2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/20282025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:AutomobileComponentsSectorMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-3100018513222026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20292026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.17% Maturity Date 02/01/20272026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.45% Maturity Date 05/23/2030 One2026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282026-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312026-03-310001851322Investments-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 8.42% Maturity Date 7/20/2029 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/2031 Two2026-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/22/2032 One2025-12-310001851322Investments-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 8.42% Maturity Date 6/2/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/14/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 4/22/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 8/5/20272025-12-31ck0001851322:Companiesiso4217:EURxbrli:purexbrli:sharesck0001851322:Investmentiso4217:CADck0001851322:PortfolioCompanyiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDck0001851322:Componentck0001851322:Industries

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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 March 31, 2026

 

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 May 13, 2026 was 179,599,260.

 

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North Haven Private Income Fund LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED March 31, 2026

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	61
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	97
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108
Item 4.	Controls and Procedures	109
Part II. Other Information
Item 1.	Legal Proceedings	110
Item 1A.	Risk Factors	110
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	110
Item 3.	Defaults Upon Senior Securities	111
Item 4.	Mine Safety Disclosures	111
Item 5.	Other Information	111
Item 6.	Exhibits	112
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
		March 31, 2026				December 31, 2025
		(Unaudited)				(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $6,336,992  and $6,591,112 at March 31, 2026 and December 31, 2025, respectively)		$	6,213,394			$	6,504,378
Non-controlled/affiliated investments, at fair value (amortized cost of $34,997 and $22,923)			30,092				20,956
Controlled/affiliated investments, at fair value (amortized cost of $100,439 and $85,438)			99,225				85,276
Total investments, at fair value (cost of $6,472,428 and $6,699,473)			6,342,711				6,610,610
Cash and cash equivalents (restricted cash of $12,200 and $11,510)			175,757				199,865
Investments in unaffiliated money market fund (cost of $33,374 and $38,403)			33,374				38,403
Deferred financing costs			31,939				33,878
Interest and dividend receivable from non-controlled/non-affiliated investments			32,514				48,793
Interest receivable from non-controlled/affiliated investments			493				391
Interest and dividend receivable from controlled/affiliated investments			2,870				1,174
Receivable for investments sold/repaid			70,170				29,048
Prepaid expenses and other assets			6,080				10,958
Total assets		$	6,695,908			$	6,973,120
Liabilities
Debt (net of unamortized debt issuance costs of $11,045 and $12,317)		$	3,202,612			$	3,290,766
Payable for investments purchased			24				24
Payable to affiliates (Note 3)			89				36
Distributions payable			27,414				28,448
Management fees payable			8,996				3,236
Subscriptions received in advance (Note 12)			7,559				18,060
Payable for units repurchased (Note 8)			164,936				181,587
Income based incentive fee payable			8,557				4,176
Interest and financing costs payable			28,334				54,291
Accrued expenses and other liabilities			17,647				12,668
Total liabilities		$	3,466,168			$	3,593,292
Commitments and contingencies (Note 7)
Members' Capital
Units, par value $0.001 per unit (178,278,619 and 182,049,066 units issued and outstanding)			178				182
Paid-in capital in excess of par value			3,439,271				3,505,645
Distributable earnings (loss)			(209,709	)			(125,999	)
Total members' capital		$	3,229,740			$	3,379,828
Total liabilities and members' capital		$	6,695,908			$	6,973,120
Net asset value per unit		$	18.12			$	18.57

 

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

3

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North Haven Private Income Fund LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	140,928			$	150,670
Payment-in-kind income			4,050				6,528
Dividend income			2,196				1,123
Other income			1,757				3,013
From non-controlled/affiliated investments:
Interest income			287				112
Payment-in-kind income			233				63
Other income			18				4
From controlled/affiliated investments:
Dividend income			2,870				—
Total investment income			152,339				161,513
Expenses:
Interest and other financing expenses			58,418				59,855
Management fees			10,621				10,535
Income based incentive fees			10,182				11,611
Servicing fees			7,222				7,163
Professional fees			3,017				1,969
Directors' fees			129				130
Administrative service fees			117				4
General and other expenses			100				151
Total expenses			89,806				91,418
Management fees waiver (Note 3)			(1,625	)			(4,000	)
Income based incentive fees waiver (Note 3)			(1,625	)			(4,000	)
Net expenses			86,556				83,418
Net investment income before taxes			65,783				78,095
Excise tax expense			102				—
Net investment income after taxes			65,681				78,095
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments			(35,380	)			(5,007	)
Foreign currency and other transactions			19				(5	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(35,821	)			(23,320	)
Non-controlled/affiliated investments			(2,939	)			183
Controlled/affiliated investments			(1,052	)			—
Translation of assets and liabilities in foreign currencies			(677	)			60
Net realized and unrealized gain (loss)		$	(75,850	)		$	(28,089	)
Net increase (decrease) in members' capital resulting from operations		$	(10,169	)		$	50,006
Earnings (loss) per unit (basic and diluted)		$	(0.05	)		$	0.28
Weighted average units outstanding (basic and diluted)			185,279,322				179,816,535

 

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

4

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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
		March 31, 2026				March 31, 2025
Members' Capital at beginning of period:		$	3,379,828			$	3,271,186
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)			65,681				78,095
Net realized gain (loss)			(35,361	)			(5,012	)
Net change in unrealized appreciation (depreciation)			(40,489	)			(23,077	)
Net increase (decrease) in members’ capital resulting from operations			(10,169	)			50,006
Distributions to Unitholders from:
Distributable earnings			(73,541	)			(77,034	)
Capital transactions:
Issuance of Units			54,826				187,462
Reinvestment of distributions			43,732				41,999
Repurchased Units			(164,936	)			(65,290	)
Net increase in members' capital resulting from capital transactions			(66,378	)			164,171
Total increase (decrease) in members' capital			(150,088	)			137,143
Members' capital at end of period		$	3,229,740			$	3,408,329
Distributions per unit		$	0.40			$	0.43

 

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

5

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North Haven Private Income Fund LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations		$	(10,169	)		$	50,006
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			39,812				23,137
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			677				(60	)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes			(17	)			293
Net realized (gain) loss on investments			35,380				5,007
Net realized (gain) loss on foreign currency and other transactions			(19	)			5
Investments in unaffiliated money market fund, net			5,029				(36,714	)
Net accretion of discount and amortization of premium on investments			(6,008	)			(6,425	)
Payment-in-kind interest and dividend capitalized			(5,590	)			(6,863	)
Amortization of deferred financing costs			1,981				1,924
Amortization of debt issuance costs and original issuance discount on unsecured notes			1,623				1,141
Purchases of investments and change in payable for investments purchased			(153,171	)			(493,530	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			315,295				317,125
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			16,279				20,920
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments			(102	)			178
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments			(1,696	)			—
(Increase) decrease in prepaid expenses and other assets			2,792				(3,983	)
(Decrease) increase in payable to affiliates			53				(30	)
(Decrease) increase in management fees payable			5,760				(802	)
(Decrease) increase in incentive fees payable			4,381				(788	)
(Decrease) increase in interest payable			(25,958	)			(25,131	)
(Decrease) increase in accrued expenses and other liabilities			(240	)			(1,420	)
Net cash provided by (used in) operating activities			226,092				(156,010	)
Cash flows from financing activities:
Borrowings on debt		$	320,000			$	338,250
Repayments on debt			(402,000	)			(314,000	)
Deferred financing costs paid			(42	)			(34	)
Debt issuance costs paid			(53	)			(16	)
Distributions paid			(30,843	)			(29,146	)
Proceeds from issuance of Units			36,766				135,734
Subscriptions received in advance			7,559				56,533
Repurchases of Units			(181,587	)			(55,792	)
Net cash provided by (used in) financing activities			(250,200	)			131,529
Net increase (decrease) in cash, cash equivalents and restricted cash			(24,108	)			(24,481	)
Effect of foreign exchange rate changes on cash			—				55
Cash, cash equivalents and restricted cash, at beginning of period			199,865				218,004
Cash, cash equivalents and restricted cash, at end of period		$	175,757			$	193,578
Supplemental information and non-cash activities:
Excise tax paid		$	102			$	—
Interest expense paid		$	80,437			$	81,085
Accrued but unpaid repurchases of Units		$	164,936			$	65,290
Distribution reinvestment paid		$	43,732			$	41,999
Accrued but unpaid distributions		$	27,414			$	32,067
Non-cash purchases of investments		$	(21,310	)		$	(23,193	)
Non-cash sales of investments		$	21,310			$	23,193

 

 

 

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

 

6

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & 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
AA&D Midco, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		4.75%		8.40%		11/29/2030			35,393			$	35,059			$	35,039				1.08	%
AA&D Midco, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%		8.40%		11/29/2030			6,660				6,597				6,594				0.20
AA&D Midco, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.40%		11/29/2030			1,981				1,931				1,928				0.06
Jonathan Acquisition Company		(6) (10)		First Lien Debt		S +		4.50%		8.20%		11/12/2029			3,691				3,640				3,626				0.11
Jonathan Acquisition Company		(6) (10) (18)		First Lien Debt		P +		3.50%		10.25%		05/11/2029			45				39				37				0.00
ManTech International CP		(6) (8) (9) (11)		First Lien Debt		S +		4.50%		8.17%		09/14/2029			32,918				32,666				32,918				1.02
ManTech International CP		(6) (11)		First Lien Debt		S +		4.50%		8.17%		09/14/2029			467				462				467				0.01
ManTech International CP		(6) (11) (18)		First Lien Debt		P +		3.50%		10.25%		09/14/2028			—				(26	)			—				0.00
Two Six Labs, LLC		(6) (9) (11)		First Lien Debt		S +		5.25%		8.95%		08/20/2027			26,546				26,373				26,494				0.82
Two Six Labs, LLC		(6) (11)		First Lien Debt		S +		5.25%		8.95%		08/20/2027			6,768				6,710				6,754				0.21
Two Six Labs, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.95%		08/20/2027			—				(6	)			(2	)			0.00
																			113,445				113,855				3.53
Air Freight & Logistics
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.75%		10.45%		12/29/2028			1,252				1,234				1,190				0.04
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.75%		10.45%		12/29/2028			115				113				109				0.00
RoadOne IntermodaLogistics		(6) (10) (18)		First Lien Debt		S +		6.75%		10.45%		12/29/2028			228				225				215				0.01
																			1,572				1,514				0.05
Automobile Components
Continental Acquisition Holdings, Inc.		(6) (8) (9) (10) (13) (14)		First Lien Debt		S +		7.00% PIK		10.85%		07/20/2028			12,945				11,731				5,613				0.17
OEConnection, LLC		(6) (8) (12)		First Lien Debt		S +		4.50%		8.18%		12/23/2032			1,493				1,486				1,459				0.05
OEConnection, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.18%		12/23/2032			—				(2	)			(20	)			0.00
OEConnection, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.18%		12/23/2032			—				(1	)			(5	)			0.00
Randy's Holdings, Inc.		(6) (10)		First Lien Debt		S +		5.00%		8.67%		11/01/2029			14,052				13,857				13,876				0.43
Randy's Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		11/01/2029			4,403				4,309				4,312				0.13
Randy's Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		11/01/2029			92				69				69				0.00
Sonny's Enterprises, LLC		(6) (8) (9) (10)		First Lien Debt		S +		5.50%		9.31%		08/05/2028			52,079				51,705				50,649				1.57
Sonny's Enterprises, LLC		(6) (10)		First Lien Debt		S +		5.50%		9.31%		08/05/2028			5,942				5,879				5,778				0.18
Sonny's Enterprises, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.31%		08/05/2027			4,458				4,416				4,305				0.13
Spectrum Automotive Holdings Corp.		(6) (9) (11)		First Lien Debt		S +		5.25%		8.92%		06/29/2028			9,801				9,751				9,801				0.30
Spectrum Automotive Holdings Corp.		(6) (11)		First Lien Debt		S +		5.25%		8.92%		06/29/2028			5,472				5,426				5,472				0.17
Spectrum Automotive Holdings Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		06/29/2027			—				(1	)			—				0.00
																			108,625				101,309				3.14
Automobiles
COP Collisionright Parent, LLC		(6) (7) (10)		First Lien Debt		S +		4.75%		8.42%		01/29/2030			26,672				26,310				26,472				0.82
COP Collisionright Parent, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		01/29/2030			19,250				18,952				19,065				0.59
COP Collisionright Parent, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		01/29/2030			673				614				638				0.02
Drivecentric Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			38,816				38,491				38,816				1.20
Drivecentric Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(37	)			—				0.00
Drivecentric Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(31	)			—				0.00
LeadVenture, Inc.		(6) (9) (11)		First Lien Debt		S +		5.00%		8.70%		06/23/2032			9,360				9,231				9,180				0.28
LeadVenture, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		06/23/2032			730				713				696				0.02
LeadVenture, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		06/23/2032			41				29				23				0.00
MajorDrive Holdings IV, LLC		(12)		First Lien Debt		S +		4.00%		7.96%		06/01/2028			2,931				2,933				2,651				0.08

 

 

 

 

7

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Vehlo Purchaser, LLC		(6) (9) (11)		First Lien Debt		S +		5.50%		9.17%		05/24/2028			2,009				1,998				1,975				0.06
Vehlo Purchaser, LLC		(6) (9) (11)		First Lien Debt		S +		5.50%		9.17%		05/24/2028			45,898				45,538				45,094				1.40
Vehlo Purchaser, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%		9.17%		05/24/2028			—				(2	)			(6	)			0.00
																			144,739				144,604				4.48
Banks
Computer Services, Inc.		(6) (8) (10)		First Lien Debt		S +		4.50%		8.20%		11/17/2031			9,011				8,968				8,897				0.28
Computer Services, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.20%		11/17/2031			—				(10	)			(52	)			0.00
																			8,958				8,845				0.27
Beverages
Vamos Bidco, Inc.		(6) (9) (12)		First Lien Debt		S +		4.75%		8.45%		01/30/2032			11,522				11,421				11,234				0.35
Vamos Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.45%		01/30/2032			—				(20	)			(121	)			0.00
Vamos Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.45%		01/30/2032			—				(12	)			(36	)			0.00
																			11,389				11,077				0.34
Building Products
Project Potter Buyer, LLC		(6) (8) (10)		First Lien Debt		S +		5.25%		8.95%		04/23/2027			11,258				11,255				11,245				0.35
Project Potter Buyer, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		04/23/2027			—				—				(1	)			0.00
																			11,255				11,244				0.35
Capital Markets
Orion Advisor Solutions, Inc.		(6)		First Lien Debt		S +		2.75%		6.42%		09/24/2030			3,950				3,975				3,873				0.12
Chemicals
Olympus Water US Holding Corporation		(12)		First Lien Debt		S +		3.00%		6.70%		06/20/2031			4,647				4,657				4,454				0.14
Tank Holding Corp.		(8) (11)		First Lien Debt		S +		5.75%		9.55%		03/31/2028			52,685				52,138				46,909				1.45
Tank Holding Corp.		(11)		First Lien Debt		S +		5.75%		9.55%		03/31/2028			5,935				5,834				5,294				0.16
Tank Holding Corp.		(11) (18)		First Lien Debt		S +		5.75%		9.55%		03/31/2028			—				(13	)			(207	)			(0.01	)
V Global Holdings, LLC		(6) (8) (9) (11)		First Lien Debt		S +		6.25% (incl. 3.70% PIK)		10.05%		01/02/2029			15,897				15,732				14,403				0.45
V Global Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.75%		9.53%		01/02/2029			816				802				607				0.02
																			79,150				71,460				2.21
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (9) (10)		First Lien Debt		S +		4.50%		8.16%		12/26/2028			7,161				7,161				7,161				0.22
365 Retail Markets, LLC		(6) (9) (10)		First Lien Debt		S +		4.50%		8.16%		12/26/2028			2,298				2,298				2,298				0.07
Astra Service Partners, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.20%		11/26/2032			4,500				4,467				4,500				0.14
Astra Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		11/26/2032			296				290				296				0.01
Atlas US Finco, Inc.		(6) (8) (9) (10) (15)		First Lien Debt		S +		4.75%		8.42%		12/10/2029			64,757				64,089				64,109				1.98
Atlas US Finco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		4.75%		8.42%		12/11/2028			—				(29	)			(44	)			0.00
AWP Group Holdings, Inc.		(6) (8) (9) (10)		First Lien Debt		S +		4.50%		8.17%		12/23/2030			42,892				41,956				42,892				1.33
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.17%		12/23/2030			4,528				4,452				4,528				0.14
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.17%		12/23/2030			3,015				2,978				3,015				0.09
Belfor Holdings, Inc.		(12)		First Lien Debt		S +		2.75%		6.42%		11/01/2030			1,850				1,863				1,851				0.06
BPG Holdings IV Corp.		(6) (7) (9) (11)		First Lien Debt		S +		7.00% (incl. 5.00% PIK)		10.70%		07/30/2029			26,609				25,356				21,809				0.68
Consor Intermediate II, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.20%		05/12/2031			7,891				7,838				7,891				0.24
Consor Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		05/12/2031			—				(17	)			—				0.00
Consor Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		05/12/2031			353				343				353				0.01
CRCI Longhorn Holdings, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%		8.42%		08/27/2031			8,713				8,642				8,679				0.27
CRCI Longhorn Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		08/27/2031			—				(9	)			(9	)			0.00
CRCI Longhorn Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		08/27/2031			—				(11	)			(6	)			0.00

 

8

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Energy Labs Holdings Corp.		(6) (9) (10)		First Lien Debt		S +		5.00%		8.77%		04/07/2028			7,862				7,813				7,724				0.24
Energy Labs Holdings Corp.		(6) (10)		First Lien Debt		S +		5.00%		8.77%		04/07/2028			2,511				2,486				2,452				0.08
Energy Labs Holdings Corp.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.77%		04/07/2028			895				883				862				0.03
EnergySolutions, LLC		(12)		First Lien Debt		S +		3.25%		6.92%		09/20/2030			4,929				4,950				4,939				0.15
Firebird Acquisition Corp, Inc.		(6) (11)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.67%		02/02/2032			6,072				6,047				6,072				0.19
Firebird Acquisition Corp, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.67%		02/02/2032			1,946				1,934				1,946				0.06
Firebird Acquisition Corp, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.67%		02/02/2032			—				(4	)			—				0.00
FLS Holding, Inc.		(6) (8) (9) (10) (15)		First Lien Debt		S +		5.25%		9.10%		12/15/2028			23,531				22,712				20,092				0.62
FLS Holding, Inc.		(6) (9) (10) (15)		First Lien Debt		S +		5.25%		9.10%		12/15/2028			5,517				5,326				4,711				0.15
FLS Holding, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		5.25%		9.10%		12/17/2027			2,247				2,188				1,914				0.06
Foundever Group		(12)		First Lien Debt		S +		3.75%		7.71%		08/28/2028			4,787				4,795				2,190				0.07
Hercules Borrower, LLC		(6) (11)		First Lien Debt		S +		4.75%		8.42%		12/15/2028			25,835				25,700				25,577				0.79
Hercules Borrower, LLC		(6) (11)		First Lien Debt		C +		4.75%		7.06%		12/15/2028			C$2,985				2,079				2,118				0.07
HSI Halo Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		8.67%		06/30/2031			18,784				18,633				18,709				0.58
HSI Halo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		06/30/2031			2,256				2,232				2,238				0.07
HSI Halo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		06/28/2030			—				(21	)			(12	)			0.00
Iris Buyer, LLC		(6) (9) (10) (15)		First Lien Debt		S +		5.25%		8.92%		10/02/2030			20,239				19,896				20,087				0.62
Iris Buyer, LLC		(6) (10) (15)		First Lien Debt		S +		5.25%		8.92%		10/02/2030			1,860				1,831				1,846				0.06
Iris Buyer, LLC		(6) (10) (15) (18)		First Lien Debt		S +		5.25%		8.92%		10/02/2029			—				(40	)			(22	)			0.00
LSF12 Crown US Commercial Bidco, LLC				First Lien Debt		S +		3.00%		6.67%		12/02/2031			2,907				2,919				2,907				0.09
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (11)		First Lien Debt		S +		4.75%		8.45%		12/20/2028			15,198				15,198				15,198				0.47
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		12/20/2028			923				920				923				0.03
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		05/24/2032			—				—				—				0.00
Railpros Parent, LLC		(6) (9) (11)		First Lien Debt		S +		4.25%		7.92%		05/24/2032			21,104				20,913				20,946				0.65
Railpros Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		7.92%		05/24/2032			1,958				1,920				1,909				0.06
Railpros Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		7.92%		05/24/2032			—				(29	)			(24	)			0.00
Routeware, Inc.		(6) (9) (10)		First Lien Debt		S +		5.25%		8.94%		09/18/2031			4,773				4,733				4,713				0.15
Routeware, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%		8.94%		09/18/2031			520				509				492				0.02
Routeware, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%		8.94%		09/18/2031			102				98				96				0.00
Sherlock Buyer Corp.		(6) (8) (9) (10)		First Lien Debt		S +		5.75%		9.45%		12/06/2030			24,778				24,710				23,447				0.73
Sherlock Buyer Corp.		(6) (10) (18)		First Lien Debt		S +		5.75%		9.45%		12/07/2029			—				(6	)			(160	)			0.00
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		C +		5.25%		7.51%		12/28/2029			C$2,585				1,867				1,852				0.06
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		S +		5.25%		8.94%		12/28/2029			4,379				4,340				4,378				0.14
Surewerx Purchaser III, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.25%		8.94%		12/28/2029			—				(6	)			—				0.00
Surewerx Purchaser III, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.25%		8.94%		12/28/2028			260				249				260				0.01
Sweep Midco, LLC		(6) (9) (10) (16)		Second Lien Debt								03/12/2034			1,086				543				695				0.02
Sweep Midco, LLC		(6) (9) (10) (16)		Second Lien Debt								03/12/2036			3,156				—				—				0.00
Sweep Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.75% PIK		9.53%		06/30/2027			4,454				4,454				4,454				0.14
Sweep Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.75%		9.53%		06/30/2027			2,024				2,024				2,024				0.06
Sweep Purchaser, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%		9.53%		06/30/2027			94				94				94				0.00
Tamarack Intermediate, LLC		(6) (9) (11)		First Lien Debt		S +		5.00%		8.67%		03/12/2029			25,474				25,231				25,347				0.78
Tamarack Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		03/12/2029			3,215				3,164				3,186				0.10
Tamarack Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		03/12/2029			—				(34	)			(22	)			0.00
Tidal Waste & Recycling Holdings, LLC				First Lien Debt		S +		2.75%		6.45%		10/24/2031			1,980				1,986				1,979				0.06
Transit Technologies, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			15,254				15,126				15,024				0.47
Transit Technologies, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			1,511				1,485				1,435				0.04

 

9

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Transit Technologies, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.59%		08/20/2030			—				(19	)			(39	)			0.00
Vensure Employer Services, Inc.		(6) (9) (12)		First Lien Debt		S +		5.00%		8.70%		09/29/2031			32,868				32,595				32,531				1.01
Vensure Employer Services, Inc.		(6) (12) (18)		First Lien Debt		S +		5.00%		8.70%		09/29/2031			—				(11	)			(11	)			0.00
VRC Companies, LLC		(6) (9) (10)		First Lien Debt		S +		5.50%		8.98%		06/29/2027			45,283				45,180				45,283				1.40
VRC Companies, LLC		(6) (10)		First Lien Debt		S +		5.50%		8.98%		06/29/2027			46,997				46,740				46,997				1.46
VRC Companies, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		8.98%		06/29/2027			—				—				—				0.00
																			558,000				548,680				16.99
Construction & Engineering
Arcoro Holdings Corp.		(6) (10)		First Lien Debt		S +		5.50%		9.20%		03/28/2030			56,387				55,567				55,130				1.71
Arcoro Holdings Corp.		(6) (10) (18)		First Lien Debt		S +		5.50%		9.20%		03/28/2030			—				(114	)			(192	)			(0.01	)
Artera Services, LLC				First Lien Debt		S +		4.50%		8.17%		02/15/2031			1,970				1,956				1,674				0.05
Crown Subsea Communications Holding, Inc.		(11)		First Lien Debt		S +		3.00%		6.67%		01/30/2031			3,980				4,010				3,987				0.12
KPSKY Acquisition, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		5.50%		9.27%		10/19/2028			20,481				19,871				18,675				0.58
KPSKY Acquisition, Inc.		(6) (9) (11)		First Lien Debt		S +		5.50%		9.27%		10/19/2028			16,324				16,065				14,885				0.46
LJ Avalon Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		4.50%		8.15%		02/01/2030			6,512				6,457				6,512				0.20
LJ Avalon Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		4.50%		8.15%		02/01/2030			8,719				8,641				8,711				0.27
LJ Avalon Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		4.50%		8.15%		02/01/2029			—				(10	)			—				—
Superman Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		4.50%		8.20%		08/29/2031			25,076				24,973				24,888				0.77
Superman Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.20%		08/29/2031			8,218				8,158				8,156				0.25
Superman Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		08/29/2031			—				(14	)			(28	)			0.00
																			145,560				142,398				4.41
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (9) (11)		First Lien Debt		S +		6.00% (incl. 2.50% PIK)		9.67%		02/03/2031			38,640				38,352				37,774				1.17
PDI TA Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		6.00% (incl. 2.50% PIK)		9.67%		02/03/2031			3,002				2,980				2,931				0.09
																			41,332				40,705				1.26
Containers & Packaging
Berlin Packaging, LLC				First Lien Debt		S +		3.25%		6.92%		06/07/2031			5,920				5,925				5,692				0.18
BP Purchaser, LLC		(6) (8) (9) (11)		First Lien Debt		S +		7.50% (incl. 1.00% PIK)		11.44%		12/11/2028			34,019				32,981				26,659				0.83
Clydesdale Acquisition Holdings, Inc.		(12)		First Lien Debt		S +		3.18%		6.84%		04/13/2029			7,303				7,306				6,950				0.22
FORTIS Solutions Group, LLC		(6) (9) (11)		First Lien Debt		S +		5.50%		9.30%		10/13/2028			21,683				21,618				21,683				0.67
FORTIS Solutions Group, LLC		(6) (11)		First Lien Debt		S +		5.50%		9.30%		10/13/2028			2,827				2,814				2,827				0.09
FORTIS Solutions Group, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%		9.30%		10/15/2027			810				806				810				0.03
																			71,450				64,621				2.00
Distributors
ABB Concise Optical Group, LLC		(6) (8) (11)		First Lien Debt		S +		7.50%		11.36%		02/23/2028			17,008				16,842				16,370				0.51
PT Intermediate Holdings III, LLC		(6) (8) (9) (11)		First Lien Debt		S +		4.75% (incl. 1.00% PIK)		8.45%		04/09/2030			55,367				54,927				55,367				1.71
PT Intermediate Holdings III, LLC		(6) (11) (18)		First Lien Debt		S +		4.75% (incl. 1.00% PIK)		8.45%		04/09/2030			—				(4	)			—				0.00
																			71,765				71,737				2.22
Diversified Consumer Services
Any Hour, LLC		(6) (12)		First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.45%		05/23/2030			11,771				11,640				10,560				0.33
Any Hour, LLC		(6) (12)		First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.45%		05/23/2030			333				330				299				0.01
Any Hour, LLC		(6) (12) (18)		First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.45%		05/23/2030			1,589				1,571				1,409				0.04
Any Hour, LLC		(6) (12)		Unsecured Debt				13.00% PIK		13.00%		05/23/2031			3,745				3,697				3,334				0.10
Apex Service Partners, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%		8.67%		10/24/2030			71,200				70,389				71,200				2.20
Apex Service Partners, LLC		(6) (10)		First Lien Debt		S +		5.00%		8.67%		10/24/2030			10,406				10,266				10,406				0.32

 

10

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Apex Service Partners, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		10/24/2029			2,416				2,366				2,416				0.07
Ascend Learning, LLC		(12)		First Lien Debt		S +		3.00%		6.67%		12/11/2028			7,283				7,259				7,100				0.22
Assembly Intermediate, LLC		(6) (9) (10)		First Lien Debt		S +		5.25%		8.95%		10/19/2027			8,056				7,859				8,056				0.25
Assembly Intermediate, LLC		(6) (10)		First Lien Debt		S +		5.25%		8.95%		10/19/2027			1,778				1,733				1,778				0.06
Assembly Intermediate, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		10/19/2027			—				(20	)			—				—
DA Blocker Corp.		(6) (7) (11) (15)		First Lien Debt		S +		4.75%		8.45%		02/10/2032			7,759				7,691				7,604				0.24
DA Blocker Corp.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.45%		02/10/2032			—				(10	)			(48	)			0.00
DA Blocker Corp.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.45%		02/10/2032			32				26				16				0.00
Eclipse Buyer, Inc.		(6) (9) (12)		First Lien Debt		S +		4.50%		8.18%		09/08/2031			8,362				8,293				8,299				0.26
Eclipse Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.18%		09/08/2031			—				(5	)			(11	)			0.00
Eclipse Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.18%		09/08/2031			—				(6	)			(5	)			0.00
Essential Services Holding Corporation		(6) (8) (11)		First Lien Debt		S +		5.50% (incl. 2.75% PIK)		9.17%		06/17/2031			18,624				18,475				18,271				0.57
Essential Services Holding Corporation		(6) (11) (18)		First Lien Debt		S +		5.50% (incl. 2.75% PIK)		9.17%		06/17/2031			—				(19	)			(98	)			0.00
Essential Services Holding Corporation		(6) (11) (18)		First Lien Debt		S +		5.50% (incl. 2.75% PIK)		9.17%		06/17/2030			1,289				1,266				1,228				0.04
EVDR Purchaser, Inc.		(6) (11)		First Lien Debt		S +		4.75%		8.42%		02/14/2031			36,313				35,763				36,211				1.12
EVDR Purchaser, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		02/14/2031			—				(64	)			(29	)			0.00
EVDR Purchaser, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		02/14/2031			2,006				1,919				1,989				0.06
Express Wash Acquisition Company, LLC		(6) (9) (10)		First Lien Debt		S +		6.25%		9.90%		04/10/2031			5,653				5,502				5,582				0.17
Express Wash Acquisition Company, LLC		(6) (10) (18)		First Lien Debt		S +		6.25%		9.90%		04/10/2031			—				(10	)			(4	)			0.00
FPG Intermediate Holdco, LLC		(6) (10)		First Lien Debt		S +		5.00% PIK		8.70%		07/02/2029			2,353				2,316				1,948				0.06
FPG Intermediate Holdco, LLC		(6) (10)		First Lien Debt		S +		5.00% PIK		8.70%		07/02/2029			803				803				803				0.02
GarageCo Intermediate II, LLC		(6) (8) (11)		First Lien Debt		S +		4.25%		7.91%		08/02/2032			3,434				3,403				3,383				0.10
GarageCo Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		7.91%		08/02/2032			—				(23	)			(76	)			0.00
GarageCo Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		7.91%		08/02/2032			—				(14	)			(23	)			0.00
Heartland Home Services		(6) (11)		First Lien Debt		S +		5.75%		9.55%		12/15/2026			22,813				22,737				22,370				0.69
Kodiak Buyer, LLC		(6) (7) (11)		First Lien Debt		S +		4.25%		7.95%		07/26/2032			9,206				9,121				9,185				0.28
Kodiak Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		7.95%		07/26/2032			—				(15	)			(7	)			0.00
Kodiak Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		7.95%		07/23/2032			—				(23	)			(6	)			0.00
LHS Borrower, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		8.92%		09/04/2031			12,853				12,675				12,628				0.39
LHS Borrower, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		09/04/2031			257				243				239				0.01
Lightspeed Solution, LLC		(6) (9) (11)		First Lien Debt		S +		6.00%		9.67%		03/01/2028			23,202				23,063				22,693				0.70
Lightspeed Solution, LLC		(6) (11)		First Lien Debt		S +		6.00%		9.67%		03/01/2028			1,377				1,368				1,346				0.04
Project Accelerate Parent, LLC		(6) (11)		First Lien Debt		S +		5.25%		8.92%		02/24/2031			27,014				26,807				27,014				0.84
Project Accelerate Parent, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		02/24/2031			—				(27	)			—				0.00
Spring Education Group, Inc.				First Lien Debt		S +		3.25%		6.95%		10/04/2030			3,910				3,921				3,870				0.12
Vertex Service Partners, LLC		(6) (7) (9) (11)		First Lien Debt		S +		6.00%		9.70%		11/08/2030			9,908				9,732				9,700				0.30
Vertex Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%		9.70%		11/08/2030			13,046				12,809				12,754				0.39
Vertex Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%		9.70%		11/08/2030			1,543				1,510				1,501				0.05
Wand NewCo 3, Inc.				First Lien Debt		S +		2.50%		6.17%		01/30/2031			7,065				7,069				6,999				0.22
																			333,386				331,884				10.28
Electrical Equipment
Accel International Holdings, Inc.		(6) (9) (12)		First Lien Debt		S +		4.50%		8.17%		04/26/2032			24,507				24,397				24,507				0.76
Accel International Holdings, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.17%		04/26/2032			—				(18	)			—				—
Kohler Energy Co, LLC				First Lien Debt		S +		3.00%		6.70%		05/01/2031			4,591				4,625				4,580				0.14
Spark Buyer, LLC		(6) (9) (11)		First Lien Debt		S +		5.25%		8.90%		10/15/2031			5,246				5,180				4,800				0.15

 

 

 

11

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Spark Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.90%		10/15/2031			—				(13	)			(181	)			(0.01	)
Spark Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.90%		10/15/2031			478				465				388				0.01
																			34,636				34,094				1.06
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (8) (9) (11) (14)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.32%		07/06/2028			29,755				29,203				14,283				0.44
Abracon Group Holdings, LLC		(6) (11) (14)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.32%		07/06/2028			1,990				1,957				955				0.03
Chamberlain Group, Inc.				First Lien Debt		S +		2.75%		6.42%		09/08/2032			6,773				6,768				6,703				0.21
Dwyer Instruments, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		4.75%		8.45%		07/20/2029			45,706				45,232				45,363				1.40
Dwyer Instruments, Inc.		(6) (11)		First Lien Debt		S +		4.75%		8.45%		07/20/2029			18,085				17,867				17,950				0.56
Dwyer Instruments, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		07/20/2029			1,961				1,925				1,928				0.06
Infinite Bidco, LLC		(6) (7) (12)		First Lien Debt		S +		6.25%		9.91%		03/02/2028			9,045				8,987				9,003				0.28
Infinite Bidco, LLC		(9) (12)		Second Lien Debt		S +		7.00%		10.93%		03/02/2029			16,800				15,187				15,288				0.47
Magneto Components Buyco, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		6.00%		9.70%		12/05/2030			48,253				47,621				48,253				1.49
Magneto Components Buyco, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%		9.70%		12/05/2029			—				(89	)			—				—
NDT Global Holding, Inc.		(6) (9) (12) (15)		First Lien Debt		S +		4.50%		8.17%		06/04/2032			26,931				26,686				26,527				0.82
NDT Global Holding, Inc.		(6) (12) (15) (18)		First Lien Debt		S +		4.50%		8.17%		06/04/2032			5,280				5,197				5,099				0.16
NDT Global Holding, Inc.		(6) (12) (15) (18)		First Lien Debt		S +		4.50%		8.17%		06/04/2032			301				248				210				0.01
NSI Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.20%		11/17/2031			19,243				19,080				19,243				0.60
NSI Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		11/17/2031			—				(13	)			—				—
NSI Holdings, Inc.		(6) (11) (18)		First Lien Debt		P +		3.75%		10.50%		11/17/2031			—				(33	)			—				—
Pamlico Avant Holdings, LP		(6) (8) (11)		First Lien Debt		S +		4.50%		8.20%		12/31/2032			12,112				11,994				11,930				0.37
Pamlico Avant Holdings, LP		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		12/31/2032			—				(16	)			(25	)			0.00
																			237,801				222,710				6.90
Entertainment
Varsity Brands, Inc.				First Lien Debt		S +		2.75%		6.45%		08/26/2031			5,955				5,959				5,923				0.18
Financial Services
Applitools, Inc.		(6) (9) (11) (15)		First Lien Debt		S +		6.25% PIK		9.92%		05/25/2029			14,513				14,417				12,627				0.39
Applitools, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		6.25%		9.92%		05/25/2028			—				(11	)			(208	)			(0.01	)
BCTO Bluebill Midco, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.17%		07/30/2032			21,333				21,136				20,907				0.65
BCTO Bluebill Midco, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		07/30/2032			—				(24	)			(53	)			0.00
Cerity Partners, LLC		(6) (8) (9) (11)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			17,837				17,698				17,837				0.55
Cerity Partners, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			—				(12	)			—				0.00
Cerity Partners, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			456				450				456				0.01
Cliffwater, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		8.42%		04/22/2032			21,250				21,059				20,931				0.65
Cliffwater, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		04/22/2032			—				(18	)			(31	)			0.00
GC Waves Holdings, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.17%		10/04/2030			22,261				21,900				22,202				0.69
GC Waves Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		10/04/2030			16,629				16,242				16,583				0.51
GC Waves Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		10/04/2030			—				(18	)			(4	)			0.00
MAI Capital Management Intermediate, LLC		(6) (9) (11)		First Lien Debt		S +		4.75%		8.45%		08/29/2031			4,609				4,571				4,517				0.14
MAI Capital Management Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		08/29/2031			4,205				4,165				4,107				0.13
MAI Capital Management Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		08/29/2031			450				441				426				0.01
PMA Parent Holdings, LLC		(6) (8) (9) (11)		First Lien Debt		S +		4.75%		8.45%		01/31/2031			4,913				4,857				4,851				0.15
PMA Parent Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		01/31/2031			—				(4	)			(5	)			0.00
SitusAMC Holdings Corporation		(6) (8) (9) (11)		First Lien Debt		S +		5.50%		9.20%		05/14/2031			19,113				19,060				19,113				0.59
Smarsh, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%		8.45%		02/16/2029			11,250				11,191				11,100				0.34

 

 

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Smarsh, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		02/16/2029			238				235				210				0.01
Smarsh, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		02/16/2029			343				334				321				0.01
Trintech, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%		01/28/2033			25,742				25,488				25,488				0.79
Trintech, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		01/28/2033			—				(21	)			(21	)			0.00
Trintech, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		01/28/2033			—				(31	)			(31	)			0.00
																			183,105				181,323				5.61
Food Products
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (9) (10) (14)		First Lien Debt		S +		6.25% PIK		11.47%		03/30/2029			3,643				3,590				2,422				0.07
Ground Transportation
eShipping, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.20%		12/23/2032			2,848				2,834				2,820				0.09
eShipping, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		12/23/2032			—				(3	)			(11	)			0.00
eShipping, LLC		(6) (11) (18)		First Lien Debt		P +		3.50%		10.25%		12/23/2032			34				31				28				0.00
SV Newco 2, Inc.		(6) (11) (15)		First Lien Debt		S +		4.75%		8.45%		06/02/2031			34,892				34,476				34,828				1.08
SV Newco 2, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.45%		06/02/2031			16,324				16,119				16,294				0.50
SV Newco 2, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.45%		06/02/2031			1,265				1,134				1,244				0.04
																			54,591				55,203				1.71
Health Care Equipment & Supplies
Journey Personal Care Corp.		(11)		First Lien Debt		S +		3.75%		7.42%		03/01/2028			4,902				4,868				4,700				0.15
Medline Borrower, LP		(12)		First Lien Debt		S +		1.75%		5.42%		10/23/2030			6,601				6,603				6,608				0.20
PerkinElmer U.S., LLC		(6) (10)		First Lien Debt		S +		4.75%		8.43%		03/13/2029			27,881				27,436				27,671				0.86
PerkinElmer U.S., LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.43%		03/13/2029			—				(3	)			(10	)			0.00
Tidi Legacy Products, Inc.		(6) (7) (9) (10)		First Lien Debt		S +		4.50%		8.17%		12/19/2029			11,000				10,853				11,000				0.34
Tidi Legacy Products, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.17%		12/19/2029			2,947				2,901				2,947				0.09
Tidi Legacy Products, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.17%		12/19/2029			—				(26	)			—				—
YI, LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.75%		9.43%		12/03/2029			17,486				17,251				17,468				0.54
YI, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%		9.43%		12/03/2029			—				(34	)			(3	)			0.00
																			69,849				70,381				2.18
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (11)		First Lien Debt		S +		4.50%		8.17%		09/15/2031			14,893				14,688				14,670				0.45
Advarra Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		09/15/2031			—				(2	)			(18	)			0.00
Blue River PetCare, LLC		(6)		First Lien Debt		S +		5.00%		8.67%		08/01/2029			538				538				538				0.02
Blue River PetCare, LLC		(6) (18)		First Lien Debt		S +		5.00%		8.67%		08/01/2029			—				(3	)			(3	)			0.00
Blue River PetCare, LLC		(6) (18)		First Lien Debt		S +		5.00%		8.67%		08/01/2029			25				24				24				0.00
CNT Holdings I Corp.		(11)		First Lien Debt		S +		2.50%		6.17%		11/08/2032			6,782				6,790				6,774				0.21
DCA Investment Holdings, LLC		(6) (8) (9) (11) (14)		First Lien Debt		S +		6.50%		12.08%		04/03/2028			49,307				48,881				39,763				1.23
DCA Investment Holdings, LLC		(6) (11) (14)		First Lien Debt		S +		6.50%		12.08%		04/03/2028			3,787				3,750				3,055				0.09
ExamWorks BidCo, Inc.		(12)		First Lien Debt		S +		2.50%		6.17%		02/06/2033			6,808				6,813				6,796				0.21
Gateway US Holdings, Inc.		(6) (8) (9) (11) (15)		First Lien Debt		S +		4.75%		8.45%		09/22/2028			11,839				11,797				11,779				0.36
Gateway US Holdings, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.45%		09/22/2028			3,585				3,565				3,562				0.11
Gateway US Holdings, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.45%		09/22/2028			—				(2	)			(2	)			0.00
Heartland Veterinary Partners, LLC		(6) (8) (9) (10)		First Lien Debt		S +		4.75%		8.51%		06/12/2028			6,247				6,240				6,247				0.19
Heartland Veterinary Partners, LLC		(6) (9) (10)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/11/2028			828				824				828				0.03
Heartland Veterinary Partners, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.51%		06/12/2028			14,726				14,682				14,726				0.46
Heartland Veterinary Partners, LLC		(6) (10)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/11/2028			322				320				322				0.01
Heartland Veterinary Partners, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.51%		06/12/2028			—				(1	)			—				0.00

 

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
iCIMS, Inc.		(6) (11)		First Lien Debt		S +		5.75%		9.42%		08/18/2028			16,989				16,891				16,548				0.51
iCIMS, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75%		9.42%		08/18/2028			86				84				70				0.00
Imagine 360, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.45%		10/02/2028			13,165				13,078				13,165				0.41
Imagine 360, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		10/02/2028			—				(6	)			—				0.00
Imagine 360, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		10/02/2028			—				(7	)			—				0.00
Invictus Buyer, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.20%		06/03/2031			1,567				1,554				1,563				0.05
Invictus Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		06/03/2031			—				(2	)			(2	)			0.00
Invictus Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		06/03/2031			—				(2	)			(1	)			0.00
LSCS Holdings, Inc.				First Lien Debt		S +		4.50%		8.20%		03/04/2032			3,465				3,469				3,240				0.10
MED ParentCo, LP				First Lien Debt		S +		3.00%		6.67%		04/15/2031			2,978				2,990				2,974				0.09
Medical Solutions, LLC				First Lien Debt		S +		3.50%		7.27%		11/01/2028			5,285				5,283				3,699				0.11
Merative, LP		(6) (8) (11)		First Lien Debt		S +		4.50%		8.20%		09/30/2032			29,368				29,229				29,221				0.90
Merative, LP		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		09/30/2032			—				(8	)			(17	)			0.00
Merative, LP		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		09/30/2032			—				(14	)			(15	)			0.00
Midwest Physician Administrative Services, LLC		(11)		First Lien Debt		S +		3.00%		6.96%		03/12/2028			3,829				3,826				3,252				0.10
mPulse Mobile, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.45%		02/25/2033			29,206				28,936				28,402				0.88
mPulse Mobile, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		02/25/2033			—				(13	)			(77	)			0.00
mPulse Mobile, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		02/25/2033			—				(38	)			(115	)			0.00
Pacific Dental Services, LLC				First Lien Debt		S +		2.50%		6.18%		03/15/2031			2,940				2,949				2,940				0.09
Pareto Health Intermediate Holdings, Inc.		(6) (7) (10)		First Lien Debt		S +		5.00%		8.71%		06/03/2030			69,811				68,880				69,636				2.16
Pareto Health Intermediate Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.71%		06/01/2029			—				(103	)			(25	)			0.00
PPV Intermediate Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		5.75%		9.42%		08/31/2029			27,360				26,714				26,881				0.83
PPV Intermediate Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		5.75%		9.42%		08/31/2029			19,194				19,093				18,858				0.58
Promptcare Infusion Buyer, Inc.		(6) (9) (10)		First Lien Debt		S +		6.00%		9.95%		09/01/2027			3,760				3,751				3,760				0.12
Promptcare Infusion Buyer, Inc.		(6) (10)		First Lien Debt		S +		6.00%		9.95%		09/01/2027			586				584				586				0.02
Raven Acquisition Holdings, LLC		(15)		First Lien Debt		S +		3.00%		6.67%		11/19/2031			4,620				4,600				4,527				0.14
Raven Acquisition Holdings, LLC		(15) (18)		First Lien Debt		S +		3.00%		6.67%		11/19/2031			—				(1	)			(7	)			0.00
Stepping Stones Healthcare Services, LLC		(6) (9) (11)		First Lien Debt		S +		4.75%		8.45%		01/05/2033			10,992				10,928				10,928				0.34
Stepping Stones Healthcare Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		01/05/2033			—				(2	)			(2	)			0.00
Suveto Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		09/09/2027			5,420				5,346				5,420				0.17
Suveto Buyer, LLC		(6) (11) (18)		First Lien Debt		P +		3.50%		10.25%		09/09/2027			42				34				42				0.00
TA Polaris Buyer, Inc.		(6) (8) (12)		First Lien Debt		S +		4.50%		8.18%		12/12/2032			10,378				10,328				10,226				0.32
TA Polaris Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.18%		12/12/2032			1,341				1,327				1,277				0.04
TA Polaris Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.18%		12/12/2032			—				(6	)			(19	)			0.00
Tivity Health, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		8.67%		06/28/2029			17,770				17,663				17,681				0.55
Vardiman Black Holdings, LLC		(6) (8) (9) (12) (14)		First Lien Debt		S +		7.00% PIK		10.77%		03/18/2027			16,906				16,906				12,088				0.37
Vardiman Black Holdings, LLC		(6) (12) (13) (14)		First Lien Debt		S +		7.00% PIK		10.77%		03/18/2027			1,899				1,878				1,491				0.05
																			415,023				397,256				12.30
Health Care Technology
Athenahealth, Inc.		(12)		First Lien Debt		S +		2.75%		6.42%		02/15/2029			7,267				7,253				7,122				0.22
Hyland Software, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		5.00%		8.70%		09/19/2030			69,626				68,888				69,557				2.15
Hyland Software, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		09/19/2029			—				(26	)			(3	)			0.00
Imprivata, Inc.		(12)		First Lien Debt		S +		3.00%		6.70%		12/01/2027			6,356				6,355				6,297				0.19
MedAssets Software Intermediate Holdings, Inc.		(12)		First Lien Debt		S +		4.00%		7.74%		12/15/2028			6,106				6,106				3,604				0.11
Press Ganey Holdings, Inc.				First Lien Debt		S +		3.00%		6.67%		04/30/2031			2,963				2,960				2,956				0.09

 

 

 

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Project Ruby Ultimate Parent Corp.				First Lien Debt		S +		2.75%		6.53%		03/10/2028			5,294				5,294				5,264				0.16
Symplr Software, Inc.		(11)		First Lien Debt		S +		4.50%		8.27%		12/22/2027			4,786				4,790				3,350				0.10
																			101,620				98,147				3.04
Household Durables
Madison Safety & Flow, LLC				First Lien Debt		S +		2.50%		6.18%		09/26/2031			3,846				3,854				3,843				0.12
Independent Power and Renewable Electricity Producers
Lightning Power, LLC				First Lien Debt		S +		2.25%		5.92%		08/18/2031			6,912				6,920				6,920				0.21
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		4.75%		8.42%		01/30/2031			76,683				76,134				76,683				2.37
Aptean, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		01/30/2031			—				(3	)			—				—
Aptean, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		01/30/2031			1,377				1,337				1,377				0.04
Raptor Merger Sub Debt, LLC		(6) (8) (9) (11)		First Lien Debt		S +		5.50%		9.20%		04/01/2030			45,000				44,484				45,000				1.39
Raptor Merger Sub Debt, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%		9.20%		04/01/2030			814				776				814				0.03
																			122,728				123,874				3.84
Insurance Services
Acrisure, LLC				First Lien Debt		S +		3.00%		6.67%		11/06/2030			4,938				4,926				4,776				0.15
Alliant Holdings Intermediate, LLC				First Lien Debt		S +		2.50%		6.17%		09/19/2031			7,068				7,075				7,007				0.22
Amerilife Holdings, LLC		(6) (8) (9) (11)		First Lien Debt		S +		5.00%		8.67%		08/31/2029			30,609				30,379				30,303				0.94
Amerilife Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		08/31/2029			3,453				3,430				3,362				0.10
Amerilife Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		08/31/2028			450				440				423				0.01
Broadstreet Partners, Inc.				First Lien Debt		S +		2.50%		6.47%		06/13/2031			7,412				7,398				7,221				0.22
Fetch, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%		8.45%		03/31/2033			17,680				17,503				17,503				0.54
Fetch, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		03/31/2033			—				(26	)			(26	)			0.00
Fetch, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		03/31/2033			—				(31	)			(31	)			0.00
Foundation Risk Partners Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.45%		10/29/2030			34,529				34,277				34,529				1.07
Foundation Risk Partners Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		10/29/2030			19,230				19,047				19,230				0.60
Foundation Risk Partners Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		10/29/2029			803				788				803				0.02
Galway Borrower, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		4.50%		8.20%		09/29/2028			33,892				33,564				33,404				1.03
Galway Borrower, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		09/29/2028			11,715				11,580				11,542				0.36
Galway Borrower, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		09/29/2028			852				835				820				0.03
Higginbotham Insurance Agency, Inc.		(6) (8) (9) (10)		First Lien Debt		S +		4.50%		8.17%		06/11/2031			36,514				36,355				36,514				1.13
Higginbotham Insurance Agency, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.17%		06/11/2031			—				(44	)			—				0.00
High Street Buyer, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.20%		04/14/2028			4,141				4,139				4,124				0.13
High Street Buyer, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.20%		04/14/2028			58,559				58,074				58,326				1.81
High Street Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		04/16/2027			—				—				(3	)			0.00
HUB International Limited		(11)		First Lien Debt		S +		2.25%		5.92%		06/20/2030			4,188				4,192				4,176				0.13
Inszone Mid, LLC		(6) (7) (9) (10)		First Lien Debt		S +		5.25%		8.95%		11/30/2029			13,664				13,479				13,561				0.42
Inszone Mid, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		11/30/2029			30,372				29,993				30,116				0.93
Inszone Mid, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		11/30/2029			—				(41	)			(27	)			0.00
Integrity Marketing Acquisition, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		5.00%		8.67%		08/25/2028			110,903				110,903				110,903				3.43
Integrity Marketing Acquisition, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		08/25/2028			—				—				—				0.00
Iris Specialty Acquisiton, LLC		(6) (8) (12)		First Lien Debt		S +		4.50%		8.20%		11/22/2032			29,415				29,274				29,195				0.90
Iris Specialty Acquisiton, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.20%		11/22/2032			—				(12	)			(37	)			0.00
Iris Specialty Acquisiton, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.20%		11/22/2032			992				971				959				0.03
Long Term Care Group, Inc.		(6) (8) (9) (11) (13)		First Lien Debt		S +		6.00%		9.93%		09/08/2027			14,618				14,386				13,192				0.41

 

 

 

 

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Majesco, Inc.		(6) (7) (12)		First Lien Debt		S +		4.50%		8.20%		01/07/2033			12,201				12,171				12,171				0.38
Majesco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.20%		01/07/2033			—				(3	)			(3	)			0.00
One, Inc. Software Corporation		(6) (11)		First Lien Debt		S +		4.50%		8.20%		12/06/2032			5,027				4,978				4,951				0.15
One, Inc. Software Corporation		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		12/06/2032			—				(5	)			(14	)			0.00
One, Inc. Software Corporation		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		12/06/2032			—				(4	)			(6	)			0.00
Patriot Growth Insurance Services, LLC		(6) (8) (9) (11)		First Lien Debt		S +		5.00%		8.85%		10/16/2028			19,271				19,168				19,269				0.60
Patriot Growth Insurance Services, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.85%		10/16/2028			17,555				17,385				17,553				0.54
Patriot Growth Insurance Services, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.85%		10/16/2028			—				(3	)			—				0.00
Truist Insurance Holdings, LLC				First Lien Debt		S +		2.75%		6.45%		05/06/2031			5,000				4,987				4,923				0.15
USI, Inc.				First Lien Debt		S +		2.25%		5.95%		09/29/2030			2,933				2,940				2,922				0.09
USI, Inc.				First Lien Debt		S +		2.25%		5.95%		11/21/2029			1,955				1,959				1,949				0.06
World Insurance Associates, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%		8.70%		04/03/2030			99,791				98,706				99,495				3.08
World Insurance Associates, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.70%		04/03/2030			—				(12	)			(3	)			0.00
																			635,121				635,072				19.66
Interactive Media & Services
Aragorn Parent Corporation				First Lien Debt		S +		3.50%		7.17%		12/15/2028			5,755				5,748				5,748				0.18
Arches Buyer, Inc.		(12)		First Lien Debt		S +		3.25%		7.02%		12/06/2027			2,393				2,390				2,381				0.07
FMG Suite Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%		09/09/2032			17,966				17,798				17,697				0.55
FMG Suite Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		09/09/2032			—				(23	)			(73	)			0.00
FMG Suite Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		09/09/2032			—				(27	)			(44	)			0.00
Spectrio, LLC		(6) (9) (10)		First Lien Debt		S +		6.00%		9.67%		12/09/2026			11,521				11,344				8,620				0.27
Spectrio, LLC		(6) (9) (10)		First Lien Debt		S +		6.00%		9.67%		12/09/2026			4,616				4,546				3,454				0.11
Spectrio, LLC		(6) (10)		First Lien Debt		S +		6.00%		9.67%		12/09/2026			1,377				1,358				1,031				0.03
Triple Lift, Inc.		(6) (8) (11)		First Lien Debt		S +		5.75%		9.59%		05/05/2028			15,990				15,479				14,922				0.46
Triple Lift, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75%		9.59%		05/05/2028			—				(65	)			(115	)			0.00
																			58,548				53,621				1.66
IT Services
Apollo Acquisition, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		8.67%		12/30/2031			23,032				22,832				22,712				0.70
Apollo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		12/30/2031			68				25				(65	)			0.00
Apollo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		12/30/2030			—				(29	)			(49	)			0.00
Asurion, LLC				First Lien Debt		S +		4.25%		7.92%		09/19/2030			7,250				7,240				7,167				0.22
Bridgepointe Technologies, LLC		(6) (10)		First Lien Debt		S +		5.00%		8.70%		12/31/2027			18,432				18,201				18,432				0.57
Bridgepointe Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.70%		12/31/2027			21,555				21,301				21,555				0.67
Catalis Intermediate, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		5.50%		9.35%		08/04/2027			23,077				22,779				22,785				0.71
Catalis Intermediate, Inc.		(6) (9) (11)		First Lien Debt		S +		5.50%		9.35%		08/04/2027			5,192				5,128				5,127				0.16
Catalis Intermediate, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50%		9.35%		08/04/2027			322				292				289				0.01
Cyber US Bidco, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.70%		12/30/2032			4,054				4,015				3,983				0.12
Cyber US Bidco, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		12/30/2032			—				(4	)			(14	)			0.00
Cyber US Bidco, LLC		(6) (11) (15) (18)		First Lien Debt		S +		5.00%		8.70%		12/30/2032			—				(3	)			(6	)			0.00
Endure Digital, Inc.		(11)		First Lien Debt		S +		3.50%		7.27%		04/30/2029			1,049				1,042				764				0.02
Gainwell Acquisition Corp.		(11)		First Lien Debt		S +		4.00%		7.80%		10/01/2027			6,699				6,708				6,493				0.20
GI DI Cornfield Acquisition, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.27%		03/09/2029			31,687				31,391				31,589				0.98
GI DI Cornfield Acquisition, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.27%		03/09/2029			16,333				16,265				16,283				0.50
Idera, Inc.		(6) (9) (11)		Second Lien Debt		S +		6.75%		10.56%		03/02/2029			355				355				246				0.01
Redwood Services Group, LLC		(6) (7) (9) (11)		First Lien Debt		S +		5.00%		8.70%		06/15/2029			49,895				49,404				49,521				1.53

 

 

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Redwood Services Group, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.70%		06/15/2029			38,464				38,046				38,159				1.18
Ridge Trail US Bidco, Inc.		(6) (9) (11) (15)		First Lien Debt		S +		4.50%		8.20%		09/30/2031			48,368				47,764				48,368				1.50
Ridge Trail US Bidco, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.50%		8.20%		09/30/2031			574				470				574				0.02
Ridge Trail US Bidco, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.50%		8.20%		03/31/2031			1,520				1,455				1,520				0.05
Sedgwick Claims Management Services, Inc.				First Lien Debt		S +		2.50%		6.17%		07/31/2031			7,354				7,375				7,211				0.22
Syntax Systems, Ltd.		(6) (9) (11) (15)		First Lien Debt		S +		5.00%		8.77%		10/27/2028			18,348				18,293				18,165				0.56
Thrive Buyer, Inc. (Thrive Networks)		(6) (9) (11)		First Lien Debt		S +		5.00% (incl 2.50% PIK)		8.70%		02/02/2032			35,848				35,538				35,579				1.10
Thrive Buyer, Inc. (Thrive Networks)		(6) (11) (18)		First Lien Debt		S +		5.00% (incl 2.50% PIK)		8.70%		02/02/2032			8,230				8,131				8,136				0.25
Thrive Buyer, Inc. (Thrive Networks)		(6) (11) (18)		First Lien Debt		S +		4.50%		8.70%		02/02/2032			1,487				1,448				1,452				0.04
UpStack, Inc.		(6) (9) (11)		First Lien Debt		S +		5.00%		8.63%		08/25/2031			5,525				5,479				5,456				0.17
UpStack, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.63%		08/25/2031			778				766				751				0.02
UpStack, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.63%		08/25/2031			213				206				202				0.01
Victors Purchaser, LLC		(6) (12)		First Lien Debt		S +		4.50%		8.20%		12/23/2032			14,081				13,978				14,081				0.44
Victors Purchaser, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.20%		12/23/2032			—				(9	)			—				—
Victors Purchaser, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.20%		12/23/2032			—				(11	)			—				—
Virtusa Corporation		(11)		First Lien Debt		S +		3.25%		6.92%		02/15/2029			4,937				4,947				4,425				0.14
																			390,818				390,891				12.10
Leisure Products
Recess Holdings, Inc.		(10)		First Lien Debt		S +		3.75%		7.42%		02/20/2030			6,406				6,445				6,413				0.20
Life Sciences Tools & Services
Model N, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.45%		06/27/2031			19,598				19,441				19,420				0.60
Model N, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		06/27/2031			—				(21	)			(50	)			0.00
Model N, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		06/27/2031			—				(22	)			(26	)			0.00
Parexel International Corporation				First Lien Debt		S +		2.75%		6.42%		12/12/2031			6,479				6,486				6,452				0.20
																			25,884				25,796				0.80
Machinery
AI Aqua Merger Sub, Inc.		(12)		First Lien Debt		S +		2.75%		6.29%		07/31/2028			7,337				7,341				7,315				0.23
Answer Acquisition, LLC		(6) (9) (10)		First Lien Debt		S +		6.00%		9.69%		06/30/2028			38,435				38,256				35,134				1.09
Answer Acquisition, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%		9.69%		06/30/2028			1,400				1,389				1,099				0.03
Chase Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		10/30/2028			19,586				19,354				19,148				0.59
Chase Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		10/30/2028			369				360				351				0.01
Conair Holdings, LLC		(12)		First Lien Debt		S +		3.75%		7.53%		05/17/2028			3,830				3,831				2,664				0.08
CPM Holdings, Inc.		(12)		First Lien Debt		S +		4.50%		8.17%		09/28/2028			4,937				4,870				4,935				0.15
Filtration Group Corporation		(12)		First Lien Debt		S +		2.50%		6.17%		10/21/2028			6,882				6,894				6,880				0.21
Icebox Holdco III, Inc.		(12)		First Lien Debt		S +		3.25%		6.95%		12/22/2031			5,361				5,380				5,361				0.17
Madison IAQ, LLC		(12)		First Lien Debt		S +		2.50%		6.13%		06/21/2028			4,799				4,797				4,794				0.15
MHE Intermediate Holdings, LLC		(6) (10)		First Lien Debt		S +		6.00%		9.82%		07/21/2027			7,791				7,778				7,753				0.24
MHE Intermediate Holdings, LLC		(6) (9) (10)		First Lien Debt		S +		6.00%		9.82%		07/21/2027			6,347				6,318				6,316				0.20
MHE Intermediate Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%		9.82%		07/21/2027			429				429				423				0.01
Roper Industrial Products Investment Company, LLC				First Lien Debt		S +		2.50%		6.20%		11/22/2029			3,930				3,944				3,927				0.12
TK Elevator US Newco, Inc.		(12)		First Lien Debt		S +		2.75%		6.38%		04/30/2030			7,256				7,275				7,267				0.23
																			118,216				113,367				3.51
Multi-Utilities
Vessco Midco Holdings, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.23%		07/24/2031			33,794				33,532				33,476				1.04
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.23%		07/24/2031			9,502				9,411				9,378				0.29

 

 

 

 

17

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.23%		07/24/2031			—				(29	)			(32	)			0.00
																			42,914				42,822				1.33
Pharmaceuticals
Caerus US 1, Inc.		(6) (7) (9) (11) (15)		First Lien Debt		S +		5.00%		8.70%		05/25/2029			40,291				39,807				40,140				1.24
Caerus US 1, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%		8.70%		05/25/2029			5,897				5,820				5,875				0.18
Caerus US 1, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.00%		8.70%		05/25/2029			3,471				3,425				3,454				0.11
Real Chemistry Intermediate III, Inc.		(6) (7) (12)		First Lien Debt		S +		4.50%		8.20%		04/12/2032			19,125				19,040				18,838				0.58
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.20%		04/12/2032			5,695				5,666				5,567				0.17
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.20%		04/12/2032			—				(18	)			(64	)			0.00
Specialty Pharma III, Inc.		(6) (12)		First Lien Debt		S +		4.75%		8.44%		12/23/2032			3,706				3,688				3,669				0.11
Specialty Pharma III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.44%		12/23/2032			60				57				55				0.00
																			77,485				77,534				2.40
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (9) (10)		First Lien Debt		S +		6.00%		9.55%		03/10/2027			1,395				1,372				1,374				0.04
Abacus Data Holdings, Inc. (AbacusNext)		(6) (10) (18)		First Lien Debt		S +		6.00%		9.55%		03/10/2027			—				(9	)			(9	)			0.00
Accordion Partners, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.68%		11/17/2031			56,873				56,414				56,649				1.75
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.68%		11/17/2031			9,553				9,473				9,507				0.29
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.68%		11/17/2031			—				(50	)			(25	)			0.00
Ascend Partner Services, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.13%		08/11/2031			1,290				1,279				1,271				0.04
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.13%		08/11/2031			2,486				2,463				2,444				0.08
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.13%		08/11/2031			180				176				173				0.01
Bullhorn, Inc.		(6) (10)		First Lien Debt		S +		5.00%		8.67%		10/01/2029			3,429				3,411				3,414				0.11
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		10/01/2029			4,371				4,355				4,349				0.13
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		10/01/2029			53				52				51				0.00
Carr, Riggs and Ingram Capital, LLC		(6) (9) (12)		First Lien Debt		S +		4.25%		7.94%		11/18/2031			14,516				14,393				14,407				0.45
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%		7.94%		11/18/2031			2,407				2,371				2,351				0.07
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%		7.94%		11/18/2031			2,253				2,225				2,227				0.07
ComPsych Investment Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%		07/22/2031			15,273				15,211				15,197				0.47
ComPsych Investment Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		07/22/2031			—				(9	)			(23	)			0.00
CoreLogic, Inc.		(12)		First Lien Debt		S +		3.50%		7.28%		06/02/2028			4,923				4,915				4,698				0.15
Deerfield Dakota Holding, LLC		(6) (11)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.45%		09/13/2032			46,302				45,875				45,802				1.42
Deerfield Dakota Holding, LLC		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.45%		09/13/2032			857				818				811				0.03
EAB Global, Inc.		(12)		First Lien Debt		S +		3.00%		6.70%		08/16/2030			3,910				3,909				3,464				0.11
Employbridge Holding Company				First Lien Debt		S +		4.75%		8.71%		01/19/2030			2,263				1,394				402				0.01
GPS Merger Sub, LLC		(6) (8) (10)		First Lien Debt		S +		5.25%		8.92%		10/02/2029			22,522				22,285				22,335				0.69
GPS Merger Sub, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.92%		10/02/2029			917				884				886				0.03
GPS Merger Sub, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.92%		10/02/2029			—				(44	)			(39	)			0.00
IG Investment Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.67%		09/22/2028			32,847				32,626				32,765				1.01
IG Investment Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		09/22/2028			—				(24	)			(9	)			0.00
KENG Acquisition, Inc.		(6) (8) (9) (10)		First Lien Debt		S +		4.50%		8.17%		08/01/2029			10,896				10,728				10,733				0.33
KENG Acquisition, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.17%		08/01/2029			10,237				10,074				10,085				0.31
KENG Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.17%		08/01/2029			—				(46	)			(61	)			0.00
Mermaid Bidco, Inc.				First Lien Debt		S +		3.25%		6.91%		07/03/2031			3,950				3,962				3,861				0.12
UHY Advisors, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%		8.42%		11/21/2031			7,650				7,585				7,631				0.24
UHY Advisors, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		11/21/2031			1,198				1,161				1,178				0.04

 

 

 

18

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
UHY Advisors, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		11/21/2031			1,045				1,029				1,040				0.03
Verdantas, LLC		(6) (11)		First Lien Debt		S +		4.75%		8.45%		05/06/2031			32,675				32,289				32,382				1.00
Verdantas, LLC		(6) (11)		First Lien Debt		S +		4.75%		8.45%		05/06/2031			3,877				3,819				3,835				0.12
Verdantas, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		05/06/2030			849				813				817				0.03
WIPFLI Advisory, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.16%		10/01/2032			7,083				7,050				7,012				0.22
WIPFLI Advisory, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.16%		10/01/2032			—				(6	)			(27	)			0.00
WIPFLI Advisory, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.16%		10/01/2032			—				(8	)			(18	)			0.00
																			304,215				302,940				9.38
Real Estate Management & Development
Associations, Inc.		(6) (10)		First Lien Debt		S +		6.50%		10.43%		07/03/2028			10,756				10,750				10,756				0.33
Associations, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50%		10.43%		07/03/2028			403				402				403				0.01
Associations, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50%		10.43%		07/03/2028			—				—				—				0.00
Inhabitiq, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.17%		01/12/2032			17,095				17,021				17,095				0.53
Inhabitiq, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		01/12/2032			—				(10	)			—				0.00
Inhabitiq, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		01/12/2032			—				(12	)			—				0.00
MRI Software, LLC		(6) (10)		First Lien Debt		S +		4.75%		8.45%		02/10/2028			67,882				67,784				67,583				2.09
MRI Software, LLC		(6) (10)		First Lien Debt		S +		4.75%		8.45%		02/10/2028			7,442				7,398				7,409				0.23
MRI Software, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.45%		02/10/2028			1,370				1,357				1,346				0.04
Pritchard Industries, LLC		(6) (9) (11)		First Lien Debt		S +		5.75%		9.60%		10/13/2027			10,583				10,501				10,188				0.32
Pritchard Industries, LLC		(6) (11)		First Lien Debt		S +		5.75%		9.60%		10/13/2027			2,530				2,511				2,436				0.08
Zarya Intermediate, LLC		(6) (9) (10) (15)		First Lien Debt		S +		6.50%		10.17%		07/01/2027			38,379				38,360				37,782				1.17
Zarya Intermediate, LLC		(6) (10) (15) (18)		First Lien Debt		S +		6.50%		10.17%		07/01/2027			541				541				482				0.01
																			156,603				155,480				4.81
Software
Alert Media, Inc.		(6) (10)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		8.92%		04/12/2027			32,848				32,597				32,378				1.00
Alert Media, Inc.		(6) (10) (18)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		8.92%		04/12/2027			—				(20	)			(55	)			0.00
Anaplan, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		4.50%		8.17%		06/21/2029			79,767				79,097				79,169				2.45
Appfire Technologies, LLC		(6) (9) (10)		First Lien Debt		S +		4.75%		8.45%		03/09/2028			13,481				13,457				13,481				0.42
Appfire Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.45%		03/09/2028			15				11				15				0.00
Appfire Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.45%		03/09/2028			—				(3	)			—				0.00
Applied Systems, Inc.				First Lien Debt		S +		2.25%		5.95%		02/24/2031			3,930				3,945				3,850				0.12
Apryse Software Corp.		(6) (8) (9) (12)		First Lien Debt		S +		4.75%		8.46%		06/28/2032			47,559				47,122				46,679				1.45
Apryse Software Corp.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.46%		06/28/2032			—				(35	)			(73	)			0.00
Archduke Buyer, Inc.		(6) (12)		First Lien Debt		S +		5.50%		9.17%		12/03/2032			3,776				3,740				3,711				0.11
Archduke Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		5.50%		9.17%		12/03/2032			—				(3	)			(5	)			0.00
Artifact Bidco, Inc.		(6) (12)		First Lien Debt		S +		4.15%		7.85%		07/28/2031			21,837				21,661				21,837				0.68
Artifact Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.15%		7.85%		07/28/2031			—				(20	)			—				0.00
Artifact Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.15%		7.85%		07/26/2030			—				(27	)			—				0.00
AuditBoard, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.20%		07/14/2031			34,200				33,924				33,725				1.04
AuditBoard, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.20%		07/14/2031			16,286				16,146				16,059				0.50
AuditBoard, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		07/14/2031			—				(49	)			(91	)			0.00
Banyan Software Holdings, LLC		(6) (9) (10)		First Lien Debt		S +		5.50%		9.17%		01/02/2031			30,130				29,879				29,904				0.93
Banyan Software Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.17%		01/02/2031			23,229				22,996				22,999				0.71
Banyan Software Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.17%		01/02/2031			435				409				410				0.01
Bottomline Technologies, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.20%		05/14/2029			23,466				23,214				23,449				0.73

 

 

 

 

 

19

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Bottomline Technologies, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		05/15/2028			—				(12	)			(1	)			0.00
CLEO Communications Holding, LLC		(6) (9) (10)		First Lien Debt		S +		5.50%		9.27%		06/09/2027			15,974				15,919				15,974				0.49
CLEO Communications Holding, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.27%		06/09/2027			—				(17	)			—				0.00
Cloudera, Inc.		(12)		First Lien Debt		S +		3.75%		7.52%		10/08/2028			7,341				7,306				6,515				0.20
Clover Holdings 2, LLC		(6) (7) (9) (11)		First Lien Debt		S +		4.00%		7.68%		12/09/2031			5,955				5,952				5,694				0.18
Coupa Holdings, LLC		(6) (7) (9) (11)		First Lien Debt		S +		5.25%		8.92%		02/27/2030			20,659				20,329				20,659				0.64
Coupa Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		02/27/2030			—				(6	)			—				0.00
Coupa Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		02/27/2029			—				(7	)			—				0.00
Cyara AcquisitionCo, LLC		(6) (10)		First Lien Debt		S +		5.75%		9.45%		06/28/2029			63,071				62,109				61,809				1.91
Cyara AcquisitionCo, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%		9.45%		06/28/2029			—				(56	)			(77	)			0.00
Diligent Corporation		(6) (11)		First Lien Debt		S +		5.00%		8.67%		08/02/2030			73,157				72,745				71,967				2.23
Diligent Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		08/02/2030			—				(56	)			(174	)			(0.01	)
Diligent Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		08/02/2030			1,570				1,533				1,454				0.05
Dragon Buyer, Inc.				First Lien Debt		S +		2.75%		6.45%		09/30/2031			4,938				4,940				4,675				0.14
E-Discovery AcquireCo, LLC		(6) (10)		First Lien Debt		S +		6.25%		9.86%		08/29/2029			36,655				36,113				35,889				1.11
E-Discovery AcquireCo, LLC		(6) (10) (18)		First Lien Debt		S +		6.25%		9.86%		08/29/2029			2,322				2,271				2,231				0.07
ECI Macola Max Holding, LLC		(11)		First Lien Debt		S +		2.75%		6.45%		05/09/2030			4,789				4,793				4,673				0.14
Emburse, Inc.		(6) (7) (11)		First Lien Debt		S +		4.25%		7.95%		05/28/2032			22,105				22,055				21,939				0.68
Emburse, Inc.		(6) (11) (18)		First Lien Debt		S +		4.25%		7.95%		05/28/2032			—				(4	)			(30	)			0.00
Emburse, Inc.		(6) (11) (18)		First Lien Debt		S +		4.25%		7.95%		05/28/2032			—				(9	)			(30	)			0.00
Epicor Software Corporation				First Lien Debt		S +		2.50%		6.17%		05/30/2031			5,110				5,113				5,006				0.15
Espresso Bidco, Inc.		(6) (9) (11)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.45%		03/25/2032			27,659				27,303				27,106				0.84
Espresso Bidco, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.45%		03/25/2032			6,843				6,745				6,695				0.21
Espresso Bidco, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.45%		03/25/2032			—				(42	)			(66	)			0.00
Everbridge Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.66%		07/02/2031			53,686				53,469				53,686				1.66
Everbridge Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.66%		07/02/2031			3,608				3,576				3,608				0.11
Everbridge Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.66%		07/02/2031			—				(14	)			—				0.00
Formstack Acquisition, Co.		(6) (10)		First Lien Debt		S +		5.25%		8.95%		03/28/2030			52,497				51,935				51,588				1.60
Formstack Acquisition, Co.		(6) (10)		First Lien Debt		S +		5.25%		8.95%		03/28/2030			5,129				5,080				5,041				0.16
Formstack Acquisition, Co.		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		03/28/2030			2,235				2,130				2,050				0.06
Fullsteam Operations, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		8.89%		08/08/2031			30,893				30,610				30,130				0.93
Fullsteam Operations, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.89%		08/08/2031			—				(46	)			(254	)			-0.01
Fullsteam Operations, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.89%		08/08/2031			—				(31	)			(85	)			0.00
Granicus, Inc.		(6) (7) (9) (11)		First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.17%		01/17/2031			63,713				63,277				63,713				1.97
Granicus, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.17%		01/17/2031			13,802				13,730				13,802				0.43
Granicus, Inc.		(6) (11) (18)		First Lien Debt		P +		4.25%		11.00%		01/17/2031			—				(58	)			—				0.00
GS AcquisitionCo, Inc.		(6) (9) (10)		First Lien Debt		S +		5.25%		8.95%		05/25/2028			61,735				61,610				61,112				1.89
GS AcquisitionCo, Inc.		(6) (11)		First Lien Debt		S +		5.25%		8.95%		05/25/2028			1,437				1,434				1,423				0.04
GS AcquisitionCo, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		05/25/2028			2,789				2,776				2,735				0.08
Hootsuite, Inc.		(6) (11) (15)		First Lien Debt		S +		5.50%		9.18%		05/22/2030			18,569				18,361				18,151				0.56
Hootsuite, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.50%		9.18%		05/22/2030			252				230				205				0.01
Icefall Parent, Inc.		(6) (9) (10)		First Lien Debt		S +		4.50%		8.20%		01/25/2030			25,133				24,780				25,133				0.78
Icefall Parent, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.20%		01/25/2030			—				(31	)			—				0.00
IQN Holding Corp.		(6) (8) (11)		First Lien Debt		S +		5.75% (incl. 3.125% PIK)		9.45%		05/02/2029			12,189				12,128				12,189				0.38
IQN Holding Corp.		(6) (11)		First Lien Debt		S +		5.75% (incl. 3.125% PIK)		9.45%		05/02/2029			3,997				3,960				3,997				0.12

 

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
IQN Holding Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.95%		05/02/2028			562				558				562				0.02
Jawbreaker Parent, Inc.		(6) (8) (12)		First Lien Debt		S +		4.75%		8.45%		01/31/2033			3,219				3,188				3,188				0.10
Jawbreaker Parent, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.45%		01/31/2033			—				(18	)			(18	)			0.00
Jawbreaker Parent, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.45%		01/31/2033			—				(6	)			(6	)			0.00
LegitScript, LLC		(6) (8) (9) (11)		First Lien Debt		S +		5.75%		9.42%		06/24/2029			36,511				36,160				36,055				1.12
LegitScript, LLC		(6) (11)		First Lien Debt		S +		5.75%		9.42%		06/24/2029			966				956				953				0.03
LegitScript, LLC		(6) (11) (18)		First Lien Debt		S +		5.75%		9.42%		06/24/2028			2,578				2,539				2,505				0.08
LogRhythm, Inc.		(6) (10)		First Lien Debt		S +		7.50%		11.17%		07/02/2029			6,818				6,672				6,409				0.20
LogRhythm, Inc.		(6) (10) (18)		First Lien Debt		S +		7.50%		11.17%		07/02/2029			—				(13	)			(41	)			0.00
Magenta Buyer, LLC		(12)		First Lien Debt		S +		5.00%		8.93%		07/27/2028			4,787				4,779				1,436				0.04
McAfee, LLC		(12)		First Lien Debt		S +		3.00%		6.67%		03/01/2029			3,691				3,679				3,285				0.10
Montana Buyer, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		4.75%		8.42%		07/22/2029			31,793				31,503				31,793				0.98
Montana Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		07/22/2028			—				(23	)			—				0.00
Nasuni Corporation		(6) (9) (11)		First Lien Debt		S +		5.00%		8.70%		09/10/2030			21,552				21,296				21,206				0.66
Nasuni Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		09/10/2030			—				(50	)			(72	)			0.00
Netwrix Corporation And Concept Searching, Inc.		(6) (7) (8) (9) (11)		First Lien Debt		S +		4.50%		8.17%		06/11/2029			24,983				24,859				24,609				0.76
Netwrix Corporation And Concept Searching, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		06/11/2029			—				(7	)			(24	)			0.00
Oak Purchaser, Inc.		(6) (9) (11)		First Lien Debt		S +		5.50%		9.25%		05/31/2028			12,502				12,428				12,251				0.38
Oak Purchaser, Inc.		(6) (11)		First Lien Debt		S +		5.50%		9.25%		05/31/2028			9,513				9,446				9,263				0.29
Oak Purchaser, Inc.		(6) (11) (18)		First Lien Debt		P +		4.50%		11.25%		05/31/2028			126				116				88				0.00
OceanKey (U.S.) II Corp.		(12)		First Lien Debt		S +		3.50%		7.27%		12/15/2028			6,851				6,859				6,423				0.20
Onit, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%		8.38%		01/27/2032			31,481				31,207				31,481				0.97
Onit, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.38%		01/27/2032			—				(58	)			—				0.00
Onit, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.38%		01/27/2032			—				(39	)			—				0.00
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%		8.67%		10/30/2031			11,584				11,486				11,236				0.35
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		E +		5.25%		7.16%		10/30/2031		€	6,596				7,106				7,372				0.23
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		SA +		5.50%		9.23%		10/30/2031		£	2,199				2,836				2,813				0.09
Optimizely North America, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.00%		8.67%		10/30/2031			—				(16	)			(61	)			0.00
Polaris Newco, LLC		(12)		First Lien Debt		S +		4.50%		8.17%		06/02/2028			5,774				5,778				5,067				0.16
Pound Bidco, Inc.		(6) (9) (10) (15)		First Lien Debt		S +		6.00%		10.17%		02/01/2027			3,743				3,742				3,717				0.12
Pound Bidco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		6.00%		10.17%		02/01/2027			262				262				260				0.01
Pound Bidco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		6.00%		10.17%		02/01/2027			263				262				260				0.01
Project Boost Purchaser, LLC				First Lien Debt		S +		2.75%		6.45%		07/16/2031			4,938				4,943				4,752				0.15
Project Leopard Holdings, Inc.		(8) (9) (12) (15)		First Lien Debt		S +		5.25%		9.02%		07/20/2029			22,562				21,657				13,853				0.43
Proofpoint, Inc.		(12)		First Lien Debt		S +		3.00%		6.70%		08/31/2028			6,953				6,949				6,721				0.21
Quartz Acquireco, LLC				First Lien Debt		S +		2.25%		5.95%		06/28/2030			4,887				4,896				4,056				0.13
Quest Software US Holdings, Inc.				First Lien Debt		S +		4.25%		8.07%		02/01/2029			3,552				3,079				2,338				0.07
Revalize, Inc.		(6) (10)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.35%		04/16/2029			14,423				14,095				13,130				0.41
Revalize, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.35%		04/16/2029			274				270				204				0.01
Riskonnect Parent, LLC		(6) (9) (11)		First Lien Debt		S +		4.75%		8.50%		12/07/2028			30,212				29,869				30,062				0.93
Riskonnect Parent, LLC		(6) (11)		First Lien Debt		S +		4.75%		8.50%		12/07/2028			17,149				16,946				17,063				0.53
Riskonnect Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.50%		12/07/2028			135				92				115				0.00
Runway Bidco, LLC		(6) (9) (12)		First Lien Debt		S +		5.00%		8.70%		12/17/2031			17,874				17,720				17,427				0.54
Runway Bidco, LLC		(6) (12) (18)		First Lien Debt		S +		5.00%		8.70%		12/17/2031			—				(18	)			(112	)			0.00
Runway Bidco, LLC		(6) (12) (18)		First Lien Debt		S +		5.00%		8.70%		12/17/2031			—				(18	)			(56	)			0.00

 

21

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)		Cost (5)		Fair Value		Percentage of Net Assets
Saturn Borrower, Inc.		(6) (7) (10)		First Lien Debt		S +		6.00%		9.70%		11/10/2028		17,502		17,312		17,127		0.53
Saturn Borrower, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%		9.70%		11/10/2028		—		(33)		(138)		0.00
Saturn Borrower, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%		9.70%		11/10/2028		752		722		690		0.02
Securonix, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		7.25% (incl. 3.75% PIK)		10.90%		04/05/2029		31,470		30,931		26,649		0.83
Securonix, Inc.		(6) (11) (18)		First Lien Debt		S +		7.25% (incl. 3.75% PIK)		10.90%		04/05/2029		—		(86)		(828)		-0.03
Trunk Acquisition, Inc.		(6) (9) (10)		First Lien Debt		S +		5.75%		9.52%		02/19/2030		13,071		13,009		13,003		0.40
Trunk Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		5.75%		9.52%		02/19/2030		1,846		1,832		1,835		0.06
Trunk Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		5.75%		9.52%		02/19/2030		—		(3)		(6)		0.00
UKG, Inc.				First Lien Debt		S +		2.50%		6.17%		02/10/2031		7,400		7,411		7,061		0.22
Vanco Payment Solutions, LLC		(6) (11)		First Lien Debt		S +		4.75%		8.45%		12/01/2031		3,715		3,680		3,641		0.11
Vanco Payment Solutions, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.45%		12/01/2031		—		(2)		(3)		0.00
Vision Solutions, Inc.		(11)		First Lien Debt		S +		4.00%		7.93%		04/24/2028		3,275		3,241		2,506		0.08
																1,397,945		1,370,674		42.44
Specialty Retail
Les Schwab Tire Centers				First Lien Debt		S +		2.50%		6.17%		04/23/2031		6,778		6,783		6,753		0.21
Textiles, Apparel & Luxury Goods
Gloves Buyer, Inc.		(12)		First Lien Debt		S +		4.00%		7.67%		05/21/2032		6,983		6,813		6,951		0.22
																6,813		6,951
Trading Companies & Distributors
Spin Holdco, Inc.		(12)		First Lien Debt		S +		4.00%		7.93%		09/04/2030		2,380		2,383		1,863		0.06
White Cap Buyer, LLC				First Lien Debt		S +		3.25%		6.92%		10/19/2029		2,413		2,415		2,316		0.07
																4,798		4,179		0.13
Transportation Infrastructure
Brown Group Holding, LLC		(12)		First Lien Debt		S +		2.50%		6.17%		07/01/2031		4,925		4,930		4,929		0.15
Jeppesen Holdings, LLC		(6) (12)		First Lien Debt		S +		4.75%		8.42%		11/01/2032		32,648		32,492		32,321		1.00
Jeppesen Holdings, LLC		(6) (12) (18)		First Lien Debt		S +		4.75%		8.42%		11/01/2032		—		(8)		(16)		0.00
KKR Apple Bidco, LLC				First Lien Debt		S +		2.50%		6.17%		09/23/2031		7,258		7,239		7,258		0.22
																44,653		44,492		1.38
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (9) (11)		First Lien Debt		S +		5.00%		8.70%		05/13/2032		37,604		37,264		37,023		1.15
CCI Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		05/13/2032		—		(19)		(34)		0.00
Mobile Communications America, Inc.		(6) (8) (9) (10)		First Lien Debt		S +		4.75%		8.40%		10/16/2029		13,343		13,214		13,343		0.41
Mobile Communications America, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.40%		10/16/2029		3,643		3,590		3,643		0.11
Mobile Communications America, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.40%		10/16/2029		—		(19)		—		0.00
																54,030		53,975		1.67
Total Debt Investments - non-controlled/non-affiliated																$6,275,548		$6,160,862		190.75%
Debt Investments - non-controlled/affiliated
Distributors
Alpine Acquisition Corp. II		(6) (10) (19)		First Lien Debt		S +		5.25%		8.81%		01/14/2031		9,873		9,873		9,873		0.31
Alpine Acquisition Corp. II		(6) (10) (18) (19)		First Lien Debt		S +		5.25%		8.81%		01/14/2031		—		(4)		(4)		0.00
Alpine Acquisition Corp. II		(6) (10) (18) (19)		First Lien Debt		S +		5.25%		8.81%		01/14/2031		—		(81)		(81)		0.00
																9,788		9,788		0.30
Professional Services
KWOR Acquisition, Inc.		(6) (10) (19)		Second Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%		02/28/2030		4,820		4,820		4,820		0.15
KWOR Acquisition, Inc.		(6) (10) (18) (19)		First Lien Debt		S +		5.25%		9.92%		02/28/2030		—		(58)		—		0.00

 

 

22

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)		Cost (5)		Fair Value		Percentage of Net Assets
KWOR Acquisition, Inc.		(6) (10) (18) (19)		First Lien Debt		S +		5.25%		9.92%		02/28/2030		—		(82)		—		0.00
KWOR Acquisition, Inc.		(6) (10) (19)		Unsecured Debt		S +		8.00% PIK		11.67%		02/28/2030		5,044		5,044		4,047		0.13
																9,724		8,867		0.27
Total Debt Investments - non-controlled/affiliated																19,512		18,655		0.58
Total Debt Investments																$6,295,060		$6,179,517		191.33%

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair Value				Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
AASC Holdings, LP		(6) (16) (17)		Common Equity						11/14/2025			90			$	98			$	117				0.00	%
Automobile Components
Continental Group Holdings, LP		(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				332				0.01
																	228				332				0.01
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (16) (17)		Common Equity						01/17/2025			250,000				238				344				0.01
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (16) (17)		Common Equity						12/20/2021			500,000				625				858				0.03
Surewerx Topco, LP		(6) (15) (16) (17)		Common Equity						12/28/2022			384				413				458				0.01
																	1,276				1,660				0.05
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) (17)		Preferred Equity				12.25% PIK		06/24/2022			4,000,000				5,961				3,994				0.12
																	6,915				3,994				0.12
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (17)		Preferred Equity				12.50% PIK		09/05/2024			310				3,692				3,119				0.10
FPG Parent, LLC		(6) (16) (17)		Common Equity						07/25/2025			5,945				—				—				—
Leaf Home, LLC		(6) (17)		Preferred Equity				14.00% PIK		09/05/2025			600,000				607				774				0.02
LUV Car Wash		(6) (16) (17)		Common Equity						04/06/2022			1,383				1,331				936				0.03
																	5,630				4,829				0.15
Electrical Equipment
Sparkstone Electrical Group		(6) (16) (17)		Common Equity						10/15/2024			1,500				150				62				0.00
Financial Services
Applitools, Inc.		(6) (15) (16) (17)		Common Equity						07/18/2025			3,880,115				2,219				1,385				0.04
Health Care Providers & Services
SDB Holdco, LLC		(6) (16) (17)		Common Equity						03/29/2024			14,561,479				—				—				—
Suveto Buyer, LLC		(6) (15) (17)		Common Equity						11/19/2021			3,398				306				408				0.01
Vardiman Black Holdings, LLC		(6) (14) (17)		Preferred Equity				6.00% PIK		03/29/2024			7,065,190				5,247				—				—
																	5,553				408				0.01
Insurance Services
Amerilife Holdings, LLC		(6) (16) (17)		Common Equity						09/01/2022			9,880				273				496				0.02
Frisbee Holdings, LP (Fetch)		(6) (16) (17)		Common Equity						10/31/2022			33,276				424				1,215				0.04
Integrity Marketing Acquisition, LLC		(6) (17)		Preferred Equity				10.50% PIK		12/21/2021			750,000				1,157				743				0.02
																	1,854				2,454				0.08
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (16) (17)		Common Equity						09/09/2025			500				—				—				—
FMG Suite Holdings, LLC		(6) (17)		Preferred Equity				8.00% PIK		09/09/2025			500				523				513				0.02

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair Value				Percentage of Net Assets
																	523				513				0.02
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16) (17)		Common Equity						07/12/2021			5,196				317				256				0.01
Verdantas, LLC		(6) (16) (17)		Common Equity						05/03/2024			8,848				9				13				0.00
Verdantas, LLC		(6) (17)		Preferred Equity				10.00% PIK		05/03/2024			875,952				1,060				1,301				0.04
																	1,386				1,570				0.05
Real Estate Management & Development
Pritchard Industries, LLC		(6) (16) (17)		Common Equity						10/13/2021			332,248				352				169				0.01
Software
Cohesity Global, Inc.		(17)		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				3,765				0.12
Knockout Intermediate Holdings I, Inc.		(6) (17)		Preferred Equity				10.75% PIK		06/25/2022			5,482				8,421				7,642				0.24
New Blackboard, LLC		(16) (17)		Common Equity						02/27/2026			20,981				—				—				0.00
New Blackboard, LLC		(17)		Preferred Equity				5.65% PIK		02/27/2026			97				2				2				0.00
Revalize, Inc.		(6) (17)		Preferred Equity				10.00% PIK		04/14/2022			2,951				4,703				3,053				0.09
Reveal Data Solutions		(6) (16) (17)		Common Equity						08/29/2023			861,539				1,122				852				0.03
RSK Holdings, Inc. (Riskonnect)		(6) (17)		Preferred Equity				10.50% PIK		07/07/2022			10,679,200				17,455				17,688				0.55
Wheel Pros, LLC		(16) (17)		Common Equity						12/02/2024			10,032				1,655				1,655				0.05
																	35,260				35,039				1.08
Total Equity Investments - non-controlled/non-affiliated																$	61,444			$	52,532				1.63	%
Equity Investments - non-controlled/affiliated
Distributors
48Forty TopCo, LLC		(6) (16) (17) (19)		Common Equity						01/14/2026			2,821				—				—				0.00
48Forty TopCo, LLC		(6) (17) (19)		Preferred Equity						01/14/2026			2,821				11,437				11,437				0.35
																	11,437				11,437				0.35
Professional Services
KWOR Intermediate I, Inc.		(6) (16) (17) (19)		Common Equity						02/28/2025			2,785				1,069				—				0.00
KWOR Intermediate I, Inc.		(6) (14) (17) (19)		Preferred Equity				8.00% PIK		02/28/2025			2,978,848				2,979				—				0.00
																	4,048				—				0.00
Total Equity Investments - non-controlled/affiliated																$	15,485			$	11,437				0.35	%
Equity Investments - controlled/affiliated
Investments in Joint Ventures
North Haven Keystone, LLC		(15) (17) (20)		LLC Interest						10/30/2025			100,438,800				100,439				99,225				3.07
Total Equity Investments - controlled/affiliated																$	100,439			$	99,225				3.07	%
Total Equity Investments																$	177,368			$	163,194				5.05	%
Total Portfolio Investments																$	6,472,428			$	6,342,711				196.38	%

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares						3.50%					33,374				33,374				1.03	%
Cash and Cash Equivalents											175,757				175,757				5.44	%
Total Cash and Cash Equivalents and Short Term Investments											209,131				209,131				6.48	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments										$	6,681,559			$	6,551,842				202.86	%

 

(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 March 31, 2026, the Company “controls” one of its portfolio companies, as indicated below. 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 March 31, 2026, the Company is an “affiliated person” of two 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 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")), 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 March 31, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the C at 2.27%, 1-month E at 1.91%, 1-month S at 3.66%, 3-month S at 3.68%, 6-month S at 3.70%, SA at 3.73% and the P at 6.75%.

(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 (“£”), 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 Board of Directors (the "Board of Directors" or the "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 CBNA Funding Facility. See Note 6 "Debt".

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

(9) Assets or a portion thereof are pledged as collateral for the JPM Funding Facility. 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 March 31, 2026.

(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 March 31, 2026, non-qualifying assets represented 8.35% of total assets as calculated in accordance with regulatory requirements.

(16) Non-income producing security.

(17) Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of March 31, 2026, the aggregate fair value of these securities is $163,194 or 5.05% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(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 stated. See below for more information on the Company’s unfunded commitments as of March 31, 2026:

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt — non-controlled/non-affiliated
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026		$	1,911			$	—
AWP Group Holdings, Inc.		Revolver		12/23/2030			1,623				—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027			600				(9	)
Accel International Holdings, Inc.		Revolver		04/26/2032			4,216				—
Accordion Partners, LLC		Delayed Draw Term Loan		12/17/2027			2,218				(9	)
Accordion Partners, LLC		Revolver		11/17/2031			6,393				(25	)
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			1,191				(18	)
Alert Media, Inc.		Revolver		04/12/2027			3,870				(55	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026			158				(2	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			5,395				(54	)
Amerilife Holdings, LLC		Revolver		08/31/2028			2,248				(22	)
Answer Acquisition, LLC		Revolver		06/30/2028			2,100				(180	)
Any Hour, LLC		Revolver		05/23/2030			154				(16	)
Apex Service Partners, LLC		Revolver		10/24/2029			2,848				—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			9,452				(131	)
Apollo Acquisition, Inc.		Revolver		12/30/2030			3,542				(49	)
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026			1,450				—
Appfire Technologies, LLC		Revolver		03/09/2028			623				—
Applitools, Inc.		Revolver		05/25/2028			1,600				(208	)
Apryse Software Corp.		Revolver		06/28/2032			3,941				(73	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			709				—
Aptean, Inc.		Revolver		01/30/2031			4,649				—
Archduke Buyer, Inc.		Revolver		12/03/2032			274				(5	)
Arcoro Holdings Corp.		Revolver		03/28/2030			8,609				(192	)
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		08/09/2027			249				(4	)
Ascend Partner Services, LLC		Revolver		08/11/2031			269				(4	)
Assembly Intermediate, LLC		Revolver		10/19/2027			889				—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			439				—
Associations, Inc.		Revolver		07/03/2028			678				—
Astra Service Partners, LLC		Delayed Draw Term Loan		11/26/2027			1,184				—
Atlas US Finco, Inc.		Revolver		11/12/2028			4,395				(44	)
AuditBoard, Inc.		Revolver		07/14/2031			6,514				(90	)
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			2,667				(53	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		10/08/2027			7,414				(56	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			2,826				(21	)
Blue River PetCare, LLC		Delayed Draw Term Loan		02/11/2028			1,380				(3	)
Blue River PetCare, LLC		Revolver		08/01/2029			226				(1	)
Bottomline Technologies, Inc.		Revolver		05/15/2028			1,733				(1	)
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			1,599				—
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			343				(2	)
Bullhorn, Inc.		Revolver		10/01/2029			346				(2	)
CCI Buyer, Inc.		Revolver		05/13/2032			2,207				(34	)

 

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
CLEO Communications Holding, LLC		Revolver		06/09/2027			5,358				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			5,408				(41	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			4,039				(30	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			2,206				(9	)
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			1,471				(6	)
Caerus US 1, Inc.		Revolver		05/25/2029			902				(3	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			5,012				(38	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			1,148				(9	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			2,312				(29	)
Cerity Partners, LLC		Delayed Draw Term Loan		12/20/2027			4,815				—
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			191				—
Cerity Partners, LLC		Revolver		07/28/2031			684				—
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			4,160				(77	)
Chase Intermediate, LLC		Revolver		10/30/2028			608				(11	)
Cliffwater, LLC		Revolver		04/22/2032			2,036				(31	)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,667				(23	)
Computer Services, Inc.		Delayed Draw Term Loan		11/15/2027			4,137				(52	)
Consor Intermediate II, LLC		Delayed Draw Term Loan		11/10/2026			3,126				—
Consor Intermediate II, LLC		Revolver		05/12/2031			1,060				—
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				(77	)
Cyber US Bidco, LLC		Delayed Draw Term Loan		01/02/2029			797				(14	)
Cyber US Bidco, LLC		Revolver		12/30/2032			350				(6	)
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027			2,425				(48	)
DA Blocker Corp.		Revolver		02/10/2032			776				(16	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			3,429				(37	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			10,706				(174	)
Diligent Corporation		Revolver		08/02/2030			5,567				(90	)
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			8,375				—
Drivecentric Holdings, LLC		Revolver		08/15/2031			4,059				—
Dwyer Instruments, Inc.		Revolver		07/20/2029			2,449				(18	)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			2,032				(42	)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			10,559				(30	)
EVDR Purchaser, Inc.		Revolver		02/14/2031			4,329				(12	)
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			1,417				(11	)
Eclipse Buyer, Inc.		Revolver		09/08/2031			719				(5	)
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			3,947				(30	)
Emburse, Inc.		Revolver		05/28/2032			3,947				(30	)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026			825				(14	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			1,023				(18	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			598				(12	)
Espresso Bidco, Inc.		Revolver		03/25/2032			3,297				(66	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			5,154				(98	)

 

 

 

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

 

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Essential Services Holding Corporation		Revolver		06/17/2030			1,933				(37	)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			5,667				—
Everbridge Holdings, LLC		Revolver		07/02/2031			3,728				—
Express Wash Acquisition Company, LLC		Revolver		04/10/2031			335				(4	)
FLS Holding, Inc.		Revolver		12/17/2027			28				(4	)
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			4,868				(73	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			2,921				(44	)
FORTIS Solutions Group, LLC		Revolver		10/15/2027			990				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027			430				—
Fetch, Inc.		Delayed Draw Term Loan		10/02/2028			5,200				(26	)
Fetch, Inc.		Revolver		03/31/2033			3,120				(31	)
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			1,544				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			1,050				—
Formstack Acquisition, Co.		Revolver		03/28/2030			8,406				(145	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			390				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			3,480				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			10,298				(254	)
Fullsteam Operations, LLC		Revolver		08/08/2031			3,433				(85	)
GB Eagle Buyer, Inc.		Revolver		11/29/2030			3,391				(34	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/06/2027			611				(2	)
GC Waves Holdings, Inc.		Revolver		10/04/2030			1,409				(4	)
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/04/2027			2,751				(23	)
GPS Merger Sub, LLC		Revolver		10/02/2029			4,657				(39	)
GS AcquisitionCo, Inc.		Revolver		05/25/2028			2,529				(25	)
Galway Borrower, LLC		Delayed Draw Term Loan		02/07/2028			2,032				(5	)
Galway Borrower, LLC		Revolver		09/29/2028			1,389				(20	)
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			5,051				(76	)
GarageCo Intermediate II, LLC		Revolver		08/02/2032			1,515				(23	)
Gateway US Holdings, Inc.		Delayed Draw Term Loan		11/13/2026			1,052				(5	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			484				(2	)
Granicus, Inc.		Delayed Draw Term Loan		07/31/2026			657				—
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		Delayed Draw Term Loan		11/08/2027			4,613				—
Heartland Veterinary Partners, LLC		Revolver		06/12/2028			1,298				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		12/10/2027			3,228				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		09/30/2026			6,151				—
High Street Buyer, Inc.		Revolver		04/16/2027			825				(3	)
Hootsuite, Inc.		Revolver		05/22/2030			1,848				(41	)
Hyland Software, Inc.		Revolver		09/19/2029			3,376				(3	)
IG Investment Holdings, LLC		Revolver		09/22/2028			3,736				(9	)
IQN Holding Corp.		Revolver		05/02/2028			401				—
Icefall Parent, Inc.		Revolver		01/25/2030			2,471				—

 

 

 

 

 

28

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
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		10/18/2027			3,750				(28	)
Inszone Mid, LLC		Revolver		11/30/2029			3,575				(27	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			1,097				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			663				(2	)
Invictus Buyer, LLC		Revolver		06/03/2031			245				(1	)
Iris Buyer, LLC		Revolver		10/02/2029			2,883				(22	)
Iris Specialty Acquisiton, LLC		Delayed Draw Term Loan		11/20/2028			4,958				(37	)
Iris Specialty Acquisiton, LLC		Revolver		11/22/2032			3,371				(25	)
Jawbreaker Parent, Inc.		Delayed Draw Term Loan		04/20/2026			1,539				(15	)
Jawbreaker Parent, Inc.		Delayed Draw Term Loan		01/30/2029			621				(3	)
Jawbreaker Parent, Inc.		Revolver		01/31/2033			621				(6	)
Jeppesen Holdings, LLC		Revolver		11/01/2032			1,632				(16	)
Jonathan Acquisition Company		Revolver		05/11/2029			408				(7	)
KENG Acquisition, Inc.		Revolver		08/01/2029			4,053				(61	)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			3,219				(7	)
Kodiak Buyer, LLC		Revolver		07/23/2032			2,575				(6	)
LHS Borrower, LLC		Revolver		09/04/2031			730				(13	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/17/2028			618				(4	)
LJ Avalon Holdings, LLC		Revolver		02/01/2029			1,752				—
LeadVenture, Inc.		Delayed Draw Term Loan		06/23/2027			1,059				(20	)
LeadVenture, Inc.		Revolver		06/23/2032			855				(16	)
LegitScript, LLC		Revolver		06/24/2028			3,281				(41	)
LogRhythm, Inc.		Revolver		07/02/2029			682				(41	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			726				(15	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			766				(15	)
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			643				(3	)
MRI Software, LLC		Revolver		02/10/2028			4,110				(18	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			7,930				—
Majesco, Inc.		Revolver		01/07/2033			1,061				(3	)
ManTech International CP		Revolver		09/14/2028			4,800				—
Merative, LP		Delayed Draw Term Loan		09/30/2027			3,365				(17	)
Merative, LP		Revolver		09/30/2032			2,944				(15	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			3,466				—
Mobile Communications America, Inc.		Revolver		10/16/2029			2,202				—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			5,429				(49	)
Model N, Inc.		Revolver		06/27/2031			2,896				(26	)
Montana Buyer, Inc.		Revolver		07/22/2028			3,710				—
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			6,736				(101	)
NDT Global Holding, Inc.		Revolver		06/04/2032			5,714				(86	)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			4,079				—

 

 

 

 

 

 

 

29

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
NSI Holdings, Inc.		Revolver		11/17/2031			4,079				—
Nasuni Corporation		Revolver		09/10/2030			4,490				(72	)
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			1,579				(24	)
OEConnection, LLC		Delayed Draw Term Loan		12/26/2028			876				(20	)
OEConnection, LLC		Revolver		12/23/2032			231				(5	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027			2,981				(60	)
Oak Purchaser, Inc.		Revolver		05/31/2028			1,763				(35	)
One, Inc. Software Corporation		Delayed Draw Term Loan		12/06/2027			967				(15	)
One, Inc. Software Corporation		Revolver		12/06/2032			387				(6	)
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			2,033				(61	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			214				(5	)
PMA Parent Holdings, LLC		Revolver		01/31/2031			398				(5	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026			3,217				—
Pamlico Avant Holdings, LP		Revolver		12/31/2032			1,638				(25	)
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			9,920				(25	)
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			394				—
PerkinElmer U.S., LLC		Delayed Draw Term Loan		10/25/2027			1,290				(10	)
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027			112				(1	)
Pound Bidco, Inc.		Revolver		02/01/2027			125				(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			3,928				—
Project Potter Buyer, LLC		Revolver		04/23/2027			885				(1	)
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			4,568				(34	)
Railpros Parent, LLC		Revolver		05/24/2032			3,263				(24	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		06/30/2026			159				(2	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		12/20/2027			2,742				(34	)
Randy's Holdings, Inc.		Revolver		11/01/2029			1,750				(22	)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2030			2,674				-
Raven Acquisition Holdings, LLC		Delayed Draw Term Loan		11/19/2026			333				(7	)
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			2,805				(42	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			4,250				(64	)
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027			2,271				(17	)
Revalize, Inc.		Revolver		04/16/2029			507				(45	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			16,316				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			4,110				—
Riskonnect Parent, LLC		Revolver		12/07/2028			3,929				(20	)
RoadOne IntermodaLogistics		Revolver		12/29/2028			27				(1	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,696				(21	)
Routeware, Inc.		Revolver		09/18/2031			409				(5	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			4,486				(112	)
Runway Bidco, LLC		Revolver		12/17/2031			2,243				(56	)

 

 

 

 

 

 

 

 

30

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
SV Newco 2, Inc.		Delayed Draw Term Loan		03/22/2028			306				(1	)
SV Newco 2, Inc.		Revolver		06/02/2031			10,655				(19	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			6,429				(137	)
Saturn Borrower, Inc.		Revolver		11/10/2028			2,141				(46	)
Securonix, Inc.		Revolver		04/05/2029			5,403				(828	)
Sherlock Buyer Corp.		Revolver		12/07/2029			2,978				(160	)
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027			1,905				(25	)
Smarsh, Inc.		Revolver		02/16/2029			1,264				(17	)
Sonny's Enterprises, LLC		Revolver		08/05/2027			1,105				(30	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			2,125				(181	)
Spark Buyer, LLC		Revolver		10/15/2031			584				(50	)
Specialty Pharma III, Inc.		Revolver		12/23/2032			418				(4	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027			2,025				—
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027			378				—
Stepping Stones Healthcare Services, LLC		Revolver		01/05/2033			1,250				(2	)
Superman Holdings, LLC		Revolver		08/29/2031			3,675				(28	)
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		06/29/2026			451				—
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			740				—
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			439				—
Suveto Buyer, LLC		Revolver		09/09/2027			514				—
Sweep Purchaser, LLC		Revolver		06/30/2027			375				—
TA Polaris Buyer, Inc.		Delayed Draw Term Loan		12/12/2028			2,984				(44	)
TA Polaris Buyer, Inc.		Revolver		12/12/2032			1,297				(19	)
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			2,440				(12	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			4,328				(22	)
Tank Holding Corp.		Revolver		03/31/2028			1,867				(206	)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			4,213				(32	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			3,159				(24	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			2,132				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			2,790				(42	)
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			709				(11	)
Transit Technologies, LLC		Revolver		08/20/2030			2,591				(39	)
Trintech, Inc.		Delayed Draw Term Loan		01/28/2028			4,290				(21	)
Trintech, Inc.		Revolver		01/28/2033			3,218				(31	)
Triple Lift, Inc.		Revolver		05/05/2028			1,714				(114	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			327				(2	)
Trunk Acquisition, Inc.		Revolver		02/19/2030			1,072				(5	)
Two Six Labs, LLC		Revolver		08/20/2027			915				(2	)
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			6,527				(16	)
UHY Advisors, Inc.		Revolver		11/21/2031			1,000				(3	)
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			1,347				(17	)
UpStack, Inc.		Revolver		08/25/2031			638				(8	)
V Global Holdings, LLC		Revolver		01/02/2029			1,413				(133	)
VRC Companies, LLC		Revolver		06/29/2027			915				—

 

 

 

 

 

 

 

 

 

31

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			4,837				(121	)
Vamos Bidco, Inc.		Revolver		01/30/2032			1,451				(36	)
Vanco Payment Solutions, LLC		Revolver		12/01/2031			175				(3	)
Vehlo Purchaser, LLC		Revolver		05/24/2028			360				(6	)
Vensure Employer Services, Inc.		Delayed Draw Term Loan		03/06/2028			2,206				(11	)
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			830				(7	)
Verdantas, LLC		Revolver		05/06/2030			2,689				(24	)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			791				(17	)
Vertex Service Partners, LLC		Revolver		11/08/2030			469				(10	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			789				(7	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		05/03/2028			2,841				(27	)
Vessco Midco Holdings, LLC		Revolver		07/24/2031			3,430				(32	)
Victors Purchaser, LLC		Delayed Draw Term Loan		12/23/2027			2,281				—
Victors Purchaser, LLC		Revolver		12/23/2032			1,874				—
WIPFLI Advisory, LLC		Delayed Draw Term Loan		04/01/2028			2,656				(27	)
WIPFLI Advisory, LLC		Revolver		10/01/2032			1,771				(18	)
World Insurance Associates, LLC		Revolver		04/03/2030			970				(3	)
YI, LLC		Revolver		12/03/2029			2,795				(3	)
Zarya Intermediate, LLC		Revolver		07/01/2027			3,248				(51	)
eShipping, LLC		Delayed Draw Term Loan		12/23/2027			1,075				(11	)
eShipping, LLC		Revolver		12/23/2032			504				(5	)
iCIMS, Inc.		Revolver		08/18/2028			528				(14	)
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			2,788				(77	)
mPulse Mobile, Inc.		Revolver		02/25/2033			4,183				(115	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated						$	755,642			$	(8,187	)
First Lien Debt — non-controlled/affiliated
Alpine Acquisition Corp. II		Delayed Draw Term Loan		01/14/2028			423				(4	)
Alpine Acquisition Corp. II		Revolver		01/14/2031			1,693				(81	)
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						$	7,349			$	(85	)
Total Unfunded Commitments						$	762,991			$	(8,272	)

 

(19)	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 as of March 31, 2026 were as follows:

 

		Fair Value as of December 31, 2025				Gross Additions (c)				Gross Reductions (d)				Net Change in Unrealized Gains (Losses)				Net Realized Gain (Loss)				Fair Value as of March 31, 2026				Interest, Dividend and Other Income
KWOR Acquisition, Inc. (a)		$	20,956			$	296			$	(9,446	)		$	(2,939	)		$	—			$	8,867			$	344
Alpine Acquisition Corp. II(b)		$	—			$	21,225			$	—			$	—			$	—			$	21,225			$	194
Total		$	20,956			$	21,521			$	(9,446	)		$	(2,939	)		$	—			$	30,092			$	538

(a) Inclusive of positions titled KWOR Intermediate I, Inc.

(b) Inclusive of positions titled 48Forty TopCo, LLC.

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

(d) 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.

 

(20)	As defined in the 1940 Act, the Company is deemed to be a “control person” of the portfolio company as the Company owns, either directly or indirectly, 25% or more of the portfolio company’s voting securities (“controlled affiliate”). Transactions related to investments in controlled affiliates for three months ended March 31, 2026 were as follows(1) :

 

32

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

 

		Fair Value as of December 31, 2025				Gross Additions (a)				Gross Reductions (b)				Net Change in Unrealized Gains (Losses)				Net Realized Gain (Loss)				Fair Value as of March 31, 2026				Interest, Dividend and Other Income
North Haven Keystone, LLC		$	85,276			$	15,001			$	—			$	(1,052	)		$	—			$	99,225			$	2,870
Total		$	85,276			$	15,001			$	—			$	(1,052	)		$	—			$	99,225			$	2,870

 

(1) Although the Company owns more than 25% of the voting securities of NH Keystone (as defined below), the Company does not believe that it has control over NH Keystone (other than for purposes of the 1940 Act). See Note 4 “Investments”.

(a)

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

(b)

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.

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 2028 Notes		8.13%		S + 4.88%		03/16/2028			146,000			$	(1,323	)			—			$	(846	)
SMBC Capital Markets, Inc.		Series B 2026 Notes		8.84%		S + 6.12%		08/10/2026			107,000				(431	)			—				147
SMBC Capital Markets, Inc.		Series B 2028 Notes		8.88%		S + 5.56%		08/10/2028			128,000				(1,172	)			—				(807	)
SMBC Capital Markets, Inc.		Series C 2027 Notes		8.92%		S + 4.49%		03/01/2027			136,500				776				—				(706	)
SMBC Capital Markets, Inc.		Series C 2029 Notes		9.07%		S + 4.77%		03/01/2029			163,500				2,748				—				(1,380	)
MUFG Bank, Ltd.		Series D 2027 Notes		6.84%		S + 3.46%		08/05/2027			100,000				(489	)			—				(485	)
MUFG Bank, Ltd.		Series D 2029 Notes		6.91%		S + 3.48%		08/05/2029			200,000				(1,502	)			—				(1,354	)
Royal Bank of Canada		2028 Notes		5.38%		S + 2.06%		09/22/2028			300,000				(2,386	)							(1,872	)
											1,281,000			$	(3,779	)		$	—			$	(7,304	)

 

(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.

33

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & 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
GB Eagle Buyer, Inc.		(6) (7) (11)		First Lien Debt		S +		4.50%		8.35%		11/29/2030			28,568			$	28,289			$	28,289				0.84	%
GB Eagle Buyer, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.35%		11/29/2030			—				(32	)			(32	)			0.00
GB Eagle Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.35%		11/29/2030			—				(43	)			(43	)			0.00
Jonathan Acquisition Company		(6) (10)		First Lien Debt		S +		4.50%		8.34%		11/12/2029			3,700				3,646				3,646				0.11
Jonathan Acquisition Company		(6) (10) (18)		First Lien Debt		S +		4.50%		8.34%		05/11/2029			—				(7	)			(7	)			0.00
ManTech International CP		(6) (7) (8) (11)		First Lien Debt		S +		4.50%		8.29%		09/14/2029			33,001				32,733				33,001				0.98
ManTech International CP		(6) (11) (18)		First Lien Debt		S +		4.50%		8.29%		09/14/2029			—				—				—				0.00
ManTech International CP		(6) (11) (18)		First Lien Debt		P +		3.50%		10.25%		09/14/2028			—				(29	)			—				0.00
Two Six Labs, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		9.22%		08/20/2027			26,614				26,412				26,604				0.79
Two Six Labs, LLC		(6) (11)		First Lien Debt		S +		5.25%		9.22%		08/20/2027			6,783				6,714				6,783				0.20
Two Six Labs, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		9.22%		08/20/2027			—				(7	)			—				0.00
																			97,676				98,241				2.92
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		4.75%		8.57%		06/11/2027			48,482				48,174				48,239				1.43
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.25%		9.95%		12/29/2028			1,256				1,235				1,206				0.04
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +		6.25%		9.95%		12/29/2028			115				113				111				0.00
RoadOne IntermodaLogistics		(6) (10) (18)		First Lien Debt		S +		6.25%		9.95%		12/29/2028			228				225				218				0.01
																			49,747				49,774				1.48
Automobile Components
Continental Battery Company		(6) (7) (8) (10) (13) (14)		First Lien Debt		S +		7.00% PIK		11.29%		07/20/2028			12,945				11,731				5,480				0.16
LTI Holdings, Inc.				First Lien Debt		S +		3.75%		7.47%		07/29/2029			4,942				4,939				4,968				0.15
OEConnection, LLC		(6) (7) (11)		First Lien Debt		S +		4.50%		8.23%		12/23/2032			1,493				1,486				1,486				0.04
OEConnection, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.23%		12/23/2032			—				(2	)			(2	)			0.00
OEConnection, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.23%		12/23/2032			—				(1	)			(1	)			0.00
Randy's Holdings, Inc.		(6) (10)		First Lien Debt		S +		5.00%		8.71%		11/01/2029			14,088				13,882				13,947				0.41
Randy's Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.71%		11/01/2029			3,724				3,634				3,664				0.11
Randy's Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.71%		11/01/2029			-				(25	)			(19	)			0.00
Sonny's Enterprises, LLC		(6) (7) (8) (10)		First Lien Debt		S +		5.50%		9.52%		08/05/2028			52,215				51,805				50,742				1.50
Sonny's Enterprises, LLC		(6) (10)		First Lien Debt		S +		5.50%		9.52%		08/05/2028			5,957				5,888				5,789				0.17
Sonny's Enterprises, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.52%		08/05/2027			2,233				2,183				2,076				0.06
Spectrum Automotive Holdings Corp.		(6) (8) (11)		First Lien Debt		S +		5.25%		8.97%		06/29/2028			9,827				9,771				9,827				0.29
Spectrum Automotive Holdings Corp.		(6) (11)		First Lien Debt		S +		5.25%		8.97%		06/29/2028			5,131				5,082				5,131				0.15
Spectrum Automotive Holdings Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.97%		06/29/2027			—				(2	)			—				0.00
																			110,371				103,088				3.04
Automobiles
COP Collisionright Parent, LLC		(6) (8) (9) (10)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			26,739				26,357				26,673				0.79
COP Collisionright Parent, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			19,299				18,983				19,237				0.57
COP Collisionright Parent, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			673				611				662				0.02
Drivecentric Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			38,816				38,479				38,816				1.15
Drivecentric Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(39	)			—				0.00
Drivecentric Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(33	)			—				0.00
LeadVenture, Inc.		(6) (8) (11)		First Lien Debt		S +		5.25%		8.92%		06/23/2032			9,383				9,250				9,383				0.28
LeadVenture, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		06/23/2032			590				573				590				0.02

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
LeadVenture, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		06/23/2032			179				167				179				0.01
MajorDrive Holdings IV, LLC		(12)		First Lien Debt		S +		4.00%		7.93%		06/01/2028			2,938				2,941				2,659				0.08
Turbo Buyer, Inc.		(6) (8) (10)		First Lien Debt		S +		6.00%		9.82%		06/02/2026			15,812				15,637				15,812				0.47
Turbo Buyer, Inc.		(6) (10)		First Lien Debt		S +		6.00%		9.82%		06/02/2026			2,420				2,401				2,420				0.07
Vehlo Purchaser, LLC		(6) (8) (11)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			2,015				2,003				2,015				0.06
Vehlo Purchaser, LLC		(6) (8) (11)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			46,013				45,614				46,013				1.36
Vehlo Purchaser, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			—				(2	)			—				0.00
																			162,942				164,459				4.88
Banks
Computer Services, Inc.		(6) (7) (10)		First Lien Debt		S +		4.50%		8.17%		11/17/2031			9,033				8,989				8,989				0.27
Computer Services, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.17%		11/17/2031			—				(10	)			(10	)			0.00
																			8,979				8,979				0.27
Beverages
Vamos Bidco, Inc.		(6) (8) (12)		First Lien Debt		S +		4.75%		8.42%		01/30/2032			11,551				11,447				11,464				0.34
Vamos Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.42%		01/30/2032			—				(21	)			(36	)			0.00
Vamos Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.42%		01/30/2032			—				(13	)			(11	)			0.00
																			11,413				11,417				0.34
Building Products
Project Potter Buyer, LLC		(6) (7) (10)		First Lien Debt		S +		5.25%		8.92%		04/23/2027			11,288				11,284				11,288				0.33
Project Potter Buyer, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.92%		04/23/2027			—				—				—				0.00
																			11,284				11,288				0.33
Capital Markets
Orion Advisor Solutions, Inc.				First Lien Debt		S +		3.25%		7.11%		09/24/2030			3,960				3,986				3,983				0.12
Chemicals
Olympus Water US Holding Corporation		(12)		First Lien Debt		S +		3.00%		6.67%		06/20/2031			4,659				4,669				4,614				0.14
Tank Holding Corp.		(9) (11)		First Lien Debt		S +		6.00%		9.59%		03/31/2028			52,822				52,211				48,257				1.43
Tank Holding Corp.		(11)		First Lien Debt		S +		6.00%		9.59%		03/31/2028			5,950				5,838				5,434				0.16
Tank Holding Corp.		(11) (18)		First Lien Debt		S +		6.00%		9.59%		03/31/2028			—				(14	)			(161	)			0.00
V Global Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		6.25% (incl. 3.70% PIK)		9.27%		01/02/2029			15,772				15,593				14,523				0.43
V Global Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		6.25% (incl. 3.70% PIK)		9.27%		01/02/2029			929				913				752				0.02
																			79,210				73,419				2.18
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (8) (10)		First Lien Debt		S +		4.50%		8.49%		12/26/2028			7,180				7,180				7,180				0.21
365 Retail Markets, LLC		(6) (8) (10)		First Lien Debt		S +		4.50%		8.49%		12/26/2028			2,304				2,304				2,304				0.07
Astra Service Partners, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.34%		11/26/2032			4,500				4,466				4,466				0.13
Astra Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.34%		11/26/2032			—				(5	)			(5	)			0.00
Atlas US Finco, Inc.		(6) (8) (10) (15)		First Lien Debt		S +		4.75%		8.61%		12/10/2029			28,821				28,692				28,821				0.85
Atlas US Finco, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +		4.75%		8.61%		12/09/2029			36,099				35,522				36,099				1.07
Atlas US Finco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		4.75%		8.61%		12/09/2028			—				(32	)			—				0.00
Belfor Holdings, Inc.		(12)		First Lien Debt		S +		2.75%		6.47%		11/01/2030			1,855				1,869				1,862				0.06
BPG Holdings IV Corp.		(6) (8) (9) (11)		First Lien Debt		S +		7.00% (incl. 5.00% PIK)		10.67%		07/30/2029			26,675				25,349				20,981				0.62
Consor Intermediate II, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.17%		05/12/2031			7,911				7,855				7,902				0.23
Consor Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		05/12/2031			—				(18	)			(4	)			0.00
Consor Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		05/12/2031			283				272				281				0.01
CRCI Longhorn Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.47%		08/27/2031			8,735				8,661				8,735				0.26

 

35

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
CRCI Longhorn Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.47%		08/27/2031			—				(9	)			—				0.00
CRCI Longhorn Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.47%		08/27/2031			—				(12	)			—				0.00
Energy Labs Holdings Corp.		(6) (8) (10)		First Lien Debt		S +		5.00%		8.82%		04/07/2028			7,882				7,828				7,725				0.23
Energy Labs Holdings Corp.		(6) (10)		First Lien Debt		S +		5.00%		8.82%		04/07/2028			2,518				2,490				2,450				0.07
Energy Labs Holdings Corp.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.82%		04/07/2028			575				562				537				0.02
EnergySolutions, LLC		(12)		First Lien Debt		S +		3.25%		6.97%		09/20/2030			4,943				4,965				4,972				0.15
Firebird Acquisition Corp, Inc.		(6) (11)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032			6,045				6,019				6,045				0.18
Firebird Acquisition Corp, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032			1,417				1,406				1,417				0.04
Firebird Acquisition Corp, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032			—				(5	)			—				0.00
FLS Holding, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +		5.25%		9.07%		12/15/2028			23,531				22,648				20,054				0.59
FLS Holding, Inc.		(6) (8) (10) (15)		First Lien Debt		S +		5.25%		9.07%		12/15/2028			5,517				5,311				4,702				0.14
FLS Holding, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		5.25%		9.07%		12/17/2027			2,247				2,180				1,910				0.06
Foundever Group		(6) (12)		First Lien Debt		S +		3.75%		7.76%		08/28/2028			4,799				4,808				1,872				0.06
Hercules Borrower, LLC		(6) (11)		First Lien Debt		S +		4.75%		8.42%		12/15/2028			25,900				25,754				25,641				0.76
Hercules Borrower, LLC		(6) (11)		First Lien Debt		C +		4.75%		7.01%		12/15/2028		C$ 2,993					2,083				2,161				0.06
HSI Halo Acquisition, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		8.84%		06/30/2031			18,832				18,674				18,756				0.55
HSI Halo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.84%		06/30/2031			2,262				2,237				2,244				0.07
HSI Halo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.84%		06/28/2030			—				(23	)			(12	)			0.00
Iris Buyer, LLC		(6) (8) (10)		First Lien Debt		S +		5.25%		9.09%		10/02/2030			20,291				19,933				20,237				0.60
Iris Buyer, LLC		(6) (10)		First Lien Debt		S +		5.25%		9.09%		10/02/2030			1,865				1,835				1,860				0.06
Iris Buyer, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		9.09%		10/02/2029			—				(43	)			(7	)			0.00
LSF12 Crown US Commercial Bidco, LLC				First Lien Debt		S +		3.50%		7.37%		12/02/2031			2,915				2,927				2,930				0.09
Procure Acquireco, Inc. (Procure Analytics)		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%		12/20/2028			15,238				15,238				15,238				0.45
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		12/20/2028			926				922				926				0.03
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		12/20/2028			—				—				—				0.00
Railpros Parent, LLC		(6) (8) (11)		First Lien Debt		S +		4.25%		8.13%		05/24/2032			21,157				20,960				20,946				0.62
Railpros Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		8.13%		05/24/2032			—				(30	)			(65	)			0.00
Railpros Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		8.13%		05/24/2032			—				(30	)			(33	)			0.00
Routeware, Inc.		(6) (8) (10)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			4,773				4,732				4,757				0.14
Routeware, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			290				279				283				0.01
Routeware, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			102				98				101				0.00
Sherlock Buyer Corp.		(6) (7) (8) (10)		First Lien Debt		S +		5.75%		9.42%		12/06/2030			24,845				24,774				24,061				0.71
Sherlock Buyer Corp.		(6) (10) (18)		First Lien Debt		S +		5.75%		9.42%		12/07/2029			—				(7	)			(94	)			0.00
Surewerx Purchaser III, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +		5.25%		8.92%		12/28/2029			4,390				4,349				4,382				0.13
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		C +		5.25%		7.51%		12/28/2029		C$ 2,591					1,872				1,887				0.06
Surewerx Purchaser III, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.25%		8.92%		12/28/2029			—				(6	)			(1	)			0.00
Surewerx Purchaser III, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.25%		8.92%		12/28/2028			—				(12	)			(2	)			0.00
Sweep Midco, LLC		(6) (8) (16)		Second Lien Debt						0.00%		03/12/2034			1,086				543				730				0.02
Sweep Midco, LLC		(6) (8) (16)		Second Lien Debt						0.00%		03/12/2036			3,156				—				—				0.00
Sweep Purchaser, LLC		(6) (8) (10)		First Lien Debt		S +		5.75% PIK		9.58%		06/30/2027			4,362				4,362				4,362				0.13
Sweep Purchaser, LLC		(6) (8) (10)		First Lien Debt		S +		5.75%		9.58%		06/30/2027			2,029				2,029				2,029				0.06
Sweep Purchaser, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%		9.58%		06/30/2027			94				94				94				0.00
Tamarack Intermediate, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.90%		03/12/2029			25,541				25,278				25,476				0.75
Tamarack Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.90%		03/12/2029			3,225				3,170				3,211				0.10
Tamarack Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.90%		03/12/2029			—				(37	)			(11	)			0.00

 

36

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Tempo Acquisition, LLC		(12)		First Lien Debt		S +		1.75%		5.47%		08/31/2028			3,947				3,957				3,787				0.11
Transit Technologies, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			15,254				15,121				15,225				0.45
Transit Technologies, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			1,515				1,487				1,509				0.04
Transit Technologies, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.59%		08/20/2030			—				(20	)			—				0.00
Vensure Employer Services, Inc.		(6) (8) (12)		First Lien Debt		S +		5.00%		8.70%		09/29/2031			31,707				31,438				31,707				0.94
Vensure Employer Services, Inc.		(6) (12) (18)		First Lien Debt		S +		5.00%		8.70%		09/29/2031			—				(8	)			—				0.00
VRC Companies, LLC		(6) (8) (11)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			45,400				45,278				45,400				1.34
VRC Companies, LLC		(6) (10)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			47,116				46,807				47,116				1.39
VRC Companies, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			—				—				—				0.00
																			506,321				497,137				14.71
Construction & Engineering
Arcoro Holdings Corp.		(6) (10)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			56,530				55,666				55,558				1.64
Arcoro Holdings Corp.		(6) (10) (18)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			—				(122	)			(148	)			0.00
Artera Services, LLC				First Lien Debt		S +		4.50%		8.17%		02/15/2031			1,975				1,960				1,588				0.05
Crown Subsea Communications Holding, Inc.		(11)		First Lien Debt		S +		3.50%		7.22%		01/30/2031			3,980				4,011				4,006				0.12
KPSKY Acquisition, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		9.44%		10/19/2028			20,535				19,872				18,669				0.55
KPSKY Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +		5.50%		9.44%		10/19/2028			16,366				16,084				14,879				0.44
LJ Avalon Holdings, LLC		(6) (7) (10)		First Lien Debt		S +		4.50%		8.46%		02/01/2030			6,529				6,471				6,529				0.19
LJ Avalon Holdings, LLC		(6) (7) (10)		First Lien Debt		S +		4.50%		8.46%		02/01/2030			5,277				5,217				5,277				0.16
LJ Avalon Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		4.50%		8.46%		02/01/2029			—				(10	)			—				0.00
Superman Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			25,140				25,033				25,140				0.74
Superman Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			8,238				8,177				8,238				0.24
Superman Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			—				(15	)			—				0.00
																			142,344				139,736				4.13
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +		5.50%		9.34%		02/03/2031			38,577				38,276				37,992				1.12
PDI TA Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50%		9.34%		02/03/2031			2,359				2,336				2,311				0.07
																			40,612				40,303				1.19
Containers & Packaging
Berlin Packaging, LLC				First Lien Debt		S +		3.25%		7.11%		06/07/2031			5,935				5,940				5,947				0.18
BP Purchaser, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		9.48%		12/11/2028			34,033				32,910				26,605				0.79
Clydesdale Acquisition Holdings, Inc.		(12)		First Lien Debt		S +		3.18%		6.89%		04/13/2029			7,303				7,306				7,304				0.22
FORTIS Solutions Group, LLC		(6) (8) (11)		First Lien Debt		S +		5.50%		9.27%		10/13/2028			21,739				21,669				21,739				0.64
FORTIS Solutions Group, LLC		(6) (11)		First Lien Debt		S +		5.50%		9.27%		10/13/2028			2,835				2,820				2,835				0.08
FORTIS Solutions Group, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%		9.27%		10/15/2027			525				521				525				0.02
Proampac PG Borrower, LLC		(11)		First Lien Debt		S +		4.00%		7.89%		09/15/2028			2,935				2,945				2,936				0.09
																			74,111				67,891				2.01
Distributors
48Forty Solutions, LLC		(6) (8) (14)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			47,378				46,014				19,425				0.57
48Forty Solutions, LLC		(6) (14) (18)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			5,684				5,380				1,484				0.04
ABB Concise Optical Group, LLC		(6) (7) (11)		First Lien Debt		S +		7.50%		11.34%		02/23/2028			17,008				16,822				16,370				0.48
PT Intermediate Holdings III, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		8.67%		04/09/2030			55,126				54,663				55,126				1.63
PT Intermediate Holdings III, LLC		(6) (11) (18)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		8.67%		04/09/2030			—				(4	)			—				0.00
																			122,875				92,405				2.73
Diversified Consumer Services

 

37

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Any Hour, LLC		(6) (12)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			11,684				11,546				11,162				0.33
Any Hour, LLC		(6) (12) (18)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			331				310				176				0.01
Any Hour, LLC		(6) (12) (18)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			1,455				1,436				1,377				0.04
Any Hour, LLC		(6)		Other Debt				13.00% PIK		13.00%		05/23/2031			3,627				3,577				3,444				0.10
Apex Service Partners, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%		8.82%		10/24/2030			71,381				70,532				71,335				2.11
Apex Service Partners, LLC		(6) (10)		First Lien Debt		S +		5.00%		8.82%		10/24/2030			10,432				10,286				10,425				0.31
Apex Service Partners, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.82%		10/24/2029			1,381				1,327				1,377				0.04
Ascend Learning, LLC		(12)		First Lien Debt		S +		3.00%		6.72%		12/11/2028			7,301				7,276				7,318				0.22
Assembly Intermediate, LLC		(6) (8) (10)		First Lien Debt		S +		5.25%		8.92%		10/19/2027			8,055				7,830				8,055				0.24
Assembly Intermediate, LLC		(6) (10)		First Lien Debt		S +		5.25%		8.92%		10/19/2027			1,778				1,727				1,778				0.05
Assembly Intermediate, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.92%		10/19/2027			—				(23	)			—				0.00
DA Blocker Corp.		(6) (9) (11) (15)		First Lien Debt		S +		4.75%		8.42%		02/10/2032			7,759				7,689				7,740				0.23
DA Blocker Corp.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.42%		02/10/2032			—				(10	)			(6	)			0.00
DA Blocker Corp.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.42%		02/10/2032			—				(7	)			(2	)			0.00
Eclipse Buyer, Inc.		(6) (8) (12)		First Lien Debt		S +		4.50%		8.25%		09/08/2031			8,362				8,290				8,362				0.25
Eclipse Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.25%		09/08/2031			—				(6	)			—				0.00
Eclipse Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.25%		09/08/2031			—				(6	)			—				0.00
Essential Services Holding Corporation		(6) (7) (11)		First Lien Debt		S +		5.00%		8.88%		06/17/2031			18,624				18,469				18,573				0.55
Essential Services Holding Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.88%		06/17/2031			—				(20	)			(14	)			0.00
Essential Services Holding Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.88%		06/17/2030			1,289				1,265				1,280				0.04
EVDR Purchaser, Inc.		(6) (11)		First Lien Debt		S +		4.50%		8.23%		02/14/2031			36,404				35,830				36,345				1.08
EVDR Purchaser, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.23%		02/14/2031			—				(77	)			(17	)			0.00
EVDR Purchaser, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.23%		02/14/2031			1,267				1,175				1,257				0.04
Express Wash Acquisition Company, LLC		(6) (8) (10)		First Lien Debt		S +		6.25%		10.18%		04/10/2031			5,667				5,510				5,610				0.17
Express Wash Acquisition Company, LLC		(6) (10) (18)		First Lien Debt		S +		6.25%		10.18%		04/10/2031			—				(10	)			(3	)			0.00
FPG Intermediate Holdco, LLC		(6) (10) (13)		First Lien Debt		S +		5.00% PIK		8.84%		07/02/2029			2,303				2,264				2,188				0.06
FPG Intermediate Holdco, LLC		(6) (10) (18)		First Lien Debt		S +		5.00% PIK		8.84%		07/02/2029			469				469				469				0.01
FPG Intermediate Holdco, LLC		(6) (10)		First Lien Debt		S +		5.00% PIK		8.84%		06/29/2029			317				317				317				0.01
GarageCo Intermediate II, LLC		(6) (7) (11)		First Lien Debt		S +		4.25%		8.10%		08/02/2032			3,434				3,402				3,400				0.10
GarageCo Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		8.10%		08/02/2032			—				(24	)			(51	)			0.00
GarageCo Intermediate II, LLC		(6) (11) (18)		First Lien Debt		S +		4.25%		8.10%		07/30/2032			—				(14	)			(15	)			0.00
Heartland Home Services		(6) (11)		First Lien Debt		S +		5.75%		9.52%		12/15/2026			22,872				22,771				22,329				0.66
Kodiak Buyer, LLC		(6) (9) (11)		First Lien Debt		S +		4.50%		8.17%		07/26/2032			9,206				9,118				9,206				0.27
Kodiak Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		07/26/2032			—				(15	)			—				0.00
Kodiak Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		07/23/2032			—				(24	)			—				0.00
KUEHG Corp.		(12)		First Lien Debt		S +		2.75%		6.42%		06/12/2030			7,288				7,312				7,059				0.21
LHS Borrower, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		8.97%		09/04/2031			12,901				12,716				12,708				0.38
LHS Borrower, LLC		(6) (11) (18)		First Lien Debt		P +		4.25%		11.00%		09/04/2031			118				104				104				0.00
Lightspeed Solution, LLC		(6) (8) (11)		First Lien Debt		S +		6.00%		9.72%		03/01/2028			23,202				23,047				23,051				0.68
Lightspeed Solution, LLC		(6) (11)		First Lien Debt		S +		6.00%		9.72%		03/01/2028			1,377				1,367				1,368				0.04
Project Accelerate Parent, LLC		(6) (11)		First Lien Debt		S +		5.25%		8.97%		02/24/2031			27,082				26,867				27,082				0.80
Project Accelerate Parent, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		8.97%		02/24/2031			—				(29	)			—				0.00
Spring Education Group, Inc.				First Lien Debt		S +		3.25%		6.92%		10/04/2030			3,920				3,931				3,936				0.12
Vertex Service Partners, LLC		(6) (8) (9) (11)		First Lien Debt		S +		6.00% (incl. 4.25% PIK)		9.67%		11/08/2030			9,830				9,646				9,647				0.29
Vertex Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		6.00% (incl. 4.25% PIK)		9.67%		11/08/2030			12,939				12,691				12,653				0.37

 

38

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Vertex Service Partners, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%		9.67%		11/08/2030			396				362				359				0.01
Wand NewCo 3, Inc.				First Lien Debt		S +		2.50%		6.22%		01/30/2031			7,084				7,088				7,088				0.21
																			337,282				338,470				10.01
Electric Utilities
Kohler Energy Co, LLC				First Lien Debt		S +		3.75%		7.42%		05/01/2031			4,591				4,626				4,612				0.14
Electrical Equipment
Accel International Holdings, Inc.		(6) (8) (12)		First Lien Debt		S +		4.50%		8.22%		04/26/2032			24,507				24,393				24,507				0.73
Accel International Holdings, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.22%		04/26/2032			—				(19	)			—				0.00
Spark Buyer, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		9.13%		10/15/2031			5,259				5,191				4,865				0.14
Spark Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		9.13%		10/15/2031			—				(13	)			(159	)			0.00
Spark Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		9.13%		10/15/2031			361				348				281				0.01
																			29,900				29,494				0.87
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.54%		07/06/2028			29,410				28,849				20,587				0.61
Abracon Group Holdings, LLC		(6) (11)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.54%		07/06/2028			1,967				1,933				1,377				0.04
Chamberlain Group, Inc.				First Lien Debt		S +		2.75%		6.47%		09/08/2032			6,790				6,785				6,800				0.20
Dwyer Instruments, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		4.75%		8.42%		07/20/2029			53,918				53,345				53,648				1.59
Dwyer Instruments, Inc.		(6) (11)		First Lien Debt		S +		4.75%		8.42%		07/20/2029			21,335				21,059				21,227				0.63
Dwyer Instruments, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		07/20/2029			1,859				1,814				1,833				0.05
Infinite Bidco, LLC		(6) (9) (12)		First Lien Debt		S +		6.25%		10.14%		03/02/2028			9,069				9,004				9,068				0.27
Infinite Bidco, LLC		(8) (12)		Second Lien Debt		S +		7.00%		10.89%		03/02/2029			16,800				15,077				15,887				0.47
Magneto Components Buyco, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		6.00%		9.67%		12/05/2030			48,373				47,713				48,373				1.43
Magneto Components Buyco, LLC		(6) (11) (18)		First Lien Debt		S +		6.00%		9.67%		12/05/2029			—				(95	)			—				0.00
NDT Global Holding, Inc.		(6) (8) (12) (15)		First Lien Debt		S +		4.50%		8.22%		06/04/2032			32,319				32,016				31,996				0.95
NDT Global Holding, Inc.		(6) (12) (15) (18)		First Lien Debt		S +		4.50%		8.22%		06/04/2032			6,336				6,240				6,192				0.18
NDT Global Holding, Inc.		(6) (12) (15) (18)		First Lien Debt		S +		4.50%		8.22%		06/04/2032			—				(66	)			(72	)			0.00
NSI Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +		4.50%		8.32%		11/17/2031			19,291				19,122				19,291				0.57
NSI Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.32%		11/17/2031			—				(14	)			—				0.00
NSI Holdings, Inc.		(6) (18)		First Lien Debt		P +		3.75%		10.50%		11/17/2031			—				(34	)			—				0.00
Pamlico Avant Holdings, LP		(6) (7) (11)		First Lien Debt		S +		4.50%		8.17%		12/31/2032			12,112				11,991				11,991				0.35
Pamlico Avant Holdings, LP		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		12/31/2032			164				147				147				0.00
																			254,886				248,345				7.35
Financial Services
Applitools, Inc.		(6) (8) (11) (15)		First Lien Debt		S +		6.25% PIK		9.92%		05/25/2029			14,162				14,059				13,914				0.41
Applitools, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		6.25%		9.92%		05/25/2028			—				(13	)			(28	)			0.00
BCTO Bluebill Midco, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.34%		07/30/2032			21,333				21,130				21,120				0.62
BCTO Bluebill Midco, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.34%		07/30/2032			—				(25	)			(27	)			0.00
Boost Newco Borrower, LLC				First Lien Debt		S +		2.00%		5.67%		01/31/2031			7,425				7,447				7,430				0.22
Cerity Partners, LLC		(6) (7) (8) (11)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			14,839				14,719				14,802				0.44
Cerity Partners, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			—				(38	)			(20	)			0.00
Cerity Partners, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			182				176				179				0.01
Cliffwater, LLC		(6) (9) (11)		First Lien Debt		S +		4.75%		8.47%		04/22/2032			21,303				21,106				21,144				0.63
Cliffwater, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.47%		04/22/2032			—				(18	)			(15	)			0.00
GC Waves Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			27,291				26,829				27,291				0.81
GC Waves Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			20,090				19,596				20,087				0.59

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
GC Waves Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			—				(23	)			—				0.00
MAI Capital Management Intermediate, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			4,620				4,581				4,574				0.14
MAI Capital Management Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			3,916				3,876				3,867				0.11
MAI Capital Management Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			225				215				213				0.01
PMA Parent Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		4.75%		8.42%		01/31/2031			4,913				4,855				4,864				0.14
PMA Parent Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		01/31/2031			—				(4	)			(4	)			0.00
SitusAMC Holdings Corporation		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		9.17%		05/14/2031			19,161				19,106				19,161				0.57
Smarsh, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%		02/16/2029			11,250				11,187				11,250				0.33
Smarsh, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		02/16/2029			—				(3	)			—				0.00
Smarsh, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		02/16/2029			621				612				621				0.02
Trintech, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		5.50%		9.22%		07/25/2029			62,808				61,934				62,494				1.85
Trintech, Inc.		(6) (10) (18)		First Lien Debt		S +		5.50%		9.22%		07/25/2029			1,574				1,504				1,546				0.05
																			232,808				234,463				6.94
Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (14)		Other Debt				16.25% PIK		16.25%		06/18/2028			500				352				-				0.00
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (8) (10) (14)		First Lien Debt		S +		7.65% (incl. 3.40% PIK)		12.11%		12/20/2027			3,643				3,583				2,699				0.08
																			3,935				2,699				0.08
Ground Transportation
eShipping, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			2,848				2,834				2,834				0.08
eShipping, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			—				(3	)			(3	)			0.00
eShipping, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			67				64				64				0.00
SV Newco 2, Inc.		(6) (11) (15)		First Lien Debt		S +		4.75%		8.42%		06/02/2031			34,980				34,548				34,932				1.03
SV Newco 2, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.42%		06/02/2031			16,365				16,152				16,342				0.48
SV Newco 2, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.42%		06/02/2031			—				(138	)			(16	)			0.00
																			53,457				54,153				1.60
Health Care Equipment & Supplies
Journey Personal Care Corp.		(11)		First Lien Debt		S +		3.75%		7.47%		03/01/2028			4,914				4,876				4,890				0.14
Medline Borrower, LP		(12)		First Lien Debt		S +		1.75%		5.47%		10/23/2030			6,618				6,619				6,639				0.20
PerkinElmer U.S., LLC		(6) (10)		First Lien Debt		S +		4.75%		8.48%		03/13/2029			27,881				27,403				27,741				0.82
PerkinElmer U.S., LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.48%		03/13/2029			—				(3	)			(3	)			0.00
Tidi Legacy Products, Inc.		(6) (8) (9) (10)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			11,028				10,873				11,028				0.33
Tidi Legacy Products, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			2,954				2,905				2,954				0.09
Tidi Legacy Products, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			—				(28	)			—				0.00
YI, LLC		(6) (8) (9) (10)		First Lien Debt		S +		5.75%		9.49%		12/03/2029			17,530				17,282				17,530				0.52
YI, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%		9.49%		12/03/2029			—				(36	)			—				0.00
																			69,891				70,779				2.09
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.22%		09/15/2031			14,931				14,718				14,857				0.44
Advarra Holdings, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.22%		09/15/2031			—				(2	)			(6	)			0.00
CNT Holdings I Corp.		(11)		First Lien Debt		S +		2.25%		6.09%		11/08/2032			6,799				6,808				6,812				0.20
DCA Investment Holdings, LLC		(6) (8) (11) (14)		First Lien Debt		S +		6.50%		12.08%		04/03/2028			49,307				48,880				40,161				1.19
DCA Investment Holdings, LLC		(6) (8) (11) (14)		First Lien Debt		S +		6.50%		12.08%		04/03/2028			3,787				3,750				3,085				0.09
Electron BidCo, Inc.		(12)		First Lien Debt		S +		2.50%		6.22%		11/01/2028			6,808				6,813				6,840				0.20
Ensemble RCM, LLC				First Lien Debt		S +		3.00%		6.84%		08/01/2029			4,571				4,579				4,591				0.14
Gateway US Holdings, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			11,869				11,824				11,810				0.35

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Gateway US Holdings, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			3,437				3,415				3,413				0.10
Gateway US Holdings, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			—				(2	)			(2	)			0.00
Heartland Veterinary Partners, LLC		(6) (7) (8) (10)		First Lien Debt		S +		4.75%		8.42%		06/12/2028			6,263				6,256				6,263				0.19
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/11/2028			813				809				813				0.02
Heartland Veterinary Partners, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		06/12/2028			14,214				14,168				14,183				0.42
Heartland Veterinary Partners, LLC		(6) (10)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/11/2028			316				315				316				0.01
Heartland Veterinary Partners, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		06/12/2028			—				(1	)			—				0.00
iCIMS, Inc.		(6) (11)		First Lien Debt		S +		5.75%		9.61%		08/18/2028			16,989				16,882				16,941				0.50
iCIMS, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75%		9.61%		08/18/2028			166				164				162				0.00
Imagine 360, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		8.42%		10/02/2028			13,198				13,103				13,198				0.39
Imagine 360, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		10/02/2028			—				(6	)			—				0.00
Imagine 360, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		10/02/2028			—				(8	)			—				0.00
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +		6.50%		10.49%		08/21/2026			9,324				9,261				9,208				0.27
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +		6.50%		10.49%		08/21/2026			650				647				642				0.02
Invictus Buyer, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.17%		06/03/2031			1,571				1,558				1,571				0.05
Invictus Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		06/03/2031			—				(3	)			—				0.00
Invictus Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		06/03/2031			—				(2	)			—				0.00
LSCS Holdings, Inc.				First Lien Debt		S +		4.50%		8.17%		03/04/2032			3,474				3,478				3,397				0.10
MED ParentCo, LP		(6)		First Lien Debt		S +		3.25%		6.97%		04/15/2031			2,978				2,991				2,983				0.09
Medical Solutions, LLC				First Lien Debt		S +		3.50%		7.44%		11/01/2028			5,299				5,296				3,709				0.11
Merative, LP		(6) (7) (11)		First Lien Debt		S +		4.50%		8.17%		09/30/2032			29,441				29,298				29,294				0.87
Merative, LP		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		09/30/2032			—				(8	)			(17	)			0.00
Merative, LP		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		09/30/2032			—				(14	)			(15	)			0.00
Midwest Physician Administrative Services, LLC		(11)		First Lien Debt		S +		3.00%		6.93%		03/12/2028			3,839				3,835				3,475				0.10
mPulse Mobile, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%		8.42%		08/26/2032			29,279				28,997				28,986				0.86
mPulse Mobile, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		08/26/2032			—				(13	)			(28	)			0.00
mPulse Mobile, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		08/26/2032			—				(40	)			(42	)			0.00
Pacific Dental Services, LLC				First Lien Debt		S +		2.50%		6.24%		03/15/2031			2,948				2,956				2,957				0.09
Pareto Health Intermediate Holdings, Inc.		(6) (9) (10)		First Lien Debt		S +		4.75%		8.35%		06/03/2030			69,811				68,834				69,811				2.07
Pareto Health Intermediate Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.35%		06/01/2029			—				(112	)			—				0.00
PPV Intermediate Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		5.75%		9.57%		08/31/2029			27,429				26,742				27,361				0.81
PPV Intermediate Holdings, LLC		(6) (11)		First Lien Debt		S +		6.00%		9.57%		08/31/2029			19,242				19,135				19,194				0.57
Promptcare Infusion Buyer, Inc.		(6) (8) (10)		First Lien Debt		S +		6.00%		9.95%		09/01/2027			3,770				3,759				3,770				0.11
Promptcare Infusion Buyer, Inc.		(6) (10)		First Lien Debt		S +		6.00%		9.95%		09/01/2027			587				586				587				0.02
Raven Acquisition Holdings, LLC		(15)		First Lien Debt		S +		3.00%		6.72%		11/19/2031			4,632				4,611				4,645				0.14
Raven Acquisition Holdings, LLC		(15) (18)		First Lien Debt		S +		3.00%		6.72%		11/19/2031			—				(1	)			1				0.00
Stepping Stones Healthcare Services, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.67%		01/02/2029			8,422				8,390				8,422				0.25
Stepping Stones Healthcare Services, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		01/02/2029			2,569				2,547				2,569				0.08
Stepping Stones Healthcare Services, LLC		(6) (18)		First Lien Debt		P +		4.00%		10.75%		12/30/2026			750				748				750				0.02
Suveto Buyer, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.22%		09/09/2027			5,280				5,194				5,275				0.16
Suveto Buyer, LLC		(6) (18)		First Lien Debt		P +		3.50%		10.25%		09/09/2027			28				19				27				0.00
TA Polaris Buyer, Inc.		(6) (7) (12)		First Lien Debt		S +		4.50%		8.23%		12/13/2032			10,378				10,327				10,327				0.31
TA Polaris Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.23%		12/13/2032			—				(11	)			(11	)			0.00
TA Polaris Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.23%		12/13/2032			—				(6	)			(6	)			0.00
Tivity Health, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		8.72%		06/28/2029			17,816				17,702				17,816				0.53

 

41

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Vardiman Black Holdings, LLC		(6) (7) (8) (12)		First Lien Debt		S +		7.00% PIK		10.77%		03/18/2027			16,746				16,746				13,815				0.41
Vardiman Black Holdings, LLC		(6) (12) (13) (18)		First Lien Debt		S +		7.00% PIK		10.77%		03/18/2027			1,893				1,871				1,707				0.05
																			427,783				415,617				12.30
Health Care Technology
Athenahealth, Inc.		(12)		First Lien Debt		S +		2.75%		6.47%		02/15/2029			7,286				7,270				7,293				0.22
Hyland Software, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.00%		8.67%		09/19/2030			76,482				75,708				76,482				2.26
Hyland Software, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		09/19/2029			—				(31	)			—				0.00
Imprivata, Inc.		(12)		First Lien Debt		S +		3.00%		6.67%		12/01/2027			6,372				6,371				6,391				0.19
Lightspeed Buyer, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.42%		02/03/2027			9,996				9,982				9,996				0.30
Lightspeed Buyer, Inc.		(6) (10)		First Lien Debt		S +		4.75%		8.42%		02/03/2027			649				646				649				0.02
Lightspeed Buyer, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		02/03/2027			—				(2	)			—				0.00
MedAssets Software Intermediate Holdings, Inc.				First Lien Debt		S +		4.00%		7.77%		12/15/2028			6,114				6,114				4,779				0.14
Press Ganey Holdings, Inc.				First Lien Debt		S +		3.00%		6.72%		04/30/2031			2,970				2,967				2,974				0.09
Project Ruby Ultimate Parent Corp.				First Lien Debt		S +		2.75%		6.58%		03/10/2028			5,308				5,307				5,320				0.16
Symplr Software, Inc.		(11)		First Lien Debt		S +		4.50%		8.44%		12/22/2027			4,798				4,803				4,062				0.12
																			119,135				117,946				3.49
Household Durables
Madison Safety & Flow, LLC				First Lien Debt		S +		2.50%		6.23%		09/26/2031			4,144				4,153				4,169				0.12
Independent Power and Renewable Electricity Producers
Lightning Power, LLC				First Lien Debt		S +		2.25%		5.97%		08/18/2031			6,930				6,938				6,959				0.21
Industrial Conglomerates
Aptean, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		4.75%		8.57%		01/30/2031			76,823				76,251				76,727				2.27
Aptean, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.57%		01/30/2031			—				(3	)			(1	)			0.00
Aptean, Inc.		(6) (11) (18)		First Lien Debt		P +		3.75%		10.50%		01/30/2031			1,722				1,679				1,714				0.05
Excelitas Technologies Corp.		(6) (8) (9) (11)		First Lien Debt		S +		5.25%		8.97%		08/13/2029			30,707				30,343				30,553				0.90
Excelitas Technologies Corp.		(6) (11)		First Lien Debt		E +		5.25%		7.15%		08/13/2029		€	5,560				5,687				6,497				0.19
Excelitas Technologies Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.97%		08/13/2029			—				(62	)			(60	)			0.00
Excelitas Technologies Corp.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.97%		08/14/2028			—				(27	)			(15	)			0.00
Raptor Merger Sub Debt, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		9.17%		04/01/2029			45,116				44,562				45,116				1.33
Raptor Merger Sub Debt, LLC		(6) (11) (18)		First Lien Debt		S +		5.50%		9.17%		04/01/2029			582				541				582				0.02
																			158,971				161,113				4.77
Insurance Services
Acrisure, LLC				First Lien Debt		S +		3.00%		6.72%		11/06/2030			4,950				4,938				4,941				0.15
Alliant Holdings Intermediate, LLC				First Lien Debt		S +		2.50%		6.22%		09/19/2031			7,086				7,093				7,100				0.21
Amerilife Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.00%		8.79%		08/31/2029			30,687				30,442				30,457				0.90
Amerilife Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.79%		08/31/2029			3,461				3,437				3,394				0.10
Amerilife Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.79%		08/31/2028			450				439				429				0.01
Broadstreet Partners, Inc.				First Lien Debt		S +		2.75%		6.47%		06/13/2031			7,429				7,414				7,450				0.22
Fetch Insurance Services, LLC		(6) (10)		Other Debt				12.75% (incl. 3.75% PIK)		12.75%		10/31/2027			3,223				3,184				3,223				0.10
Foundation Risk Partners Corp.		(6) (7) (11)		First Lien Debt		S +		4.75%		8.42%		10/29/2030			34,618				34,354				34,618				1.02
Foundation Risk Partners Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%		10/29/2030			19,129				18,936				19,129				0.57
Foundation Risk Partners Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		10/29/2029			1,071				1,055				1,071				0.03
Galway Borrower, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			50,967				50,418				50,967				1.51
Galway Borrower, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			17,430				17,220				17,430				0.52
Galway Borrower, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			588				559				588				0.02

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Higginbotham Insurance Agency, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%		8.22%		06/11/2031			36,606				36,440				36,606				1.08
Higginbotham Insurance Agency, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.22%		06/11/2031			—				(46	)			(8	)			0.00
High Street Buyer, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.17%		04/14/2028			4,152				4,150				4,142				0.12
High Street Buyer, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.17%		04/14/2028			58,710				58,172				58,564				1.73
High Street Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		04/16/2027			—				—				(2	)			0.00
HUB International Limited		(11)		First Lien Debt		S +		2.25%		6.12%		06/20/2030			4,200				4,204				4,220				0.12
Inszone Mid, LLC		(6) (8) (9) (10)		First Lien Debt		S +		5.25%		8.92%		11/30/2029			13,699				13,503				13,664				0.40
Inszone Mid, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.92%		11/30/2029			28,350				27,960				28,255				0.84
Inszone Mid, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.92%		11/30/2029			—				(44	)			(9	)			0.00
Integrity Marketing Acquisition, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +		5.00%		8.82%		08/25/2028			111,184				111,184				111,184				3.29
Integrity Marketing Acquisition, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.82%		08/25/2028			—				—				—				0.00
Iris Specialty Acquisiton, LLC		(6) (7) (12)		First Lien Debt		S +		4.50%		8.17%		11/22/2032			29,415				29,270				29,270				0.87
Iris Specialty Acquisiton, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.17%		11/22/2032			—				(12	)			(12	)			0.00
Iris Specialty Acquisiton, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.17%		11/22/2032			—				(21	)			(21	)			0.00
Long Term Care Group, Inc.		(6) (7) (8) (11) (13)		First Lien Debt		S +		6.00%		10.13%		09/08/2027			14,651				14,383				13,406				0.40
One, Inc. Software Corporation		(6) (11)		First Lien Debt		S +		4.50%		8.17%		12/06/2032			5,027				4,977				4,977				0.15
One, Inc. Software Corporation		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		12/06/2032			—				(5	)			(5	)			0.00
One, Inc. Software Corporation		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		12/06/2032			—				(4	)			(4	)			0.00
Patriot Growth Insurance Services, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.00%		8.82%		10/16/2028			19,321				19,209				19,321				0.57
Patriot Growth Insurance Services, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.82%		10/14/2028			17,600				17,415				17,600				0.52
Patriot Growth Insurance Services, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.82%		10/16/2028			—				(3	)			—				0.00
Truist Insurance Holdings, LLC				First Lien Debt		S +		2.75%		6.42%		05/06/2031			5,000				4,986				5,002				0.15
USI, Inc.				First Lien Debt		S +		2.25%		5.92%		09/29/2030			2,940				2,947				2,944				0.09
USI, Inc.				First Lien Debt		S +		2.25%		5.92%		11/21/2029			1,960				1,964				1,964				0.06
World Insurance Associates, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +		5.00%		8.67%		04/03/2030			100,043				98,898				100,043				2.96
World Insurance Associates, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		04/03/2030			—				(12	)			—				0.00
																			629,004				631,898				18.70
Interactive Media & Services
Arches Buyer, Inc.		(12)		First Lien Debt		S +		3.25%		7.07%		12/06/2027			2,399				2,396				2,402				0.07
FMG Suite Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		8.57%		09/09/2032			18,011				17,837				17,831				0.53
FMG Suite Holdings, LLC		(6) (18)		First Lien Debt		S +		4.75%		8.57%		09/09/2032			—				(23	)			(49	)			0.00
FMG Suite Holdings, LLC		(6) (18)		First Lien Debt		S +		4.75%		8.57%		09/09/2032			—				(28	)			(29	)			0.00
Spectrio, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		9.82%		12/09/2026			11,549				11,312				9,415				0.28
Spectrio, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		9.82%		12/09/2026			4,628				4,532				3,773				0.11
Spectrio, LLC		(6) (10)		First Lien Debt		S +		6.00%		9.82%		12/09/2026			1,377				1,351				1,123				0.03
Triple Lift, Inc.		(6) (7) (11)		First Lien Debt		S +		5.75%		9.59%		05/05/2028			16,031				15,466				15,041				0.45
Triple Lift, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75%		9.59%		05/05/2028			—				(73	)			(106	)			0.00
																			52,770				49,401				1.46
IT Services
Apollo Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		8.72%		12/30/2031			25,594				25,363				25,594				0.76
Apollo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.72%		12/30/2031			75				26				75				0.00
Apollo Acquisition, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.72%		12/30/2030			—				(34	)			—				0.00
Asurion, LLC				First Lien Debt		S +		4.25%		7.97%		09/19/2030			7,269				7,257				7,265				0.21
Catalis Intermediate, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			23,137				22,787				22,847				0.68
Catalis Intermediate, Inc.		(6) (8) (11)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			5,206				5,130				5,141				0.15

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Catalis Intermediate, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			322				286				289				0.01
Cyber US Bidco, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.67%		12/30/2032			4,064				4,024				4,024				0.12
Cyber US Bidco, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		12/30/2032			—				(4	)			(4	)			0.00
Cyber US Bidco, LLC		(6) (11) (15) (18)		First Lien Debt		S +		5.00%		8.67%		12/30/2032			—				(3	)			(3	)			0.00
Endure Digital, Inc.		(6) (11)		First Lien Debt		S +		3.50%		7.40%		04/30/2029			5,191				5,152				4,162				0.12
Endure Digital, Inc.		(10)		First Lien Debt		S +		3.50%		7.40%		02/10/2028			161				160				129				0.00
Gainwell Acquisition Corp.		(11)		First Lien Debt		S +		4.00%		7.77%		10/01/2027			6,717				6,727				6,588				0.19
GI DI Cornfield Acquisition, LLC		(6) (7)		First Lien Debt		S +		4.50%		8.32%		03/09/2028			31,687				31,394				31,687				0.94
GI DI Cornfield Acquisition, LLC		(6) (7)		First Lien Debt		S +		4.50%		8.32%		03/09/2028			16,333				16,262				16,333				0.48
Idera, Inc.		(6) (8) (11)		Second Lien Debt		S +		6.75%		10.75%		03/02/2029			355				355				331				0.01
Redwood Services Group, LLC		(6) (8) (9) (11)		First Lien Debt		S +		5.25%		8.93%		06/15/2029			50,023				49,497				49,773				1.47
Redwood Services Group, LLC		(6) (11)		First Lien Debt		S +		5.25%		8.93%		06/15/2029			38,546				38,100				38,341				1.13
Ridge Trail US Bidco, Inc.		(6) (8) (11) (15)		First Lien Debt		S +		4.50%		8.10%		09/30/2031			48,491				47,864				48,491				1.43
Ridge Trail US Bidco, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.50%		8.10%		09/30/2031			—				(104	)			—				0.00
Ridge Trail US Bidco, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		4.50%		8.10%		03/31/2031			1,520				1,452				1,520				0.04
Sedgwick Claims Management Services, Inc.				First Lien Debt		S +		2.50%		6.22%		07/31/2031			7,373				7,394				7,394				0.22
Syntax Systems, Ltd.		(6) (8) (11) (15)		First Lien Debt		S +		5.00%		8.82%		10/27/2028			18,401				18,341				18,290				0.54
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (11)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			43,971				43,575				43,641				1.29
Thrive Buyer, Inc. (Thrive Networks)		(6) (11) (18)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			10,094				9,979				9,979				0.30
Thrive Buyer, Inc. (Thrive Networks)		(6) (11) (18)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			918				868				875				0.03
UpStack, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			5,525				5,478				5,484				0.16
UpStack, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			778				766				762				0.02
UpStack, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			213				206				206				0.01
Victors Purchaser, LLC		(6) (9) (12)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			14,081				13,975				14,075				0.42
Victors Purchaser, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			—				(9	)			—				0.00
Victors Purchaser, LLC		(6) (12) (18)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			160				148				160				0.00
Virtusa Corporation		(11)		First Lien Debt		S +		3.25%		6.97%		02/15/2029			4,950				4,960				4,957				0.15
																			367,372				368,406				10.90
Leisure Products
Recess Holdings, Inc.		(10)		First Lien Debt		S +		3.75%		7.62%		02/20/2030			6,423				6,463				6,458				0.19
Life Sciences Tools & Services
Model N, Inc.		(6) (7) (11)		First Lien Debt		S +		4.75%		8.42%		06/27/2031			19,648				19,484				19,648				0.58
Model N, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		06/27/2031			—				(21	)			—				0.00
Model N, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		06/27/2031			—				(23	)			—				0.00
Parexel International Corporation		(12)		First Lien Debt		S +		2.75%		6.47%		12/12/2031			6,495				6,502				6,513				0.19
																			25,942				26,161				0.77
Machinery
AI Aqua Merger Sub, Inc.		(12)		First Lien Debt		S +		3.00%		6.86%		07/31/2028			7,337				7,341				7,351				0.22
Answer Acquisition, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		9.82%		06/30/2028			38,535				38,338				34,766				1.03
Answer Acquisition, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%		9.82%		06/30/2028			1,050				1,037				708				0.02
Chase Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.59%		10/30/2028			19,635				19,383				19,422				0.57
Chase Intermediate, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.59%		10/30/2028			369				359				361				0.01
Conair Holdings, LLC		(12)		First Lien Debt		S +		3.75%		7.58%		05/17/2028			3,840				3,841				1,968				0.06
CPM Holdings, Inc.		(12)		First Lien Debt		S +		4.50%		8.34%		09/28/2028			4,949				4,877				4,919				0.15
Filtration Group Corporation		(12)		First Lien Debt		S +		2.75%		6.47%		10/21/2028			7,020				7,034				7,053				0.21

 

44

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & 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%		6.92%		12/22/2031			5,375				5,394				5,415				0.16
Madison IAQ, LLC		(12)		First Lien Debt		S +		2.50%		6.70%		06/21/2028			4,812				4,809				4,832				0.14
MHE Intermediate Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		9.99%		07/21/2027			7,792				7,776				7,792				0.23
MHE Intermediate Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		9.99%		07/21/2027			6,363				6,329				6,363				0.19
MHE Intermediate Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%		9.99%		07/21/2027			429				429				429				0.01
Roper Industrial Products Investment Company, LLC		(12)		First Lien Debt		S +		2.75%		6.42%		11/22/2029			3,930				3,945				3,951				0.12
TK Elevator US Newco, Inc.		(12)		First Lien Debt		S +		2.75%		6.95%		04/30/2030			7,274				7,294				7,315				0.22
																			118,186				112,645				3.33
Media
Aragorn Parent Corporation				First Lien Debt		S +		3.50%		7.22%		12/15/2028			5,770				5,762				5,803				0.17
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			43,001				42,023				43,001				1.27
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			4,539				4,460				4,539				0.13
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			2,203				2,165				2,203				0.07
Vessco Midco Holdings, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.49%		07/24/2031			37,150				36,850				36,980				1.09
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.49%		07/24/2031			9,351				9,256				9,293				0.27
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.49%		07/24/2031			—				(30	)			(17	)			0.00
																			94,724				95,999				2.84
Pharmaceuticals
Caerus US 1, Inc.		(6) (8) (9) (11) (15)		First Lien Debt		S +		5.00%		8.67%		05/25/2029			40,395				39,876				40,333				1.19
Caerus US 1, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%		8.67%		05/25/2029			5,912				5,830				5,903				0.17
Caerus US 1, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.00%		8.67%		05/25/2029			3,443				3,394				3,437				0.10
Real Chemistry Intermediate III, Inc.		(6) (9) (12)		First Lien Debt		S +		4.50%		8.17%		04/12/2032			19,125				19,037				19,029				0.56
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.17%		04/12/2032			4,633				4,602				4,590				0.14
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.17%		04/12/2032			—				(19	)			(21	)			0.00
Specialty Pharma III, Inc.		(6) (12)		First Lien Debt		P +		4.75%		11.50%		12/23/2032			3,706				3,687				3,687				0.11
Specialty Pharma III, Inc.		(6) (18)		First Lien Debt		P +		4.75%		11.50%		12/23/2032			—				(2	)			(2	)			0.00
																			76,405				76,956				2.28
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (8) (10)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			1,395				1,366				1,395				0.04
Abacus Data Holdings, Inc. (AbacusNext)		(6) (18)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			—				(12	)			—				0.00
Accordion Partners, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			56,873				56,398				56,863				1.68
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			8,864				8,783				8,857				0.26
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			—				(52	)			—				0.00
Ascend Partner Services, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			1,293				1,282				1,280				0.04
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			2,370				2,347				2,342				0.07
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			—				(4	)			(4	)			0.00
Bridgepointe Technologies, LLC		(6) (10)		First Lien Debt		S +		5.00%		8.67%		12/31/2027			18,479				18,219				18,479				0.55
Bridgepointe Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		12/31/2027			21,190				20,902				21,190				0.63
Bullhorn, Inc.		(6) (8) (10)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			3,429				3,410				3,429				0.10
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			4,371				4,355				4,371				0.13
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			53				52				53				0.00
Carr, Riggs and Ingram Capital, LLC		(6) (8) (12)		First Lien Debt		S +		4.25%		7.92%		11/18/2031			14,553				14,425				14,516				0.43
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%		7.92%		11/18/2031			1,993				1,958				1,975				0.06
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%		7.92%		11/18/2031			—				(29	)			(8	)			0.00

 

45

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
ComPsych Investment Corp.		(6) (7) (11)		First Lien Debt		S +		4.75%		8.61%		07/22/2031			15,312				15,247				15,312				0.45
ComPsych Investment Corp.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.61%		07/22/2031			—				(9	)			—				0.00
CoreLogic, Inc.		(12)		First Lien Debt		S +		3.50%		7.33%		06/02/2028			4,936				4,927				4,934				0.15
Deerfield Dakota Holding, LLC		(6) (11)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.42%		09/13/2032			46,109				45,668				45,715				1.35
Deerfield Dakota Holding, LLC		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.42%		09/13/2032			—				(41	)			(37	)			0.00
EAB Global, Inc.				First Lien Debt		S +		3.00%		6.72%		08/16/2030			3,920				3,919				3,463				0.10
Employbridge Holding Company				First Lien Debt		S +		4.75%		8.68%		01/19/2030			2,269				1,362				408				0.01
GPS Merger Sub, LLC		(6) (7) (10)		First Lien Debt		S +		5.25%		8.97%		10/02/2029			22,579				22,328				22,377				0.66
GPS Merger Sub, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.97%		10/02/2029			—				(21	)			(32	)			0.00
GPS Merger Sub, LLC		(6) (10) (18)		First Lien Debt		S +		5.25%		8.97%		10/02/2029			—				(47	)			(41	)			0.00
IG Investment Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		5.00%		8.84%		09/22/2028			32,930				32,688				32,930				0.97
IG Investment Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.84%		09/22/2028			—				(26	)			—				0.00
IQN Holding Corp.		(6) (7) (11)		First Lien Debt		S +		5.75% (incl. 3.125% PIK)		9.42%		05/02/2029			12,125				12,059				12,125				0.36
IQN Holding Corp.		(6) (11)		First Lien Debt		S +		5.75% (incl. 3.125% PIK)		9.42%		05/02/2029			3,966				3,926				3,966				0.12
IQN Holding Corp.		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 3.125% PIK)		9.42%		05/02/2028			626				622				626				0.02
KENG Acquisition, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%		8.34%		08/01/2029			10,924				10,744				10,869				0.32
KENG Acquisition, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.34%		08/01/2029			10,264				10,089				10,213				0.30
KENG Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.34%		08/01/2029			—				(49	)			(20	)			0.00
Mermaid Bidco, Inc.				First Lien Debt		S +		3.25%		7.15%		07/03/2031			3,960				3,973				3,970				0.12
Tidal Waste & Recycling Holdings, LLC				First Lien Debt		S +		2.75%		6.42%		10/24/2031			1,985				1,991				1,997				0.06
UHY Advisors, Inc.		(6) (9) (11)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			7,669				7,602				7,669				0.23
UHY Advisors, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			922				885				922				0.03
UHY Advisors, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			591				574				591				0.02
Verdantas, LLC		(6) (12)		First Lien Debt		S +		4.75%		8.42%		05/06/2031			32,758				32,356				32,758				0.97
Verdantas, LLC		(6) (10)		First Lien Debt		S +		4.75%		8.42%		05/06/2031			3,887				3,826				3,887				0.12
Verdantas, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		05/06/2030			1,132				1,094				1,132				0.03
WIPFLI Advisory, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.49%		10/01/2032			7,083				7,049				7,049				0.21
WIPFLI Advisory, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.49%		10/01/2032			—				(6	)			(6	)			0.00
WIPFLI Advisory, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.49%		10/01/2032			—				(9	)			(9	)			0.00
																			356,121				357,506				10.58
Real Estate Management & Development
Associations, Inc.		(6) (10)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			10,784				10,776				10,784				0.32
Associations, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			361				361				361				0.01
Associations, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			—				—				—				0.00
Inhabitiq, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.22%		01/12/2032			17,138				17,061				17,138				0.51
Inhabitiq, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.22%		01/12/2032			—				(10	)			—				0.00
Inhabitiq, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.22%		01/12/2032			—				(13	)			—				0.00
MRI Software, LLC		(6) (8) (10)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			68,062				67,952				67,883				2.01
MRI Software, LLC		(6) (10)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			7,461				7,411				7,441				0.22
MRI Software, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			1,096				1,081				1,082				0.03
Pritchard Industries, LLC		(6) (8) (11)		First Lien Debt		S +		5.75%		9.57%		10/13/2027			10,611				10,517				10,292				0.30
Pritchard Industries, LLC		(6) (11)		First Lien Debt		S +		5.75%		9.57%		10/13/2027			2,537				2,515				2,461				0.07
Zarya Intermediate, LLC		(6) (10) (15)		First Lien Debt		S +		6.50%		10.32%		07/01/2027			38,477				38,454				38,477				1.14
Zarya Intermediate, LLC		(6) (10) (15) (18)		First Lien Debt		S +		6.50%		10.32%		07/01/2027			—				—				—				0.00
																			156,105				155,919				4.61

 

46

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Software
Alert Media, Inc.		(6) (10)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%		04/12/2027			32,699				32,389				32,488				0.96
Alert Media, Inc.		(6) (10) (18)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%		04/12/2027			—				(25	)			(25	)			0.00
Anaplan, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		4.50%		8.32%		06/21/2029			79,968				79,251				79,968				2.37
Appfire Technologies, LLC		(6) (8) (10)		First Lien Debt		S +		4.75%		8.42%		03/09/2028			13,330				13,302				13,330				0.39
Appfire Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		03/09/2028			187				181				187				0.01
Appfire Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		03/09/2028			134				130				134				0.00
Applied Systems, Inc.				First Lien Debt		S +		2.50%		6.17%		02/24/2031			3,940				3,956				3,961				0.12
Apryse Software Corp.		(6) (7) (8) (12)		First Lien Debt		S +		4.75%		8.44%		06/28/2032			47,559				47,109				47,185				1.40
Apryse Software Corp.		(6) (12) (18)		First Lien Debt		S +		4.75%		8.44%		06/28/2032			—				(37	)			(31	)			0.00
Archduke Buyer, Inc.		(6) (12)		First Lien Debt		S +		5.50%		9.27%		12/03/2032			3,776				3,739				3,739				0.11
Archduke Buyer, Inc.		(6) (12) (18)		First Lien Debt		S +		5.50%		9.27%		12/03/2032			—				(3	)			(3	)			0.00
Artifact Bidco, Inc.		(6) (12)		First Lien Debt		S +		4.25%		7.82%		07/28/2031			21,837				21,654				21,837				0.65
Artifact Bidco, Inc.		(6) (18)		First Lien Debt		S +		4.25%		7.82%		07/28/2031			—				(21	)			—				0.00
Artifact Bidco, Inc.		(6) (12) (18)		First Lien Debt		S +		4.25%		7.82%		07/26/2030			—				(29	)			—				0.00
Astra Acquisition Corp.		(14)		First Lien Debt		S +		5.25%		0.00%		02/25/2028			844				759				165				0.00
Astra Acquisition Corp.		(14)		First Lien Debt		S +		5.25%		0.00%		10/25/2028			1,185				676				—				0.00
AuditBoard, Inc.		(6) (7) (11)		First Lien Debt		S +		4.50%		8.17%		07/14/2031			34,200				33,913				33,957				1.00
AuditBoard, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.17%		07/14/2031			16,286				16,141				16,170				0.48
AuditBoard, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		07/14/2031			—				(51	)			(46	)			0.00
Banyan Software Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			30,207				29,944				30,207				0.89
Banyan Software Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			22,886				22,643				22,838				0.68
Banyan Software Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			—				(27	)			—				0.00
Bottomline Technologies, Inc.		(6) (7) (11)		First Lien Debt		S +		4.50%		8.17%		05/14/2029			23,525				23,255				23,525				0.70
Bottomline Technologies, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.17%		05/15/2028			—				(14	)			—				0.00
CLEO Communications Holding, LLC		(6) (8) (10)		First Lien Debt		S +		5.50%		9.32%		06/09/2027			16,015				15,949				16,015				0.47
CLEO Communications Holding, LLC		(6) (10) (18)		First Lien Debt		S +		5.50%		9.32%		06/09/2027			—				(21	)			—				0.00
Cloudera, Inc.		(12)		First Lien Debt		S +		3.75%		7.57%		10/08/2028			7,360				7,322				7,010				0.21
Clover Holdings 2, LLC				First Lien Debt		S +		4.00%		7.77%		12/09/2031			5,970				5,967				5,964				0.18
Coupa Holdings, LLC		(6) (8) (9) (11)		First Lien Debt		S +		5.25%		9.09%		02/27/2030			20,712				20,363				20,712				0.61
Coupa Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		9.09%		02/27/2030			—				(6	)			—				0.00
Coupa Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		9.09%		02/27/2029			—				(8	)			—				0.00
Cyara AcquisitionCo, LLC		(6) (10)		First Lien Debt		S +		5.75%		9.42%		06/28/2029			63,071				62,048				63,071				1.87
Cyara AcquisitionCo, LLC		(6) (10) (18)		First Lien Debt		S +		5.75%		9.42%		06/28/2029			—				(61	)			—				0.00
Diligent Corporation		(6) (11)		First Lien Debt		S +		5.00%		8.82%		08/02/2030			73,157				72,726				73,105				2.16
Diligent Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.82%		08/02/2030			—				(59	)			(7	)			0.00
Diligent Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.82%		08/02/2030			1,677				1,638				1,672				0.05
Dragon Buyer, Inc.				First Lien Debt		S +		2.75%		6.42%		09/30/2031			4,950				4,952				4,950				0.15
E-Discovery AcquireCo, LLC		(6) (8) (10)		First Lien Debt		S +		6.25%		10.07%		08/29/2029			36,747				36,171				36,724				1.09
E-Discovery AcquireCo, LLC		(6) (10) (18)		First Lien Debt		S +		6.25%		10.07%		08/29/2029			2,322				2,267				2,320				0.07
ECI Macola Max Holding, LLC		(11)		First Lien Debt		S +		2.75%		6.42%		05/09/2030			4,801				4,806				4,821				0.14
Emburse, Inc.		(6) (9) (11)		First Lien Debt		S +		4.25%		7.92%		05/28/2032			22,105				22,054				22,050				0.65
Emburse, Inc.		(6) (11) (18)		First Lien Debt		S +		4.25%		7.92%		05/28/2032			—				(5	)			(10	)			0.00
Emburse, Inc.		(6) (11) (18)		First Lien Debt		S +		4.25%		7.92%		05/28/2032			—				(9	)			(10	)			0.00
Epicor Software Corporation		(11)		First Lien Debt		S +		2.50%		6.22%		05/30/2031			5,123				5,126				5,136				0.15

 

 

 

47

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Espresso Bidco, Inc.		(6) (8) (11)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032			27,444				27,076				27,033				0.80
Espresso Bidco, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032			—				(49	)			(111	)			0.00
Espresso Bidco, Inc.		(6) (11) (18)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032			—				(44	)			(49	)			0.00
Everbridge Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			55,297				55,066				55,297				1.64
Everbridge Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			6,508				6,460				6,508				0.19
Everbridge Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			—				(26	)			—				0.00
Formstack Acquisition, Co.		(6) (10)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			52,596				52,004				52,222				1.55
Formstack Acquisition, Co.		(6) (10) (18)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			5,163				5,016				5,013				0.15
Formstack Acquisition, Co.		(6) (10) (18)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			1,703				1,592				1,627				0.05
Fullsteam Operations, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		9.12%		08/08/2031			38,077				37,716				37,679				1.11
Fullsteam Operations, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		9.12%		08/08/2031			—				(59	)			(133	)			0.00
Fullsteam Operations, LLC		(6) (11) (18)		First Lien Debt		S +		5.25%		9.12%		08/08/2031			—				(39	)			(44	)			0.00
Granicus, Inc.		(6) (8) (9) (11)		First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.34%		01/17/2031			63,538				63,082				63,538				1.88
Granicus, Inc.		(6) (11) (18)		First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.34%		01/17/2031			13,765				13,689				13,765				0.41
Granicus, Inc.		(6) (18)		First Lien Debt		P +		4.25%		11.00%		01/17/2031			—				(61	)			—				0.00
GS AcquisitionCo, Inc.		(6) (8) (10)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			61,899				61,760				61,899				1.83
GS AcquisitionCo, Inc.		(6) (11) (18)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			1,441				1,433				1,441				0.04
GS AcquisitionCo, Inc.		(6) (10) (18)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			1,969				1,956				1,969				0.06
Hootsuite, Inc.		(6) (15)		First Lien Debt		S +		5.50%		9.23%		05/22/2030			18,617				18,397				18,384				0.54
Hootsuite, Inc.		(6) (15) (18)		First Lien Debt		S +		5.50%		9.23%		05/22/2030			1,260				1,237				1,234				0.04
Icefall Parent, Inc.		(6) (8) (10)		First Lien Debt		S +		4.50%		8.17%		01/25/2030			25,133				24,760				25,133				0.74
Icefall Parent, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.17%		01/25/2030			—				(34	)			—				0.00
LegitScript, LLC		(6) (7) (8) (11)		First Lien Debt		S +		5.75%		9.47%		06/24/2029			36,606				36,230				36,606				1.08
LegitScript, LLC		(6) (11)		First Lien Debt		S +		5.75%		9.47%		06/24/2029			968				958				968				0.03
LegitScript, LLC		(6) (11) (18)		First Lien Debt		S +		5.75%		9.47%		06/24/2028			2,109				2,066				2,109				0.06
LogRhythm, Inc.		(6) (10)		First Lien Debt		S +		7.50%		11.34%		07/02/2029			6,818				6,663				6,545				0.19
LogRhythm, Inc.		(6) (10) (18)		First Lien Debt		S +		7.50%		11.34%		07/02/2029			—				(14	)			(27	)			0.00
Magenta Buyer, LLC		(11)		First Lien Debt		S +		5.00%		9.10%		07/27/2028			4,799				4,791				1,440				0.04
McAfee, LLC		(12)		First Lien Debt		S +		3.00%		6.72%		03/01/2029			7,400				7,387				6,806				0.20
Montana Buyer, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		4.75%		8.47%		07/22/2029			31,876				31,565				31,876				0.94
Montana Buyer, Inc.		(6) (18)		First Lien Debt		P +		4.75%		11.50%		07/22/2028			—				(26	)			—				0.00
Nasuni Corporation		(6) (8) (11)		First Lien Debt		S +		5.00%		8.67%		09/10/2030			21,552				21,285				21,552				0.64
Nasuni Corporation		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		09/10/2030			—				(53	)			—				0.00
Netwrix Corporation And Concept Searching, Inc.		(6) (7) (8) (9) (11)		First Lien Debt		S +		4.50%		8.32%		06/11/2029			25,048				24,915				24,922				0.74
Netwrix Corporation And Concept Searching, Inc.		(6) (11) (18)		First Lien Debt		S +		4.50%		8.32%		06/11/2029			—				(7	)			(8	)			0.00
Oak Purchaser, Inc.		(6) (8) (11)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			12,502				12,420				12,408				0.37
Oak Purchaser, Inc.		(6) (11)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			9,513				9,441				9,419				0.28
Oak Purchaser, Inc.		(6) (18)		First Lien Debt		P +		4.50%		11.25%		05/31/2028			126				115				112				0.00
OceanKey (U.S.) II Corp.		(12)		First Lien Debt		S +		3.50%		7.32%		12/15/2028			6,869				6,877				6,763				0.20
Onit, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.56%		01/27/2032			31,481				31,198				31,481				0.93
Onit, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.56%		01/27/2032			—				(60	)			—				0.00
Onit, Inc.		(6) (11) (18)		First Lien Debt		S +		4.75%		8.56%		01/27/2032			—				(40	)			—				0.00
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%		8.72%		10/30/2031			11,613				11,512				11,381				0.34
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		E +		5.25%		7.15%		10/30/2031		€	6,613				7,122				7,611				0.23
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		SA +		5.50%		9.22%		10/30/2031		£	2,204				2,843				2,906				0.09

 

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost (5)				Fair Value				Percentage of Net Assets
Optimizely North America, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.00%		8.72%		10/30/2031			—				(17	)			(41	)			0.00
Polaris Newco, LLC		(12)		First Lien Debt		S +		3.75%		7.85%		06/02/2028			5,789				5,793				5,574				0.16
Pound Bidco, Inc.		(6) (8) (10) (15)		First Lien Debt		S +		6.00%		10.22%		02/01/2027			3,743				3,742				3,743				0.11
Pound Bidco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		6.00%		10.22%		02/01/2027			227				227				227				0.01
Pound Bidco, Inc.		(6) (10) (15) (18)		First Lien Debt		S +		6.00%		10.22%		02/01/2027			263				263				263				0.01
Project Leopard Holdings, Inc.		(7) (8) (12) (15)		First Lien Debt		S +		5.25%		9.19%		07/20/2029			22,620				21,656				19,425				0.57
Proofpoint, Inc.		(12)		First Lien Debt		S +		3.00%		6.67%		08/31/2028			6,970				6,966				7,000				0.21
Quartz Acquireco, LLC				First Lien Debt		S +		2.25%		5.92%		06/28/2030			4,900				4,909				4,888				0.14
Quest Software US Holdings, Inc.				First Lien Debt		S +		4.25%		8.24%		02/01/2029			3,561				3,053				2,957				0.09
Revalize, Inc.		(6) (8) (10)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.32%		04/16/2029			14,360				14,009				13,603				0.40
Revalize, Inc.		(6) (10) (18)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.32%		04/16/2029			547				542				506				0.01
Riskonnect Parent, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			30,289				29,918				30,289				0.90
Riskonnect Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			17,193				16,943				17,193				0.51
Riskonnect Parent, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			745				697				745				0.02
Runway Bidco, LLC		(6) (8) (12)		First Lien Debt		S +		5.00%		8.67%		12/17/2031			17,919				17,760				17,874				0.53
Runway Bidco, LLC		(6) (12) (18)		First Lien Debt		S +		5.00%		8.67%		12/17/2031			—				(19	)			(11	)			0.00
Runway Bidco, LLC		(6) (12) (18)		First Lien Debt		S +		5.00%		8.67%		12/17/2031			—				(19	)			(6	)			0.00
Saturn Borrower, Inc.		(6) (9) (10)		First Lien Debt		S +		6.00%		9.67%		11/10/2028			17,546				17,339				17,404				0.51
Saturn Borrower, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%		9.67%		11/10/2028			—				(36	)			(52	)			0.00
Saturn Borrower, Inc.		(6) (10) (18)		First Lien Debt		S +		6.00%		9.67%		11/10/2028			733				700				709				0.02
Securonix, Inc.		(6) (7) (8) (11)		First Lien Debt		S +		7.75% (incl. 3.75% PIK)		11.19%		04/05/2029			31,172				30,593				26,715				0.79
Securonix, Inc.		(6) (11) (18)		First Lien Debt		S +		7.75% (incl. 3.75% PIK)		11.19%		04/05/2029			—				(93	)			(772	)			-0.02
Trunk Acquisition, Inc.		(6) (8) (10)		First Lien Debt		S +		5.75%		9.57%		02/19/2030			13,104				13,039				13,104				0.39
Trunk Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		5.75%		9.57%		02/19/2030			1,851				1,836				1,851				0.05
Trunk Acquisition, Inc.		(6) (10) (18)		First Lien Debt		S +		5.75%		9.57%		02/19/2030			—				(3	)			—				0.00
UKG, Inc.				First Lien Debt		S +		2.50%		6.34%		02/10/2031			7,419				7,430				7,422				0.22
Vanco Payment Solutions, LLC		(6) (11)		First Lien Debt		S +		4.75%		8.42%		12/01/2031			3,725				3,688				3,688				0.11
Vanco Payment Solutions, LLC		(6) (11) (18)		First Lien Debt		S +		4.75%		8.42%		12/01/2031			—				(2	)			(2	)			0.00
Vision Solutions, Inc.		(11)		First Lien Debt		S +		4.00%		8.10%		04/24/2028			6,284				6,247				5,817				0.17
Project Boost Purchaser, LLC				First Lien Debt		S +		2.75%		6.42%		07/16/2031			4,950				4,956				4,960				0.15
																			1,390,292				1,385,457				40.99
Specialty Retail
Les Schwab Tire Centers				First Lien Debt		S +		2.50%		6.31%		04/23/2031			6,795				6,801				6,795				0.20
Textiles, Apparel & Luxury Goods
Gloves Buyer, Inc.		(12)		First Lien Debt		S +		4.00%		7.72%		05/21/2032			7,000				6,825				6,955				0.21
Varsity Brands, Inc.				First Lien Debt		S +		3.00%		6.67%		08/26/2031			5,970				5,974				5,989				0.18
																			12,799				12,944				0.38
Trading Companies & Distributors
Spin Holdco, Inc.		(11)		First Lien Debt		S +		4.00%		8.02%		03/04/2028			4,798				4,803				3,689				0.11
White Cap Buyer, LLC				First Lien Debt		S +		3.25%		6.97%		10/19/2029			2,419				2,421				2,428				0.07
																			7,224				6,117				0.18
Transportation Infrastructure
Brown Group Holding, LLC		(12)		First Lien Debt		S +		2.75%		6.56%		07/01/2031			4,925				4,930				4,947				0.15
Jeppesen Holdings, LLC		(6) (12)		First Lien Debt		S +		4.75%		8.59%		11/01/2032			32,648				32,487				32,487				0.96
Jeppesen Holdings, LLC		(6) (12) (18)		First Lien Debt		S +		4.75%		8.59%		11/01/2032			—				(8	)			(8	)			0.00
KKR Apple Bidco, LLC				First Lien Debt		S +		2.50%		6.22%		09/23/2031			7,277				7,257				7,312				0.22

 

49

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)		Cost (5)		Fair Value		Percentage of Net Assets
																44,666		44,738		1.32
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		8.67%		05/13/2032		37,699		37,347		37,643		1.11
CCI Buyer, Inc.		(6) (11) (18)		First Lien Debt		S +		5.00%		8.67%		05/13/2032		—		(20)		(3)		0.00
Mobile Communications America, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.75%		8.69%		10/16/2029		13,378		13,241		13,378		0.40
Mobile Communications America, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.69%		10/16/2029		3,653		3,596		3,653		0.11
Mobile Communications America, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.69%		10/16/2029		440		420		440		0.01
																54,584		55,111		1.63
Total Debt Investments - non-controlled/non-affiliated																$6,530,856		$6,449,253		190.82%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.		(6) (10) (19)		Second Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.07%		02/28/2030		13,946		13,946		13,946		0.41
KWOR Acquisition, Inc.		(6) (10) (18) (19)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.07%		02/28/2030		75		13		75		0.00
KWOR Acquisition, Inc.		(6) (10) (18) (19)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.07%		02/28/2030		111		18		111		0.00
KWOR Acquisition, Inc.		(6) (19)		Other Debt		S +		8.00% PIK		12.20%		02/28/2030		4,897		4,897		4,897		0.14
Total Debt Investments - non-controlled/affiliated																$18,874		$19,029		0.56%
Total Debt Investments																$6,549,730		$6,468,282		191.38%

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair Value				Percentage of Net Assets
Aerospace & Defense
AASC Holdings, LP		(6) (16) (17)		Common Equity								11/14/2025			88			$	92			$	92				0.00	%
Automobile Components
Continental Battery Company		(6) (16) (17)		Common Equity								07/16/2025			15,517				—				—				0.00
Shelby Co-invest, LP (Spectrum Automotive)		(6) (16) (17)		Common Equity								06/29/2021			1,500				228				333				0.01
Wheel Pros, LLC		(16) (17)		Common Equity								12/02/2024			10,032				1,655				1,655				0.05
																			1,883				1,988				0.06
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (16) (17)		Common Equity								02/03/2025			250,000				238				289				0.01
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (16) (17)		Common Equity								12/20/2021			500,000				625				867				0.03
Surewerx Topco, LP		(6) (15) (16) (17)		Common Equity								12/28/2022			384				413				432				0.01
																			1,276				1,588				0.05
Containers & Packaging
BP Purchaser, LLC		(6) (16) (17)		Common Equity								12/10/2021			1,383,156				878				—				0.00
BP Purchaser, LLC Rights		(6) (16) (17)		Common Equity								03/12/2024			1,666,989				75				—				0.00
FORTIS Solutions Group, LLC		(6) (17)		Preferred Equity		12.25%						06/24/2022			4,000,000				5,773				3,985				0.12
																			6,726				3,985				0.12
Distributors
48Forty Solutions, LLC		(6) (8) (9) (16) (17)		Common Equity								11/01/2024			7,205				—				—				0.00
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (17)		Preferred Equity		12.50% PIK						09/05/2024			310				3,469				3,120				0.09
FPG Parent, LLC		(6) (16) (17)		Common Equity								07/18/2025			5,945				—				—				0.00
Leaf Home, LLC		(6) (17)		Preferred Equity		14.00% PIK						09/04/2025			600,000				607				774				0.02
LUV Car Wash		(6) (16) (17)		Common Equity								12/06/2022			1,383				1,330				973				0.03
																			5,406				4,867				0.14

 

50

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Table of Contents

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares (4)				Cost (5)				Fair Value				Percentage of Net Assets
Electrical Equipment
Sparkstone Electrical Group		(6) (16) (17)		Common Equity								10/15/2024			1,500				150				65				0.00
Financial Services
Applitools, Inc.		(6) (15) (16) (17)		Common Equity								07/18/2025			3,880,115				2,219				1,884				0.06
Health Care Providers & Services
SDB Holdco, LLC		(6) (16) (17)		Common Equity								03/29/2024			14,561,479				—				—				0.00
Suveto Buyer, LLC		(6) (15) (16) (17)		Common Equity								11/19/2021			3,398				307				393				0.01
Vardiman Black Holdings, LLC		(6) (17)		Preferred Equity		6.00% PIK						03/29/2024			7,065,190				5,247				-				0.00
																			5,554				393				0.01
Insurance Services
Amerilife Holdings, LLC		(6) (16) (17)		Common Equity								09/01/2022			9,880				273				592				0.02
Frisbee Holdings, LP (Fetch)		(6) (16) (17)		Common Equity								10/31/2022			33,276				424				1,193				0.04
Integrity Marketing Acquisition, LLC		(6) (17)		Preferred Equity		10.50%						12/21/2021			750,000				1,127				1,028				0.03
																			1,824				2,813				0.08
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (16) (17)		Common Equity								09/09/2025			500				—				—				0.00
FMG Suite Holdings, LLC		(6) (17)		Preferred Equity		8.00% PIK						09/09/2025			500				513				513				0.02
																			513				513				0.02
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16) (17)		Common Equity								07/12/2021			5,196				317				256				0.01
Verdantas, LLC		(6) (16) (17)		Common Equity								05/03/2024			8,848				9				13				0.00
Verdantas, LLC		(6) (17)		Preferred Equity		10.00%						05/03/2024			875,952				1,035				1,291				0.04
																			1,361				1,560				0.05
Real Estate Management & Development
Pritchard Industries, LLC		(6) (16) (17)		Common Equity								10/13/2021			332,248				352				249				0.01
Software
Cohesity Global, Inc.		(17)		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) (17)		Preferred Equity		S +	10.75%					06/25/2022			5,482				7,719				7,934				0.23
Revalize, Inc.		(6) (17)		Preferred Equity		S +	10.00%					12/14/2021			2,951				4,703				4,248				0.13
Reveal Data Solutions		(6) (16) (17)		Common Equity								08/29/2023			861,539				1,122				1,044				0.03
RSK Holdings, Inc. (Riskonnect)		(6) (17)		Preferred Equity		S +		10.50%				07/07/2022			10,679,200				17,455				17,754				0.53
																			32,901				35,128				1.04
Total Equity Investments - non-controlled/non-affiliated																		$	60,257			$	55,125				1.63	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.		(6) (16) (17) (19)		Common Equity								02/28/2025			2,785				1,069				—				0.00
KWOR Intermediate I, Inc.		(6) (17) (19)		Preferred Equity		S +		8.00% PIK				02/28/2025			2,978,848				2,979				1,927				0.06
Total Equity Investments - non-controlled/affiliated															-				4,048				1,927				0.06
Total Equity Investments																		$	64,305			$	57,052				1.69	%
Equity Investments - controlled/affiliated
Investments in Joint Ventures
North Haven Keystone, LLC		(17) (20)		LLC Interest								10/29/2025			85,438,200				85,438				85,276				2.52
Total Investments in Joint Ventures																		$	85,438			$	85,276				2.52	%
Total Portfolio Investments																		$	6,699,473			$	6,610,610				195.59	%

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments
Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares						3.62%					38,403				38,403				1.14	%
Cash											199,865				199,865				5.91	%
Total Cash and Cash Equivalents and Short Term Investments											238,268				238,268				7.05	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments										$	6,937,741			$	6,848,878				202.64	%

 

(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 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, 2025, the Company would be deemed to “control” one of its portfolio companies, as indicated below. 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, 2025, the Company is an “affiliated person” of two 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 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, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the C at 2.26%, 1-month E at 1.94%, 1-month S at 3.69%, 3-month S at 3.65%, 6-month S at 3.57%, SA at 3.73% and the P at 6.75%.

(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 Wells Funding Facility (as defined below). See Note 6 “Debt”.

(8)

Assets or a portion thereof are pledged as collateral for the JPM 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 December 31, 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 December 31, 2025, non-qualifying assets represented 6.64% of total assets as calculated in accordance with regulatory requirements.

(16)

Non-income producing security.

(17)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $142,328 or 4.21% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(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 stated. See below for more information on the Company’s unfunded commitments as of December 31, 2025:

 

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt — non-controlled/non-affiliated
48Forty Solutions, LLC		Revolver		11/30/2029		$	1,434			$	(846	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026			1,911				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			2,435				—
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		12/17/2027			2,910				(7	)
Accordion Partners, LLC		Revolver		11/17/2031			6,393				—
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			1,191				(6	)
Alert Media, Inc.		Revolver		04/12/2027			3,870				(25	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026			158				(1	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			5,395				(40	)
Amerilife Holdings, LLC		Revolver		08/31/2028			2,248				(17	)
Answer Acquisition, LLC		Revolver		06/30/2028			2,450				(240	)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026			3,127				(140	)
Any Hour, LLC		Revolver		05/23/2030			277				(12	)
Apex Service Partners, LLC		Revolver		10/24/2029			3,883				(3	)
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		06/28/2026			1,465				—
Appfire Technologies, LLC		Revolver		03/09/2028			490				—
Applitools, Inc.		Revolver		05/25/2028			1,600				(28	)
Apryse Software Corp.		Revolver		06/28/2032			3,941				(31	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			761				(1	)
Aptean, Inc.		Revolver		01/30/2031			4,305				(5	)
Archduke Buyer, Inc.		Revolver		12/03/2032			274				(3	)
Arcoro Holdings Corp.		Revolver		03/28/2030			8,609				(148	)
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			67				(1	)
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			298				(3	)
Ascend Partner Services, LLC		Revolver		08/11/2031			449				(4	)
Assembly Intermediate, LLC		Revolver		10/19/2027			889				—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			482				—
Associations, Inc.		Revolver		07/03/2028			678				—
Astra Service Partners, LLC		Delayed Draw Term Loan		11/26/2027			1,480				(6	)
Atlas US Finco, Inc.		Revolver		12/09/2028			4,395				—
AuditBoard, Inc.		Revolver		07/14/2031			6,514				(46	)
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			2,667				(27	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		10/08/2027			7,816				(42	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			3,261				—
Bottomline Technologies, Inc.		Revolver		05/15/2028			1,733				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			2,015				—
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			343				—
Bullhorn, Inc.		Revolver		10/01/2029			346				—

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
CCI Buyer, Inc.		Revolver		05/13/2032			2,207				(3	)
CLEO Communications Holding, LLC		Revolver		06/09/2027			5,358				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			5,408				(14	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			4,039				(10	)
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			929				(1	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			5,432				(14	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			3,400				(9	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			2,312				(29	)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			8,048				(20	)
Cerity Partners, LLC		Revolver		07/28/2031			958				(2	)
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			4,160				(37	)
Chase Intermediate, LLC		Revolver		10/30/2028			608				(5	)
Cliffwater, LLC		Revolver		04/22/2032			2,036				(15	)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,667				—
Computer Services, Inc.		Delayed Draw Term Loan		11/15/2027			4,137				(10	)
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026			3,126				(4	)
Consor Intermediate II, LLC		Revolver		05/12/2031			1,130				(1	)
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				—
Cyber US Bidco, LLC		Delayed Draw Term Loan		01/02/2029			797				(4	)
Cyber US Bidco, LLC		Revolver		12/30/2032			350				(4	)
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				(37	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			10,706				(7	)
Diligent Corporation		Revolver		08/02/2030			5,460				(4	)
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			8,375				—
Drivecentric Holdings, LLC		Revolver		08/15/2031			4,059				—
Dwyer Instruments, Inc.		Revolver		07/20/2029			3,329				(17	)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			2,032				(1	)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			10,559				(17	)
EVDR Purchaser, Inc.		Revolver		02/14/2031			5,069				(8	)
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	)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026			825				(17	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			1,343				(27	)
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				(14	)

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Essential Services Holding Corporation		Revolver		06/17/2030			1,933				(5	)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			10,196				—
Everbridge Holdings, LLC		Revolver		07/02/2031			6,708				—
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				(49	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			2,921				(29	)
FORTIS Solutions Group, LLC		Revolver		10/15/2027			1,274				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027			430				—
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			2,078				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			1,050				—
Formstack Acquisition, Co.		Delayed Draw Term Loan		03/30/2026			15,916				(113	)
Formstack Acquisition, Co.		Revolver		03/28/2030			8,938				(64	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			542				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			3,212				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			12,692				(133	)
Fullsteam Operations, LLC		Revolver		08/08/2031			4,231				(44	)
GB Eagle Buyer, Inc.		Delayed Draw Term Loan		11/12/2027			6,660				(33	)
GB Eagle Buyer, Inc.		Revolver		11/29/2030			4,440				(43	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/06/2027			1,044				(3	)
GC Waves Holdings, Inc.		Revolver		10/04/2030			1,723				—
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/04/2027			3,668				(32	)
GPS Merger Sub, LLC		Revolver		10/02/2029			4,657				(41	)
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026			2,438				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			3,348				—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026			3,235				—
Galway Borrower, LLC		Revolver		09/29/2028			2,774				—
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			5,051				(51	)
GarageCo Intermediate II, LLC		Revolver		07/30/2032			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		07/31/2026			657				—
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		Delayed Draw Term Loan		11/08/2027			5,162				(31	)
Heartland Veterinary Partners, LLC		Revolver		06/12/2028			1,298				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		12/10/2027			3,228				(8	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		09/30/2026			6,151				—
High Street Buyer, Inc.		Revolver		04/16/2027			825				(2	)
Hootsuite, Inc.		Revolver		05/22/2030			840				(11	)
Hyland Software, Inc.		Revolver		09/19/2029			3,699				—

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
IG Investment Holdings, LLC		Revolver		09/22/2028			3,736				—
IQN Holding Corp.		Revolver		05/02/2028			337				—
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			1,836				(5	)
Inszone Mid, LLC		Delayed Draw Term Loan		10/18/2027			4,008				(19	)
Inszone Mid, LLC		Revolver		11/30/2029			3,575				(9	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			1,097				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			663				—
Invictus Buyer, LLC		Revolver		06/03/2031			245				—
Iris Buyer, LLC		Revolver		10/02/2029			2,883				(7	)
Iris Specialty Acquisiton, LLC		Delayed Draw Term Loan		11/20/2028			4,958				(12	)
Iris Specialty Acquisiton, LLC		Revolver		11/22/2032			4,363				(21	)
Jeppesen Holdings, LLC		Revolver		11/01/2032			1,632				(8	)
Jonathan Acquisition Company		Revolver		05/11/2029			453				(7	)
KENG Acquisition, Inc.		Revolver		08/01/2029			4,053				(20	)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			3,219				—
Kodiak Buyer, LLC		Revolver		07/23/2032			2,575				—
LHS Borrower, LLC		Revolver		09/04/2031			868				(13	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/12/2027			2,885				—
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			717				—
LegitScript, LLC		Revolver		06/24/2028			3,750				—
Lightspeed Buyer, Inc.		Revolver		02/03/2027			279				—
LogRhythm, Inc.		Revolver		07/02/2029			682				(27	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			1,025				(10	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			992				(10	)
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			643				—
MRI Software, LLC		Revolver		02/10/2028			4,384				(12	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			7,930				—
ManTech International CP		Delayed Draw Term Loan		02/17/2026			936				—
ManTech International CP		Revolver		09/14/2028			4,800				—
Merative, LP		Delayed Draw Term Loan		09/30/2027			3,365				(17	)
Merative, LP		Revolver		09/30/2032			2,944				(15	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			3,466				—
Mobile Communications America, Inc.		Revolver		10/16/2029			1,761				—
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	)

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
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			4,079				—
Nasuni Corporation		Revolver		09/10/2030			4,490				—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			1,579				(8	)
OEConnection, LLC		Delayed Draw Term Loan		12/26/2028			876				(2	)
OEConnection, LLC		Revolver		12/23/2032			231				(1	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027			2,981				(22	)
Oak Purchaser, Inc.		Revolver		05/31/2028			1,763				(13	)
One, Inc. Software Corporation		Delayed Draw Term Loan		12/06/2027			967				(5	)
One, Inc. Software Corporation		Revolver		12/06/2032			387				(4	)
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			2,033				(41	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			858				(13	)
PMA Parent Holdings, LLC		Revolver		01/31/2031			398				(4	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026			3,217				—
Pamlico Avant Holdings, LP		Revolver		12/31/2032			1,474				(15	)
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			9,920				—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			394				—
PerkinElmer U.S., LLC		Delayed Draw Term Loan		10/25/2027			1,290				(3	)
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027			147				—
Pound Bidco, Inc.		Revolver		02/01/2027			125				—
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			3,928				—
Project Potter Buyer, LLC		Revolver		04/23/2027			885				—
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		06/30/2026			850				(8	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		12/20/2027			2,742				(14	)
Randy's Holdings, Inc.		Revolver		11/01/2029			1,842				(18	)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029			2,907				—
Raven Acquisition Holdings, LLC		Delayed Draw Term Loan		11/19/2026			333				1
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			3,868				(19	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			4,250				(21	)
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027			2,271				(11	)
Revalize, Inc.		Revolver		04/16/2029			234				(12	)
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			4,781				—
Riskonnect Parent, LLC		Revolver		12/07/2028			3,320				—
RoadOne IntermodaLogistics		Revolver		12/29/2028			27				(1	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,926				(6	)

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
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			306				—
SV Newco 2, Inc.		Revolver		06/02/2031			11,921				(16	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			6,429				(52	)
Saturn Borrower, Inc.		Revolver		11/10/2028			2,160				(17	)
Securonix, Inc.		Revolver		04/05/2029			5,403				(772	)
Sherlock Buyer Corp.		Revolver		12/07/2029			2,978				(94	)
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027			2,142				—
Smarsh, Inc.		Revolver		02/16/2029			986				—
Sonny's Enterprises, LLC		Revolver		08/05/2027			3,331				(94	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			2,125				(159	)
Spark Buyer, LLC		Revolver		10/15/2031			701				(53	)
Specialty Pharma III, Inc.		Revolver		12/23/2032			478				(2	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027			2,379				—
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			500				—
Superman Holdings, LLC		Revolver		08/29/2031			3,675				—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		06/29/2026			451				(1	)
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			999				(2	)
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			593				(1	)
Suveto Buyer, LLC		Revolver		09/09/2027			528				—
Sweep Purchaser, LLC		Revolver		06/30/2027			375				—
TA Polaris Buyer, Inc.		Delayed Draw Term Loan		12/12/2028			4,324				(11	)
TA Polaris Buyer, Inc.		Revolver		12/13/2032			1,297				(7	)
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			2,440				(6	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			4,328				(11	)
Tank Holding Corp.		Revolver		03/31/2028			1,867				(161	)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			5,200				(39	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			4,818				(36	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			2,132				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			2,790				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			709				(7	)
Transit Technologies, LLC		Revolver		08/20/2030			2,591				—
Trintech, Inc.		Revolver		07/25/2029			3,934				(20	)
Triple Lift, Inc.		Revolver		05/05/2028			1,714				(106	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			326				—
Trunk Acquisition, Inc.		Revolver		02/19/2030			1,071				—
Two Six Labs, LLC		Revolver		08/20/2027			915				—
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			6,805				—
UHY Advisors, Inc.		Revolver		11/21/2031			1,455				—
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			1,347				(10	)

 

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
UpStack, Inc.		Revolver		08/25/2031			638				(5	)
V Global Holdings, LLC		Revolver		01/02/2029			1,300				(103	)
VRC Companies, LLC		Revolver		06/29/2027			915				—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			4,837				(36	)
Vamos Bidco, Inc.		Revolver		01/30/2032			1,451				(11	)
Vanco Payment Solutions, LLC		Revolver		12/01/2031			175				(2	)
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026			66				(6	)
Vehlo Purchaser, LLC		Revolver		05/24/2028			360				—
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026			508				—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			830				—
Verdantas, LLC		Revolver		05/06/2030			2,406				—
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			791				(38	)
Vertex Service Partners, LLC		Revolver		11/08/2030			1,616				(30	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			1,961				(9	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		05/03/2028			3,123				(8	)
Vessco Midco Holdings, LLC		Revolver		07/24/2031			3,771				(17	)
Victors Purchaser, LLC		Delayed Draw Term Loan		12/23/2027			2,281				—
Victors Purchaser, LLC		Revolver		12/23/2032			1,714				—
WIPFLI Advisory, LLC		Delayed Draw Term Loan		04/01/2028			2,656				(6	)
WIPFLI Advisory, LLC		Revolver		10/01/2032			1,771				(9	)
World Insurance Associates, LLC		Revolver		04/03/2030			970				—
YI, LLC		Revolver		12/03/2029			2,795				—
Zarya Intermediate, LLC		Revolver		07/01/2027			3,789				—
eShipping, LLC		Delayed Draw Term Loan		12/23/2027			1,075				(3	)
eShipping, LLC		Revolver		12/23/2032			470				(2	)
iCIMS, Inc.		Revolver		08/18/2028			448				(3	)
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			2,788				(28	)
mPulse Mobile, Inc.		Revolver		08/26/2032			4,183				(42	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated						$	853,548			$	(5,775	)
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						$	858,781			$	(5,775	)

 

 

(19)

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 year ended December 31, 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 December 31, 2025				Interest, Dividend and Other Income
KWOR Acquisition, Inc. (a)		$	—			$	22,923			$	—			$	(1,967	)		$	—			$	20,956			$	1,954
Total		$	—			$	22,923			$	—			$	(1,967	)		$	—			$	20,956			$	1,954

 

 

(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.

(20)

As defined in the 1940 Act, the Company is deemed to be a "control person" of the portfolio company as the Company owns, either directly or indirectly, 25% or more of the portfolio company's voting securities ("controlled affiliate"). Transactions related to investments in controlled affiliates as of December 31, 2025 were as follows(1):

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

		Fair Value as of December 31, 2024				Gross Additions (a)				Gross Reductions (b)				Net Change in Unrealized Gains (Losses)				Net Realized Gain (Loss)				Fair Value as of December 31, 2025				Interest, Dividend and Other Income
North Haven Keystone, LLC		$	—			$	85,438			$	—			$	(162	)		$	—			$	85,276			$	1,174
Total		$	—			$	85,438			$	—			$	(162	)		$	—			$	85,276			$	1,174

 

Although the Company owns more than 25% of the voting securities of NH Keystone, the Company does not believe that it has control over NH Keystone (other than for purposes of 1940 Act). See Note 4 “Investments”.

(a)

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

(b)

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.

 

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 2028 Notes		8.13%		S + 4.88%		03/16/2028			146,000			$	(477	)			—			$	2,043
SMBC Capital Markets, Inc.		Series B 2026 Notes		8.84%		S + 6.12%		08/10/2026			107,000				(578	)			—				249
SMBC Capital Markets, Inc.		Series B 2028 Notes		8.88%		S + 5.56%		08/10/2028			128,000				(365	)			—				2,143
SMBC Capital Markets, Inc.		Series C 2027 Notes		8.92%		S + 4.49%		03/01/2027			136,500				1,481				—				739
SMBC Capital Markets, Inc.		Series C 2029 Notes		9.07%		S + 4.77%		03/01/2029			163,500				4,128				—				3,189
MUFG Bank, Ltd.		Series D 2027 Notes		6.84%		S + 3.46%		08/05/2027			100,000				(3	)			—				856
MUFG Bank, Ltd.		Series D 2029 Notes		6.91%		S + 3.48%		08/05/2029			200,000				(148	)			—				3,716
Royal Bank of Canada		2028 Notes		5.38%		S + 2.06%		09/22/2028			300,000				(514	)							(514	)
											1,281,000			$	3,524			$	—			$	12,421

 

(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

Notes to the Consolidated Financial Statements (Unaudited)

March 31, 2026

(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, 2026.

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 March 31, 2026, 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”), SLIC Financing SPV LLC (“SLIC Financing SPV”), 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, SLIC Financing SPV, SLIC Equity Holdings

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the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation. The Company does not consolidate its investment in NH Keystone. See Note 4 “Investments.”

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 net asset value 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 are 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 March 31, 2026 and December 31, 2025, the Company had certain investments in six and five portfolio companies that were on non-accrual status, respectively. The amortized cost of investments on non-accrual status as of March 31, 2026 and December 31, 2025 was $126,122 and $121,125, 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 months ended March 31, 2026 and December 31, 2025, the Company accrued $102 and $– 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, Co-Presidents, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in member’s capital 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 consolidated financial statement disclosures.

(3) Significant Agreements and RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On November 4, 2021, the Company entered into an investment advisory agreement with the Investment 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 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 months ended March 31, 2026 and March 31, 2025, base management fees were $8,996, and $6,535, net of waiver, respectively. As of March 31, 2026 and December 31, 2025, $8,996 and $3,236, 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 months ended March 31, 2026 and March 31, 2025, income based incentive fees were $8,557 and $7,611, net of waiver, respectively. As of March 31, 2026 and December 31, 2025, $8,557 and $4,176, respectively, was payable to the Investment Adviser relating to income-based incentive fees. Any income-based incentive fee waived is not subject to recoupment by the Adviser.

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 fee (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 fee. If such amount is negative, no accrual is recorded for such period.

For the three months ended March 31, 2026 and March 31, 2025, there were no capital gains incentive fee 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 fee 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 was most recently re-approved in August 2025.

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred $117 and $4, 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 March 31, 2026 and December 31, 2025 were $89 and $36, 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 months ended March 31, 2026 and March 31, 2025, the Company incurred $7,222 and $7,163 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 March 31, 2026 and December 31, 2025 were $4,870 and $5,822, 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 months ended March 31, 2026 and March 31, 2025, the Company did not incur any organization costs, offering costs or expense support. For the three months ended March 31, 2026 and March 31, 2025, the Investment Adviser did not recaptured any previously waived amounts from the Company. As of March 31, 2026, 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. 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.

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:

 

			March 31, 2026									December 31, 2025
			Cost			Fair Value		% of Total Investments at Fair Value				Cost			Fair Value		% of Total Investments at Fair Value
First Lien Debt		$	6,264,270		$	6,149,937		97.0	%		$	6,506,675		$	6,424,695		97.1	%
Second Lien Debt			22,049			22,199		0.3				31,045			32,023		0.5
Other Debt Investments			8,741			7,381		0.1				12,010			11,564		0.2
Equity			76,929			63,969		1.0				64,305			57,052		0.9
Investments in Joint Venture			100,439			99,225		1.6				85,438			85,276		1.3
Total		$	6,472,428		$	6,342,711		100.0	%		$	6,699,473		$	6,610,610		100.0	%

 

 

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

 

			March 31, 2026			December 31, 2025
Aerospace & Defense			1.8	%		1.5	%
Air Freight & Logistics (1)			—			0.8
Automobile Components			1.6			1.6
Automobiles			2.3			2.5
Banks			0.1			0.1
Beverages			0.2			0.2
Building Products			0.2			0.2
Capital Markets			0.1			0.1
Chemicals			1.1			1.1
Commercial Services & Supplies			8.6			7.5
Construction & Engineering			2.3			2.1
Consumer Staples Distribution & Retail			0.6			0.6
Containers & Packaging			1.1			1.1
Distributors			1.5			1.4
Diversified Consumer Services			5.2			5.2
Electrical Equipment			0.5			0.5
Electronic Equipment, Instruments & Components			3.4			3.8
Entertainment			0.1			0.1
Financial Services			2.9			3.5
Food Products (1)			—			—
Ground Transportation			0.9			0.8
Health Care Equipment & Supplies			1.1			1.1
Health Care Providers & Services			6.3			6.3
Health Care Technology			1.6			1.8
Household Durables			0.1			0.1
Independent Power and Renewable Electricity Producers			0.1			0.1
Industrial Conglomerates			2.0			2.4
Insurance Services			10.0			9.5
Interactive Media & Services			0.9			0.8
Investments in Joint Ventures			1.6			1.3
IT Services			6.0			5.6
Leisure Products			0.1			0.1
Life Sciences Tools & Services			0.4			0.4
Machinery			1.8			1.7
Multi-Utilities			0.7			1.5
Pharmaceuticals			1.2			1.2
Professional Services			5.0			5.9
Real Estate Management & Development			2.5			2.4
Software			22.2			21.3
Specialty Retail			0.1			0.1
Textiles, Apparel & Luxury Goods			0.1			0.1
Trading Companies & Distributors			0.1			0.1
Transportation Infrastructure			0.7			0.7
Wireless Telecommunication Services			0.9			0.8
Total			100.0	%		100.0	%

 

(1) Rounds to 0.

 

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

 

			March 31, 2026											December 31, 2025
			Cost			Fair Value		% of Total Investments at Fair Value		% of Total Net Assets at Fair Value				Cost				Fair Value		% of Total Investments at Fair Value		% of Total Net Assets at Fair Value
Australia		$	64,060		$	64,065		1.0	%	2.0	%		$	64,182			$	64,920		1.0	%	1.9	%
Canada			115,102			115,411		1.8		3.6				124,530				125,168		1.9		3.7
United Kingdom			49,052			49,469		0.8		1.5				49,100				49,673		0.8		1.5
United States			6,244,214			6,113,766		96.4		189.3				6,461,661				6,370,849		96.3		188.5
Total		$	6,472,428		$	6,342,711		100.0	%	196.4	%		$	6,699,473			$	6,610,610		100.0	%	195.6	%

North Haven Keystone LLC

North Haven Keystone LLC, a Delaware limited liability company, was formed as a joint venture (“NH Keystone”) between the Company and a large North American insurance company (the “JV Partner”), commenced operations on September 25, 2025 and operates under a limited liability company agreement. NH Keystone’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 NH Keystone. The Company and the JV Partner have equal control of NH Keystone’s investment decisions and generally all other decisions in respect of NH Keystone must be approved by NH Keystone’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 March 31, 2026, the Company and the JV Partner made capital contributions of $100,439 and $15,061 in member's equity, respectively, to NH Keystone.

The following table presents the selected consolidated statements of assets and liabilities information of NH Keystone as of March 31, 2026 and December 31, 2025:

			As of March 31, 2026					As of December 31, 2025
			(Unaudited)					(Audited)
Assets
Investments, at fair value (cost of $296,441 and $249,905)		$		294,975			$		249,685
Cash				22,039					10,976
Other assets				2,173					6,538
Total assets				319,187					267,199
Liabilities
Debt				197,750					153,000
Other liabilities				7,333					16,136
Total liabilities		$		205,083			$		169,136
Total Members' Equity		$		114,104			$		98,063

 

The following table presents the selected consolidated statements of operations information of NH Keystone for the three months ended March 31, 2026:

			For the Three Months Ended March 31,2026
Income
Investment income		$		6,028
Expenses
Net operating expenses				2,691
Net investment income (loss)		$		3,337
Total net realized and unrealized gain (loss)				(1,246	)
Net increase (decrease) in members' equity resulting from operations		$		2,091

 

 

 

Below is a summary of NH Keystone’s portfolio as of March 31, 2026:

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			As of March 31, 2026
Number of portfolio companies				52
Number of industries				19
Weighted average yield on total portfolio, at cost(1)				8.7	%
Weighted average yield on total portfolio, at fair value(1)				8.7	%
Average position size of investments (in millions)		$		5.67

 

(1) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of NH Keystone 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Consolidated Schedule of Investments as of March 31, 2026

 

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
GB Eagle Buyer, Inc.		(3) (5)		First Lien Debt		S +		4.75%		11/29/2030			8,547			$	8,466			$	8,462				7.42	%
GB Eagle Buyer, Inc.		(3) (5)		First Lien Debt		S +		4.75%		11/29/2030			1,998				1,978				1,978				1.73
GB Eagle Buyer, Inc.		(3) (6)		First Lien Debt		S +		4.75%		11/29/2030			556				541				541				0.47
AA&D Midco, Inc.		(3) (5)		First Lien Debt		S +		4.75%		11/29/2030			1,293				1,280				1,280				1.12
Zenith Acquisitionco, LLC		(4) (5)		First Lien Debt		S +		4.50%		01/13/2033			5,379				5,353				5,353				4.69
Zenith Acquisitionco, LLC		(4) (6)		First Lien Debt		S +		4.50%		01/13/2033			124				118				118				0.10
Zenith Acquisitionco, LLC		(4) (6)		First Lien Debt		S +		4.50%		01/13/2033			-				(5	)			(5	)			(0.00	)
																	17,731				17,727				15.54
Automobile Components
OEConnection, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			1,866				1,857				1,823				1.60
OEConnection, LLC		(3) (6)		First Lien Debt		S +		4.50%		12/23/2032			-				(3	)			(25	)			(0.02	)
OEConnection, LLC		(3) (6)		First Lien Debt		S +		4.50%		12/23/2032			-				(1	)			(7	)			(0.01	)
																	1,853				1,791				1.57
Automobiles
COP Collisionright Parent, LLC		(2) (5)		First Lien Debt		S +		4.75%		01/29/2030			5,645				5,619				5,602				4.91
COP Collisionright Parent, LLC		(2) (6)		First Lien Debt		S +		4.75%		01/29/2030			67				64				62				0.05
COP Collisionright Parent, LLC		(2) (6)		First Lien Debt		S +		4.75%		01/29/2030			84				81				79				0.07
Vehlo Purchaser, LLC		(3) (5)		First Lien Debt		S +		5.50%		05/24/2028			9,395				9,375				9,230				8.09
Vehlo Purchaser, LLC		(3) (5)		First Lien Debt		S +		5.50%		05/24/2028			300				300				294				0.26
Vehlo Purchaser, LLC		(3) (6)		First Lien Debt		S +		5.50%		05/24/2028			-				(6	)			(17	)			(0.01	)
																	15,433				15,250				13.37
Banks
Computer Services, Inc.		(2) (5)		First Lien Debt		S +		4.50%		11/17/2031			2,703				2,690				2,668				2.34
Computer Services, Inc.		(2) (6)		First Lien Debt		S +		4.50%		11/17/2031			-				(3	)			(16	)			(0.01	)
																	2,687				2,652				2.32
Commercial Services & Supplies
Astra Service Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%		11/26/2032			6,757				6,708				6,757				5.92
Astra Service Partners, LLC		(3) (6)		First Lien Debt		S +		4.50%		11/26/2032			445				435				445				0.39
AWP Group Holdings, Inc.		(2) (5)		First Lien Debt		S +		4.50%		12/23/2030			5,104				5,104				5,104				4.47
AWP Group Holdings, Inc.		(2) (5) (6)		First Lien Debt		S +		4.50%		12/23/2030			1,019				1,019				1,019				0.89
AWP Group Holdings, Inc.		(2) (6)		First Lien Debt		S +		4.50%		12/23/2030			389				389				389				0.34
Hercules Borrower, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/15/2028			6,965				6,965				6,895				6.04
VRC Companies, LLC		(2) (5)		First Lien Debt		S +		5.50%		06/29/2027			4,433				4,433				4,433				3.89
VRC Companies, LLC		(2) (6)		First Lien Debt		S +		5.50%		06/29/2027			-				-				-				-
																	25,053				25,042				21.95
Construction & Engineering
LJ Avalon Holdings, LLC		(2) (6)		First Lien Debt		S +		4.50%		02/01/2030			527				520				520				0.46
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(3) (5)		First Lien Debt		S +		6.00% (incl. 2.50% PIK)		02/03/2031			6,457				6,457				6,312				5.53
PDI TA Holdings, Inc.		(3) (6)		First Lien Debt		S +		6.00% (incl. 2.50% PIK)		02/03/2031			502				502				490				0.43
																	6,959				6,802				5.96
Distributors
PT Intermediate Holdings III, LLC		(3) (5)		First Lien Debt		S +		4.75% (incl. 1.00% PIK)		04/09/2030			6,671				6,671				6,671				5.85
PT Intermediate Holdings III, LLC		(3) (6)		First Lien Debt		S +		4.75% (incl. 1.00% PIK)		04/09/2030			-				-				-				-
																	6,671				6,671				5.85
Diversified Consumer Services
Apex Service Partners, LLC		(2) (5)		First Lien Debt		S +		5.00%		10/24/2030			6,545				6,545				6,545				5.74
Apex Service Partners, LLC		(2) (6)		First Lien Debt		S +		5.00%		10/24/2029			194				194				194				0.17
EVDR Purchaser, Inc.		(3) (5)		First Lien Debt		S +		4.75%		02/14/2031			4,769				4,747				4,756				4.17
EVDR Purchaser, Inc.		(3) (6)		First Lien Debt		S +		4.75%		02/14/2031			-				-				(4	)			(0.00	)
EVDR Purchaser, Inc.		(3) (6)		First Lien Debt		S +		4.75%		02/14/2031			263				263				261				0.23

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Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
Project Accelerate Parent, LLC		(3) (5)		First Lien Debt		S +		5.25%		02/24/2031			6,084				6,084				6,084				5.33
Project Accelerate Parent, LLC		(3) (6)		First Lien Debt		S +		5.25%		02/24/2031			-				-				-				-
Vertex Service Partners, LLC		(3) (6)		First Lien Debt		S +		6.00%		11/08/2030			6,301				6,181				6,163				5.40
Vertex Service Partners, LLC		(3) (6)		First Lien Debt		S +		6.00%		11/08/2030			426				416				414				0.36
																	24,430				24,413				21.40
Electronic Equipment, Instruments & Components
Dwyer Instruments, Inc.		(3) (5)		First Lien Debt		S +		4.75%		07/20/2029			4,189				4,169				4,157				3.64
Dwyer Instruments, Inc.		(3) (6)		First Lien Debt		S +		4.75%		07/20/2029			129				127				127				0.11
Pamlico Avant Holdings, LP		(3) (5)		First Lien Debt		S +		4.50%		12/31/2032			6,166				6,106				6,074				5.32
Pamlico Avant Holdings, LP		(3) (6)		First Lien Debt		S +		4.50%		12/31/2032			-				(8	)			(12	)			(0.01	)
																	10,394				10,346				9.07
Financial Services
Cerity Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%		07/28/2031			1,203				1,203				1,203				1.05
Cerity Partners, LLC		(3) (6)		First Lien Debt		S +		4.50%		07/28/2031			-				(3	)			-				-
Cerity Partners, LLC		(3) (6)		First Lien Debt		S +		4.50%		07/28/2031			43				42				43				0.04
Trintech, Inc.		(3) (5)		First Lien Debt		S +		4.75%		01/28/2033			4,723				4,676				4,676				4.10
Trintech, Inc.		(3) (6)		First Lien Debt		S +		4.75%		01/28/2033			-				(4	)			(4	)			(0.00	)
Trintech, Inc.		(3) (6)		First Lien Debt		S +		4.75%		01/28/2033			-				(6	)			(6	)			(0.01	)
																	5,908				5,912				5.18
Ground Transportation
eShipping, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			4,272				4,251				4,229				3.71
eShipping, LLC		(3) (6)		First Lien Debt		S +		4.50%		12/23/2032			-				(4	)			(16	)			(0.01	)
eShipping, LLC		(3) (6)		First Lien Debt		P +		3.50%		12/23/2032			50				46				42				0.04
SV Newco 2, Inc.		(3) (5) (6)		First Lien Debt		S +		4.75%		06/02/2031			5,628				5,614				5,618				4.92
SV Newco 2, Inc.		(3) (6)		First Lien Debt		S +		4.75%		06/02/2031			139				136				137				0.12
																	10,043				10,010				8.77
Health Care Providers & Services
Blue River PetCare, LLC		(2) (5)		First Lien Debt		S +		5.00%		08/01/2029			807				807				807				0.71
Blue River PetCare, LLC		(2) (6)		First Lien Debt		S +		5.00%		08/01/2029			-				(5	)			(5	)			(0.00	)
Blue River PetCare, LLC		(2) (6)		First Lien Debt		S +		5.00%		08/01/2029			38				36				36				0.03
Invictus Buyer, LLC		(3) (5)		First Lien Debt		S +		4.50%		06/03/2031			4,417				4,417				4,406				3.86
Invictus Buyer, LLC		(3) (6)		First Lien Debt		S +		4.50%		06/03/2031			-				-				(5	)			(0.00	)
Invictus Buyer, LLC		(3) (6)		First Lien Debt		S +		4.50%		06/03/2031			-				-				(2	)			(0.00	)
Pareto Health Intermediate Holdings, Inc.		(2) (5)		First Lien Debt		S +		5.00%		06/03/2030			14,826				14,739				14,723				12.90
Pareto Health Intermediate Holdings, Inc.		(2) (6)		First Lien Debt		S +		5.00%		06/01/2029			-				(7	)			(4	)			(0.00	)
PPV Intermediate Holdings, LLC		(3) (5)		First Lien Debt		S +		5.75%		08/31/2029			6,965				6,965				6,843				6.00
Stepping Stones Healthcare Services, LLC		(3) (5)		First Lien Debt		S +		4.75%		01/05/2033			2,018				2,008				2,008				1.76
Stepping Stones Healthcare Services, LLC		(3) (6)		First Lien Debt		S +		4.75%		01/05/2033			-				(6	)			-				-
Stepping Stones Healthcare Services, LLC		(3) (6)		First Lien Debt		S +		4.75%		01/05/2033			-				(3	)			(3	)			(0.00	)
TA Polaris Buyer, Inc.		(4) (5)		First Lien Debt		S +		4.50%		12/12/2032			9,730				9,683				9,587				8.40
TA Polaris Buyer, Inc.		(4) (6)		First Lien Debt		S +		4.50%		12/12/2032			1,257				1,244				1,197				1.05
TA Polaris Buyer, Inc.		(4) (6)		First Lien Debt		S +		4.50%		12/12/2032			-				(6	)			(18	)			(0.02	)
																	39,872				39,570				34.68
Insurance Services
Fetch, Inc.		(3) (5)		First Lien Debt		S +		4.75%		03/31/2033			8,160				8,078				8,078				7.08
Fetch, Inc.		(3) (6)		First Lien Debt		S +		4.75%		03/31/2033			-				(12	)			(12	)			(0.01	)
Fetch, Inc.		(3) (6)		First Lien Debt		S +		4.75%		03/31/2033			-				(14	)			(14	)			(0.01	)
Galway Borrower, LLC		(3) (6)		First Lien Debt		S +		4.50%		09/29/2028			4,096				4,096				4,037				3.54
Galway Borrower, LLC		(3) (6)		First Lien Debt		S +		4.50%		09/29/2028			77				76				74				0.06
High Street Buyer, Inc.		(3) (5)		First Lien Debt		S +		4.50%		04/14/2028			6,874				6,874				6,847				6.00
High Street Buyer, Inc.		(3) (6)		First Lien Debt		S +		4.50%		04/16/2027			-				-				-				-
Iris Specialty Acquisiton, LLC		(4) (5)		First Lien Debt		S +		4.50%		11/22/2032			8,824				8,782				8,758				7.68
Iris Specialty Acquisiton, LLC		(4) (6)		First Lien Debt		S +		4.50%		11/22/2032			-				(4	)			(11	)			(0.01	)
Iris Specialty Acquisiton, LLC		(4) (6)		First Lien Debt		S +		4.50%		11/22/2032			297				291				288				0.25

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Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
Majesco, Inc.		(4) (5)		First Lien Debt		S +		4.50%		01/07/2033			6,186				6,171				6,171				5.41
Majesco, Inc.		(4) (6)		First Lien Debt		S +		4.50%		01/07/2033			-				(1	)			(1	)			(0.00	)
One, Inc. Software Corporation		(3) (5)		First Lien Debt		S +		4.50%		12/06/2032			7,745				7,670				7,629				6.69
One, Inc. Software Corporation		(3) (6)		First Lien Debt		S +		4.50%		12/06/2032			-				(7	)			(22	)			(0.02	)
One, Inc. Software Corporation		(3) (6)		First Lien Debt		S +		4.50%		12/06/2032			-				(6	)			(9	)			(0.01	)
Patriot Growth Insurance Services, LLC		(3) (5)		First Lien Debt		S +		5.00%		10/14/2028			6,891				6,891				6,890				6.04
Patriot Growth Insurance Services, LLC		(3) (6)		First Lien Debt		S +		5.00%		10/16/2028			-				-				-				-
																	48,885				48,703				42.68
IT Services
Bridgepointe Technologies, LLC		(2) (5)		First Lien Debt		S +		5.00%		12/31/2027			6,967				6,950				6,967				6.11
Cyber US Bidco, LLC		(3) (5)		First Lien Debt		S +		5.00%		12/30/2032			5,064				5,014				4,975				4.36
Cyber US Bidco, LLC		(3) (6)		First Lien Debt		S +		5.00%		12/30/2032			-				(5	)			(17	)			(0.01	)
Cyber US Bidco, LLC		(3) (6)		First Lien Debt		S +		5.00%		12/30/2032			-				(4	)			(8	)			(0.01	)
GI DI Cornfield Acquisition, LLC		(5)		First Lien Debt		S +		4.50%		03/09/2029			1,943				1,924				1,937				1.70
GI DI Cornfield Acquisition, LLC		(6)		First Lien Debt		S +		4.50%		03/09/2029			-				(19	)			(12	)			(0.01	)
Redwood Services Group, LLC		(3) (5) (6)		First Lien Debt		S +		5.00%		06/15/2029			6,793				6,760				6,741				5.91
																	20,620				20,583				18.04
Pharmaceuticals
Specialty Pharma III, Inc.		(4) (5)		First Lien Debt		S +		4.75%		12/23/2032			5,559				5,532				5,503				4.82
Specialty Pharma III, Inc.		(4) (6)		First Lien Debt		S +		4.75%		12/23/2032			90				86				83				0.07
																	5,618				5,586				4.90
Professional Services
Accordion Partners, LLC		(3) (5)		First Lien Debt		S +		5.00%		11/17/2031			6,034				6,020				6,010				5.27
Accordion Partners, LLC		(3) (6)		First Lien Debt		S +		5.00%		11/17/2031			1,066				1,052				1,048				0.92
Accordion Partners, LLC		(3) (6)		First Lien Debt		S +		5.00%		11/17/2031			-				(4	)			(3	)			(0.00	)
Aprio Advisory Group, LLC		(3) (6)		First Lien Debt		S +		4.75%		08/01/2031			-				(23	)			(25	)			(0.02	)
Aprio Advisory Group, LLC		(3) (6)		First Lien Debt		S +		4.75%		08/01/2031			139				135				137				0.12
Verdantas, LLC		(3) (6)		First Lien Debt		S +		4.75%		05/06/2031			-				(15	)			(29	)			(0.03	)
Verdantas, LLC		(3) (6)		First Lien Debt		S +		4.75%		05/06/2030			-				(6	)			(6	)			(0.01	)
																	7,159				7,132				6.25
Software
Archduke Buyer, Inc.		(4) (5)		First Lien Debt		S +		5.50%		12/03/2032			5,688				5,632				5,590				4.90
Archduke Buyer, Inc.		(4) (6)		First Lien Debt		S +		5.50%		12/03/2032			-				(4	)			(7	)			(0.01	)
AuditBoard, Inc.		(3)		First Lien Debt		S +		4.50%		07/14/2031			3,429				3,404				3,312				2.90
Everbridge Holdings, LLC		(3) (5)		First Lien Debt		S +		5.00%		07/02/2031			4,896				4,896				4,896				4.29
Everbridge Holdings, LLC		(3) (5) (6)		First Lien Debt		S +		5.00%		07/02/2031			576				576				576				0.50
Everbridge Holdings, LLC		(3) (6)		First Lien Debt		S +		5.00%		07/02/2031			-				-				-				-
Jawbreaker Parent, Inc.		(4) (5)		First Lien Debt		S +		4.75%		01/31/2033			6,707				6,641				6,641				5.82
Jawbreaker Parent, Inc.		(4) (6)		First Lien Debt		S +		4.75%		01/31/2033			-				(37	)			(37	)			(0.03	)
Jawbreaker Parent, Inc.		(4) (6)		First Lien Debt		S +		4.75%		01/31/2033			-				(13	)			(13	)			(0.01	)
Optimizely North America, Inc.		(3) (5)		First Lien Debt		S +		5.00%		10/30/2031			6,336				6,246				6,146				5.39
Optimizely North America, Inc.		(3) (6)		First Lien Debt		S +		5.00%		10/30/2031			-				(9	)			(19	)			(0.02	)
Riskonnect Parent, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/07/2028			6,103				6,103				6,072				5.32
Riskonnect Parent, LLC		(3) (6)		First Lien Debt		S +		4.75%		12/07/2028			13				13				11				0.01
Vanco Payment Solutions, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/01/2031			5,573				5,520				5,462				4.79
Vanco Payment Solutions, LLC		(3) (6)		First Lien Debt		S +		4.75%		12/01/2031			-				(3	)			(5	)			(0.00	)
																	38,965				38,625				33.85
Textiles, Apparel & Luxury Goods
Goose Borrower, LP		(3) (5)		First Lien Debt		S +		4.75%		03/02/2033			7,730				7,654				7,654				6.71
Goose Borrower, LP		(3) (6)		First Lien Debt		S +		4.75%		03/02/2033			-				(14	)			(14	)			(0.01	)
																	7,640				7,640				6.70
Total First Lien Debt																$	296,441			$	294,975				258.51	%
Total Portfolio Investments																$	296,441			$	294,975				258.51	%

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(1)	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")), 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 March 31, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the C at 2.27%, 1-month E at 1.91%, 1-month S at 3.66%, 3-month S at 3.68%, 6-month S at 3.70%, SA at 3.73% and the P at 6.75%.
(2)	Loan includes interest rate floor of 1.00%.
(3)	Loan includes interest rate floor of 0.75%.
(4)	Loan includes interest rate floor of 0.50%.
(5)	Assets or a portion thereof are pledged as collateral for the JV Credit Facility.
(6)	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 stated.

 

 

 

 

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Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
GB Eagle Buyer, Inc.		(3)		First Lien Debt		S +		4.50%		11/29/2030			8,569			$	8,484			$	8,484				8.65	%
GB Eagle Buyer, Inc.		(3) (5)		First Lien Debt		S +		4.50%		11/29/2030			-				(10	)			(10	)			(0.01	)
GB Eagle Buyer, Inc.		(3) (5)		First Lien Debt		S +		4.50%		11/29/2030			-				(13	)			(13	)			(0.01	)
																	8,461				8,461				8.63
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(3)		First Lien Debt		S +		4.75%		6/11/2027			6,982				6,982				6,947				7.08
Automobile Components
OEConnection, LLC		(3)		First Lien Debt		S +		4.50%		12/23/2032			1,866				1,857				1,857				1.89
OEConnection, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			-				(3	)			(3	)			(0.00	)
OEConnection, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			-				(1	)			(1	)			(0.00	)
																	1,853				1,853				1.89
Automobiles
COP Collisionright Parent, LLC		(2)		First Lien Debt		S +		4.75%		1/29/2030			5,659				5,632				5,645				5.76
COP Collisionright Parent, LLC		(2) (5)		First Lien Debt		S +		4.75%		1/29/2030			68				64				66				0.07
COP Collisionright Parent, LLC		(2) (5)		First Lien Debt		S +		4.75%		1/29/2030			84				81				82				0.08
Vehlo Purchaser, LLC		(3)		First Lien Debt		S +		5.50%		5/24/2028			9,418				9,396				9,396				9.58
Vehlo Purchaser, LLC		(3)		First Lien Debt		S +		5.50%		5/24/2028			300				300				300				0.31
Vehlo Purchaser, LLC		(3) (5)		First Lien Debt		S +		5.50%		5/24/2028			-				(7	)			-				-
																	15,466				15,489				15.79
Banks
Computer Services, Inc.		(2)		First Lien Debt		S +		4.50%		11/17/2031			2,709				2,696				2,696				2.75
Computer Services, Inc.		(2) (5)		First Lien Debt		S +		4.50%		11/17/2031			-				(3	)			(3	)			(0.00	)
																	2,693				2,693				2.75
Commercial Services & Supplies
Astra Service Partners, LLC		(3)		First Lien Debt		S +		4.50%		11/26/2032			6,757				6,707				6,707				6.84
Astra Service Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%		11/26/2032			-				(8	)			(8	)			(0.01	)
Hercules Borrower, LLC		(3)		First Lien Debt		S +		4.75%		12/15/2028			6,983				6,983				6,913				7.05
VRC Companies, LLC		(2)		First Lien Debt		S +		5.50%		6/29/2027			4,445				4,445				4,445				4.53
VRC Companies, LLC		(2) (5)		First Lien Debt		S +		5.50%		6/29/2027			-				-				-				-
																	18,127				18,057				18.41
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(3)		First Lien Debt		S +		5.50%		2/3/2031			6,446				6,446				6,348				6.47
PDI TA Holdings, Inc.		(3) (5)		First Lien Debt		S +		5.50%		2/3/2031			394				394				386				0.39
																	6,840				6,734				6.87
Distributors
PT Intermediate Holdings III, LLC		(3)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		4/9/2030			6,642				6,642				6,642				6.77
PT Intermediate Holdings III, LLC		(3) (5)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		4/9/2030			-				-				-				-
																	6,642				6,642				6.77
Diversified Consumer Services
Apex Service Partners, LLC		(2)		First Lien Debt		S +		5.00%		10/24/2030			6,561				6,561				6,557				6.69
Apex Service Partners, LLC		(2) (5)		First Lien Debt		S +		5.00%		10/24/2029			111				111				110				0.11
EVDR Purchaser, Inc.		(3)		First Lien Debt		S +		4.50%		2/14/2031			4,781				4,758				4,773				4.87
EVDR Purchaser, Inc.		(3) (5)		First Lien Debt		S +		4.50%		2/14/2031			-				-				(2	)			(0.00	)
EVDR Purchaser, Inc.		(3) (5)		First Lien Debt		S +		4.50%		2/14/2031			166				166				165				0.17
Project Accelerate Parent, LLC		(3)		First Lien Debt		S +		5.25%		2/24/2031			6,100				6,100				6,100				6.22
Project Accelerate Parent, LLC		(3) (5)		First Lien Debt		S +		5.25%		2/24/2031			-				-				-				-
Vertex Service Partners, LLC		(3) (5)		First Lien Debt		S +		6.00%		11/8/2030			6,255				6,130				6,126				6.25
Vertex Service Partners, LLC		(3) (5)		First Lien Debt		S +		6.00%		11/8/2030			154				144				144				0.15
																	23,970				23,973				24.45
Electronic Equipment, Instruments & Components
Dwyer Instruments, Inc.		(3)		First Lien Debt		S +		4.75%		7/20/2029			4,200				4,179				4,179				4.26
Dwyer Instruments, Inc.		(3) (5)		First Lien Debt		S +		4.75%		7/20/2029			104				102				102				0.10

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Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
Pamlico Avant Holdings, LP		(3)		First Lien Debt		S +		4.50%		12/31/2032			6,166				6,104				6,104				6.22
Pamlico Avant Holdings, LP		(3) (5)		First Lien Debt		S +		4.50%		12/31/2032			83				75				75				0.08
																	10,460				10,460				10.67
Financial Services
Cerity Partners, LLC		(3)		First Lien Debt		S +		4.50%		7/28/2031			1,206				1,206				1,203				1.23
Cerity Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%		7/28/2031			-				(3	)			(3	)			(0.00	)
Cerity Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%		7/28/2031			17				16				17				0.02
Trintech, Inc.		(2)		First Lien Debt		S +		5.50%		7/25/2029			6,421				6,390				6,388				6.51
Trintech, Inc.		(2) (5)		First Lien Debt		S +		5.50%		7/25/2029			161				158				158				0.16
																	7,767				7,763				7.92
Ground Transportation
eShipping, LLC		(3)		First Lien Debt		S +		4.50%		12/23/2032			4,272				4,251				4,251				4.33
eShipping, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			-				(4	)			(4	)			(0.00	)
eShipping, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			101				97				97				0.10
SV Newco 2, Inc.		(3) (5)		First Lien Debt		S +		4.75%		6/2/2031			5,643				5,627				5,635				5.75
SV Newco 2, Inc.		(3) (5)		First Lien Debt		S +		4.75%		6/2/2031			-				(4	)			(2	)			(0.00	)
																	9,967				9,977				10.17
Health Care Providers & Services
Invictus Buyer, LLC		(3)		First Lien Debt		S +		4.50%		6/3/2031			4,428				4,428				4,428				4.52
Invictus Buyer, LLC		(3) (5)		First Lien Debt		S +		4.50%		6/3/2031			-				-				-				-
Invictus Buyer, LLC		(3) (5)		First Lien Debt		S +		4.50%		6/3/2031			-				-				-				-
Pareto Health Intermediate Holdings, Inc.		(2)		First Lien Debt		S +		4.75%		6/3/2030			6,116				6,116				6,116				6.24
Pareto Health Intermediate Holdings, Inc.		(2) (5)		First Lien Debt		S +		4.75%		6/1/2029			-				-				-				-
PPV Intermediate Holdings, LLC		(3)		First Lien Debt		S +		5.75%		8/31/2029			6,982				6,982				6,965				7.10
TA Polaris Buyer, Inc.		(4)		First Lien Debt		S +		4.50%		12/13/2032			9,730				9,681				9,681				9.87
TA Polaris Buyer, Inc.		(4) (5)		First Lien Debt		S +		4.50%		12/13/2032			-				(10	)			(10	)			(0.01	)
TA Polaris Buyer, Inc.		(4) (5)		First Lien Debt		S +		4.50%		12/13/2032			-				(6	)			(6	)			(0.01	)
																	27,191				27,174				27.71
Insurance Services
Galway Borrower, LLC		(3) (5)		First Lien Debt		S +		4.50%		9/29/2028			4,095				4,095				4,095				4.18
Galway Borrower, LLC		(3) (5)		First Lien Debt		S +		4.50%		9/29/2028			35				35				35				0.04
High Street Buyer, Inc.		(3)		First Lien Debt		S +		4.50%		4/14/2028			6,892				6,892				6,875				7.01
High Street Buyer, Inc.		(3) (5)		First Lien Debt		S +		4.50%		4/16/2027			-				-				-				-
Iris Specialty Acquisiton, LLC		(4)		First Lien Debt		S +		4.50%		11/22/2032			8,824				8,780				8,780				8.95
Iris Specialty Acquisiton, LLC		(4) (5)		First Lien Debt		S +		4.50%		11/22/2032			-				(4	)			(4	)			(0.00	)
Iris Specialty Acquisiton, LLC		(4) (5)		First Lien Debt		S +		4.50%		11/22/2032			-				(6	)			(6	)			(0.01	)
One, Inc. Software Corporation		(3)		First Lien Debt		S +		4.50%		12/6/2032			7,745				7,668				7,668				7.82
One, Inc. Software Corporation		(3) (5)		First Lien Debt		S +		4.50%		12/6/2032			-				(15	)			(15	)			(0.02	)
One, Inc. Software Corporation		(3) (5)		First Lien Debt		S +		4.50%		12/6/2032			-				(6	)			(6	)			(0.01	)
Patriot Growth Insurance Services, LLC		(3)		First Lien Debt		S +		5.00%		10/14/2028			6,909				6,909				6,909				7.05
Patriot Growth Insurance Services, LLC		(3) (5)		First Lien Debt		S +		5.00%		10/16/2028			-				-				-				-
																	34,348				34,331				35.01
IT Services
Cyber US Bidco, LLC		(3)		First Lien Debt		S +		5.00%		12/30/2032			5,076				5,026				5,026				5.13
Cyber US Bidco, LLC		(3) (5)		First Lien Debt		S +		5.00%		12/30/2032			-				(5	)			(5	)			(0.01	)
Cyber US Bidco, LLC		(3) (5)		First Lien Debt		S +		5.00%		12/30/2032			-				(4	)			(4	)			(0.00	)
Redwood Services Group, LLC		(3) (5)		First Lien Debt		S +		5.25%		6/15/2029			6,809				6,773				6,774				6.91
																	11,790				11,791				12.02
Multi-Utilities
AWP Group Holdings, Inc.		(2)		First Lien Debt		S +		4.50%		12/23/2030			5,117				5,117				5,117				5.22
AWP Group Holdings, Inc.		(2) (5)		First Lien Debt		S +		4.50%		12/23/2030			1,022				1,022				1,022				1.04
AWP Group Holdings, Inc.		(2) (5)		First Lien Debt		S +		4.50%		12/23/2030			284				284				284				0.29
																	6,423				6,423				6.55
Pharmaceuticals
Specialty Pharma III, Inc.				First Lien Debt		P +		4.75%		12/23/2032			5,559				5,531				5,531				5.64

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Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
Specialty Pharma III, Inc.		(5)		First Lien Debt		P +		4.75%		12/23/2032			-				(4	)			(4	)			(0.00	)
																	5,527				5,527				5.64
Professional Services
Accordion Partners, LLC		(3)		First Lien Debt		S +		5.00%		11/17/2031			6,034				6,019				6,019				6.14
Accordion Partners, LLC		(3) (5)		First Lien Debt		S +		5.00%		11/17/2031			-				(11	)			(11	)			(0.01	)
Accordion Partners, LLC		(3) (5)		First Lien Debt		S +		5.00%		11/17/2031			-				(4	)			-				-
Aprio Advisory Group, LLC		(3) (5)		First Lien Debt		S +		4.75%		8/1/2031			-				(24	)			(24	)			(0.02	)
Aprio Advisory Group, LLC		(3) (5)		First Lien Debt		S +		4.75%		8/1/2031			-				(4	)			(4	)			(0.00	)
Bridgepointe Technologies, LLC		(2) (5)		First Lien Debt		S +		5.00%		12/31/2027			6,978				6,958				6,978				7.12
Verdantas, LLC		(3) (5)		First Lien Debt		S +		4.75%		5/6/2031			-				(16	)			(16	)			(0.02	)
Verdantas, LLC		(3) (5)		First Lien Debt		S +		4.75%		5/6/2030			-				(6	)			-				-
																	12,912				12,942				13.20
Software
Archduke Buyer, Inc.		(4)		First Lien Debt		S +		5.50%		12/3/2032			5,688				5,631				5,631				5.74
Archduke Buyer, Inc.		(4) (5)		First Lien Debt		S +		5.50%		12/3/2032			-				(4	)			(4	)			(0.00	)
AuditBoard, Inc.		(3)		First Lien Debt		S +		4.50%		7/14/2031			3,429				3,403				3,403				3.47
Everbridge Holdings, LLC		(3)		First Lien Debt		S +		5.00%		7/2/2031			4,908				4,908				4,908				5.00
Everbridge Holdings, LLC		(3) (5)		First Lien Debt		S +		5.00%		7/2/2031			578				578				578				0.59
Everbridge Holdings, LLC		(3) (5)		First Lien Debt		S +		5.00%		7/2/2031			-				-				-				-
Optimizely North America, Inc.		(3)		First Lien Debt		S +		5.00%		10/30/2031			6,352				6,259				6,225				6.35
Optimizely North America, Inc.		(3) (5)		First Lien Debt		S +		5.00%		10/30/2031			-				(9	)			(13	)			(0.01	)
Riskonnect Parent, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/7/2028			6,118				6,118				6,118				6.24
Riskonnect Parent, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/7/2028			73				73				73				0.07
Vanco Payment Solutions, LLC		(3)		First Lien Debt		S +		4.75%		12/1/2031			5,587				5,532				5,532				5.64
Vanco Payment Solutions, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/1/2031			-				(3	)			(3	)			(0.00	)
																	32,486				32,448				33.09
Total Portfolio Investments																$	249,905			$	249,685				254.62	%

 

 

 

 

(1)	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")), which generally resets periodically.
(2)	Loan includes interest rate floor of 1.00%.
(3)	Loan includes interest rate floor of 0.75%.
(4)	Loan includes interest rate floor of 0.50%.
(5)	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 stated.

 

 

 

 

 

 

 

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(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;

•

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.

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

 

 

	March 31, 2026															December 31, 2025
	Level 1				Level 2				Level 3				Total			Level 1				Level 2				Level 3				Total
First Lien Debt	$	—			$	468,754			$	5,681,184			$	6,149,938		$	—			$	530,125			$	5,894,570			$	6,424,695
Second Lien Debt		—				15,288				6,911				22,199			—				15,887				16,136				32,023
Other Debt Investments		—				—				7,380				7,380			—				—				11,564				11,564
Equity		—				2,039				61,930				63,969			—				2,037				55,015				57,052
Total Investments	$	—			$	486,081			$	5,757,405			$	6,243,486		$	—			$	548,049			$	5,977,285			$	6,525,334
Investment measured at net asset value(1)													$	99,225														$	85,276
Total Investments													$	6,342,711														$	6,610,610
Cash and cash equivalents	$	175,757			$	—			$	—			$	175,757		$	199,865			$	—			$	—			$	199,865
Unaffiliated money market	$	33,374			$	—			$	—			$	33,374		$	38,403			$	—			$	—			$	38,403

(1) The Company, as a practical expedient, estimates the fair value of its investment in North Haven Keystone, LLC using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

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 March 31, 2026:

 

	First Lien Debt				Second Lien Debt				Other Debt				Equity			Total Investments
Fair value, beginning of period	$	5,894,570			$	16,136			$	11,564			$	55,015		$	5,977,285
Purchases of investments (1)		148,039				—				—				11,442			159,481
Proceeds from principal repayments and sales of investments (2)		(322,944	)			(9,260	)			(3,252	)			—			(335,456	)
Accretion of discount/amortization of premium		5,660				—				53				—			5,713
Payment-in-kind		3,962				155				294				1,181			5,592
Net change in unrealized appreciation (depreciation)		(18,342	)			(120	)			(914	)			(5,708	)		(25,084	)
Net realized gains (losses)		(29,761	)			—				(365	)			—			(30,126	)
Fair value, end of period	$	5,681,184			$	6,911			$	7,380			$	61,930		$	5,757,405
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026	$	(17,088	)		$	(120	)		$	(1,227	)		$	(5,708	)	$	(24,143	)

 

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions and restructurings.

 

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 March 31, 2025:

 

	First Lien Debt				Second Lien Debt				Other Securities				Equity			Total Investments
Fair value, beginning of period	$	5,442,166			$	2,112			$	6,520			$	55,995		$	5,506,793
Purchases of investments (1)		401,954				13,405				4,468				4,286			424,113
Proceeds from principal repayments and sales of investments (1)		(296,173	)			—				—				(8,473	)		(304,646	)
Accretion of discount/amortization of premium		6,100				1				36				—			6,137
Payment-in-kind		6,479				18				133				220			6,850
Net change in unrealized appreciation (depreciation)		(8,649	)			(169	)			(329	)			(1,332	)		(10,479	)
Net realized gains (losses)		(6,978	)			—				—				3,119			(3,859	)
Transfers into/(out) of Level 3 (2)		2,069				—				—				—			2,069
Fair value, end of period	$	5,546,968			$	15,367			$	10,828			$	53,815		$	5,626,978
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(7,276	)			(169	)			(329	)			(1,226	)	$	(9,000	)

 

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions 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 tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2026 and December 31, 2025, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

 

March 31, 2026

Fair

Valuation

Significant Unobservable

Range (1)

Weighted

Value

Technique (2)

Input

Low

High

Average (3)

Investments in first lien debt

$

5,546,949

Yield Analysis

Discount Rate

7.64

%

46.61

%

9.50

%

134,235

Market Approach

EBITDA Multiple

6.05x

11.25x

9.42x

Investments in second lien debt

1,395

Yield Analysis

Discount Rate

13.02

%

17.05

%

13.73

%

5,516

Market Approach

EBITDA Multiple

8.00x

10.00x

8.25x

Other debt

3,334

Yield Analysis

Discount Rate

16.45

%

4,046

Market Approach

EBITDA Multiple

8.00x

Preferred equity

25,544

Yield Analysis

Discount Rate

9.98

%

13.99

%

11.07

%

24,719

Market Approach

EBITDA Multiple

8.00x

18.00x

14.16x

Common equity

6,257

Market Approach

Revenue Multiple

1.00x

21.00x

16.36x

5,410

Market Approach

EBITDA Multiple

8.00x

17.25x

14.48x

Total Investments

$

5,757,405

 

(1)

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

(2)

During the three months ended March 31, 2026, three debt investments with a combined fair value of $84.7 million transitioned from a yield analysis approach to a market approach using an EBITDA multiple. One preferred equity investment with a fair value of $3.1 million transitioned from yield analysis to a market approach. One common equity investment with a fair value of $0.3 million transitioned from a market approach using an EBITDA multiple to market approach using a revenue multiple.

(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.

 

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December 31, 2025

Fair

Valuation

Significant Unobservable

Range (1)

Weighted

Value

Technique (2)

Input

Low

High

Average (3)

Investments in first lien debt

$

5,844,425

Yield Analysis

Discount Rate

7.48

%

39.21

%

10.10

%

50,145

Market Approach

EBITDA Multiple

6.25x

10.00x

8.31x

Investments in second lien debt

1,461

Yield Analysis

Discount Rate

12.27

%

12.75

%

12.38

%

14,675

Market Approach

EBITDA Multiple

7.75x

10.00x

7.86x

Other debt

6,667

Yield Analysis

Discount Rate

13.70

%

14.95

%

14.36

%

4,897

Market Approach

EBITDA Multiple

6.25x

7.75x

7.75x

Preferred equity

30,136

Income Approach

Discount Rate

12.09

%

15.66

%

13.55

%

12,439

Market Approach

EBITDA Multiple

7.75x

15.43x

12.99x

Common equity

6,693

Market Approach

Revenue Multiple

5.00x

22.25x

17.25x

5,747

Market Approach

EBITDA Multiple

1.20x

24.60x

11.61x

Total Investments

$

5,977,285

 

(1)

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

(2)

During the year ended December 31, 2025, 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, including its credit facilities, 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:

 

	March 31, 2026									December 31, 2025
	Level	Carrying Value				Fair Value				Carrying Value				Fair Value
ING Facility	3	$	21,133			$	21,133			$	254,537			$	254,537
Wells Funding Facility	3		492,250				492,250				497,250				497,250
CBNA Funding Facility	3		225,000				225,000				225,000				225,000
JPM Funding Facility	3		900,073				900,073				744,073				744,073
Series A 2028 Notes(1)(6)	3		144,550				145,173				145,151				146,080
Series B 2026 Notes(2)(6)	3		106,660				106,812				106,745				106,683
Series B 2028 Notes(2)(6)	3		126,590				127,290				127,227				128,152
Series C 2027 Notes(3)(6)	3		136,646				137,067				135,966				137,638
Series C 2029 Notes(3)(6)	3		164,856				165,861				162,425				167,204
Series D 2027 Notes(4)(6)	3		99,262				99,790				99,390				100,272
Series D 2029 Notes(4)(6)	3		197,754				199,292				198,349				200,709
2030 Notes(5)	3		295,141				298,043				294,837				294,837
2028 Notes(7)	3		292,697				295,877				294,582				294,080
Total		$	3,202,612			$	3,213,661			$	3,285,532			$	3,296,515

 

(1)

The carrying value of the Company’s Series A 2028 Notes (as defined below) was presented net of unamortized debt issuance costs of $620, as of March 31, 2026, and $849, as of December 31, 2025.

(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 $152 and $700, respectively, as of March 31, 2026, and $255 and $773, respectively, as of December 31, 2025.

(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 $421 and $1,005, respectively, as of March 31, 2026, and $534 and $1,075, respectively, as of December 31, 2025.

(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 $528 and $1,538, respectively, as of March 31, 2026, and $610 and $1,651, respectively, as of December 31, 2025.

(5)

The carrying value of the Company’s 2030 Notes (as defined below) was presented net of unamortized debt issuance cost of $2,902, as of March 31, 2026, and $3,080 as of December 31, 2025. The carrying value of the Company’s 2030 Notes was presented net of unamortized original issue discount of $1,958, as of March 31, 2026, and $2,083 as of December 31, 2025.

(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 $3,180, and $1,755, respectively, as of March 31, 2026 and $3,488 and $1,930, respectively, as of December 31,2025.

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:

 

	March 31, 2026												December 31, 2025
	Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
ING Facility(1)	$	1,350,000			$	21,133			$	1,328,254			$	1,350,000			$	254,537			$	1,094,850
Wells Funding Facility		900,000				492,250				407,750				900,000				497,250				402,750
CBNA Funding Facility		375,000				225,000				150,000				375,000				225,000				150,000
JPM Funding Facility		1,200,000				900,073				299,927				1,200,000				744,073				455,927
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				—				300,000				300,000				—
Total	$	5,406,000			$	3,219,456			$	2,185,931			$	5,406,000			$	3,301,860			$	2,103,527

 

(1)

As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 12,216 and 12,216. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Canadian dollars (CAD) of 5,800 and 5,800, respectively. As of March 31, 2026 and December 31, 2025, 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 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $620, as of March 31, 2026 and $849, as of December 31, 2025.

(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 $152 and $700, respectively, as of March 31, 2026 and $255 and $773, respectively, as of December 31, 2025.

(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 $421 and $1,005, respectively, as of March 31, 2026 and $534 and $1,075, respectively, as of December 31, 2025.

(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 $528 and $1,538, respectively, as of March 31, 2026 and $610 and $1,651, respectively, as of December 31, 2025.

(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 $2,902, as of March 31, 2026 and $3,080, as of December 31, 2025.

(7)

The carrying value of the Company’s 2028 Notes was presented net of unamortized debt issuance costs and unamortized original issue discount of $3,180, as of March 31, 2026 and $3,488, as of December 31,2025.

 

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Combined weighted average interest rate (1)		6.38	%			7.25	%
Combined weighted average effective interest rate(2)		6.81	%			7.67	%
Combined weighted average debt outstanding	$	3,249,357			$	2,945,060

 

(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.

As of March 31, 2026 and December 31, 2025, 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.

 

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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 Capital LLC (“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 Secured Overnight Financing Rate (“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.

The summary information of the ING Facility is as follows:

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	1,784			$	3,529
Facility unused commitment fees		1,143				1,054
Amortization of deferred financing costs		525				516
Total	$	3,452			$	5,099
Weighted average interest rate		5.53	%			6.24	%
Weighted average effective interest rate		7.15	%			7.15	%
Weighted average outstanding balance	$	129,112			$	226,295

 

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.

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	7,536			$	6,280
Facility unused commitment fees		628				1,364
Amortization of deferred financing costs		570				515
Total	$	8,734			$	8,159
Weighted average interest rate		5.56	%			6.59	%
Weighted average effective interest rate		5.98	%			7.13	%
Weighted average outstanding balance	$	541,772			$	381,250

 

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.

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	3,336			$	2,372
Facility unused commitment fees		187				288
Amortization of deferred financing costs		267				270
Total	$	3,790			$	2,930
Weighted average interest rate		5.93	%			6.57	%
Weighted average effective interest rate		6.40	%			7.32	%
Weighted average outstanding balance	$	225,000			$	144,375

 

JPM Funding Facility

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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 Funding Facility, JPM has agreed to extend credit to SLIC Financing SPV in an aggregate principal amount, as of March 31, 2026, of up to $1,200,000 at any one time outstanding.

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 March 31, 2026, 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.

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	10,746			$	11,607
Facility unused commitment fees		802				922
Amortization of deferred financing costs		620				623
Total	$	12,168			$	13,152
Weighted average interest rate		5.56	%			6.56	%
Weighted average effective interest rate		5.89	%			6.91	%
Weighted average outstanding balance	$	772,473			$	708,139

 

 

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 had a fixed interest rate of 8.10% per year. 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 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.

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 received a fixed interest rate of 8.10% per annum and paid 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 March 31, 2026, the interest rate swaps had a fair value of $0 and $(1,323), 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 Series A 2026 Notes were redeemed in full by the Company pursuant to the March 2023 NPA on December 17, 2025. The interest rate swap in relation to the Series A 2026 Notes was terminated in conjunction with the repayment of the Series A 2026 Notes.

 

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	—			$	4,468
Amortization of debt issuance costs		—				182
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		—				(30	)
Total	$	—			$	4,620
Stated interest rate		—	%			8.10	%
Weighted average effective interest rate		—	%			9.06	%

 

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	3,118			$	3,205
Amortization of debt issuance costs		229				78
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		(61	)			(5	)
Total	$	3,286			$	3,278
Stated interest rate		8.13	%			8.13	%
Weighted average effective interest rate		9.00	%			8.98	%

 

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 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.

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 March 31, 2026, the interest rate swaps had a fair value of $(431) and $(1,172), 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:

 

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	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	2,366			$	2,525
Amortization of debt issuance costs		103				100
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		234				(14	)
Total	$	2,703			$	2,611
Stated interest rate		8.84	%			8.84	%
Weighted average effective interest rate		10.10	%			9.76	%

 

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	2,950			$	3,051
Amortization of debt issuance costs		73				72
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		(55	)			(3	)
Total	$	2,968			$	3,120
Stated interest rate		8.88	%			8.88	%
Weighted average effective interest rate		9.28	%			9.75	%

 

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 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.

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 March 31, 2026, the interest rate swaps had a fair value of $776 and $2,748, 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:

 

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	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	2,795			$	3,016
Amortization of debt issuance costs		113				112
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		135				(36	)
Total	$	3,043			$	3,092
Stated interest rate		8.92	%			8.92	%
Weighted average effective interest rate		8.92	%			9.06	%

 

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	3,462			$	3,727
Amortization of debt issuance costs		85				83
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		37				(205	)
Total	$	3,584			$	3,605
Stated interest rate		9.07	%			9.07	%
Weighted average effective interest rate		8.77	%			8.82	%

 

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 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.

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 March 31, 2026, the interest rate swaps had a fair value of $(489) and $(1,502), 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.

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	1,761			$	1,755
Amortization of debt issuance costs		96				94
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items		3				6
Total	$	1,860			$	1,855
Stated interest rate		6.84	%			6.84	%
Weighted average effective interest rate		7.44	%			7.42	%

 

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

 

	For the Three Months Ended
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	3,533			$	3,560
Amortization of debt issuance costs		113				113
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items		(64	)			40
Total	$	3,582			$	3,713
Stated interest rate		6.91	%			6.91	%
Weighted average effective interest rate		7.16	%			7.43	%

 

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 March 31, 2026, 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 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
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	4,312			$	4,313
Amortization of debt issuance costs		186				181
Accretion of original issuance discount		126				126
Total	$	4,624			$	4,620
Stated interest rate		5.75	%			5.75	%
Weighted average effective interest rate		6.17	%			6.16	%

 

 

 

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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 March 31, 2026, 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 March 31, 2026, the interest rate swaps had a fair value of $(2,386), 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
	March 31, 2026				March 31, 2025
Borrowing interest expense	$	4,118			N/A
Amortization of debt issuance costs		325			N/A
Accretion of original issuance discount		175			N/A
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items		6			N/A
Total	$	4,624			N/A
Stated interest rate		5.12	%		N/A
Weighted average effective interest rate		6.17	%		N/A

 

 

 

 

(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 March 31, 2026 and December 31, 2025, the Company had $762,990 and $858,781 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
		March 31, 2026				December 31, 2025
Total distributable earnings (loss), beginning of period		$	(125,999	)		$	(50,459	)
Net investment income			65,681				321,016
Net realized gain (loss)			(35,361	)			(16,288	)
Net unrealized appreciation (depreciation)			(40,489	)			(66,296	)
Distributions declared			(73,541	)			(312,944	)
Tax reclassification of unitholders' equity			—				(1,028	)
Total distributable earnings (loss), end of period		$	(209,709	)		$	(125,999	)

 

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 three months ended March 31, 2026 and 2025:

 

Unit Issuance Date		Units Issued				Proceeds Received
For the Three Months Ended March 31, 2026
January 01, 2026			972,536			$	18,060
February 01, 2026			489,573				9,062
March 01, 2026			1,505,645				27,704
Total			2,967,754			$	54,826
For the Three Months Ended March 31, 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
Total			9,891,684			$	187,462

 

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The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2026 and 2025:

 

Date Declared		Record Date		Payment Date		Per Unit Amount					Total Amount
For the Three Months Ended March 31, 2026
January 26, 2026		January 31, 2026		February 04, 2026		$	0.1250				$	22,986
February 23, 2026		February 28, 2026		March 04, 2026			0.1250					23,141
March 23, 2026		March 31, 2026		April 06, 2026			0.1250					23,423
March 23, 2026		March 31, 2026		April 06, 2026			0.0213					3,991		(1)
Total Distributions						$	0.3963				$	73,541
For the Three Months Ended March 31, 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)
Total Distributions						$	0.4265				$	77,034

 

(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 (net of applicable withholding tax) 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.

The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP during for the three months ended March 31, 2026 and 2025:

 

Payment Date		DRIP Units Issued				DRIP Units Value
For the Three Months Ended March 31, 2026
January 06, 2026			873,430			$	16,220
February 04, 2026			741,175				13,719
March 04, 2026			749,647				13,793
Total			2,364,252			$	43,732
For the Three Months Ended March 31, 2025
January 04, 2025			807,260			$	15,306
February 05, 2025			697,198				13,219
March 05, 2025			711,427				13,474
Total			2,215,885			$	41,999

 

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.

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The following table further summarizes the unit repurchases completed for the three months ended March 31, 2026 and 2025:

 

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
For the Three Months Ended March 31, 2026
March 07, 2026			5.00	%		$	18.12			March 31, 2026		$	164,936				9,102,453				5.00	%		(2)
Total												$	164,936				9,102,453
For the Three Months Ended March 31, 2025
March 07, 2025			5.00	%		$	18.82			March 31, 2025		$	65,290				3,469,202				2.01	%		(3)
Total												$	65,290				3,469,202

 

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

(2) Due to oversubscription of the tender offer, the Company accepted for purchase on a pro rata basis approximately 47.8% of the Units validly tendered and not properly withdrawn prior to the expiration of the tender offer on March 7, 2026.

(3) All repurchase requests were satisfied in full.

(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
		March 31, 2026				March 31, 2025
Numerator - net increase (decrease) in Members' Capital from operations		$	(10,169	)		$	50,006
Denominator - weighted average Units outstanding			185,279,322				179,816,535
Basic and diluted earnings (loss) per Unit		$	(0.05	)		$	0.28

 

(10) CONSOLIDATED FINANCIAL HIGHLIGHTS

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

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Per Unit Data:(1)
Net asset value, beginning of period		$	18.57			$	18.96
Net investment income (loss)			0.35				0.43
Net unrealized and realized gain (loss)(2)			(0.40	)			(0.14	)
Net increase (decrease) in net assets resulting from operations			(0.05	)			0.29
Distributions declared			(0.40	)			(0.43	)
Total increase (decrease) in net assets			(0.45	)			(0.14	)
Net asset value, end of period		$	18.12			$	18.82
Units outstanding, end of period			178,278,619				181,148,832
Weighted average units outstanding			185,279,322				179,816,535
Total return based on net asset value(3)			(0.30	)%			1.52	%
Ratio/Supplemental Data:
Members' Capital, end of period		$	3,229,740			$	3,408,329
Ratio of expenses before waivers to average Members' Capital(4)			9.78	%			9.83	%
Ratio of net expenses to average Members’ Capital(4)			9.68	%			9.59	%
Ratio of net investment income to average Members’ Capital(4)			8.43	%			9.61	%
Asset coverage ratio(5)			200.00	%			217.00	%
Portfolio turnover rate			2.36	%			4.89	%

 

(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.

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(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 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) 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.

April Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 432,731 Units for an aggregate offering price of $7,841 effective April 1, 2026.

On April 24, 2026, the Company declared a distribution in the amount of $0.1234 per unit and payable on or around May 5, 2026 to unitholders of record as of April 30, 2026.

May 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 $4,100 effective May 1, 2026.

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NH Keystone

On April 21, 2026, the Company contributed $10 million to NH Keystone.

 

ING Facility Amendment

On May 7, 2026, the company entered into an amendment (the “Sixth Amendment) to the ING Facility, with the Company, as a borrower, ING, as administrative agent, the subsidiary guarantors party thereto, and the lenders and issuing banks party thereto. The Sixth Amendment,among other things, (i) extends the commitment termination date from July 15, 2028 to May 7, 2030, (ii) extends the maturity date from July 15, 2029 to May 7, 2031, and (iii) modifies certain debt and financial covenants.

 

Series B 2026 Note Redemption

On May 11, 2026 (the “Redemption Date”), the Company redeemed $107,000 in aggregate principal amount of the issued and outstanding Series B 2026 Notes, pursuant to the August 2023 NPA, by and between the Company and the noteholders. The Series B 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding, the Redemption Date.

 

 

 

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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. 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 government shutdowns and 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, 2025, 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 or in the future file

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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 (as defined below) 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.

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, 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 and Affiliated Entities (each as defined in the Order), 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 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.

On April 15, 2025, the SEC issued an order (the “Multi-Class Order”) granting our application for exemptive relief from sections 18(a)(2), 18(c), 18(i) and 61(a) under the 1940 Act. Under the terms of the Multi-Class Order, we are permitted to offer multiple classes of common units with varying sales loads and asset-based distribution and/or service fees. As of the date of this report, we have one class of common units, Class S Units, authorized and outstanding.

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

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prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity 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;

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•

any necessary insurance premiums;

•

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:

			March 31, 2026									December 31, 2025
			Cost			Fair Value		% of Total Investments at Fair Value				Cost			Fair Value		% of Total Investments at Fair Value
First Lien Debt		$	6,264,270		$	6,149,937		97.0	%		$	6,506,675		$	6,424,695		97.1	%
Second Lien Debt			22,049			22,199		0.3				31,045			32,023		0.5
Other Debt Investments			8,741			7,381		0.1				12,010			11,564		0.2
Equity			76,929			63,969		1.0				64,305			57,052		0.9
Investments in Joint Venture			100,439			99,225		1.6				85,438			85,276		1.3
Total		$	6,472,428		$	6,342,711		100.0	%		$	6,699,473		$	6,610,610		100.0	%

 

 

 

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

 

		As of
		March 31, 2026				December 31, 2025
Number of portfolio companies			305				313
Number of industries			44				44
Number of new investment commitments in portfolio companies			4				53
Number of portfolio companies exited or fully repaid			12				44
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)			8.9	%			9.0	%
Weighted average yield on debt and income producing investments, at fair value(3)			9.1	%			9.1	%
Weighted average yield on total portfolio, at cost(4)			8.8	%			8.9	%
Weighted average yield on total portfolio, at fair value(4)			9.0	%			9.0	%
Weighted average 12-month EBITDA(5)		$	182.27			$	180.50
Median 12-month EBITDA(5)			91.6				90.8
Weighted average net leverage through tranche(5)(6)			6.0	x		6.0x
Weighted average interest coverage(5)(7)			1.7	x		1.7x
Weighted average loan to value(5)(8)			39.4	%			40.6	%
Percentage of our debt portfolio subject to business cycle volatility(5)			4.7	%			5.0	%
Average position size of our investments, at fair value (in millions)		$	20.7			$	21.1

 

(1)

Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche in which the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies to 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.

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(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, excluding the Company's investment in NH Keystone, 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.

(6)

Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche in which 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 to 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 in which 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
		March 31, 2026				March 31, 2025
New investments committed
Gross Principal Balance(1)		$	120,939			$	551,781
Net New Investments Committed		$	120,939			$	551,781
Investments, at cost
Investments, beginning of period		$	6,699,473			$	6,103,560
New investments purchased			153,171				549,369
Net accretion of discount on investments			6,008				6,425
Payment-in-kind			5,590				6,863
Net realized gain (loss) on investments			(35,380	)			(5,007	)
Investments sold or repaid			(356,434	)			(304,482	)
Investments, end of period		$	6,472,428			$	6,356,728
Principal amount of investments funded
First lien debt investments		$	139,258			$	553,220
Equity(2)			—				238
Investment in Joint Venture(3)			15,001				—
Total		$	154,259			$	553,458
Amount of investments sold/fully repaid, at principal
First lien debt investments		$	170,734			$	246,664
Equity(2)			—				8,455
Total		$	170,734			$	255,119

 

(1)

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

(2)

Represents dollar amount of equity investments funded, excluding equity investments in NH Keystone.

(3)

Represents dollar amount of equity investments funded in NH Keystone.

 

North Haven Keystone LLC

North Haven Keystone LLC, a Delaware limited liability company, was formed as a joint venture (“NH Keystone”) between us and a large North American insurance company (the “JV Partner”), commenced operations on September 25, 2025 and operates under a limited liability company agreement. NH Keystone’s principal purpose is to make investments, primarily in senior secured loans issued by middle-market companies.

We and the JV Partner each agreed to contribute up to $500,000 and $75,000, respectively, to NH Keystone. We and the JV Partner have equal control of NH Keystone's investment decisions and generally all other decisions in respect of NH Keystone must be approved by NH Keystone's investment committee or board of directors, each of which consists of an equal number of representatives of us and the JV Partner. We do not consolidate NH Keystone. NH Keystone is not an “eligible portfolio company” as defined in section 2(a)(46) of the 1940 Act.

As of March 31, 2026, we and the JV Partner made capital contributions of $100,438 and $15,061 in member's equity, respectively, to NH Keystone.

 

For more information on NH Keystone, see “Note 4. Investments—North Haven Keystone LLC.”

 

Investment Performance Rating

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

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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 investment performance is above our initial underwriting expectations, and the business trends and risk factors are generally favorable, which trends or factors 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.

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:

 

		March 31, 2026								December 31, 2025
		Fair Value				% of Total				Fair Value				% of Total
Risk rating 1		$	—				—		%	$	18,232				0.3		%
Risk rating 2			6,130,804				96.6				6,393,100				96.7
Risk rating 3			132,237				2.1				126,779				1.9
Risk rating 4			79,670				1.3				72,499				1.1
Total		$	6,342,711				100.0		%	$	6,610,610				100.0		%

 

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

 

		March 31, 2026								December 31, 2025
		Amortized Cost				% of Total				Amortized Cost				% of Total
Performing		$	6,346,306				98.1		%	$	6,578,348				98.2		%
Non-accrual (1)			126,122				1.9				121,125				1.8
Total		$	6,472,428				100.0		%	$	6,699,473				100.0		%

 

(1)

As of March 31, 2026 and December 31, 2025 the company had certain investments in six and five portfolio companies, respectively, that were on non-accrual status.

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
		March 31, 2026				March 31, 2025
Total investment income		$	152,339			$	161,513
Less: Net expenses			86,556				83,418
Net investment income before taxes			65,783				78,095
Less: Excise tax expense			102				—
Net investment income after taxes			65,681				78,095
Net realized gain (loss)			(35,361	)			(5,012	)
Net change in unrealized appreciation (depreciation)			(40,489	)			(23,077	)
Net increase (decrease) in Members' Capital resulting from operations		$	(10,169	)		$	50,006

 

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Investment Income

Investment income was as follows:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Investment income:
Interest income		$	141,215			$	150,782
Payment-in-kind income			4,283				6,591
Dividend income			5,066				1,123
Other income			1,775				3,017
Total Investment Income		$	152,339			$	161,513

 

In the table above, total investment income decreased from $161,513 for the three months ended March 31, 2025 to $152,339 for the three months ended March 31, 2026, respectively. The decrease was primarily driven by declining base rates and repricings on our existing portfolio, which impacted our weighted average yield. Our weighted average yield at cost on debt and income producing investments decreased to 8.9% as of March 31, 2026 from 9.9% as of March 31, 2025. Total dividend income increased from $1,123 for the three months ended March 31, 2025 to $5,066 for the three months ended March 31, 2026 primarily attributable to dividend income earned from our investment in the joint venture at NH Keystone. For the three months ended March 31, 2026 and March 31, 2025, 2.8% and 4.1%, respectively, of our total investment income was comprised of PIK interest.

 

Additionally, for the three months ended March 31, 2026, we recorded $1,703 of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1,627 for the same period in the prior year, primarily as a result of prepayments.

Expenses

Expenses were as follows:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Expenses:
Interest and other financing expenses		$	58,418			$	59,855
Management fees			10,621				10,535
Income based incentive fees			10,182				11,611
Servicing fees			7,222				7,163
Professional fees			3,017				1,969
Directors' fees			129				130
Administrative service fees			117				4
General and other expenses			100				151
Total expenses		$	89,806			$	91,418
Management fees waiver			(1,625	)			(4,000	)
Income based incentive fees waiver			(1,625	)			(4,000	)
Net expenses		$	86,556			$	83,418
Excise tax expense		$	102			$	—

 

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, decreased to $58,418 for the three months ended March 31, 2026 from $59,855 for the three months ended March 31, 2025. The decrease was primarily due to the reduction of our average interest rate which decreased from 7.25% to 6.38%, respectively, mainly driven by declining base rates partially offset by the increase in our average borrowings which were $3,249,357 and $2,945,060, respectively.

Base Management Fee

The base management fees, net of waiver, were $8,996 and $6,535 for the three months ended March 31, 2026 and 2025, respectively. The increase was primarily due to an increase in capital contributions as well as a lower waiver amount in the current period. 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

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The income-based incentive fees, net of waiver, were $8,557 and $7,611 for the three months ended March 31, 2026 and 2025, respectively. The increase for the three months ended March 31, 2026 was primarily due to a lower waiver amount in the current period offset by a decrease 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.

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.

Servicing fees include placement agency fees paid in connection with the Company’s private offering. Servicing fees were $7,222 and $7,163 for the three months ended March 31, 2026 and 2025, 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
		March 31, 2026				March 31, 2025
Realized and unrealized gain (loss):
Net realized gain (loss):
Net realized gain (loss) on investments		$	(35,380	)		$	(5,007	)
Foreign currency and other transactions			19				(5	)
Net realized gain (loss):		$	(35,361	)		$	(5,012	)
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on investments			(39,812	)			(23,137	)
Foreign currency translations and other transactions			(677	)			60
Net change in unrealized appreciation (depreciation):		$	(40,489	)		$	(23,077	)
Net realized and unrealized gain (loss)		$	(75,850	)		$	(28,089	)

 

For the three months ended March 31, 2026, net realized losses on our investments were $35,380 which was primarily due to the restructuring of our first lien debt investments in 48Forty Solutions, LLC.

For the three months ended March 31, 2026, net change in unrealized depreciation on our investments of $39,812 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 months ended March 31, 2025, net change in unrealized appreciation on our investments of $23,137 was primarily driven by changes in spreads in the primary and secondary markets.

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 March 31, 2026, we had approximately $196.9 million of unrestricted cash and cash equivalents, and short term investments (including investments in money market funds), which taken together with our approximately $1,328.3 million, $407.8 million, $150.0 million and $299.9 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 March 31, 2026, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $763.0 million.

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Unregistered Sales of Equity Securities

For the three months ended March 31, 2026 and 2025, total Units issued and proceeds received were as follows:

 

Unit Issuance Date		Units Issued				Proceeds Received
For the Three Months Ended March 31, 2026
January 01, 2026			972,536			$	18,060
February 01, 2026			489,573				9,062
March 01, 2026			1,505,645				27,704
Total			2,967,754			$	54,826
For the Three Months Ended March 31, 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
Total			9,891,684			$	187,462

 

 

The following table summarizes our distributions declared and payable for the three months ended March 31, 2026 and 2025:

 

Date Declared		Record Date		Payment Date		Per Unit Amount					Total Amount
For the Three Months Ended March 31, 2026
January 26, 2026		January 31, 2026		February 04, 2026		$	0.1250				$	22,986
February 23, 2026		February 28, 2026		March 04, 2026			0.1250					23,141
March 23, 2026		March 31, 2026		April 06, 2026			0.1250					23,423
March 23, 2026		March 31, 2026		April 06, 2026			0.0213					3,991		(1)
Total Distributions						$	0.3963				$	73,541
For the Three Months Ended March 31, 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)
Total Distributions						$	0.4265				$	77,034

 

 

(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 (net of applicable withholding tax) 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.

The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP during for the three months ended March 31, 2026 and 2025:

 

Payment Date		DRIP Units Issued				DRIP Units Value
For the Three Months Ended March 31, 2026
January 06, 2026			873,430			$	16,220
February 04, 2026			741,175				13,719
March 04, 2026			749,647				13,793
Total			2,364,252			$	43,732
For the Three Months Ended March 31, 2025
January 04, 2025			807,260			$	15,306
February 05, 2025			697,198				13,219
March 05, 2025			711,427				13,474
Total			2,215,885			$	41,999

 

 

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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 three months ended March 31, 2026 and 2025:

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
For the Three Months Ended March 31, 2026
March 07, 2026			5.00	%		$	18.12			March 31, 2026		$	164,936				9,102,453				5.00	%		(2)
Total												$	164,936				9,102,453
For the Three Months Ended March 31, 2025
March 07, 2025			5.00	%		$	18.82			March 31, 2025		$	65,290				3,469,202				2.01	%		(3)
Total												$	65,290				3,469,202

 

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

(2) Due to oversubscription of the tender offer, the Company accepted for purchase on a pro rata basis approximately 47.8% of the Units validly tendered and not properly withdrawn prior to the expiration of the tender offer on March 7, 2026.

(3) All repurchase requests were satisfied in full.

Debt

Our outstanding debt obligations were as follows:

	March 31, 2026												December 31, 2025
	Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
ING Facility(1)	$	1,350,000			$	21,133			$	1,328,254			$	1,350,000			$	254,537			$	1,094,850
Wells Funding Facility		900,000				492,250				407,750				900,000				497,250				402,750
CBNA Funding Facility		375,000				225,000				150,000				375,000				225,000				150,000
JPM Funding Facility		1,200,000				900,073				299,927				1,200,000				744,073				455,927
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				—				300,000				300,000				—
Total	$	5,406,000			$	3,219,456			$	2,185,931			$	5,406,000			$	3,301,860			$	2,103,527

 

 

(1)

As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 12,216 and 12,216. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Canadian dollars (CAD) of 5,800 and 5,800. As of March 31, 2026 and December 31, 2025, 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 2028 Notes were presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $620, as of March 31, 2026 and $849, as of December 31, 2025.

(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 $152 and $700, respectively, as of March 31, 2026 and $255 and $773, respectively, as of December 31, 2025.

(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 $421 and $1,005, respectively, as of March 31, 2026 and $534 and $1,075, respectively, as of December 31, 2025.

(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 $528 and $1,538, respectively, as of March 31, 2026 and $610 and $1,651, respectively, as of December 31, 2025.

(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 $2,902, as of March 31, 2026 and $3,080, as of December 31, 2025.

(7)

The carrying value of the Company’s 2028 Notes was presented net of unamortized debt issuance costs and unamortized original issue discount of $3,180, as of March 31, 2026 and $3,488, as of December 31,2025.

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

RECENT DEVELOPMENTS

April Issuances and Distribution Declarations

Pursuant to our continuous private offering, we issued approximately 432,731 Units for an aggregate offering price of $7.8 million effective April 1, 2026.

On April 24, 2026, our Board declared a regular distribution in the amount of $0.1234 per unit and payable on or around May 5, 2026 to unitholders of record as of April 30, 2026.

May Issuances

Pursuant to our continuous private offering, we held a close relating to the sale of our Units for an aggregate offering price of $4.1 million effective May 1, 2026.

NH Keystone

On April 21, 2026, we contributed $10 million to NH Keystone.

ING Facility Amendment

On May 7, 2026, we entered into an amendment (the “Sixth Amendment) to the ING Facility, with us, as a borrower, ING Capital LLC (ING), as administrative agent, the subsidiary guarantors party thereto, and the lenders and issuing banks party thereto. The Sixth Amendment, among other things, (i) extends the commitment termination date from July 15, 2028 to May 7, 2030, (ii) extends the maturity date from July 15, 2029 to May 7,2031, and (iii) modifies certain debt and financial covenants.

 

Series B 2026 Note Redemption

On May 11, 2026 (the “Redemption Date”), we redeemed $107,000 in aggregate principal amount of the issued and outstanding 8.84% Series B Senior Notes due 2026 (the “Series B 2026 Notes”), pursuant to the Master Note Purchase Agreement, dated as of August 10, 2023, by and between us and the noteholders. The Series B 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon,through, but excluding, the Redemption Date.

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.”

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.

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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 the 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. These market conditions, when they occur, 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 March 31, 2026, approximately 99.9% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of March 31, 2026, 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 March 31, 2026) (dollar amounts in thousands):

 

		Interest				Interest				Net
Basis Point Change - Interest Rates		Income				Expense(1)				Income
Up 300 basis points		$	184,761			$	(96,176	)		$	88,585
Up 200 basis points		$	123,174			$	(64,117	)		$	59,057
Up 100 basis points		$	61,587			$	(32,059	)		$	29,528
Up 25 basis points		$	15,397			$	(8,015	)		$	7,382
Down 25 basis points		$	(15,397	)		$	8,015			$	(7,382	)
Down 100 basis points		$	(61,587	)		$	32,059			$	(29,528	)
Down 200 basis points		$	(123,019	)		$	64,117			$	(58,902	)
Down 300 basis points		$	(179,821	)		$	96,176			$	(83,645	)

 

(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.

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of March 31, 2026 (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 March 31, 2026 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 disclosed below and 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 below and 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.

Laws and regulations regulating insurance activities are complex and could negatively affect the business of our portfolio companies in the insurance services industry, which could reduce their profitability and potentially limit their growth.

We could invest in portfolio companies in the insurance services industry and a downturn in the industry could significantly impact the aggregate returns we realize on such investments. For example, the insurance industry in the United States is heavily regulated, and the insurance regulatory framework addresses, among other things: (i) granting licenses to companies and agents to transact particular business activities and (ii) regulating trade, marketing, compensation, and claims practices. Certain of our portfolio companies may be subject to laws and regulations applicable to insurance brokers and to the authority of the insurance regulators in their respective jurisdictions of operation. The cost of compliance with such regulations or any non-compliance could impose material costs on our portfolio companies and negatively affect their business, marketing practices, and budgets. Any of these factors could affect our portfolio company investments and, in turn, materially adversely affect our business, financial condition and results of operations.

Furthermore, the laws and regulations governing the sale of insurance may change in ways that adversely impact the business of our portfolio companies. These changes could impact the manner in which our portfolio companies are permitted to conduct their businesses and could result in increased expenses and/or decreased revenues as well as negatively affect their marketing practices, budgets, and overall level of business, which could adversely impact our business, financial condition, operating results and cash flows.

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 January 27, 2026, February 26, 2026 and March 25, 2026, for the issuance of our Class S Units for the three months ended March 31, 2026. 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 February 5, 2026, we announced a quarterly tender offer that commenced on February 6, 2026 and ended at 12:01 a.m., Eastern Time, on March 7, 2026 (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.

We have accepted for purchase approximately 9,102,453 Units at a purchase price per Unit of $18.12 which is equal to the net asset value per Unit as of March 31, 2026. Due to the oversubscription of the Offer, based on the final count by our transfer agent, we accepted for purchase on a pro rata basis approximately 47.8% of the Units validly tendered and not properly withdrawn prior to the expiration of the Offer. The number of Units that we have accepted for purchase in the Offer represents 5.0% of the total number of Units outstanding as of December 31, 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 March 31, 2026:

 

Offer Date		Tender Offer Expiration		Purchase Price per Share				Share Repurchased				Aggregate Dollar Amount of Shares Accepted for Repurchase (in thousands)
February 6, 2026		March 7, 2026		$	18.12				9,102,453			$	164,936

 

 

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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 March 31, 2026, 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.”

ING Facility Amendment

On May 7, 2026, we entered into the Sixth Amendment to the ING Facility, with us, as a borrower, ING, as administrative agent, the subsidiary guarantors party thereto, and the lenders and issuing banks party thereto. The Sixth Amendment, among other things, (i) extends the commitment termination date from July 15, 2028 to May 7, 2030, (ii) extends the maturity date from July 15, 2029 to May 7, 2031, and (iii) modifies certain debt and financial covenants. The other material terms of the ING Facility remain unchanged. Borrowings under the ING Facility are subject to various covenants under the related agreements as well as the leverage restrictions contained in the 1940 Act.The description above is only a summary of the material provisions of the Sixth Amendment and is qualified in its entirety by reference to the copy of the Sixth Amendment, which is filed as Exhibit 10.1 hereto.

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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
10.1	Amendment No. 6 to Senior Secured Revolving Credit Agreement, dated as of May 7, 2026 with the Company, as a borrower, ING Capital LLC, as administrative agent, ING Capital LLC and Truist Securities, Inc. as joint book runners and ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Truist Securities, Inc. as joint lead arrangers.
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: May 13, 2026		By:	/s/ Michael Occi
			Michael Occi Director and Chief Executive Officer (Principal Executive Officer)
Dated: May 13, 2026		By:	/s/ David Pessah
			David Pessah Chief Financial Officer (Principal Financial Officer)

 

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