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(dba Quorum Software) Industry IT Services Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 06/03/2032 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 0.00% Reference Rate and Spread S + 5.50 Maturity 02/28/20302025-06-300001865174ck0001865174:InvestmentAdviserDidNotDevelopUnobservableInputsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 9.61% Reference Rate and Spread S + 5.25% Maturity 02/24/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/292024-12-310001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.93% Reference Rate and Spread S + 7.50% Maturity 08/14/2028 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.54% Reference Rate and Spread S + 6.00% Maturity 04/26/292024-12-310001865174ck0001865174:IncentiveFeeCapEqualToCumulativeNetReturnMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.12% Reference Rate and Spread S + 4.75% Maturity 10/24/302024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 9.31% Reference Rate and Spread S + 5.00% Maturity 01/09/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.80% Reference Rate and Spread S + 5.50 Maturity 02/28/2031 One2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:GovdeliveryHoldingsLlcDbaGranicusIncMember2025-06-300001865174ck0001865174:LeisureProductsMember2024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Onyx CenterSource, Inc. Industry Software Interest Rate 11.24% Reference Rate and Spread S + 6.50% Maturity 12/15/28 One2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:LegendsHospitalityHoldingCompanyLLCFkaASMBuyerIncMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/292024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242024-01-012024-12-310001865174ck0001865174:AverageEndOfSuchQuarterMember2025-01-012025-06-300001865174Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2024-12-310001865174us-gaap:MediaContentMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001865174us-gaap:DebtSecuritiesMembercountry:US2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 01/25/20282025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Rubrik, Inc. Industry Software Interest Rate 11.67% Reference Rate and Spread S + 7.00% Maturity 08/17/28 One2024-12-310001865174ck0001865174:NonControlledNonAffiliatedInvestmentsMember2024-04-012024-06-3000018651742025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 07/01/30 One2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:MachineryMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-3000018651742024-04-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 6.73% Reference Rate and Spread E + 4.75% Maturity 07/01/20312025-06-300001865174ck0001865174:CoretrustPurchasingGroupLLCMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 05/01/292024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:GovdeliveryHoldingsLlcDbaGranicusIncMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 10.93% Reference Rate and Spread S + 6.61% Maturity 12/22/2028 One2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:K2TowersIiiLlcMember2024-12-310001865174ck0001865174:DiversifiedconsumerservicesMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread S + 6.00% Maturity 04/26/292024-12-310001865174us-gaap:PreferredStockMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.72% Reference Rate and Spread S + 6.50% Maturity 07/01/2029 One2025-06-300001865174ck0001865174:SterlingOvernightIndexAverageMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 12/06/20292025-06-300001865174us-gaap:WarrantMember2024-01-012024-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorseniorsecureddebtMember2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorlastoutunitrancheMember2025-01-012025-06-300001865174us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001865174:BoaRevolvingCreditFacilityMember2025-01-012025-06-300001865174ck0001865174:InsuranceMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.59% Reference Rate and Spread S + 5.25% Maturity 04/30/302024-12-310001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorseniorsecureddebtMember2024-01-012024-06-300001865174ck0001865174:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-06-300001865174ck0001865174:NonControlledAffiliatedInvestmentsMember2024-01-012024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Formulations Parent Corporation (dba Chase Corp)Industry Chemicals Interest Rate 10.27% Reference Rate and Spread S + 5.75% Maturity 11/15/302024-12-310001865174ck0001865174:TruistRevolvingCreditFacilityMembersrt:MinimumMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorseniorsecureddebtMember2023-12-310001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorlastoutunitrancheMember2023-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Computer Services, Inc. Industry Financial Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 11/15/20292025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SunshineCadenceHoldcoLlcDbaCadenceEducationMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SpectrumSafetySolutionsPurchaserLlcDbaCarrierIndustrialFireMember2024-12-310001865174ck0001865174:AqSunshineIncDbaRelationInsuranceMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:K2TowersIiiLlcMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.81% Reference Rate and Spread S + 4.50% Maturity 05/03/20292025-06-300001865174ck0001865174:MandrakeBidcoIncDbaMiratechMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Northstar Acquisition HoldCo, LLC (dba n2y) Industry Software Interest Rate 9.45% Reference Rate and Spread SN + 4.75% Maturity 05/03/292024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 12.25% Reference Rate and Spread P + 4.75% Maturity 11/30/20272025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 10/07/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 12/02/20312025-06-300001865174us-gaap:WarrantMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 07/14/20312025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ProjectAccelerateParentLlcDbaAbcFitnessMember2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.83% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 11/07/312024-12-310001865174country:USus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Precinmac, LP Industry Machinery Interest Rate 9.55% Reference Rate and Spread S + 5.00% Maturity 12/02/312024-12-310001865174ck0001865174:TradingCompaniesAndDistributorsMember2025-06-300001865174Investment Debt Investments - 189.6% United Kingdom - 5.8% 1st Lien/Senior Secured Debt - 5.8% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 13.70% Reference Rate and Spread SN+8.75% (Incl. 9.85% PIK) Maturity 07/25/282024-12-310001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Recochem, Inc Industry Chemicals Interest Rate 10.32% Reference Rate and Spread S + 5.75% Maturity 11/01/302024-12-310001865174us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:InsuranceMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Computer Services, Inc. Industry Financial Services Interest Rate 9.75% Reference Rate and Spread S + 5.25% Maturity 11/15/292024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 9.03% Reference Rate and Spread S + 4.75% Maturity 08/20/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.72% Reference Rate and Spread S + 6.50% Maturity 07/01/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/292024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 9.43% Reference Rate and Spread S + 5.00% Maturity 11/01/20282025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.25% Reference Rate and Spread S + 5.00% Maturity 08/07/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 12/06/20292025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 01/30/2032 One2025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/212024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 9.04% Reference Rate and Spread S + 4.75% Maturity 07/01/20302025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% iCIMS, Inc. Industry Professional Services Interest Rate 10.38% Reference Rate and Spread S + 5.75% Maturity 08/18/282024-12-310001865174ck0001865174:TextilesApparelAndLuxuryGoodsMember2024-12-310001865174us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 10/01/20292025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 08/29/2031 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 0.00% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/20312025-06-300001865174ck0001865174:FirstLienLast-OutUnitrancheMembercountry:US2024-12-310001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 07/01/2027 One2025-06-300001865174ck0001865174:BoaRevolvingCreditFacilityMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.75% Maturity 05/01/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 10.34% Reference Rate and Spread S + 5.75% (Incl. 2.25% PIK) Maturity 01/17/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.93% Reference Rate and Spread S + 5.50% Maturity 12/01/272024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% WebPT, Inc. I Industry Health Care Technology Interest Rate 10.66% Reference Rate and Spread S + 6.25% Maturity 01/18/20282025-06-300001865174ck0001865174:SpecialtyRetailMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 10.89% Reference Rate and Spread S + 6.55% Maturity 12/06/282024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001865174:FirstlienorlastoutunitrancheMembersrt:WeightedAverageMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:QBSParentIncDbaQuorumSoftwareMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Kaseya Inc. Industry IT Services Interest Rate 10.09% Reference Rate and Spread S + 5.50% Maturity 06/25/292024-12-310001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 0.00% Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/20302025-06-300001865174ck0001865174:AerospaceAndDefenseMember2024-12-310001865174ck0001865174:OrdinaryIncomeExceedsCatchUpAmountMember2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-06-300001865174ck0001865174:InvestmentsInAffiliatedMoneyMarketFundMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.80% Reference Rate and Spread S + 5.50 Maturity 02/28/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NAVEX TopCo, Inc. Industry Software Interest Rate 9.57% Reference Rate and Spread S + 5.50% Maturity 11/08/20302025-06-300001865174us-gaap:MoneyMarketFundsMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 03/31/20272025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:CodingSolutionsAcquisitionIncDbaCorrohealthMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:IwaveInformationSystemsIncMember2025-06-300001865174us-gaap:FairValueInputsLevel2Memberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:VasaFitnessBuyerIncMember2025-06-300001865174ck0001865174:IncentiveFeeCapEqualToCumulativeNetReturnMembersrt:MaximumMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and Spread S + 8.25% Maturity 11/27/29 One2024-12-310001865174ck0001865174:ThreeMonthCORRAMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0.1% 1st Lien/Senior Secured Debt - 162.9% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/272024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% SpendMend, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 03/01/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 11.75% Reference Rate and Spread P + 4.25% Maturity 01/17/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 10/02/2029 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Rocky Debt Merger Sub, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 5.25% (Incl. 2.75% PIK) Maturity 09/01/31 One2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:UsSignalCompanyLlcMember2024-12-3100018651742024-01-012024-12-310001865174us-gaap:CommonStockMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/272024-12-310001865174ck0001865174:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2024-01-012024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-06-300001865174us-gaap:FairValueInputsLevel1Memberck0001865174:InvestmentsInAffiliatedMoneyMarketFundMember2024-12-310001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 02/01/272024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 9.55% Reference Rate and Spread S + 5.00% Maturity 03/01/282024-12-310001865174Non-Controlled Affiliates LCG Vardiman Black, LLC (dba Specialty Dental Brands)2024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 9.38% Reference Rate and Spread S + 5.00% Maturity 03/01/20282025-06-300001865174us-gaap:WarrantMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2024-12-310001865174ck0001865174:TowercoIvHoldingsLlcMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 0.00% Reference Rate and Spread S + 6.00% Maturity 05/01/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 9.59% Reference Rate and Spread S + 5.25% Maturity 02/07/312024-12-310001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Recochem, Inc Industry Chemicals Interest Rate 9.66% Reference Rate and Spread C + 5.75% Maturity 11/01/302024-12-310001865174ck0001865174:AverageEndOfTwoRecentlyCompletedQuartersMember2025-01-012025-06-300001865174us-gaap:DebtSecuritiesMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 8.55% Reference Rate and Spread S + 4.25% Maturity 07/28/20312025-06-300001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.83% Reference Rate and Spread S + 6.00% Maturity 02/01/20272025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SpendmendHoldingsLlcMember2024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-06-300001865174us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.90% Reference Rate and Spread S + 5.50% Maturity 12/01/2027 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 07/06/20272025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.88% Reference Rate and Spread S + 6.50% Maturity 07/18/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Singlewire Software, LLC Industry Software Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 05/10/20292025-06-300001865174ck0001865174:ConsumerStaplesDistributionAndRetailMemberck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United Kingdom - 5.8% 1st Lien/Senior Secured Debt - 5.8% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 13.70% Reference Rate and Spread SN+8.75% (Incl. 9.85% PIK) Maturity 07/25/28 One2024-12-310001865174us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174country:USus-gaap:InvestmentAffiliatedIssuerMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Southeast Mechanical, LLC (dba. SEM Holdings, LLC)Industry Diversified Consumer Services Interest Rate 10.47% Reference Rate and Spread S + 6.00% Maturity 07/06/272024-12-310001865174ck0001865174:CoretrustPurchasingGroupLLCMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:HealthCareOtherMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 9.45% Reference Rate and Spread S + 5.00% Maturity 03/01/20282025-06-300001865174ck0001865174:TruistRevolvingCreditFacilityMember2024-01-012024-06-300001865174ck0001865174:RecordedBooksIncDbaRbmediaMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 169.2% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.50% Maturity 07/28/312024-12-310001865174ck0001865174:SonarAcquisitioncoIncDbaSimPROMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:UsSignalCompanyLlcMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 01/30/20322025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:CrewlineBuyerIncDbaNewRelicMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 0.00% Reference Rate and Spread S + 4.25% Maturity 05/19/20322025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ABC Investment CST Buyer Company (dba Intoxalock)Industry Diversified Consumer Services Interest Rate 9.46% Reference Rate and Spread S + 5.00% Maturity 11/01/282024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:ItservicesMember2024-01-012024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.95% Reference Rate and Spread S + 7.50% Maturity 07/18/2028 One2025-06-300001865174ck0001865174:AccruedExpensesAndOtherLiabilitiesMembersrt:AffiliatedEntityMember2025-06-300001865174ck0001865174:WirelessTelecommunicationServicesMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ClearcoursePartnershipAcquirecoFinanceLimitedMember2024-12-310001865174ck0001865174:IMOInvestorHoldingsIncFkaIntelligentMedicalObjectsIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174us-gaap:InvestmentAffiliatedIssuerControlledMember2025-06-300001865174us-gaap:WarrantMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.16% Reference Rate and Spread S + 6.83% Maturity 02/01/20292025-06-300001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% iWave Information Systems, Inc. Industry Software Reference Rate and Spread S + 6.75% Maturity 11/23/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.25% Maturity 07/26/2030 One2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29 One2024-12-310001865174ck0001865174:TruistRevolvingCreditFacilityMembersrt:MaximumMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 01/09/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.73% Reference Rate and Spread S + 8.25% Maturity 11/27/2029 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 Three2025-06-300001865174ck0001865174:BoaRevolvingCreditFacilityMemberck0001865174:ZeroPointThreeFiveAnnualizedFeePercentageMember2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:CommercialservicessuppliesMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174us-gaap:RevolvingCreditFacilityMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Whitewater Holding Company LLC Industry Diversified Consumer Services Reference Rate and Spread S + 5.75% Maturity 12/21/272024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 09/01/20312025-06-300001865174us-gaap:DebtSecuritiesMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/2031 One2025-06-300001865174ck0001865174:TowercoIvHoldingsLlcMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Computer Services, Inc. Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 11/15/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.01% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2024-12-310001865174ck0001865174:TermLoansMember2025-06-300001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 10.03% Reference Rate and Spread S + 5.75% Maturity 11/01/20302025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.50% Maturity 07/26/302024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 08/31/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Southeast Mechanical, LLC (dba. SEM Holdings, LLC)Industry Diversified Consumer Services Interest Rate 10.47% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:BlastBidcoIncDbaBazookaCandyBrandsMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ArtifactBidcoIncMember2025-06-300001865174ck0001865174:DfsHoldingCompanyIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread S + 4.75% Maturity 10/24/302024-12-310001865174ck0001865174:ICIMSIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 11.11% Reference Rate and Spread S + 6.75% Maturity 11/08/302024-12-310001865174us-gaap:CommonStockMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% WebPT, Inc. I Industry Health Care Technology Interest Rate 10.74% Reference Rate and Spread S + 6.25% Maturity 01/18/20282025-06-300001865174ck0001865174:NCTopcoLLCDbaNContractsMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174us-gaap:ChemicalsSectorMember2025-06-300001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 9.53% Reference Rate and Spread S+ 5.25% (Incl. 2.25% PIK) Maturity 01/17/20312025-06-300001865174ck0001865174:AiTitanParentIncDbaPrometheusMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 06/03/20322025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 07/06/2027 One2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174us-gaap:EntertainmentMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SoutheastMechanicalLLCMember2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:ChemicalsSectorMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:GuidepointSecurityHoldingsLLCFkaGPSPhoenixBuyerIncMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.33% Reference Rate and Spread E + 5.00% Maturity 07/01/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 07/01/20302025-06-300001865174us-gaap:FairValueMeasurementsRecurringMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 05/01/2029 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 11.42% Reference Rate and Spread S + 5.00% (Incl. 6.42% PIK) Maturity 03/18/20272025-06-300001865174us-gaap:InvestmentUnaffiliatedIssuerMember2025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242024-12-310001865174ck0001865174:CiQuercusIntermediateHoldingsLlcMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 10/01/2029 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 12/31/292024-12-310001865174ck0001865174:AiTitanParentIncDbaPrometheusMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ZaryaHoldCoIncDbaEpturaMember2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:ConstructionAndEngineeringMember2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 9.61% Reference Rate and Spread S + 5.00% Maturity 05/01/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 07/24/2031 One2025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 10/02/242024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:EDBParentLLCMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:PDDSHoldcoIncDbaPlanetDDSMember2024-12-310001865174ck0001865174:Engage2ExcelIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:NonControlledNonAffiliatedInvestmentsMember2025-04-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:BoaRevolvingCreditFacilityMember2024-01-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.84% Reference Rate and Spread N + 4.50% Maturity 05/03/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.83% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/292024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 10/02/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.96% Reference Rate and Spread S + 7.50% Maturity 08/14/282024-12-310001865174us-gaap:DebtSecuritiesMembercountry:US2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 10/04/302024-12-310001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.86% Reference Rate and Spread S + 6.00% Maturity 02/01/272024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:RocketBidcoIncDbaRecochemMember2025-06-300001865174ck0001865174:VardimanBlackHoldingsLLCDbaSpecialtyDentalBrandsMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.74% Reference Rate and Spread C + 5.75% Maturity 11/01/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 07/01/2030 Two2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.03% Reference Rate and Spread S + 5.75% Maturity 07/25/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.16% Reference Rate and Spread S + 6.83% Maturity 02/01/2029 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/272024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:HealthEdgeSoftwareIncMember2024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/302024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.80% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/2028 One2025-06-3000018651742025-04-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.80% Reference Rate and Spread S + 5.50% Maturity 12/31/20292025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ChessComLLCFkaCheckmateFinanceMergerSubLLCMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% iCIMS, Inc. Industry Professional Services Interest Rate 10.34% Reference Rate and Spread S + 5.75% Maturity 08/18/282024-12-310001865174ck0001865174:RubrikIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:ComputerServicesIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ZeusCompanyLLCMember2025-06-300001865174ck0001865174:RealestatemgmtdevelopmentMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:AqSunshineIncDbaRelationInsuranceMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 10.92% Reference Rate and Spread S + 6.50% Maturity 12/31/272024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberus-gaap:FairValueInputsLevel3Member2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SpendmendHoldingsLlcMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 11.00% Reference Rate and Spread S + 6.50% Maturity 08/01/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.61% Reference Rate and Spread S + 5.25% Maturity 04/30/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.59% Reference Rate and Spread S + 5.50% Maturity 12/31/292024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.71% Reference Rate and Spread S + 8.25% Maturity 11/27/20292025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.45% Reference Rate and Spread S + 5.00% Maturity 12/21/20292025-06-300001865174us-gaap:EquitySecuritiesMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:InsuranceMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-01-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:WirelessTelecommunicationServicesMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:ConstructionAndEngineeringMember2025-01-012025-06-300001865174us-gaap:WarrantMembercountry:US2024-12-310001865174us-gaap:FairValueInputsLevel3Member2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:HighfiveDentalHoldcoLlcMember2025-06-300001865174us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001865174:FirstlienorlastoutunitrancheMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001865174us-gaap:WarrantMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.32% Reference Rate and Spread S + 5.00% Maturity 12/06/20292025-06-300001865174ck0001865174:NcwsIntermediateIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 05/03/2029 Three2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 07/24/20302025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Reference Rate and Spread S + 5.75% Maturity 11/15/292024-12-310001865174ck0001865174:InvestmentsAtFairValueMembercountry:GBus-gaap:GeographicConcentrationRiskMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.75% Maturity 08/29/312024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:HighfiveDentalHoldcoLlcMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 05/01/20292025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:TradingCompaniesAndDistributorsMember2025-01-012025-06-300001865174us-gaap:PreferredStockMember2025-06-3000018651742024-06-300001865174ck0001865174:NonControlledAffiliatedInvestmentsMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 11.65% Reference Rate and Spread S + 5.00% (Incl. 6.65% PIK) Maturity 03/18/27 One2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:LegendsHospitalityHoldingCompanyLLCFkaASMBuyerIncMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:EntertainmentMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:VardimanBlackHoldingsLLCDbaSpecialtyDentalBrandsMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 05/11/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 11.48% Reference Rate and Spread S +7.00% Maturity 11/27/2029 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S + 4.75% Maturity 05/31/302024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SoutheastMechanicalLLCMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.18% Reference Rate and Spread S + 6.83% Maturity 02/01/292024-12-310001865174ck0001865174:CatchUpAmountMultipliedByNavEventOfListingMember2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:GuidepointSecurityHoldingsLLCFkaGPSPhoenixBuyerIncMember2024-12-310001865174us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/20212025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:RealestatemgmtdevelopmentMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.44% Reference Rate and Spread S + 5.75% Maturity 11/30/272024-12-310001865174us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberus-gaap:FairValueInputsLevel3Memberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MaximumMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 07/18/20282025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 9.27% Reference Rate and Spread S + 4.75% Maturity 11/07/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/06/2031 One2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:ProfessionalservicesMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 11.65% Reference Rate and Spread S + 5.00% (Incl. 6.65% PIK) Maturity 03/18/272024-12-310001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001865174us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 05/01/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.25% Maturity 07/28/20312025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 07/01/20312025-06-300001865174ck0001865174:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMemberus-gaap:InvestmentAffiliatedIssuerMember2024-12-310001865174us-gaap:CommonStockMember2025-01-012025-06-300001865174ck0001865174:ParisUSHoldcoIncDbaPrecinmacMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001865174:TruistRevolvingCreditFacilityMember2024-10-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:CodingSolutionsAcquisitionIncDbaCorrohealthMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:HealthCareOtherMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.82% Reference Rate and Spread S + 6.50% Maturity 07/18/20282025-06-300001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 13.21% Reference Rate and Spread SN+ 8.75% (Incl. 9.85% PIK) Maturity 07/25/2028 One2025-06-300001865174us-gaap:WarrantMembercountry:US2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.82% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.09% Reference Rate and Spread S + 5.75% Maturity 11/30/20272025-06-300001865174ck0001865174:TwentySixFebruaryTwoThousandTwentyFiveMember2025-01-012025-06-300001865174us-gaap:PreferredStockMembercountry:US2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/01/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.75% Reference Rate and Spread S + 6.50% Maturity 07/01/292024-12-310001865174ck0001865174:CircustrixHoldingsLlcDbaSkyzoneMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 05/31/20302025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:KeneAcquisitionIncDbaEntrustMember2025-06-300001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2025-06-300001865174ck0001865174:CatchUpAmountMultipliedByNavMember2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel1Memberck0001865174:InvestmentsInAffiliatedMoneyMarketFundMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.58% Reference Rate and Spread S + 6.25% Maturity 12/07/2028 One2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2023-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.08% Reference Rate and Spread S + 6.75% Maturity 07/07/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 9.53% Reference Rate and Spread S + 5.25% Maturity 02/07/2031 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.41% Reference Rate and Spread B + 4.75% Maturity 10/24/20302025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 05/11/292024-12-310001865174ck0001865174:TruistRevolvingCreditFacilityMember2025-01-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:TextilesApparelAndLuxuryGoodsMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:UsaDebuskLlcMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.45% Reference Rate and Spread S + 5.00% Maturity 12/21/2029 Three2025-06-300001865174ck0001865174:ParisUSHoldcoIncDbaPrecinmacMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174us-gaap:FairValueInputsLevel3Member2023-12-310001865174ck0001865174:FirstLienSeniorSecuredDebtMembercountry:CA2024-12-310001865174us-gaap:PrimeRateMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% iWave Information Systems, Inc. Industry Software Interest Rate 11.12% Reference Rate and Spread S + 6.75% Maturity 11/23/282024-12-310001865174Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2025-06-300001865174Non-Controlled Affiliates LCG Vardiman Black, LLC (dba Specialty Dental Brands)2024-12-310001865174ck0001865174:ThreeMonthEuriborMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Ortholite, LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 10.58% Reference Rate and Spread S + 6.25% Maturity 09/29/272024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMember2024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.9% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Initial Acquisition Date 10/02/20242025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/29 One2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ChessComLLCFkaCheckmateFinanceMergerSubLLCMember2024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/212024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 9.89% Reference Rate and Spread S + 4.75% Maturity 12/02/20312025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8%. Industry Software Initial Acquisition Date 11/24/212024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SpectrumSafetySolutionsPurchaserLlcDbaCarrierIndustrialFireMember2025-06-300001865174us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 10/02/20292025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Singlewire Software, LLC Industry Software Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 05/10/292024-12-310001865174us-gaap:FairValueMeasurementsRecurringMember2025-06-300001865174ck0001865174:ConstructionAndEngineeringMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:HealthcareprovidersservicesMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SunshineCadenceHoldcoLlcDbaCadenceEducationMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:RunwayBidcoLlcDbaRedwoodSoftwareMember2024-12-310001865174ck0001865174:MachineryMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2024-12-310001865174us-gaap:CommonStockMembercountry:US2025-06-300001865174ck0001865174:OrdinaryIncomeExceedsHurdleAmountMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% WebPT, Inc. I Industry Health Care Technology Interest Rate 10.68% Reference Rate and Spread S + 6.25% Maturity 01/18/20282025-06-300001865174ck0001865174:InvestmentsAtFairValueMembercountry:GBus-gaap:GeographicConcentrationRiskMember2025-01-012025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:RocketBidcoIncDbaRecochemMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 8.21% Reference Rate and Spread S + 3.75% Maturity 08/31/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Precinmac, LP Industry Machinery Reference Rate and Spread S + 5.00% Maturity 12/02/31 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 9.33% Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/27 Two2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Runway Bidco, LLC (dba Redwood Software) Interest Rate 9.33% Software Reference Rate and Spread S + 5.00% Maturity 12/17/312024-12-310001865174ck0001865174:TextilesApparelAndLuxuryGoodsMember2025-06-300001865174ck0001865174:ConsumerStaplesDistributionAndRetailMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 07/01/2030 One2025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Warrants - 0.00% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212024-01-012024-12-310001865174us-gaap:InvestmentUnaffiliatedIssuerMember2024-04-012024-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SinglewireSoftwareLlcMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.73% Reference Rate and Spread S + 8.25% Maturity 11/27/20292025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 0.00% Reference Rate and Spread S + 4.25% Maturity 05/19/2032 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.1% 1st Lien/Senior Secured Debt - 162.9% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 10.52% Reference Rate and Spread S + 6.00% Maturity 04/19/302024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 12/21/20292025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 11.32% Reference Rate and Spread S + 5.00% (Incl. 6.42% PIK) Maturity 03/18/20272025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ArtifactBidcoIncMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 9.36% Reference Rate and Spread S + 5.00% Maturity 05/11/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.98% Reference Rate and Spread S + 7.50% Maturity 07/18/282024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/242024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:FrontgradeTechnologiesHoldingsIncMember2024-12-310001865174ck0001865174:HealthcareprovidersservicesMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 08/20/20302025-06-300001865174Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2023-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.32% Reference Rate and Spread S + 5.00% Maturity 06/06/20312025-06-300001865174us-gaap:FairValueMeasurementsRecurringMember2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ProjectAccelerateParentLlcDbaAbcFitnessMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Interest Rate 12.19% Reference Rate and Spread S + 7.00% Maturity 08/24/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.45% Reference Rate and Spread S + 5.00% Maturity 12/21/2029 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Onyx CenterSource, Inc. Industry Software Interest Rate 9.70% Reference Rate and Spread S + 5.25% Maturity 12/14/2029 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Reference Rate and Spread S + 4.75% Maturity 07/14/312024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/212024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 10/07/2030 One2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:CSTHoldingCompanyDbaIntoxalockMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/27 Three2024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2023-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Southeast Mechanical, LLC (dba. SEM Holdings, LLC)Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread S + 6.00% Maturity 07/06/272024-12-310001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 12.50% Reference Rate and Spread S + 5.00% Maturity 02/01/20272025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:VasaFitnessBuyerIncMember2024-12-310001865174Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 08/07/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.09% Reference Rate and Spread S + 5.75% Maturity 07/25/282024-12-310001865174us-gaap:HealthCareOtherMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 10.93% Reference Rate and Spread S + 6.61% Maturity 12/22/20282025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.9% Lobos Parent, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/20212025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/20292025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 0.00% Reference Rate and Spread S + 6.50% Maturity 07/18/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 12/02/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 07/06/2027 Three2025-06-300001865174ck0001865174:MachineryMember2024-12-310001865174us-gaap:PreferredStockMember2024-12-310001865174us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 10.03% Reference Rate and Spread S+ 5.75% (Incl. 2.25% PIK) Maturity 01/17/20312025-06-300001865174srt:MinimumMemberck0001865174:BoaRevolvingCreditFacilityMemberck0001865174:ZeroPointThreeFiveAnnualizedFeePercentageMember2025-01-012025-06-300001865174Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-06-300001865174ck0001865174:BoaRevolvingCreditFacilityMemberus-gaap:PrimeRateMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Priority Technology Holdings, Inc. (dba Priority Payment) Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S + 4.75% Maturity 05/16/312024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-01-012024-06-300001865174ck0001865174:TwentyMayTwoThousandTwentyFourMember2024-01-012024-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:WebPTIncMember2025-06-300001865174us-gaap:DebtSecuritiesMembercountry:CA2024-12-3100018651742025-03-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% US Signal Company, LLC Industry IT Services Interest Rate 9.90% Reference Rate and Spread S + 5.50% Maturity 09/04/20292025-06-300001865174ck0001865174:FirstLienSeniorSecuredDebtMembercountry:GB2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Computer Services, Inc. Industry Financial Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 11/15/2029 One2025-06-300001865174ck0001865174:ConsumerStaplesDistributionAndRetailMemberck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:Engage2ExcelIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 12/31/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 9.49% Reference Rate and Spread S + 5.00% Maturity 01/09/302024-12-310001865174country:GBus-gaap:DebtSecuritiesMember2025-06-300001865174ck0001865174:ComputerServicesIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:SterlingOvernightIndexAverageMember2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ClearcoursePartnershipAcquirecoFinanceLimitedMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Interest Rate 10.36% Reference Rate and Spread S + 6.00% Maturity 10/02/292024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:ItservicesMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.26% Reference Rate and Spread S + 6.75% Maturity 07/07/282024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:AirwavzSolutionsIncMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.45% Reference Rate and Spread S + 5.00% Maturity 12/21/2029 Two2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Reference Rate and Spread S + 5.25% Maturity 06/21/302024-12-310001865174ck0001865174:IfPositiveOfSumOfRealizedCapitalGainsMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Northstar Acquisition HoldCo, LLC (dba n2y) Industry Software Reference Rate and Spread S + 4.75% Maturity 05/03/292024-12-310001865174us-gaap:PreferredStockMember2024-01-012024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Kaseya Inc. Industry IT Services Interest Rate 10.09% Reference Rate and Spread S + 5.50% Maturity 06/25/29 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 11.08% Reference Rate and Spread S + 6.75% Maturity 11/08/20302025-06-300001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Recochem, Inc Industry Chemicals Interest Rate 10.32% Reference Rate and Spread S + 5.75% Maturity 11/01/30 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread S + 6.50% Maturity 12/31/272024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 9.49% Reference Rate and Spread S + 5.00% Maturity 01/09/30 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 11.48% Reference Rate and Spread S + 7.00% Maturity 11/27/20292025-06-300001865174us-gaap:InvestmentAffiliatedIssuerMember2025-06-300001865174ck0001865174:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2023-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.93% Reference Rate and Spread S + 7.50% Maturity 08/14/20282025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/20222025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 9.57% Reference Rate and Spread S + 5.00% Maturity 05/11/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 9.59% Reference Rate and Spread S + 5.00% Maturity 07/01/312024-12-310001865174ck0001865174:FinancialServicesMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 12/06/2029 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.98% Reference Rate and Spread S + 7.50% Maturity 07/18/28 Two2024-12-310001865174us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 06/15/272024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:PtIntermediateHoldingsIiiLlcMember2025-06-300001865174ck0001865174:ThreeMonthNiborMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.61% Reference Rate and Spread S + 6.25% Maturity 12/07/28 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 9.29% Reference Rate and Spread S + 5.00% Maturity 05/01/20312025-06-300001865174ck0001865174:DistributorsMember2024-12-310001865174ck0001865174:BSI3MenuBuyerIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:SonarAcquisitioncoIncDbaSimPROMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174us-gaap:FairValueMeasurementsRecurringMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% CloudBees, Inc. Industry Software Interest Rate 11.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/262024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.45% Reference Rate and Spread S + 5.00% Maturity 12/21/2029 Four2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Rocky Debt Merger Sub, LLC (dba NContracts) Industry Software Interest Rate 9.61% Reference Rate and Spread S + 5.25% (Incl. 2.75% PIK) Maturity 09/01/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.89% Reference Rate and Spread S + 5.25% Maturity 04/30/312024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:GovernmentjobsComIncDbaNeoGovMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 5.50% (Incl 2.75% PIK) Maturity 08/22/312024-12-310001865174ck0001865174:TwentySevenFebruaryTwoThousandTwentyFourMember2024-06-300001865174ck0001865174:ThreeMonthSOFRMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.90% Reference Rate and Spread S + 5.50% Maturity 12/01/20272025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 5.00 Maturity 08/07/20312025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NAVEX TopCo, Inc. Industry Software Reference Rate and Spread S + 5.50% Maturity 11/09/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.83% Reference Rate and Spread S + 4.50% Maturity 09/01/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 One2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:TradingCompaniesAndDistributorsMember2024-01-012024-12-310001865174us-gaap:DebtMemberck0001865174:TruistRevolvingCreditFacilityMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 10/01/29 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Kaseya Inc. Industry IT Services Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 06/25/292024-12-310001865174us-gaap:PreferredStockMembercountry:US2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.75% Reference Rate and Spread S + 6.50% Maturity 07/01/29 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ASM Buyer, Inc. Industry Commercial Services & Supplies Interest Rate 9.41% Reference Rate and Spread S + 5.00% Maturity 08/22/302024-12-310001865174ck0001865174:AffiliatedInvestmentMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 9.84% Reference Rate and Spread S + 5.25% Maturity 02/07/312024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.9%. Industry Software Initial Acquisition Date 11/24/20212025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-01-012024-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001865174ck0001865174:LeisureProductsMemberck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S + 4.75% Maturity 08/29/31 One2024-12-310001865174ck0001865174:OneMonthSOFRMember2025-01-012025-06-300001865174ck0001865174:FirstLienSeniorSecuredDebtMembercountry:CA2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:SkywayTowersIntermediateLlcMember2025-06-300001865174Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2023-12-310001865174ck0001865174:NonControlledNonAffiliatedInvestmentsMember2025-01-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMembercountry:CA2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 11.21% Reference Rate and Spread S + 6.75% Maturity 06/13/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% WebPT, Inc. Industry Health Care Technology Interest Rate 11.22% Reference Rate and Spread S + 6.25% Maturity 01/18/282024-12-3100018651742025-08-120001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 10/24/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 12/21/2029 One2025-06-300001865174ck0001865174:FirstLienLast-OutUnitrancheMembercountry:US2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Ortholite, LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 10.55% Reference Rate and Spread S + 6.25% Maturity 09/29/20272025-06-300001865174ck0001865174:TruistRevolvingCreditFacilityMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 12/01/282024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/222024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.75% Maturity 08/20/302024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NAVEX TopCo, Inc. Industry Software Interest Rate 9.88% Reference Rate and Spread S + 5.50% Maturity 11/08/302024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/212024-12-310001865174ck0001865174:OrdinaryIncomeExceedsCatchUpAmountMembersrt:MaximumMember2025-01-012025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ValetWasteHoldingsIncMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.68% Reference Rate and Spread S + 5.25% Maturity 03/31/20272025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Kaseya Inc. Industry IT Services Interest Rate 10.09% Reference Rate and Spread S + 5.50% Maturity 06/25/29 Two2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:AbcInvestmentHoldcoIncMember2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberus-gaap:FairValueInputsLevel3Member2024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 7.50% Maturity 08/14/282024-12-310001865174ck0001865174:MachineryMemberck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.98% Reference Rate and Spread S + 7.50% Maturity 07/18/28 One2024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 9.31% Reference Rate and Spread S + 5.00% Maturity 05/11/20292025-06-3000018651742024-01-012024-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 11.92% Reference Rate and Spread S + 7.50% Maturity 08/14/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.33% Reference Rate and Spread S + 6.00% Maturity 04/26/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and Spread S + 8.25% Maturity 11/27/292024-12-310001865174ck0001865174:FirstLienSeniorSecuredDebtMembercountry:GB2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 07/24/302024-12-310001865174us-gaap:PrimeRateMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 07/01/302024-12-310001865174ck0001865174:ThreeMonthSOFRMember2024-01-012024-12-3100018651742023-12-310001865174ck0001865174:ItservicesMember2024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberus-gaap:FairValueInputsLevel3Member2025-06-3000018651742024-03-310001865174us-gaap:DebtSecuritiesMembercountry:CA2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.07% Reference Rate and Spread S + 4.75% Maturity 10/24/20302025-06-300001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.83% Reference Rate and Spread S + 6.00% Maturity 02/01/2027 One2025-06-300001865174ck0001865174:CiQuercusIntermediateHoldingsLlcMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:BoaRevolvingCreditFacilityMember2025-04-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 9.61% Reference Rate and Spread S + 5.25% Maturity 10/01/292024-12-3100018651742025-01-012025-06-300001865174ck0001865174:TruistRevolvingCreditFacilityMember2024-12-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Priority Holdings, LLC (dba Priority Payment) Industry Financial Services Interest Rate 9.08% Reference Rate and Spread S + 4.75 Maturity 05/16/20312025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% CloudBees, Inc. Industry Software Interest Rate 11.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ABC Investment CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 06/06/312024-12-310001865174ck0001865174:ZaryaHoldCoIncDbaEpturaMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SummitBuyerLLCDbaClassicCollisionMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 9.34% Reference Rate and Spread S + 4.75% Maturity 08/20/312024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/222024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:DistributorsMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 9.11% Reference Rate and Spread S + 4.75% Maturity 08/29/312024-12-310001865174us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:TarponTowersIiLlcMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Reference Rate and Spread P + 4.75% Maturity 11/30/272024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 9.13% Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Warrants - 0.00% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/212024-12-310001865174ck0001865174:ForeignCurrencyMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:BlastBidcoIncDbaBazookaCandyBrandsMember2024-12-310001865174ck0001865174:ItservicesMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/31 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S + 4.50% Maturity 05/03/2029 One2025-06-300001865174ck0001865174:TruistRevolvingCreditFacilityMember2024-04-012024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/312024-12-310001865174Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2024-12-310001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.86% Reference Rate and Spread S + 6.50% Maturity 07/18/28 One2024-12-310001865174Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2024-12-310001865174us-gaap:DebtMemberck0001865174:TruistRevolvingCreditFacilityMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMember2025-01-012025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:VisionsafeHoldingsIncMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 10/02/2029 One2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 6.00% Maturity 04/19/302024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:FrontgradeTechnologiesHoldingsIncMember2025-06-300001865174ck0001865174:SixMonthSOFRMember2025-01-012025-06-300001865174ck0001865174:TruistRevolvingCreditFacilityMember2025-04-012025-06-300001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% iWave Information Systems, Inc. Industry Software Interest Rate 10.59% Reference Rate and Spread S + 6.25% Maturity 11/23/20282025-06-300001865174us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:BSI3MenuBuyerIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174us-gaap:MoneyMarketFundsMember2025-06-300001865174ck0001865174:AdmiralBuyerIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 0.00% Reference Rate and Spread S + 5.75% Maturity 08/31/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 05/03/20292025-06-300001865174ck0001865174:AccruedExpensesAndOtherLiabilitiesMembersrt:AffiliatedEntityMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Urology Management Holdings, Inc. (dba Solaris Health) Industry Health Care Providers & Services Interest Rate 9.80% Reference Rate and Spread S + 5.00% Maturity 06/15/20272025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:BusinessolverComIncMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 11/01/20282025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:ThorFinancecoLlcDbaHarmoniTowersMember2024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMember2024-12-310001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Recochem, Inc Industry Chemicals Interest Rate 9.54% Reference Rate and Spread C + 5.75% Maturity 11/01/302024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:VisionsafeHoldingsIncMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 10.32% Reference Rate and Spread S + 5.75% Maturity 09/03/302024-12-310001865174us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMember2024-01-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% iCIMS, Inc. Industry Professional Services Interest Rate 10.03% Reference Rate and Spread S + 5.75% Maturity 08/18/2028 One2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 01/30/20322025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.83% Reference Rate and Spread S + 4.50% Maturity 08/29/20312025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:InvestmentAdviserDidNotDevelopUnobservableInputsMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/17/312024-12-310001865174ck0001865174:CommercialservicessuppliesMember2025-06-300001865174ck0001865174:CommercialservicessuppliesMember2024-12-310001865174ck0001865174:NorthStarAcquisitioncoLLCDbaEverwayMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:FsWhiteWaterBorrowerLlcFkaWhitewaterHoldingCompanyLlcMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 9.84% Reference Rate and Spread S + 5.25% (Incl. 2.25% PIK) Maturity 01/17/312024-12-310001865174us-gaap:CommonStockMember2024-01-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 07/01/20302025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 169.2% Onyx CenterSource, Inc. Industry Software Interest Rate 11.24% Reference Rate and Spread S + 6.50% Maturity 12/15/282024-12-310001865174ck0001865174:OctanePurchaserIncDbaOfficeAllyMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 10/02/242024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:GovernmentjobsComIncDbaNeoGovMember2024-12-310001865174ck0001865174:HealthcareprovidersservicesMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-06-300001865174ck0001865174:MandrakeBidcoIncDbaMiratechMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:GeographicConcentrationRiskMembercountry:CA2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ValetWasteHoldingsIncMember2025-06-300001865174ck0001865174:SoftwareMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 06/13/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.83% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 9.91% Reference Rate and Spread S + 5.00% Maturity 05/11/292024-12-3100018651742021-10-292021-10-290001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% CloudBees, Inc. Industry Software Interest Rate 11.44% Reference Rate and Spread S+ 7.00% (Incl. 2.50% PIK) Maturity 11/24/2026 One2025-06-300001865174ck0001865174:ThreeMonthEuriborMember2025-01-012025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:FormulationsParentCorporationDbaChaseCorpMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.25% Maturity 04/30/20312025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 9.15% Reference Rate and Spread S + 4.75% Maturity 07/16/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Reference Rate and Spread S + 4.75% Maturity 07/14/31 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 6.75% Maturity 06/13/20282025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMember2025-06-300001865174country:GBus-gaap:DebtSecuritiesMember2024-12-310001865174ck0001865174:OneMonthBBSWMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.89% Reference Rate and Spread S + 5.75% Maturity 11/30/20272025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 07/24/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 10.26% Reference Rate and Spread S + 5.75% Maturity 09/03/302024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.95% Reference Rate and Spread S + 7.50% Maturity 07/18/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 12/17/20312025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2025-06-300001865174ck0001865174:HealthcaretechnologyMember2024-12-310001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:LeisureProductsMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:PDDSHoldcoIncDbaPlanetDDSMember2025-06-300001865174us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2025-06-300001865174ck0001865174:BoaRevolvingCreditFacilityMember2024-04-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 9.29% Reference Rate and Spread S + 5.00% Maturity 12/01/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 6.75% Maturity 11/08/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 0.00% Reference Rate and Spread S + 7.50% Maturity 08/14/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 12/01/20282025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Precinmac, LP Industry Machinery Reference Rate and Spread S + 5.00% Maturity 12/02/312024-12-310001865174ck0001865174:TwentySevenFebruaryTwoThousandTwentyFourMember2024-01-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 05/03/2029 One2025-06-300001865174ck0001865174:ProfessionalservicesMember2025-06-300001865174ck0001865174:BuckeyeAcquirorLLCDbaSuperiorEnvironmentalSolutionsMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 169.2% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.01% Reference Rate and Spread S + 6.50% Maturity 07/01/272024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 04/30/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 11/07/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.30% Reference Rate and Spread S + 6.00% Maturity 04/26/20292025-06-300001865174ck0001865174:AdmiralBuyerIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.61% Reference Rate and Spread S + 6.25% Maturity 12/07/282024-12-310001865174us-gaap:FairValueInputsLevel2Memberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:TwentyFiveAprilTwothousandTwentyFourMember2024-01-012024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Northstar Acquisition HoldCo, LLC (dba n2y) Industry Software Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 05/03/292024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:VamosBidcoIncDbaVIPMember2025-06-300001865174ck0001865174:DailySimpleSofrAnd1MonthTermSofrMemberck0001865174:BoaRevolvingCreditFacilityMember2025-01-012025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/20242025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/02/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 0.00% Reference Rate and Spread S + 6.00% Maturity 12/31/20272025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.00% Maturity 12/02/272024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% US Signal Company, LLC Industry IT Services Interest Rate 0.00% Reference Rate and Spread S + 5.50% Maturity 09/04/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 11.65% Reference Rate and Spread S + 7.00% Maturity 11/27/292024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SinglewireSoftwareLlcMember2024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 9.05% Reference Rate and Spread S + 4.75% Maturity 07/14/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.29% Reference Rate and Spread S + 6.00% Maturity 04/26/20292025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:RealestatemgmtdevelopmentMember2024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 12/06/2029 One2025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMember2024-12-310001865174ck0001865174:NavexTopcoIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:SkywayTowersIntermediateLlcMember2024-12-310001865174ck0001865174:RealestatemgmtdevelopmentMember2025-06-300001865174ck0001865174:SpecialtyRetailMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.05% Reference Rate and Spread S + 5.75% Maturity 07/25/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 05/03/2029 Two2025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Warrants - 0.00% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/20212025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:RunwayBidcoLlcDbaRedwoodSoftwareMember2025-06-300001865174us-gaap:DebtMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 8.14% Reference Rate and Spread S + 3.75% Maturity 08/31/20282025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 10/07/302024-12-310001865174us-gaap:CommonStockMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.16% Reference Rate and Spread S + 4.75% Maturity 06/02/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 10.40% Reference Rate and Spread S + 6.00% Maturity 12/31/20272025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 07/14/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.86% Reference Rate and Spread S + 6.50% Maturity 07/18/282024-12-310001865174Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2024-12-310001865174ck0001865174:NcwsIntermediateIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:DiversifiedconsumerservicesMember2024-12-310001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MaximumMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ArrowBuyerIncMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Onyx CenterSource, Inc. Industry Software Interest Rate 9.70% Reference Rate and Spread S + 5.25% Maturity 12/14/20292025-06-300001865174us-gaap:PreferredStockMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:DiversifiedconsumerservicesMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:RecordedBooksIncDbaRbmediaMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Northstar Acquisition HoldCo, LLC (dba n2y) Industry Software Interest Rate 9.25% Reference Rate and Spread S + 4.75% Maturity 05/03/292024-12-310001865174ck0001865174:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2025-06-300001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% CloudBees, Inc. Industry Software Interest Rate 11.44% Reference Rate and Spread S+ 7.00% (Incl. 2.50% PIK) Maturity 11/24/20262025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.80% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 10/01/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 07/01/312024-12-310001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-01-012024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 5.00% Maturity 12/17/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 07/06/2027 Two2025-06-300001865174ck0001865174:ThreeMonthCORRAMember2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:BCPEHIPHParentIncDbaHarringtonIndustrialPlasticsMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ASM Buyer, Inc. Industry Commercial Services & Supplies Interest Rate 10.02% Reference Rate and Spread S + 5.50% (Incl 2.75% PIK) Maturity 08/22/312024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:WebPTIncMember2024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/20242025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMember2025-06-300001865174ck0001865174:NavexTopcoIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.25% (Incl. 2.25% PIK) Maturity 01/17/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 11.18% Reference Rate and Spread S + 6.75% Maturity 06/13/20282025-06-300001865174ck0001865174:ThreeMonthNiborMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.33% Reference Rate and Spread S + 7.00% Maturity 01/31/20292025-06-300001865174ck0001865174:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:FsWhiteWaterBorrowerLlcFkaWhitewaterHoldingCompanyLlcMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:KaseyaIncMember2024-12-310001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.86% Reference Rate and Spread S + 6.00% Maturity 02/01/27 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.33% Reference Rate and Spread E + 5.00% Maturity 07/01/302024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Computer Services, Inc. Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 11/15/20292025-06-300001865174ck0001865174:IMOInvestorHoldingsIncFkaIntelligentMedicalObjectsIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.95% Reference Rate and Spread S + 7.50% Maturity 07/18/2028 Three2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:EDBParentLLCMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:CSTHoldingCompanyDbaIntoxalockMember2024-12-310001865174Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2025-01-012025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:OnyxCentersourceIncMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Computer Services, Inc. Industry Financial Services Interest Rate 9.75% Reference Rate and Spread S + 5.25% Maturity 11/15/29 One2024-12-310001865174ck0001865174:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2023-12-310001865174us-gaap:FairValueInputsLevel3Memberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001865174:FirstlienorseniorsecureddebtMembersrt:MaximumMember2025-06-300001865174us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:HealthcaretechnologyMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-06-300001865174ck0001865174:ZeroPointFourFiveAnnualizedFeePercentageMemberck0001865174:BoaRevolvingCreditFacilityMembersrt:MaximumMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 12.25% Reference Rate and Spread SN+ 8.75% (Incl. 9.85% PIK) Maturity 07/25/20282025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.68% Reference Rate and Spread S + 5.25% Maturity 03/31/2027 Two2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/02/2031 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Interest Rate 10.36% Reference Rate and Spread S + 6.00% Maturity 10/02/29 One2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.% 1st Lien/Senior Secured Debt - 162.9% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 02/07/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 0.00% Reference Rate and Spread S + 6.50% Maturity 07/01/20272025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:SoftwareMember2024-01-012024-12-310001865174ck0001865174:ForeignCurrencyMember2024-01-012024-12-310001865174Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC2024-01-012024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:WirelessTelecommunicationServicesMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:TruistRevolvingCreditFacilityMember2024-12-310001865174us-gaap:ChemicalsSectorMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:FullsteamOperationLlcMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 10.03% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-06-300001865174ck0001865174:ProfessionalservicesMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% iCIMS, Inc. Industry Professional Services Interest Rate 10.03% Reference Rate and Spread S + 5.75% Maturity 08/18/20282025-06-300001865174us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NAVEX TopCo, Inc. Industry Software Interest Rate 0.00% Reference Rate and Spread S + 5.50% Maturity 11/09/20282025-06-300001865174ck0001865174:AffiliatedInvestmentMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Singlewire Software, LLC Industry Software Reference Rate and Spread S + 5.25% Maturity 05/10/292024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 8.58% Reference Rate and Spread S + 4.25% Maturity 05/19/20322025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 11.19% Reference Rate and Spread S + 6.83% Maturity 02/01/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Interest Rate 11.70% Reference Rate and Spread S + 7.00% Maturity 08/24/282024-12-310001865174Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 9.93% Reference Rate and Spread S + 5.50% Maturity 12/01/27 One2024-12-3100018651742024-12-310001865174ck0001865174:SoftwareMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:EntertainmentMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174us-gaap:EquitySecuritiesMembercountry:US2025-06-300001865174us-gaap:DebtMember2024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 06/23/20312025-06-300001865174us-gaap:CommonStockMembercountry:US2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ProphixSoftwareIncMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:AuroraAcquirecoIncDbaAuditboardMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.72% Reference Rate and Spread SN + 4.50% Maturity 05/03/20292025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 02/24/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.30% Reference Rate and Spread S + 5.00% Maturity 06/06/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.70% Reference Rate and Spread S + 5.25% Maturity 03/31/20272025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:MediaContentMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 10/01/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 10.96% Reference Rate and Spread S + 6.50% Maturity 08/01/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 8.83% Reference Rate and Spread S + 4.50% Maturity 07/28/312024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Southeast Mechanical, LLC (dba. SEM Holdings, LLC)Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272024-12-310001865174ck0001865174:TwentySixFebruaryTwoThousandTwentyFiveMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:IwaveInformationSystemsIncMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Urology Management Holdings, Inc. (dba Solaris Health) Industry Health Care Providers & Services Interest Rate 9.80% Reference Rate and Spread S + 5.00% Maturity 06/15/2027 One2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 0.00% Reference Rate and Spread S + 6.00% Maturity 10/05/20292025-06-300001865174us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/20242025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-01-012025-06-300001865174ck0001865174:OnyxCentersourceIncMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174ck0001865174:SpecialtyRetailMemberck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:NonControlledNonAffiliatedInvestmentsMember2024-01-012024-06-300001865174ck0001865174:OneMonthSOFRMember2024-01-012024-12-310001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.8%. Industry Software Initial Acquisition Date 11/24/212024-01-012024-12-310001865174ck0001865174:ForeignCurrencyMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 10.39% Reference Rate and Spread S + 5.25% Maturity 07/24/312024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ZeusCompanyLLCMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 9.28% Reference Rate and Spread S + 5.00% Maturity 05/01/20312025-06-300001865174ck0001865174:SixMonthSOFRMember2024-01-012024-12-310001865174ck0001865174:NCTopcoLLCDbaNContractsMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 9.55% Reference Rate and Spread S + 5.25% Maturity 07/24/20312025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 05/03/20292025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:AerospaceAndDefenseMember2025-01-012025-06-300001865174ck0001865174:UnitedFlowTechnologiesIntermediateHoldcoIiLlcMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.73% Reference Rate and Spread S + 8.25% Maturity 11/27/2029 Two2025-06-300001865174ck0001865174:HealthcaretechnologyMember2025-06-300001865174ck0001865174:OneMonthBBSWMember2024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.75% Maturity 07/14/2031 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Zeus Company, Inc. Industry Health Care Equipment & Supplies Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 02/28/312024-12-310001865174ck0001865174:BoaRevolvingCreditFacilityMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 10.03% Reference Rate and Spread S + 5.75% Maturity 11/01/2030 One2025-06-300001865174ck0001865174:TradingCompaniesAndDistributorsMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:ProphixSoftwareIncMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 04/19/20302025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 Four2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.93% Reference Rate and Spread S + 6.50% Maturity 08/01/2029 Two2025-06-300001865174ck0001865174:LeisureProductsMemberck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174ck0001865174:IfPositiveOfSumOfRealizedCapitalGainsMembersrt:MaximumMember2025-01-012025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Industry Diversified Consumer Services Initial Acquisition Date 04/26/242024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 9.89% Reference Rate and Spread S + 5.50% Maturity 05/08/282024-12-310001865174Non-Controlled Affiliates ABC Investment Holdco Inc. (dba ABC Plumbing)2025-01-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:HealthcareprovidersservicesMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 10.30% Reference Rate and Spread S + 6.00% Maturity 10/04/20302025-06-300001865174ck0001865174:BuckeyeAcquirorLLCDbaSuperiorEnvironmentalSolutionsMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.08% Reference Rate and Spread S + 6.75% Maturity 07/07/2028 One2025-06-300001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 9.80% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/20292025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMember2024-01-012024-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ABC Investment CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 9.33% Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2024-12-310001865174us-gaap:CommonStockMember2024-01-012024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:FinancialServicesMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Non-Controlled Affiliates LCG Vardiman Black, LLC (dba Specialty Dental Brands)2025-01-012025-06-300001865174us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% DFS Holding Company, Inc. Industry Distributors Interest Rate 10.50% Reference Rate and Spread S + 6.25% Maturity 01/31/292024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% Canada - 9.8% 1st Lien/Senior Secured Debt - 9.8% Recochem, Inc Industry Chemicals Interest Rate 10.32% Reference Rate and Spread S + 5.75% Maturity 11/01/30 Two2024-12-310001865174us-gaap:FairValueInputsLevel3Memberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberck0001865174:FirstlienorseniorsecureddebtMembersrt:MaximumMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Rocky Debt Merger Sub, LLC (dba NContracts) Industry Software Reference Rate and Spread S + 5.25% (Incl. 2.75% PIK) Maturity 09/01/312024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Interest Rate 11.38% Reference Rate and Spread S + 7.00% Maturity 08/24/20282025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:SummitBuyerLLCDbaClassicCollisionMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:BusinessolverComIncMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Interest Rate 9.83% Reference Rate and Spread S + 5.50% Maturity 06/15/27 One2024-12-310001865174ck0001865174:CommercialservicessuppliesMemberck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174ck0001865174:FirstLienSeniorSecuredDebtMembercountry:US2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.25% Maturity 07/26/20302025-06-300001865174ck0001865174:InsuranceMember2024-12-310001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.83% Reference Rate and Spread S + 6.50% Maturity 07/01/20272025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Interest Rate 9.58% Reference Rate and Spread S + 5.25% Maturity 06/23/312024-12-310001865174us-gaap:DebtMemberck0001865174:BoaRevolvingCreditFacilityMember2025-06-300001865174us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-04-012024-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001865174:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.56% Reference Rate and Spread S + 5.75% Maturity 11/30/272024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Fullsteam Operations LLC Industry Financial Services Interest Rate 12.91% Reference Rate and Spread S + 8.25% Maturity 11/27/29 Two2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberus-gaap:ChemicalsSectorMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 0.00% Reference Rate and Spread S + 5.00 Maturity 08/07/2031 One2025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Preferred Stock - 0.9% SDB HOLDCO, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Initial Acquisition Date 03/29/20242025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:CrewlineBuyerIncDbaNewRelicMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% US Signal Company, LLC Industry IT Services Interest Rate 9.92% Reference Rate and Spread S + 5.50% Maturity 09/04/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 05/01/29 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 10.30% Reference Rate and Spread S + 6.00% Maturity 04/26/2029 One2025-06-300001865174ck0001865174:WirelessTelecommunicationServicesMember2025-06-300001865174us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001865174ck0001865174:BoaRevolvingCreditFacilityMember2024-12-310001865174us-gaap:FairValueInputsLevel3Member2024-01-012024-06-300001865174ck0001865174:BoaRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 02/07/20312025-06-300001865174us-gaap:FairValueInputsLevel3Member2024-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.95% Reference Rate and Spread S + 7.50% Maturity 07/18/2028 Two2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 9.32% Reference Rate and Spread S + 5.00% Maturity 01/09/20302025-06-300001865174ck0001865174:AerospaceAndDefenseMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Reference Rate and Spread S + 5.75% Maturity 07/01/302024-12-310001865174ck0001865174:CircustrixHoldingsLlcDbaSkyzoneMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% ABC Investment CST Buyer Company (dba Intoxalock)Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 11/01/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.26% Reference Rate and Spread S + 6.75% Maturity 07/07/28 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% United Flow Technologies Intermediate Holdco II, LLC Industry Trading Companies & Distributors Interest Rate 0.00% Reference Rate and Spread S + 5.25% Maturity 06/21/20302025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% WebPT, Inc. Industry Health Care Technology Interest Rate 10.86% Reference Rate and Spread S + 6.25% Maturity 01/18/282024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:BCPEHIPHParentIncDbaHarringtonIndustrialPlasticsMember2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.8% 1st Lien/Senior Secured Debt - 162.9% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 01/09/282024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Last-Out Unitranche - 11.6% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 10.85% Reference Rate and Spread S + 6.55% Maturity 12/06/20282025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:QBSParentIncDbaQuorumSoftwareMember2024-12-310001865174country:USus-gaap:EquitySecuritiesMember2024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:EipConsolidatedLlcDbaEverestInfrastructureMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.68% Reference Rate and Spread S + 5.25% Maturity 03/31/2027 One2025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 11.98% Reference Rate and Spread S + 7.50% Maturity 07/18/28 Three2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 10.96% Reference Rate and Spread S + 6.61% Maturity 12/22/28 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 08/29/20312025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread S + 6.00% Maturity 12/21/272024-12-310001865174ck0001865174:InvestmentAffiliatedIssuerNoncontrollingIncludedMoneyMarketFundsMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.90% Reference Rate and Spread S + 4.50% Maturity 05/03/20292025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Last-Out Unitranche - 11.1% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 10.96% Reference Rate and Spread S + 6.61% Maturity 12/22/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% WebPT, Inc. Industry Health Care Technology Interest Rate 11.12% Reference Rate and Spread S + 6.25% Maturity 01/18/282024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:DiversifiedconsumerservicesMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 9.10% Reference Rate and Spread S + 4.75% Maturity 10/24/302024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Charger Debt Merger Sub, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 9.08% Reference Rate and Spread S + 4.75% Maturity 06/02/312024-12-310001865174ck0001865174:ICIMSIncMemberck0001865174:FirstlienorseniorsecureddebtMember2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:SoftwareMember2025-01-012025-06-300001865174ck0001865174:FirstLienSeniorSecuredDebtMembercountry:US2025-06-300001865174us-gaap:DebtMemberck0001865174:BoaRevolvingCreditFacilityMember2024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:AerospaceAndDefenseMember2024-01-012024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:AbcInvestmentHoldcoIncMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Northstar Acquisition HoldCo, LLC (dba n2y) Industry Software Interest Rate 9.45% Reference Rate and Spread N + 4.75% Maturity 05/03/292024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.50% Maturity 07/26/30 One2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 0.00% Reference Rate and Spread S + 5.50% Maturity 04/19/20302025-06-300001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.23% Reference Rate and Spread S + 5.75% Maturity 12/21/27 One2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:UsaDebuskLlcMember2024-12-310001865174ck0001865174:SevenMayTwoThousandTwentyFiveMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.82% Reference Rate and Spread S + 5.00 Maturity 08/22/20302025-06-300001865174ck0001865174:NonControlledAffiliatedInvestmentsMember2024-04-012024-06-300001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 0.00% Reference Rate and Spread C + 5.75% Maturity 11/01/20302025-06-300001865174us-gaap:FairValueInputsLevel3Member2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 0.00% Reference Rate and Spread S + 4.50% Maturity 09/01/2031 One2025-06-300001865174Investment Debt Investments - 191.9% United Kingdom - 6.5% 1st Lien/Senior Secured Debt - 6.5% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 9.30% Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/20302025-06-300001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:DistributorsMember2024-01-012024-12-310001865174us-gaap:WarrantMember2025-06-300001865174ck0001865174:NonControlledAffiliatedInvestmentsMember2025-04-012025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:FinancialServicesMemberck0001865174:IndustryConcentrationRiskMember2024-01-012024-12-310001865174ck0001865174:ConsumerStaplesDistributionAndRetailMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 9.45% Reference Rate and Spread S + 5.00% Maturity 03/01/2028 One2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMember2025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.80% Reference Rate and Spread S + 4.50% Maturity 06/03/20322025-06-300001865174us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2024-12-310001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 9.33% Reference Rate and Spread S + 5.00 Maturity 08/07/20312025-06-300001865174Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund2024-01-012024-12-310001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:TextilesApparelAndLuxuryGoodsMemberck0001865174:IndustryConcentrationRiskMember2025-01-012025-06-300001865174Investment Equity Securities - 1.4% United States - 1.4% Common Stock - 0.6% VisionSafe Parent, LLC Industry Aerospace & Defense Initial Acquisition Date 04/19/242024-01-012024-12-310001865174us-gaap:EquitySecuritiesMember2024-12-310001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:FullsteamOperationLlcMember2025-06-300001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:TarponTowersIiLlcMember2025-06-300001865174us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% iWave Information Systems, Inc. Industry Software Interest Rate 0.00% Reference Rate and Spread S + 6.25% Maturity 11/23/20282025-06-300001865174us-gaap:FairValueInputsLevel3Memberck0001865174:FirstlienorseniorsecureddebtMember2024-06-300001865174us-gaap:InvestmentAffiliatedIssuerMember2024-12-310001865174Investment Debt Investments - 191.9% Canada - 9.7% 1st Lien/Senior Secured Debt - 9.7% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.74% Reference Rate and Spread C + 5.75% Maturity 11/01/2030 One2025-06-300001865174us-gaap:EntertainmentMember2024-12-310001865174us-gaap:CommonStockMember2025-06-300001865174ck0001865174:FirstlienorseniorsecureddebtMemberck0001865174:AuroraAcquirecoIncDbaAuditboardMember2024-12-310001865174ck0001865174:ConstructionAndEngineeringMember2024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Rubrik, Inc. Industry Software Interest Rate 11.67% Reference Rate and Spread S + 7.00% Maturity 08/17/282024-12-310001865174Investment Debt Investments - 189.6% United States - 174.0% 1st Lien/Senior Secured Debt - 162.9% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 10.11% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One2024-12-310001865174ck0001865174:FirstlienorlastoutunitrancheMemberck0001865174:ThorFinancecoLlcDbaHarmoniTowersMember2025-06-300001865174ck0001865174:InvestmentsAtFairValueMemberck0001865174:IndustryConcentrationRiskMemberck0001865174:ProfessionalservicesMember2025-01-012025-06-300001865174ck0001865174:ForeignCurrencyMember2025-01-012025-06-300001865174Investment Debt Investments - 191.9% United States - 175.7% 1st Lien/Senior Secured Debt - 164.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 10.08% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-06-3000018651742025-06-060001865174ck0001865174:NfmJLPMemberck0001865174:FirstlienorseniorsecureddebtMember2025-06-30ck0001865174:Segmentiso4217:AUDiso4217:EURck0001865174:Componentxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:GBPiso4217:USDiso4217:NOK

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 June 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 814-01461

Goldman Sachs Middle Market Lending Corp. II

(Exact Name of Registrant as Specified in Its Charter)

Delaware	87-3643363
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
200 West Street, New York, New York	10282
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (312) 655-4419

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

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

Title of each class		Trading Symbol(s)		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 the 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 Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of August 12, 2025 was 23,959,372.

 

 

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GOLDMAN SACHS MIDDLE MARKET LENDING CORP. II

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

 

	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	5
ITEM 1.	Financial Statements (Unaudited)	5
	Consolidated Statements of Assets and Liabilities	5
	Consolidated Statements of Operations	6
	Consolidated Statements of Changes in Net Assets	7
	Consolidated Statement of Cash Flows	8
	Consolidated Schedules of Investments	9
	Notes to the Consolidated Financial Statements	25
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	56
ITEM 4.	Controls and Procedures	56
PART II	OTHER INFORMATION	57
ITEM 1.	Legal Proceedings	57
ITEM 1A.	Risk Factors	57
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
ITEM 3.	Defaults Upon Senior Securities	59
ITEM 4.	Mine Safety Disclosures	59
ITEM 5.	Other Information	59
ITEM 6.	Exhibits	60
SIGNATURES		61

 

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in this quarterly report on Form 10-Q and in our annual report on Form 10-K for the year ended December 31, 2024, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this quarterly report, because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

•

our future operating results;

•

disruptions in the capital markets, market conditions, and general economic uncertainty;

•

changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic;

•

United States trade policy developments, tariffs and other trade restrictions;

•

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, the war between Russia and Ukraine and conflict in the Middle East;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

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

•

the ability of our current and prospective portfolio companies to achieve their objectives;

•

the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the "Investment Adviser");

•

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

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

changes in interest rates;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the impact of future acquisitions and divestitures;

•

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

•

our ability to maintain our status as a BDC;

•

our ability to maintain our status under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) as a regulated investment company (“RIC”) and our qualification for tax treatment as a RIC;

•

actual and potential conflicts of interest with the Investment Adviser and its affiliates;

•

the ability of the Investment Adviser to attract and retain highly talented professionals;

•

the impact on our business from new or amended legislation or regulations;

•

the availability of credit and/or our ability to access the equity and capital markets;

•

currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•

the impact of changing inflation and interest rates and the risk of recession on our portfolio companies;

•

the effect of global climate change on our portfolio companies;

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

•

the increased public scrutiny of and regulation related to corporate social responsibility;

•

the ability of the parties to consummate the proposed transaction that will result in us merging (the “Merger”) with and into Goldman Sachs Private Credit Corp. (“GSCR”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated July 11, 2025, among us, GSCR, and Goldman Sachs Asset Management, L.P., on the expected timeline, if at all;

•

the failure of our stockholders to approve the proposal submitted for their approval in connection with the Merger;

•

the ability to realize the anticipated benefits of the Merger;

•

the effects of disruption on our business from the Merger;

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•

the combined company’s plans, expectations, objectives and intentions, as a result of the Merger;

•

any potential termination of the Merger Agreement or action of our stockholders with respect to any proposed transaction;

•

the pursuit by us of a liquidation or an alternative transaction upon the termination of the Merger Agreement;

•

the possibility that competing offers or acquisition proposals will be made;

•

the Merger Agreement’s limitation on our ability to pursue alternatives to the Merger;

•

the possibility that any or all of the various conditions to the consummation of the Merger may not be satisfied or waived;

•

risks related to diverting management’s attention from ongoing business operations;

•

any operational uncertainties and contractual restrictions while the Merger is pending; and

•

the risk that stockholder litigation in connection with the Merger may result in significant costs of defense and liability.

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PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

		June 30,				December 31,
		2025 (Unaudited)				2024
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $852,792 and $831,560)		$	856,846			$	832,591
Non-controlled affiliated investments (cost of $29,224 and $25,292)			26,180				24,185
Total investments, at fair value (cost of $882,016 and $856,852)		$	883,026			$	856,776
Investments in affiliated money market fund (cost of $2,214 and $9,506)			2,214				9,506
Cash			18,047				15,673
Interest and dividends receivable			4,716				5,981
Deferred financing costs			4,598				5,239
Other assets			155				132
Total assets		$	912,756			$	893,307
Liabilities
Debt		$	449,025			$	425,906
Interest and other debt expenses payable			2,054				2,224
Management fees payable			1,679				1,606
Incentive fees based on income payable			2,040				2,223
Distribution payable			—				11,740
Accrued expenses and other liabilities			1,098				1,015
Total liabilities		$	455,896			$	444,714
Commitments and contingencies (Note 7)
Net assets
Preferred stock, par value $0.001 per share (1,000,000 shares authorized and no shares issued and outstanding)		$	—			$	—
Common stock, par value $0.001 per share (200,000,000 shares authorized, 23,959,371 and 23,959,371 shares issued and outstanding as of June 30, 2025 and December 31, 2024)			24				24
Paid-in capital in excess of par			447,964				447,964
Distributable earnings (loss)			8,872				605
Total net assets		$	456,860			$	448,593
Total liabilities and net assets		$	912,756			$	893,307
Net asset value per share		$	19.07			$	18.72

 

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

 

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Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	22,088			$	17,561			$	43,412			$	31,951
Payment-in-kind income			1,189				962				2,420				1,805
Other income			336				252				669				493
From non-controlled affiliated investments:
Interest income			617				452				1,155				602
Payment-in-kind income			99				103				238				103
Dividend income			67				102				132				162
Other income			31				29				63				32
Total investment income		$	24,427			$	19,461			$	48,089			$	35,148
Expenses:
Interest and other debt expenses		$	7,753			$	6,377			$	15,404			$	11,591
Management fees			1,679				1,197				3,336				2,138
Incentive fees based on income			2,040				1,637				3,931				3,545
Incentive fees based on capital gains			—				43				—				301
Professional fees			315				388				506				676
Directors’ fees			169				167				336				334
Other general and administrative expenses			917				418				1,622				782
Total expenses		$	12,873			$	10,227			$	25,135			$	19,367
Net investment income (loss)		$	11,554			$	9,234			$	22,954			$	15,781
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		$	—			$	—			$	—			$	(1,426	)
Foreign currency transactions			97				48				77				49
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments			2,354				209				3,023				4,663
Non-controlled affiliated investments			(952	)			(97	)			(1,937	)			54
Foreign currency translations			(2,169	)			124				(2,912	)			672
Net realized and unrealized gains (losses)		$	(670	)		$	284			$	(1,749	)		$	4,012
Net increase (decrease) in net assets from operations		$	10,884			$	9,518			$	21,205			$	19,793
Weighted average shares outstanding			23,959,371				18,015,409				23,959,371				15,968,571
Basic and diluted net investment income (loss) per share		$	0.48			$	0.51			$	0.96			$	0.99
Basic and diluted earnings (loss) per share		$	0.45			$	0.53			$	0.89			$	1.24

 

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

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Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(Unaudited)

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net assets at beginning of period		$	458,914			$	266,043			$	448,593			$	255,768
Increase (decrease) in net assets from operations:
Net investment income (loss)		$	11,554			$	9,234			$	22,954			$	15,781
Net realized gain (loss)			97				48				77				(1,377	)
Net change in unrealized appreciation (depreciation)			(767	)			236				(1,826	)			5,389
Net increase (decrease) in net assets from operations		$	10,884			$	9,518			$	21,205			$	19,793
Distributions to stockholders from:
Distributable earnings		$	(12,938	)		$	(7,192	)		$	(12,938	)		$	(7,192	)
Total distributions to stockholders		$	(12,938	)		$	(7,192	)		$	(12,938	)		$	(7,192	)
Capital transactions:
Issuance of common shares		$	—			$	135,984			$	—			$	135,984
Net increase in net assets from capital transactions		$	—			$	135,984			$	—			$	135,984
Total increase (decrease) in net assets		$	(2,054	)		$	138,310			$	8,267			$	148,585
Net assets at end of period		$	456,860			$	404,353			$	456,860			$	404,353
Distributions recorded per share		$	0.54			$	0.52			$	0.54			$	0.52

 

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

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Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Cash Flows

(in thousands, except shares and per share amounts)

(Unaudited)

 

		For the Six Months Ended
		June 30, 2025				June 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets from operations:		$	21,205			$	19,793
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments			(73,912	)			(272,428	)
Payment-in-kind interest capitalized			(2,690	)			(1,879	)
Investments in affiliated money market fund, net			7,292				905
Proceeds from sales of investments and principal repayments			53,300				7,789
Net realized (gain) loss on investments			—				1,426
Net change in unrealized (appreciation) depreciation on investments			(1,086	)			(4,717	)
Net change in unrealized (appreciation) depreciation on foreign currency translation			(209	)			2
Amortization of premium and accretion of discount, net			(1,861	)			(1,145	)
Amortization of deferred financing costs			690				657
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable			1,265				(1,669	)
(Increase) decrease in other assets			(23	)			(119	)
Increase (decrease) in interest and other debt expenses payable			(170	)			350
Increase (decrease) in management fees payable			73				426
Increase (decrease) in incentive fees based on income payable			(183	)			(1,515	)
Increase (decrease) in incentive fees based on capital gains payable			—				301
Increase (decrease) in accrued expenses and other liabilities			83				80
Net cash provided by (used for) operating activities		$	3,774			$	(251,743	)
Cash flows from financing activities:
Proceeds from issuance of common stock		$	—			$	135,984
Distributions paid			(24,678	)			(12,065	)
Financing costs paid			(50	)			(3,148	)
Borrowings on debt			74,119				219,503
Repayments of debt			(51,000	)			(60,000	)
Net cash provided by (used for) financing activities		$	(1,609	)		$	280,274
Net increase (decrease) in cash		$	2,165			$	28,531
Effect of foreign exchange rate changes on cash and cash equivalents			209				(2	)
Cash, beginning of period			15,673				8,543
Cash, end of period		$	18,047			$	37,072
Supplemental and non-cash activities
Interest expense paid		$	14,398			$	10,118
Exchange of investments		$	—			$	15,993

 

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

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Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Debt Investments - 191.9%
Canada - 9.7%
1st Lien/Senior Secured Debt - 9.7%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.74%	C + 5.75%	11/01/30		CAD 7,871		$	5,584		$	5,766		(5) (6) (7)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	10.03%	S + 5.75%	11/01/30		4,922			4,835			4,909		(5) (6) (7)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.74%	C + 5.75%	11/01/30		CAD 1,941			25			34		(5) (6) (7) (8)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	10.03%	S + 5.75%	11/01/30		1,740			1,711			1,735		(5) (6) (7)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	0.00%	C + 5.75%	11/01/30		CAD 1,294			(14	)		(2	)	(5) (6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.83%	S + 6.00%	02/01/27		22,479			22,409			22,367		(5) (6) (7)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.83%	S + 6.00%	02/01/27		2,156			943			932		(5) (6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	12.50%	P + 5.00%	02/01/27		1,217			196			190		(5) (6) (7) (8)
iWave Information Systems, Inc.	Software	10.59%	S + 6.25%	11/23/28		8,690			8,550			8,560		(5) (6) (7)
iWave Information Systems, Inc.	Software	0.00%	S + 6.25%	11/23/28		4,380			(15	)		(66	)	(5) (6) (7) (8)
Total 1st Lien/Senior Secured Debt									44,224			44,425
Total Canada								$	44,224		$	44,425
United Kingdom - 6.5%
1st Lien/Senior Secured Debt - 6.5%
Clearcourse Partnership Acquireco Finance Limited	IT Services	12.25%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28		GBP 14,123		$	16,996		$	18,804		(5) (6) (7)
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.21%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28		GBP 11,329			10,230			10,977		(5) (6) (7) (8)
Total 1st Lien/Senior Secured Debt									27,226			29,781
Total United Kingdom								$	27,226		$	29,781
United States - 175.7%
1st Lien/Senior Secured Debt - 164.1%
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.32%	S + 5.00%	01/09/30	$	7,579		$	7,418		$	7,466		(5) (6)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.32%	S + 5.00%	01/09/30		5,791			5,702			5,704		(5) (6)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.31%	S + 5.00%	01/09/30		2,586			2,562			2,548		(5) (6)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	0.00%	S + 5.00%	01/09/28		1,981			(26	)		(30	)	(5) (6) (8)
VisionSafe Holdings, Inc.	Aerospace & Defense	9.82%	S + 5.50%	04/19/30		2,933			2,883			2,874		(5) (6)
VisionSafe Holdings, Inc.	Aerospace & Defense	0.00%	S + 5.50%	04/19/30		443			(7	)		(9	)	(5) (6) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		4,727			4,638			4,703		(5) (6)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		1,436			1,405			1,429		(5) (6)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		722			295			304		(5) (6) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		713			699			709		(5) (6)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.93%	S + 6.50%	08/01/29		238			233			236		(5) (6)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.53%	S + 5.25%	02/07/31		6,285			6,178			6,253		(5) (6)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.53%	S + 5.25%	02/07/31		2,808			265			277		(5) (6) (8)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	0.00%	S + 5.25%	02/07/31		843			(14	)		(4	)	(5) (6) (8)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.82%	S + 5.50% (Incl. 2.75% PIK)	08/22/31		12,954			12,637			12,792		(5) (6)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.32%	S + 5.00%	08/22/30		1,500			575			581		(5) (6) (8)

 

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

 

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Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	0.00%	S + 5.50% (Incl. 2.75% PIK)	08/22/31	$	750		$	(6	)	$	(9	)	(5) (6) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.53%	S + 5.25%	04/30/31		5,900			5,823			5,871		(5) (6)
USA DeBusk, LLC	Commercial Services & Supplies	9.57%	S + 5.25%	04/30/31		2,185			296			301		(5) (6) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.58%	S + 5.25%	04/30/30		820			345			351		(5) (6) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.33%	S + 6.00%	05/01/29		20,755			20,640			20,444		(5) (6)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.33%	S + 6.00%	05/01/29		2,201			1,157			1,136		(5) (6) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	0.00%	S + 6.00%	05/01/29		1,834			(10	)		(27	)	(5) (6) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.07%	S + 4.75%	10/24/30		14,151			3,224			3,160		(5) (6) (7) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.41%	B + 4.75%	10/24/30		AUD 13,999			9,211			9,121		(5) (6) (7)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	0.00%	S + 4.75%	10/24/30		1,415			(13	)		(14	)	(5) (6) (7) (8)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.30%	S + 6.00%	10/04/30		8,843			8,663			8,644		(5) (6)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	0.00%	S + 6.00%	10/05/29		1,045			(19	)		(23	)	(5) (6) (8)
DFS Holding Company, Inc.	Distributors	11.33%	S + 7.00%	01/31/29		4,070			3,988			3,907		(5) (6)
DFS Holding Company, Inc.	Distributors	11.33%	S + 7.00%	01/31/29		298			292			286		(5) (6)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.30%	S + 6.00%	04/26/29		6,714			6,606			6,546		(5) (6) (9)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.29%	S + 6.00%	04/26/29		3,140			1,170			1,140		(5) (6) (8) (9)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.30%	S + 6.00%	04/26/29		628			298			292		(5) (6) (8) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.30%	S + 5.00%	06/06/31		6,572			6,541			6,539		(5) (6)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.30%	S + 5.00%	06/06/31		1,313			230			241		(5) (6) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.32%	S + 5.00%	06/06/31		724			84			87		(5) (6) (8)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	9.43%	S + 5.00%	11/01/28		6,596			6,365			6,563		(5) (6)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	0.00%	S + 5.00%	11/01/28		638			(21	)		(3	)	(5) (6) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	0.00%	S + 5.00%	12/21/29		6,217			(59	)		(62	)	(5) (6) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29		5,106			5,021			5,055		(5) (6)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29		1,656			1,631			1,639		(5) (6)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29		556			548			551		(5) (6)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29		553			544			547		(5) (6)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.45%	S + 5.00%	12/21/29		549			537			543		(5) (6)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	0.00%	S + 5.00%	12/21/29		270			(4	)		(3	)	(5) (6) (8)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		15,341			3,593			3,611		(5) (6) (8) (9)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		3,395			3,364			3,370		(5) (6) (9)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		2,382			2,357			2,364		(5) (6) (9)
Southeast Mechanical, LLC	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		600			43			44		(5) (6) (8) (9)
Spotless Brands, LLC	Diversified Consumer Services	10.05%	S + 5.75%	07/25/28		10,430			10,213			10,430		(5) (6)
Spotless Brands, LLC	Diversified Consumer Services	10.05%	S + 5.75%	07/25/28		1,617			1,586			1,617		(5) (6)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.28%	S + 5.00%	05/01/31		10,536			10,444			10,430		(5) (6)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.29%	S + 5.00%	05/01/31		2,761			1,090			1,072		(5) (6) (8)

 

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

10

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	0.00%	S + 5.00%	05/01/30	$	1,615		$	(13	)	$	(16	)	(5) (6) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.93%	S + 7.50%	08/14/28		7,208			7,034			7,172		(5) (6)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.93%	S + 7.50%	08/14/28		1,257			812			831		(5) (6) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	0.00%	S + 7.50%	08/14/28		209			(5	)		(1	)	(5) (6) (8)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	10.40%	S + 6.00%	12/31/27		3,547			3,512			3,503		(5) (6)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	0.00%	S + 6.00%	12/31/27		367			(3	)		(5	)	(5) (6) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29		7,688			7,626			7,650		(5) (6)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.30%	S + 5.00%	12/06/29		1,039			1,030			1,034		(5) (6)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	0.00%	S + 5.00%	12/06/29		1,019			(8	)		(5	)	(5) (6) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.32%	S + 5.00%	12/06/29		335			330			334		(5) (6)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	0.00%	S + 5.00%	12/06/29		195			(1	)		(1	)	(5) (6) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.44%	S + 6.00%	01/25/28		6,228			6,174			6,166		(5) (6)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	0.00%	S + 6.00%	01/25/28		249			(2	)		(2	)	(5) (6) (8)
Computer Services, Inc.	Financial Services	9.58%	S + 5.25%	11/15/29		15,506			14,929			15,506		(5) (6)
Computer Services, Inc.	Financial Services	0.00%	S + 5.25%	11/15/29		5,406			(21	)		—		(5) (6) (8)
Computer Services, Inc.	Financial Services	9.58%	S + 5.25%	11/15/29		3,681			3,652			3,681		(5) (6)
Coretrust Purchasing Group LLC	Financial Services	9.58%	S + 5.25%	10/01/29		18,046			17,628			17,911		(5) (6)
Coretrust Purchasing Group LLC	Financial Services	0.00%	S + 5.25%	10/01/29		4,760			(56	)		(36	)	(5) (6) (8)
Coretrust Purchasing Group LLC	Financial Services	0.00%	S + 5.25%	10/01/29		1,932			(36	)		(14	)	(5) (6) (8)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29		9,798			9,502			9,798		(5) (6)
Fullsteam Operations LLC	Financial Services	11.48%	S + 7.00%	11/27/29		7,221			4,371			4,352		(5) (6) (8)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29		3,083			2,999			3,083		(5) (6)
Fullsteam Operations LLC	Financial Services	11.48%	S + 7.00%	11/27/29		1,805			1,778			1,778		(5) (6)
Fullsteam Operations LLC	Financial Services	12.73%	S + 8.25%	11/27/29		1,370			1,333			1,370		(5) (6)
Fullsteam Operations LLC	Financial Services	12.71%	S + 8.25%	11/27/29		548			260			274		(5) (6) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.80%	S + 7.50% (Incl. 4.50% PIK)	06/01/28		6,271			6,205			5,706		(5) (6)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.80%	S + 7.50% (Incl. 4.50% PIK)	06/01/28		1,317			1,300			1,198		(5) (6)
Priority Holdings, LLC (dba Priority Payment)	Financial Services	9.08%	S + 4.75%	05/16/31		16,265			16,198			16,281		(5) (7)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	9.57%	S + 5.25%	02/24/31		8,663			8,588			8,554		(5) (6)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	0.00%	S + 5.25%	02/24/31		1,250			(10	)		(16	)	(5) (6) (8)
Zeus Company LLC	Health Care Equipment & Supplies	9.80%	S + 5.50%	02/28/31		11,111			10,968			10,972		(5) (6)
Zeus Company LLC	Health Care Equipment & Supplies	9.80%	S + 5.50%	02/28/31		2,086			1,022			1,016		(5) (6) (8)
Zeus Company LLC	Health Care Equipment & Supplies	0.00%	S + 5.50%	02/28/30		1,566			(18	)		(20	)	(5) (6) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.33%	S + 5.00%	08/07/31		3,143			3,114			3,112		(5) (6)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	0.00%	S + 5.00%	08/07/31		356			(6	)		(4	)	(5) (6) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	0.00%	S + 5.00%	08/07/31		290			(4	)		(3	)	(5) (6) (8)

 

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

 

11

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Highfive Dental Holdco, LLC	Health Care Providers & Services	11.18%	S + 6.75%	06/13/28	$	4,082		$	4,002		$	4,010		(5) (6)
Highfive Dental Holdco, LLC	Health Care Providers & Services	0.00%	S + 6.75%	06/13/28		463			(8	)		(8	)	(5) (6) (8)
SpendMend Holdings LLC	Health Care Providers & Services	9.45%	S + 5.00%	03/01/28		3,385			3,355			3,368		(5) (6)
SpendMend Holdings LLC	Health Care Providers & Services	9.45%	S + 5.00%	03/01/28		932			923			927		(5) (6)
SpendMend Holdings LLC	Health Care Providers & Services	9.38%	S + 5.00%	03/01/28		456			72			74		(5) (6) (8)
Urology Management Holdings, Inc. (dba Solaris Health)	Health Care Providers & Services	9.80%	S + 5.50%	06/15/27		3,278			3,225			3,262		(5) (6)
Urology Management Holdings, Inc. (dba Solaris Health)	Health Care Providers & Services	9.80%	S + 5.50%	06/15/27		1,659			1,633			1,651		(5) (6)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.32%	S + 5.00% (Incl. 6.42% PIK)	03/18/27		7,736			7,650			5,918		(5) (6) (9)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.32%	S + 5.00% (Incl. 6.42% PIK)	03/18/27		911			916			920		(5) (6) (8) (9) (10)
Businessolver.com, Inc.	Health Care Technology	9.90%	S + 5.50%	12/01/27		2,108			2,098			2,092		(5) (6)
Businessolver.com, Inc.	Health Care Technology	9.90%	S + 5.50%	12/01/27		316			258			257		(5) (6) (8)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	9.36%	S + 5.00%	05/11/29		3,525			3,481			3,472		(5) (6)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	9.31%	S + 5.00%	05/11/29		470			464			463		(5) (6)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	0.00%	S + 5.00%	05/11/28		400			(4	)		(6	)	(5) (6) (8)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology	8.58%	S + 4.25%	05/19/32		5,348			5,322			5,321		(5)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology	0.00%	S + 4.25%	05/19/32		2,815			—			—		(5) (8)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology	0.00%	S + 4.25%	05/19/32		1,126			(6	)		(6	)	(5) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28		7,810			7,717			7,791		(5) (6)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28		6,682			5,916			5,899		(5) (6) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28		770			765			768		(5) (6)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.95%	S + 7.50%	07/18/28		605			175			180		(5) (6) (8)
WebPT, Inc.	Health Care Technology	10.68%	S + 6.25%	01/18/28		3,247			3,223			3,101		(5) (6)
WebPT, Inc.	Health Care Technology	10.74%	S + 6.25%	01/18/28		278			240			230		(5) (6) (8)
WebPT, Inc.	Health Care Technology	10.66%	S + 6.25%	01/18/28		234			232			223		(5) (6)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.55%	S + 5.25%	07/24/31		9,460			9,375			9,365		(5) (6)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.55%	S + 5.25%	07/24/31		3,994			1,453			1,434		(5) (6) (8)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.55%	S + 5.25%	07/24/30		741			231			230		(5) (6) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	9.58%	S + 5.25%	10/02/29		5,402			5,319			5,375		(5) (6)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	9.58%	S + 5.25%	10/02/29		1,908			1,882			1,899		(5) (6)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	0.00%	S + 5.25%	10/02/29		1,418			(10	)		(7	)	(5) (6) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	0.00%	S + 5.25%	10/02/29		1,135			(16	)		(6	)	(5) (6) (8)
QBS Parent, Inc. (dba Quorum Software)	IT Services	8.80%	S + 4.50%	06/03/32		17,861			17,773			17,772		(5)
QBS Parent, Inc. (dba Quorum Software)	IT Services	0.00%	S + 4.50%	06/03/32		3,241			—			(16	)	(5) (8)
QBS Parent, Inc. (dba Quorum Software)	IT Services	0.00%	S + 4.50%	11/07/31		1,433			(7	)		(7	)	(5) (8)
QBS Parent, Inc. (dba Quorum Software)	IT Services	0.00%	S + 4.50%	06/03/32		862			(4	)		(4	)	(5) (8)
US Signal Company, LLC	IT Services	9.92%	S + 5.50%	09/04/29		8,005			7,936			7,925		(5) (6)
US Signal Company, LLC	IT Services	0.00%	S + 5.50%	09/04/29		2,463			(21	)		(25	)	(5) (6) (8)

 

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

 

 

12

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
US Signal Company, LLC	IT Services	9.90%	S + 5.50%	09/04/29	$	1,232		$	298		$	296		(5) (6) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.83%	S + 6.50%	07/18/28		5,580			5,476			5,511		(5) (6)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.82%	S + 6.50%	07/18/28		722			709			713		(5) (6)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	0.00%	S + 6.50%	07/18/28		364			(6	)		(5	)	(5) (6) (8)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	9.03%	S + 4.75%	08/20/31		4,052			4,015			4,001		(5) (6)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	0.00%	S + 4.75%	08/20/30		690			(6	)		(9	)	(5) (6) (8)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	9.08%	S + 4.75%	12/02/31		7,191			7,124			7,119		(5) (6)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	0.00%	S + 4.75%	12/02/31		1,860			(9	)		(19	)	(5) (6) (8)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	9.89%	S + 4.75%	12/02/31		930			29			28		(5) (6) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	9.05%	S + 4.75%	07/01/31		13,825			13,640			13,652		(5) (6) (7)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	9.04%	S + 4.75%	07/01/30		3,689			638			638		(5) (6) (7) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	9.08%	S + 4.75%	07/01/31		3,687			706			690		(5) (6) (7) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	6.73%	E + 4.75%	07/01/31		EUR 3,428			3,633			3,978		(5) (6) (7)
Recorded Books Inc. (dba RBMedia)	Media	10.08%	S + 5.75%	09/03/30		9,113			8,897			9,021		(5) (6)
Recorded Books Inc. (dba RBMedia)	Media	10.03%	S + 5.75%	09/03/30		1,069			1,051			1,059		(5) (6)
Recorded Books Inc. (dba RBMedia)	Media	0.00%	S + 5.75%	08/31/28		749			(15	)		(7	)	(5) (6) (8)
Engage2Excel, Inc.	Professional Services	10.72%	S + 6.50%	07/01/29		5,805			5,731			5,688		(5) (6)
Engage2Excel, Inc.	Professional Services	10.72%	S + 6.50%	07/01/29		479			234			230		(5) (6) (8)
iCIMS, Inc.	Professional Services	10.03%	S + 5.75%	08/18/28		19,241			19,063			18,375		(5) (6)
iCIMS, Inc.	Professional Services	10.03%	S + 5.75%	08/18/28		1,703			239			179		(5) (6) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.89%	S + 5.75%	11/30/27		1,975			1,956			1,965		(5) (6)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.09%	S + 5.75%	11/30/27		1,943			1,925			1,933		(5) (6)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	12.25%	P + 4.75%	11/30/27		349			76			77		(5) (6) (8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.83%	S + 6.50%	07/01/27		9,434			9,313			9,340		(5) (6)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.83%	S + 6.50%	07/01/27		8,948			8,948			8,859		(5) (6)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	0.00%	S + 6.50%	07/01/27		938			—			(9	)	(5) (6) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.83%	S + 4.50%	08/29/31		5,108			5,061			5,057		(5) (6)
AI Titan Parent, Inc. (dba Prometheus)	Software	0.00%	S + 4.50%	08/29/31		1,022			(5	)		(10	)	(5) (6) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	0.00%	S + 4.50%	08/29/31		638			(6	)		(6	)	(5) (6) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	9.30%	S + 5.00%	07/01/30		2,898			2,841			2,883		(5) (6)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	9.30%	S + 5.00%	07/01/30		190			188			189		(5) (6)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	9.30%	S + 5.00%	07/01/30		184			180			183		(5) (6)
Artifact Bidco, Inc. (dba Avetta)	Software	8.55%	S + 4.25%	07/28/31		17,611			17,452			17,523		(5) (6)
Artifact Bidco, Inc. (dba Avetta)	Software	0.00%	S + 4.25%	07/28/31		4,310			(19	)		(22	)	(5) (6) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	0.00%	S + 4.25%	07/26/30		2,094			(18	)		(10	)	(5) (6) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	0.00%	S + 4.25%	07/26/30		985			(8	)		(5	)	(5) (6) (8)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	9.05%	S + 4.75%	07/14/31		15,000			14,866			14,850		(5) (6) (7)

 

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

 

13

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Aurora Acquireco, Inc. (dba AuditBoard)	Software	0.00%	S + 4.75%	07/14/31	$	7,143		$	(31	)	$	(71	)	(5) (6) (7) (8)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	0.00%	S + 4.75%	07/14/31		2,857			(25	)		(29	)	(5) (6) (7) (8)
CloudBees, Inc.	Software	11.44%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		3,571			3,502			3,571		(5) (6)
CloudBees, Inc.	Software	11.44%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		1,532			1,500			1,532		(5) (6)
Crewline Buyer, Inc. (dba New Relic)	Software	11.08%	S + 6.75%	11/08/30		11,141			10,910			11,030		(5) (6)
Crewline Buyer, Inc. (dba New Relic)	Software	0.00%	S + 6.75%	11/08/30		1,161			(22	)		(12	)	(5) (6) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.03%	S + 5.75% (Incl. 2.25% PIK)	01/17/31		6,799			6,744			6,799		(5) (6)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.53%	S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,007			997			997		(5) (6)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	11.75%	P + 4.25%	01/17/31		945			125			128		(5) (6) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.30%	S + 5.00%	12/01/28		19,474			19,349			19,376		(5) (6)
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.29%	S + 5.00%	12/01/28		2,628			431			437		(5) (6) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software	0.00%	S + 5.00%	12/01/28		1,512			(1	)		(8	)	(5) (6) (8)
NAVEX TopCo, Inc.	Software	9.57%	S + 5.50%	11/08/30		9,075			8,925			9,052		(6)
NAVEX TopCo, Inc.	Software	0.00%	S + 5.50%	11/09/28		810			(11	)		(2	)	(6) (8)
NC Topco, LLC (dba NContracts)	Software	8.83%	S + 4.50%	09/01/31		15,272			15,136			15,120		(5) (6)
NC Topco, LLC (dba NContracts)	Software	0.00%	S + 4.50%	09/01/31		4,336			(19	)		(43	)	(5) (6) (8)
NC Topco, LLC (dba NContracts)	Software	0.00%	S + 4.50%	09/01/31		1,734			(15	)		(17	)	(5) (6) (8)
North Star Acquisitionco, LLC (dba Everway)	Software	8.84%	N + 4.50%	05/03/29		NOK 23,072			2,157			2,278		(5) (6) (7)
North Star Acquisitionco, LLC (dba Everway)	Software	0.00%	S + 4.50%	05/03/29		13,571			—			(68	)	(5) (6) (7) (8)
North Star Acquisitionco, LLC (dba Everway)	Software	8.80%	S + 4.50%	05/03/29		8,112			8,079			8,071		(5) (6) (7)
North Star Acquisitionco, LLC (dba Everway)	Software	8.80%	S + 4.50%	05/03/29		3,092			3,092			3,076		(5) (6) (7)
North Star Acquisitionco, LLC (dba Everway)	Software	8.90%	S + 4.50%	05/03/29		2,102			1,973			1,970		(5) (6) (7) (8)
North Star Acquisitionco, LLC (dba Everway)	Software	0.00%	S + 4.50%	05/03/29		1,800			(7	)		(9	)	(5) (6) (7) (8)
North Star Acquisitionco, LLC (dba Everway)	Software	8.80%	S + 4.50%	05/03/29		1,225			1,225			1,219		(5) (6) (7)
North Star Acquisitionco, LLC (dba Everway)	Software	8.72%	SN + 4.50%	05/03/29		GBP 1,114			1,421			1,522		(5) (6) (7)
North Star Acquisitionco, LLC (dba Everway)	Software	8.81%	S + 4.50%	05/03/29		704			205			202		(5) (6) (7) (8)
North Star Acquisitionco, LLC (dba Everway)	Software	8.80%	S + 4.50%	05/03/29		283			283			282		(5) (6) (7)
Onyx CenterSource, Inc.	Software	9.70%	S + 5.25%	12/14/29		5,374			5,264			5,294		(5) (6)
Onyx CenterSource, Inc.	Software	9.70%	S + 5.25%	12/14/29		405			370			372		(5) (6) (8)
Runway Bidco, LLC (dba Redwood Software)	Software	9.30%	S + 5.00%	12/17/31		15,208			15,067			15,094		(5) (6)
Runway Bidco, LLC (dba Redwood Software)	Software	0.00%	S + 5.00%	12/17/31		3,788			(17	)		(28	)	(5) (6) (8)
Runway Bidco, LLC (dba Redwood Software)	Software	0.00%	S + 5.00%	12/17/31		1,894			(17	)		(14	)	(5) (6) (8)
Singlewire Software, LLC	Software	9.55%	S + 5.25%	05/10/29		6,712			6,571			6,645		(5) (6)
Singlewire Software, LLC	Software	0.00%	S + 5.25%	05/10/29		1,251			(24	)		(12	)	(5) (6) (8)
Vamos Bidco, Inc. (dba VIP)	Software	9.05%	S + 4.75%	01/30/32		16,216			16,061			16,054		(5) (6)
Vamos Bidco, Inc. (dba VIP)	Software	0.00%	S + 4.75%	01/30/32		6,757			(32	)		(68	)	(5) (6) (8)
Vamos Bidco, Inc. (dba VIP)	Software	0.00%	S + 4.75%	01/30/32		2,027			(19	)		(20	)	(5) (6) (8)

 

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

 

14

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	9.30%	S + 5.00%	06/02/31	$	14,157		$	14,032		$	14,157		(5) (6)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	9.30%	S + 5.00%	06/02/31		7,751			4,826			4,883		(5) (6) (8)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	0.00%	S + 5.00%	05/31/30		1,815			(15	)		—		(5) (6) (8)
Ortholite, LLC	Textiles, Apparel & Luxury Goods	10.55%	S + 6.25%	09/29/27		5,663			5,584			5,592		(5) (6)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	10.08%	S + 5.75%	10/07/30		6,554			6,421			6,358		(5) (6)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	10.08%	S + 5.75%	10/07/30		5,187			3,581			3,518		(5) (6) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.80%	S + 5.50% (Incl. 2.25% PIK)	12/31/29		21,502			21,238			20,158		(5) (6)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.55%	S + 5.25%	12/31/29		2,490			617			492		(5) (6) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.80%	S + 5.50%	12/31/29		1,497			159			75		(5) (6) (8)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	9.30%	S + 5.00% (Incl. 1.75% PIK)	04/09/30		17,483			17,457			17,220		(5) (6)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	0.00%	S + 5.00% (Incl. 1.75% PIK)	04/09/30		1,224			(1	)		(18	)	(5) (6) (8)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.55%	S + 5.25%	06/23/31		14,888			14,688			14,701		(5) (6)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.57%	S + 5.25%	06/23/31		8,315			8,158			8,168		(5) (6) (8)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	0.00%	S + 5.25%	06/21/30		1,667			(21	)		(21	)	(5) (6) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.70%	S + 5.25%	03/31/27		1,424			265			262		(5) (6) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.68%	S + 5.25%	03/31/27		1,421			1,406			1,407		(5) (6)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.68%	S + 5.25%	03/31/27		1,421			1,406			1,407		(5) (6)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.68%	S + 5.25%	03/31/27		888			879			879		(5) (6)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	0.00%	S + 5.25%	03/31/27		178			(2	)		(2	)	(5) (6) (8)
Total 1st Lien/Senior Secured Debt									750,979			749,486
1st Lien/Last-Out Unitranche (11) - 11.6%
EDB Parent, LLC (dba Enterprise DB)	Software	11.08%	S + 6.75%	07/07/28	$	6,169		$	6,073		$	6,077		(5) (6)
EDB Parent, LLC (dba Enterprise DB)	Software	11.08%	S + 6.75%	07/07/28		2,401			2,292			2,256		(5) (6) (8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.58%	S + 6.25%	12/07/28		6,255			6,209			6,224		(5) (6)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.58%	S + 6.25%	12/07/28		3,745			3,301			3,309		(5) (6) (8)
K2 Towers III, LLC	Wireless Telecommunication Services	10.85%	S + 6.55%	12/06/28		10,000			9,676			9,699		(5) (6) (8)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.93%	S + 6.61%	12/22/28		3,203			3,177			3,187		(5) (6)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.93%	S + 6.61%	12/22/28		2,005			610			615		(5) (6) (8)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.16%	S + 6.83%	02/01/29		6,285			6,236			6,254		(5) (6)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.16%	S + 6.83%	02/01/29		3,715			1,225			1,234		(5) (6) (8)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.38%	S + 7.00%	08/24/28		6,222			6,162			6,191		(5) (6)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.37%	S + 7.00%	08/24/28		3,778			2,166			2,181		(5) (6) (8)
Towerco IV Holdings, LLC	Wireless Telecommunication Services	8.14%	S + 3.75%	08/31/28		6,668			5,787			5,820		(5) (6) (8)
Total 1st Lien/Last-Out Unitranche									52,914			53,047
Total United States								$	803,893		$	802,533
Total Debt Investments								$	875,343		$	876,739

 

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

 

15

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1)	Industry (2)	Initial Acquisition Date(12)	Shares (4)			Cost			Fair Value			Footnotes
Equity Securities - 1.4%
United States - 1.4%
Common Stock - 0.5%
VisionSafe Parent, LLC	Aerospace & Defense	04/19/24		220		$	220		$	210		(5) (6) (13)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services	04/26/24		1,733,153			1,733			1,352		(5) (6) (9) (13)
SEM Holdings, LLC (dba Southeast Mechanical, LLC)	Diversified Consumer Services	07/06/22		400			400			623		(5) (6) (9) (13)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		2,700			270			239		(5) (6) (13)
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	03/29/24		7,091,071			—			—		(6) (9) (13)
Total Common Stock							2,623			2,424
Preferred Stock - 0.9%
FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	10/02/24		221		$	29		$	34		(5) (6) (13)
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	03/29/24		3,440,568			1,094			—		(6) (9) (13)
CloudBees, Inc.	Software	11/24/21		134,557			1,505			2,036		(5) (6) (13)
Lobos Parent, Inc. (dba NeoGov)	Software	12/02/21		1,237			1,206			1,747		(5) (6) (13)
Total Preferred Stock							3,834			3,817
Warrants - 0.0%
CloudBees, Inc.	Software	11/24/21		38,977		$	216		$	46		(5) (6) (13)
Total Warrants							216			46
Total United States						$	6,673		$	6,287
Total Equity Securities							6,673			6,287
Total Investments - 193.3%						$	882,016		$	883,026
Investments in Affiliated Money Market Fund - 0.5%
United States - 0.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares				2,213,733		$	2,214		$	2,214		(14) (15)
Total Investments in Affiliated Money Market Fund						$	2,214		$	2,214
Total United States						$	2,214		$	2,214
Total Investments and Investments in Affiliated Money Market Fund - 193.8%						$	884,230		$	885,240

 

 

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

 

 

16

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2025 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

(1)

Percentages are based on net assets.

(2)

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

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either SOFR including SOFR adjustment, if any, ("S"), EURIBOR ("E"), SONIA ("SN"), NIBOR ("N"), CORRA ("C"), BBSW ("B") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of June 30, 2025, 1 month S was 4.32%, 3 month S was 4.29%, 6 month S was 4.15%, 3 month SN was 4.22%, 3 month C was 2.68%, 3 month N was 4.25%, 3 month E was 1.94%, 1 month B was 3.61% and P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2025.

(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, Euros (“EUR”), Great British Pounds (“GBP”), Norwegian Kroner (“NOK”), Canadian Dollars (“CAD”) or Australian Dollars (“AUD”).

(5)

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

(6)

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

(7)

The investment is not a qualifying asset under Section 55(a) of the Investment Company 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 June 30, 2025, the aggregate fair value of these securities is $155,005 or 17.0% of the Company’s total assets.

(8)

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

(9)

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

(10)

The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies".

(11)

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

(12)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of June 30, 2025, the aggregate fair value of these securities is $6,287 or 1.4% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(13)

Non-income producing security.

(14)

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

(15)

The annualized seven-day yield as of June 30, 2025 is 4.21%.

PIK - Payment-In-Kind

 

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

 

17

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2024

(in thousands, except share and per share amounts)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Debt Investments - 189.6%
Canada - 9.8%
1st Lien/Senior Secured Debt - 9.8%
Recochem, Inc	Chemicals	9.66%	C + 5.75%	11/01/30		CAD 7,911		$	5,606		$	5,503		(5) (6) (7)
Recochem, Inc	Chemicals	10.32%	S + 5.75%	11/01/30		4,947			4,854			4,947		(5) (6) (7)
Recochem, Inc	Chemicals	9.54%	C + 5.75%	11/01/30		CAD 1,941			25			36		(5) (6) (7) (8)
Recochem, Inc	Chemicals	10.32%	S + 5.75%	11/01/30		1,749			1,718			1,749		(5) (6) (7)
Recochem, Inc	Chemicals	10.32%	S + 5.75%	11/01/30		CAD 1,294			178			186		(5) (6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.86%	S + 6.00%	02/01/27		22,479			22,388			22,367		(5) (6) (7)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.86%	S + 6.00%	02/01/27		2,156			535			524		(5) (6) (7) (8)
Prophix Software Inc. (dba Pound Bidco)	Financial Services		S + 6.00%	02/01/27		1,217			—			(6	)	(5) (6) (7) (8)
iWave Information Systems, Inc.	Software	11.12%	S + 6.75%	11/23/28		8,735			8,577			8,560		(5) (6) (7)
iWave Information Systems, Inc.	Software		S + 6.75%	11/23/28		4,380			(18	)		(88	)	(5) (6) (7) (8)
Total 1st Lien/Senior Secured Debt									43,863			43,778
Total Canada								$	43,863		$	43,778
United Kingdom - 5.8%
1st Lien/Senior Secured Debt - 5.8%
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.70%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28		GBP 13,471		$	16,124		$	16,359		(5) (6) (7)
Clearcourse Partnership Acquireco Finance Limited	IT Services	13.70%	SN + 8.75% (Incl. 9.85% PIK)	07/25/28		GBP 10,944			9,712			9,544		(5) (6) (7) (8)
Total 1st Lien/Senior Secured Debt									25,836			25,903
Total United Kingdom								$	25,836		$	25,903
United States - 174.0%
1st Lien/Senior Secured Debt - 162.9%
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.49%	S + 5.00%	01/09/30	$	7,618		$	7,442		$	7,542		(5) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.49%	S + 5.00%	01/09/30		5,821			5,723			5,762		(5) (7)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense		S + 5.00%	01/09/28		1,981			(31	)		(20	)	(5) (7) (8)
VisionSafe Holdings, Inc.	Aerospace & Defense	10.52%	S + 6.00%	04/19/30		2,950			2,896			2,891		(5) (7)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 6.00%	04/19/30		443			(8	)		(9	)	(5) (7) (8)
Formulations Parent Corporation (dba Chase Corp)	Chemicals	10.27%	S + 5.75%	11/15/30		10,382			10,198			10,174		(5) (7)
Formulations Parent Corporation (dba Chase Corp)	Chemicals		S + 5.75%	11/15/29		1,743			(28	)		(35	)	(5) (7) (8)
ASM Buyer, Inc.	Commercial Services & Supplies	10.02%	S + 5.50% (Incl 2.75% PIK)	08/22/31		12,840			12,503			12,711		(5) (7)
ASM Buyer, Inc.	Commercial Services & Supplies	9.41%	S + 5.00%	08/22/30		1,500			123			135		(5) (7) (8)
ASM Buyer, Inc.	Commercial Services & Supplies		S + 5.50% (Incl 2.75% PIK)	08/22/31		750			(7	)		(7	)	(5) (7) (8)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.84%	S + 5.25%	02/07/31		6,317			6,202			6,253		(5) (7)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	9.59%	S + 5.25%	02/07/31		2,809			265			264		(5) (7) (8)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 5.25%	02/07/31		843			(15	)		(8	)	(5) (7) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29		4,751			4,653			4,727		(5) (7)
Superior Environmental Solutions	Commercial Services & Supplies	11.00%	S + 6.50%	08/01/29		1,443			1,409			1,436		(5) (7)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29		722			274			285		(5) (7) (8)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29		716			701			713		(5) (7)
Superior Environmental Solutions	Commercial Services & Supplies	10.96%	S + 6.50%	08/01/29		239			233			238		(5) (7)
USA DeBusk, LLC	Commercial Services & Supplies	9.61%	S + 5.25%	04/30/31		5,930			5,847			5,900		(5) (7)
USA DeBusk, LLC	Commercial Services & Supplies	9.89%	S + 5.25%	04/30/31		2,187			229			235		(5) (7) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.59%	S + 5.25%	04/30/30		820			235			242		(5) (7) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.11%	S + 5.75%	05/01/29		20,860			20,732			20,704		(5) (7)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	10.11%	S + 5.75%	05/01/29		2,201			1,124			1,121		(5) (7) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 5.75%	05/01/29		1,834			(11	)		(14	)	(5) (7) (8)

 

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

 

18

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.10%	S + 4.75%	10/24/30	$	14,151		$	3,217		$	3,231		(5) (6) (8)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	9.12%	B + 4.75%	10/24/30		AUD 13,999			9,205			8,578		(5) (6)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		B + 4.75%	10/24/30		1,415			(14	)		(14	)	(5) (6) (8)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	10.33%	S + 6.00%	10/04/30		8,888			8,694			8,799		(5) (7)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29		1,045			(21	)		(10	)	(5) (7) (8)
DFS Holding Company, Inc.	Distributors	10.50%	S + 6.25%	01/31/29		4,091			3,999			4,040		(5) (7)
DFS Holding Company, Inc.	Distributors	10.50%	S + 6.25%	01/31/29		864			287			289		(5) (7) (8)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.33%	S + 6.00%	04/26/29		6,748			6,628			6,613		(5) (7) (9)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.54%	S + 6.00%	04/26/29		3,140			812			804		(5) (7) (8) (9)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	10.48%	S + 6.00%	04/26/29		628			309			308		(5) (7) (8) (9)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.33%	S + 5.00%	06/06/31		5,951			5,925			5,922		(5) (7)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.33%	S + 5.00%	06/06/31		1,965			215			226		(5) (7) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	9.36%	S + 5.00%	06/06/31		724			54			57		(5) (7) (8)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services	9.46%	S + 5.00%	11/01/28		6,630			6,368			6,596		(5) (7)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services		S + 5.00%	11/01/28		638			(24	)		(3	)	(5) (7) (8)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services		S + 6.00%	07/06/27		15,341			(122	)		(115	)	(5) (7) (8) (9)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.47%	S + 6.00%	07/06/27		3,413			3,374			3,387		(5) (7) (9)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.47%	S + 6.00%	07/06/27		2,394			2,363			2,376		(5) (7) (9)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.48%	S + 6.00%	07/06/27		600			534			536		(5) (7) (8) (9)
Spotless Brands, LLC	Diversified Consumer Services	10.09%	S + 5.75%	07/25/28		10,484			10,236			10,484		(5) (7)
Spotless Brands, LLC	Diversified Consumer Services	10.03%	S + 5.75%	07/25/28		1,625			1,590			1,625		(5) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.61%	S + 5.00%	05/01/31		10,589			10,490			10,483		(5) (7)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	9.46%	S + 5.00%	05/01/31		2,767			875			856		(5) (7) (8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30		1,615			(14	)		(16	)	(5) (7) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.96%	S + 7.50%	08/14/28		7,245			7,047			7,209		(5) (7)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	11.92%	S + 7.50%	08/14/28		1,257			808			831		(5) (7) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 7.50%	08/14/28		209			(5	)		(1	)	(5) (7) (8)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	S + 6.00%	12/21/27		6,116			6,036			6,086		(5) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27		1,984			1,961			1,964		(5) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27		666			658			660		(5) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27		662			654			655		(5) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	10.23%	S + 5.75%	12/21/27		657			645			651		(5) (7)
Whitewater Holding Company LLC	Diversified Consumer Services		S + 5.75%	12/21/27		270			(3	)		(3	)	(5) (7) (8)
Checkmate Finance Merger Sub, LLC	Entertainment	10.92%	S + 6.50%	12/31/27		3,565			3,524			3,521		(5) (7)
Checkmate Finance Merger Sub, LLC	Entertainment		S + 6.50%	12/31/27		367			(4	)		(5	)	(5) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.83%	S + 5.50%	05/08/28		7,727			7,678			7,689		(5) (7)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.50%	05/08/28		1,019			(6	)		(5	)	(5) (7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	9.89%	S + 5.50%	05/08/28		337			332			335		(5) (7)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	10.47%	S + 6.00%	01/25/28		6,228			6,165			5,979		(5) (7)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28		249			(2	)		(10	)	(5) (7) (8)
Computer Services, Inc.	Financial Services	9.75%	S + 5.25%	11/15/29		15,587			14,954			15,587		(5) (7)
Computer Services, Inc.	Financial Services		S + 5.25%	11/15/29		5,406			(23	)		—		(5) (7) (8)
Computer Services, Inc.	Financial Services	9.75%	S + 5.25%	11/15/29		3,700			3,667			3,700		(5) (7)
Coretrust Purchasing Group LLC	Financial Services	9.61%	S + 5.25%	10/01/29		18,137			17,679			18,047		(5) (7)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29		4,760			(62	)		(24	)	(5) (7) (8)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%	10/01/29		1,932			(40	)		(10	)	(5) (7) (8)

 

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

 

19

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29	$	9,798		$	9,502		$	9,798		(5) (7)
Fullsteam Operations LLC	Financial Services	11.65%	S + 7.00%	11/27/29		7,221			618			561		(5) (7) (8)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29		3,083			3,000			3,083		(5) (7)
Fullsteam Operations LLC	Financial Services	11.66%	S + 7.00%	11/27/29		1,805			496			484		(5) (7) (8)
Fullsteam Operations LLC	Financial Services	12.91%	S + 8.25%	11/27/29		1,370			1,334			1,370		(5) (7)
Fullsteam Operations LLC	Financial Services		S + 8.25%	11/27/29		548			(14	)		—		(5) (7) (8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.83%	S + 7.50% (Incl. 4.50% PIK)	06/01/28		6,693			6,611			6,224		(5) (7)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.83%	S + 7.50% (Incl. 4.50% PIK)	06/01/28		1,391			1,371			1,293		(5) (7)
Priority Technology Holdings, Inc. (dba Priority Payment)	Financial Services	9.11%	S + 4.75%	05/16/31		16,078			16,007			16,083		(5) (6)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	9.61%	S + 5.25%	02/24/31		8,706			8,627			8,619		(5) (7)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%	02/24/31		1,250			(11	)		(12	)	(5) (7) (8)
Zeus Company, Inc.	Health Care Equipment & Supplies	9.83%	S + 5.50%	02/28/31		11,167			11,014			11,055		(5) (7)
Zeus Company, Inc.	Health Care Equipment & Supplies	9.83%	S + 5.50%	02/28/31		2,088			712			710		(5) (7) (8)
Zeus Company, Inc.	Health Care Equipment & Supplies		S + 5.50%	02/28/30		1,566			(20	)		(16	)	(5) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.25%	S + 5.00%	08/07/31		3,050			3,020			3,004		(5) (7)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31		465			(7	)		(7	)	(5) (7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	9.33%	S + 5.00%	08/07/31		290			250			250		(5) (7) (8)
Highfive Dental Holdco, LLC	Health Care Providers & Services	11.21%	S + 6.75%	06/13/28		4,103			4,011			4,041		(5) (7)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28		463			(10	)		(7	)	(5) (7) (8)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.65%	S + 5.00% (Incl. 6.65% PIK)	03/18/27		7,488			7,379			7,058		(5) (7) (9)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.65%	S + 5.00% (Incl. 6.65% PIK)	03/18/27		888			788			836		(5) (7) (8) (9) (10)
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services	9.83%	S + 5.50%	06/15/27		3,295			3,230			3,262		(5) (7)
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services	9.83%	S + 5.50%	06/15/27		1,668			1,635			1,651		(5) (7)
SpendMend, LLC	Health Care Providers & Services	9.48%	S + 5.00%	03/01/28		3,402			3,367			3,368		(5) (7)
SpendMend, LLC	Health Care Providers & Services	9.55%	S + 5.00%	03/01/28		1,504			923			921		(5) (7) (8)
SpendMend, LLC	Health Care Providers & Services		S + 5.00%	03/01/28		456			(4	)		(5	)	(5) (7) (8)
Businessolver.com, Inc.	Health Care Technology	9.93%	S + 5.50%	12/01/27		2,119			2,107			2,103		(5) (7)
Businessolver.com, Inc.	Health Care Technology	9.93%	S + 5.50%	12/01/27		317			75			73		(5) (7) (8)
HealthEdge Software, Inc.	Health Care Technology	9.13%	S + 4.75%	07/16/31		8,905			8,821			8,816		(5) (7)
HealthEdge Software, Inc.	Health Care Technology	9.15%	S + 4.75%	07/16/31		3,929			3,891			3,890		(5) (7)
HealthEdge Software, Inc.	Health Care Technology		S + 4.75%	07/16/31		1,182			(11	)		(12	)	(5) (7) (8)
Intelligent Medical Objects, Inc.	Health Care Technology	9.36%	S + 5.00%	05/11/29		3,543			3,494			3,455		(5) (7)
Intelligent Medical Objects, Inc.	Health Care Technology	9.91%	S + 5.00%	05/11/29		472			465			460		(5) (7)
Intelligent Medical Objects, Inc.	Health Care Technology	9.57%	S + 5.00%	05/11/28		400			7			2		(5) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28		7,810			7,705			7,790		(5) (7)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28		6,682			4,387			4,370		(5) (7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28		770			765			768		(5) (7)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	11.98%	S + 7.50%	07/18/28		605			174			180		(5) (7) (8)
WebPT, Inc.	Health Care Technology	10.86%	S + 6.25%	01/18/28		3,255			3,227			3,109		(5) (7)
WebPT, Inc.	Health Care Technology	11.12%	S + 6.25%	01/18/28		278			145			134		(5) (7) (8)
WebPT, Inc.	Health Care Technology	11.22%	S + 6.25%	01/18/28		235			232			224		(5) (7)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	10.39%	S + 5.25%	07/24/31		9,508			9,417			9,413		(5) (7)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.58%	S + 5.25%	07/24/31		3,999			793			775		(5) (7) (8)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	9.58%	S + 5.25%	07/24/30		741			126			126		(5) (7) (8)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services	10.36%	S + 6.00%	10/02/29		5,430			5,338			5,375		(5) (7)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services	10.36%	S + 6.00%	10/02/29		1,918			1,889			1,899		(5) (7)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services		S + 6.00%	10/02/29		1,418			(11	)		(14	)	(5) (7) (8)
GPS Phoenix Buyer, Inc. (dba Guidepoint)	IT Services		S + 6.00%	10/02/29		1,135			(18	)		(11	)	(5) (7) (8)

 

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

 

20

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)

 

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29	$	5,895		$	5,833		$	5,895		(5) (7)
Kaseya Inc.	IT Services	9.83%	S + 5.50%	06/25/29		351			85			88		(5) (7) (8)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29		329			66			68		(5) (7) (8)
Kaseya Inc.	IT Services	10.09%	S + 5.50%	06/25/29		22			22			22		(5) (7)
QBS Parent, Inc. (dba Quorum Software)	IT Services	9.27%	S + 4.75%	11/07/31		13,567			13,501			13,517		(5)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.75%	11/07/31		1,433			(7	)		(5	)	(5) (8)
US Signal Company, LLC	IT Services	10.07%	S + 5.50%	09/04/29		8,005			7,929			7,925		(5) (7)
US Signal Company, LLC	IT Services		S + 5.50%	09/04/29		2,463			(23	)		(25	)	(5) (7) (8)
US Signal Company, LLC	IT Services		S + 5.50%	09/04/29		1,232			(12	)		(12	)	(5) (7) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.86%	S + 6.50%	07/18/28		5,609			5,490			5,553		(5) (7)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.88%	S + 6.50%	07/18/28		725			566			572		(5) (7) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.86%	S + 6.50%	07/18/28		364			357			360		(5) (7)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	9.34%	S + 4.75%	08/20/31		4,310			4,269			4,267		(5) (7)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.75%	08/20/30		690			(7	)		(7	)	(5) (7) (8)
Precinmac, LP	Machinery	9.55%	S + 5.00%	12/02/31		7,209			7,138			7,137		(5)
Precinmac, LP	Machinery		S + 5.00%	12/02/31		1,860			(9	)		(9	)	(5) (8)
Precinmac, LP	Machinery		S + 5.00%	12/02/31		930			(9	)		(9	)	(5) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	9.59%	S + 5.00%	07/01/31		13,894			13,697			13,686		(5) (6) (7)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.33%	E + 5.00%	07/01/30		3,689			367			363		(5) (6) (7) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery		S + 5.00%	07/01/31		3,689			(26	)		(55	)	(5) (6) (7) (8)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.33%	E + 5.00%	07/01/31		EUR 3,446			3,648			3,516		(5) (6) (7)
Recorded Books Inc. (dba RBMedia)	Media	10.26%	S + 5.75%	09/03/30		9,159			8,919			9,067		(5) (7)
Recorded Books Inc. (dba RBMedia)	Media	10.32%	S + 5.75%	09/03/30		1,075			1,054			1,064		(5) (7)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%	08/31/28		749			(17	)		(7	)	(5) (7) (8)
Engage2Excel, Inc.	Professional Services	10.75%	S + 6.50%	07/01/29		5,836			5,755			5,749		(5) (7)
Engage2Excel, Inc.	Professional Services	10.75%	S + 6.50%	07/01/29		479			329			328		(5) (7) (8)
iCIMS, Inc.	Professional Services	10.38%	S + 5.75%	08/18/28		19,241			19,039			18,375		(5) (7)
iCIMS, Inc.	Professional Services	10.34%	S + 5.75%	08/18/28		1,703			322			264		(5) (7) (8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.56%	S + 5.75%	11/30/27		1,985			1,962			1,975		(5) (7)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.44%	S + 5.75%	11/30/27		1,953			1,931			1,943		(5) (7)
NFM & J, L.P. (dba the Facilities Group)	Professional Services		P + 4.75%	11/30/27		349			(4	)		(2	)	(5) (7) (8)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.01%	S + 6.50%	07/01/27		9,482			9,333			9,387		(5) (7)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.01%	S + 6.50%	07/01/27		8,994			8,994			8,904		(5) (7)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		938			—			(9	)	(5) (7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	9.11%	S + 4.75%	08/29/31		5,108			5,058			5,056		(5) (7)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.75%	08/29/31		1,022			(5	)		(10	)	(5) (7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.75%	08/29/31		638			(6	)		(6	)	(5) (7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	10.08%	S + 5.75%	07/01/30		2,912			2,851			2,898		(5) (7)
Arrow Buyer, Inc. (dba Archer Technologies)	Software		S + 5.75%	07/01/30		487			(7	)		(2	)	(5) (7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	10.08%	S + 5.75%	07/01/30		191			189			190		(5) (7)
Artifact Bidco, Inc. (dba Avetta)	Software	8.83%	S + 4.50%	07/28/31		17,611			17,443			17,435		(5) (7)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/28/31		4,310			(20	)		(43	)	(5) (7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/26/30		2,094			(19	)		(21	)	(5) (7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.50%	07/26/30		985			(9	)		(10	)	(5) (7) (8)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	9.08%	S + 4.75%	07/14/31		15,000			14,857			14,850		(5) (6) (7)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.75%	07/14/31		7,143			(33	)		(71	)	(5) (6) (7) (8)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.75%	07/14/31		2,857			(27	)		(29	)	(5) (6) (7) (8)
CloudBees, Inc.	Software	11.47%	S + 7.00% (Incl. 2.50% PIK)	11/24/26		3,527			3,435			3,527		(5) (7)

 

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

 

 

21

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
CloudBees, Inc.	Software	11.47%	S + 7.00% (Incl. 2.50% PIK)	11/24/26	$	1,512		$	1,471		$	1,512		(5) (7)
Crewline Buyer, Inc. (dba New Relic)	Software	11.11%	S + 6.75%	11/08/30		11,141			10,895			10,863		(5) (7)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30		1,161			(24	)		(29	)	(5) (7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	10.34%	S + 5.75% (Incl. 2.25% PIK)	01/17/31		6,756			6,696			6,688		(5) (7)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.84%	S + 5.25% (Incl. 2.25% PIK)	01/17/31		1,001			990			991		(5) (7)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.25% (Incl. 2.25% PIK)	01/17/31		945			(8	)		(9	)	(5) (7) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.33%	S + 5.00%	12/01/28		19,572			19,431			19,376		(5) (7)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/02/27		2,628			(22	)		(26	)	(5) (7) (8)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.00%	12/01/28		1,512			(1	)		(15	)	(5) (7) (8)
NAVEX TopCo, Inc.	Software	9.88%	S + 5.50%	11/08/30		9,121			8,960			9,098		(7)
NAVEX TopCo, Inc.	Software		S + 5.50%	11/09/28		810			(13	)		(2	)	(7) (8)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.45%	N + 4.75%	05/03/29		NOK 20,095			1,860			1,756		(5) (6) (7)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.08%	S + 4.75%	05/03/29		8,132			8,096			8,091		(5) (6) (7)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.25%	S + 4.75%	05/03/29		1,900			1,786			1,785		(5) (6) (7) (8)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software		S + 4.75%	05/03/29		1,800			(8	)		(9	)	(5) (6) (7) (8)
Northstar Acquisition HoldCo, LLC (dba n2y)	Software	9.45%	SN + 4.75%	05/03/29		GBP 917			1,150			1,142		(5) (6) (7)
Onyx CenterSource, Inc.	Software	11.24%	S + 6.50%	12/15/28		5,347			5,247			5,347		(5) (7)
Onyx CenterSource, Inc.	Software	11.24%	S + 6.50%	12/15/28		405			128			135		(5) (7) (8)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software	9.61%	S + 5.25% (Incl. 2.75% PIK)	09/01/31		15,173			15,028			15,021		(5) (7)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software		S + 5.25% (Incl. 2.75% PIK)	09/01/31		4,336			(21	)		(43	)	(5) (7) (8)
Rocky Debt Merger Sub, LLC (dba NContracts)	Software		S + 5.25% (Incl. 2.75% PIK)	09/01/31		1,734			(17	)		(17	)	(5) (7) (8)
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28		10,877			10,792			10,877		(5) (7)
Rubrik, Inc.	Software	11.67%	S + 7.00%	08/17/28		1,520			1,429			1,440		(5) (7) (8)
Runway Bidco, LLC (dba Redwood Software)	Software	9.33%	S + 5.00%	12/17/31		15,246			15,097			15,093		(5)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31		3,788			(18	)		(19	)	(5) (8)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31		1,894			(18	)		(19	)	(5) (8)
Singlewire Software, LLC	Software	9.58%	S + 5.25%	05/10/29		6,754			6,594			6,687		(5) (7)
Singlewire Software, LLC	Software		S + 5.25%	05/10/29		1,251			(28	)		(12	)	(5) (7) (8)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.08%	S + 4.75%	06/02/31		14,228			14,095			14,086		(5) (7)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail	9.16%	S + 4.75%	06/02/31		7,773			2,984			2,957		(5) (7) (8)
Charger Debt Merger Sub, LLC (dba Classic Collision)	Specialty Retail		S + 4.75%	05/31/30		1,815			(16	)		(18	)	(5) (7) (8)
Ortholite, LLC	Textiles, Apparel & Luxury Goods	10.58%	S + 6.25%	09/29/27		5,692			5,597			5,635		(5) (7)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30		6,588			6,444			6,522		(5) (7)
Harrington Industrial Plastics, LLC	Trading Companies & Distributors	10.11%	S + 5.75%	10/07/30		5,206			3,593			3,640		(5) (7) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.83%	S + 5.50% (Incl. 2.25% PIK)	12/31/29		21,261			20,973			19,985		(5) (7)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.59%	S + 5.50%	12/31/29		2,490			315			199		(5) (7) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.83%	S + 5.50%	12/31/29		1,496			156			77		(5) (7) (8)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	9.33%	S + 5.00% (Incl. 1.75% PIK)	04/09/30		17,330			17,302			17,243		(5)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors		S + 5.00% (Incl. 1.75% PIK)	04/09/30		1,224			(1	)		(6	)	(5) (8)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.58%	S + 5.25%	06/23/31		14,963			14,750			14,813		(5) (7)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors	9.89%	S + 5.25%	06/23/31		8,333			753			733		(5) (7) (8)
United Flow Technologies Intermediate Holdco II, LLC	Trading Companies & Distributors		S + 5.25%	06/21/30		1,667			(23	)		(17	)	(5) (7) (8)
Total 1st Lien/Senior Secured Debt									730,772			730,897

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

 

 

22

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)

 

Investment (1)	Industry (2)	Interest Rate (3)	Reference Rate and Spread (3)	Maturity	Par(4)			Cost			Fair Value			Footnotes
1st Lien/Last-Out Unitranche (11) - 11.1%
EDB Parent, LLC (dba Enterprise DB)	Software	11.26%	S + 6.75%	07/07/28	$	6,169		$	6,060		$	6,046		(5) (7)
EDB Parent, LLC (dba Enterprise DB)	Software	11.26%	S + 6.75%	07/07/28		2,401			1,815			1,767		(5) (7) (8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.61%	S + 6.25%	12/07/28		6,255			6,204			6,193		(5) (7)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.61%	S + 6.25%	12/07/28		3,745			2,715			2,707		(5) (7) (8)
K2 Towers III, LLC	Wireless Telecommunication Services	10.89%	S + 6.55%	12/06/28		10,000			9,203			9,185		(5) (7) (8)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.96%	S + 6.61%	12/22/28		3,203			3,174			3,171		(5) (7)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	10.96%	S + 6.61%	12/22/28		2,005			347			344		(5) (7) (8)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.18%	S + 6.83%	02/01/29		6,285			6,231			6,222		(5) (7)
Tarpon Towers II LLC	Wireless Telecommunication Services	11.19%	S + 6.83%	02/01/29		3,715			809			803		(5) (7) (8)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	12.19%	S + 7.00%	08/24/28		6,222			6,155			6,160		(5) (7)
Thor FinanceCo LLC (dba Harmoni Towers)	Wireless Telecommunication Services	11.70%	S + 7.00%	08/24/28		3,778			1,450			1,451		(5) (7) (8)
Towerco IV Holdings, LLC	Wireless Telecommunication Services	8.21%	S + 3.75%	08/31/28		6,668			5,545			5,555		(5) (7) (8)
Total 1st Lien/Last-Out Unitranche									49,708			49,604
Total United States								$	780,480		$	780,501
Total Debt Investments								$	850,179		$	850,182

 

Investment (1)	Industry (2)	Initial Acquisition Date(13)	Shares (4)			Cost			Fair Value			Footnotes
Equity Securities - 1.4%
United States - 1.4%
Common Stock - 0.6%
VisionSafe Parent, LLC	Aerospace & Defense	04/19/24		220		$	220		$	273		(5) (7) (12)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services	04/26/24		1,733,153			1,733			1,733		(5) (7) (9) (12)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		400			400			649		(5) (7) (9) (12)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		2,700			270			225		(5) (7) (12)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	03/29/24		7,091,071			—			—		(7) (9) (12)
Total Common Stock							2,623			2,880
Preferred Stock - 0.8%
Whitewater Holding Company LLC	Diversified Consumer Services	10/02/24		221		$	29		$	31		(5) (7) (12)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	03/29/24		3,440,568			1,094			—		(7) (9) (12)
CloudBees, Inc.	Software	11/24/21		134,557			1,505			1,975		(5) (7) (12)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		1,237			1,206			1,659		(5) (7) (12)
Total Preferred Stock							3,834			3,665
Warrants - 0.0%
CloudBees, Inc.	Software	11/24/21		38,977		$	216		$	49		(5) (7) (12)
Total Warrants							216			49
Total United States						$	6,673		$	6,594
Total Equity Securities							6,673			6,594
Total Investments - 191.0%						$	856,852		$	856,776
Investments in Affiliated Money Market Fund - 2.1%
United States - 2.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares				9,505,692		$	9,506		$	9,506		(14) (15)
Total Investments in Affiliated Money Market Fund						$	9,506		$	9,506
Total United States						$	9,506		$	9,506
Total Investments and Investments in Affiliated Money Market Fund - 193.1%						$	866,358		$	866,282

 

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

 

23

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Table of Contents

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2024 (continued)

(in thousands, except share and per share amounts)

 

(1)

Percentages are based on net assets.

(2)

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

(3)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either SOFR including SOFR adjustment, if any, ("S"), EURIBOR ("E"), SONIA ("SN"), NIBOR ("N"), CORRA ("C"), BBSW ("B") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. S loans are typically indexed to 12 month, 6 month, 3 month or 1 month S rates. As of December 31, 2024, 1 month S was 4.33%, 3 month S was 4.31%, 6 month S was 4.25%, 3 month SN was 4.70%, 3 month C was 3.15%, 3 month N was 4.68%, 3 month E was 2.71%, 1 month B was 4.32% and P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024.

(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, Australian Dollars ("AUD"), Euros ("EUR"), Great British Pounds ("GBP"), Canadian Dollars ("CAD"), or Norwegian Kroner ("NOK").

(5)

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

(6)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, the aggregate fair value of these securities is $142,584 or 16.0% of the Company’s total assets.

(7)

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

(8)

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

(9)

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

(10)

The investment includes an exit fee that is receivable upon repayment of the loan. See Note 2 “Significant Accounting Policies".

(11)

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

(12)

Non-income producing security.

(13)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $6,594 or 1.5% of the Company's net assets. The initial acquisition dates have been included for such securities.

(14)

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

(15)

The annualized seven-day yield as of December 31, 2024 is 4.42%.

PIK - Payment-In-Kind

 

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

 

 

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Goldman Sachs Middle Market Lending Corp. II

Notes to the Consolidated Financial Statements

(in thousands, except share and per share amounts)

(Unaudited)

1. ORGANIZATION

Goldman Sachs Middle Market Lending LLC II ("MMLC LLC II") was formed on February 21, 2020. Effective November 23, 2021, MMLC LLC II converted from a Delaware limited liability company to a Delaware corporation named Goldman Sachs Middle Market Lending Corp. II (the “Company”, which term refers to either Goldman Sachs Middle Market Lending Corp. II or Goldman Sachs Middle Market Lending Corp. II together with its consolidated subsidiary, as the context may require), which, by operation of law, is deemed for purposes of Delaware law the same entity as MMLC LLC II. The Company commenced operations on October 29, 2021. On November 23, 2021, the Company's initial investors (other than the Initial Member (as defined below)) funded the initial portion of their capital commitment to purchase shares of common stock, at which time the Initial Member's initial capital contribution to MMLC LLC II was cancelled. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act. In addition, the Company has elected to be treated as a regulated investment company (“RIC”), and the Company expects to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2021.

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

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

On October 4, 2021 (the “Initial Closing Date”), the Company began accepting subscription agreements ("Subscription Agreements") from investors in the Company’s private offering, pursuant to which investors made a capital commitment (a “Commitment”) to purchase shares of the Company’s common stock for an aggregate purchase price equal to its Commitment. Under the terms of the Subscription Agreements, each investor is required to make a capital contribution up to the undrawn amount of their capital commitment to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice at least five business days (measured from the date we send such notice by mail or electronically, as applicable, rather than the date such notice is received) prior to the required funding date (the “Drawdown Date”). The Company held a limited number of closings subsequent to the Initial Closing Date. The final date on which the Company accepted Subscription Agreements (the “Final Closing Date”) was March 24, 2023. The offering and sale of common stock is exempt from registration pursuant to Regulation D and Regulation S promulgated under the U.S. Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering and for offers and sale of securities outside of the United States.

GS & Co. and Goldman Sachs International assisted the Company in conducting its private placement offering pursuant to agreements between the Company and each of GS & Co. and Goldman Sachs International.

The investment period commenced on the Initial Closing Date and will continue until March 24, 2026, which is the third anniversary of the Final Closing Date, provided that it may be extended by the board of directors of the Company (the “Board of Directors” or “Board”), in its discretion, for one additional twelve-month period, and, with the approval of a majority-in-interest of the stockholders, for up to one additional year thereafter (such period, including any extensions, the “Investment Period”). In addition, the Board of Directors may terminate the Investment Period at any time in its discretion.

Following the end of the Investment Period, the Company will have the right to issue drawdowns only (i) to pay, and/or establish reserves for, actual or our anticipated expenses, liabilities, including the payment or repayment of indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the Management Fee (as defined below), whether incurred before or after the end of the Investment Period, (ii) to fulfill investment commitments made or approved by the investment committee of Goldman Sachs Asset Management's Private Credit Team prior to the expiration of the Investment Period, (iii) to engage in hedging transactions, or (iv) to make additional investments in existing portfolio companies, which may include new financings of such portfolio companies (each, an “Additional Investment”) (including transactions to hedge interest rate or currency risks related to an Additional Investment).

The Company will continue to operate as a private reporting company, until the earlier of the following events, each referred to as an “Exit Event”: (i) any listing of the Company’s shares of common stock on a national securities exchange (a “listing”), including in connection with an initial public offering (“IPO”), (ii) merger with another entity, including an affiliated company, subject to any limitations under the Investment Company Act or (iii) the sale of all or substantially all of the assets of the Company. If the Company has not consummated an Exit Event by the sixth anniversary of the Final Closing Date, the Board of Directors (to the extent consistent with its fiduciary duties and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act and the Code) will meet to consider the Company’s potential wind down and/or liquidation and dissolution.

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An affiliate of the Investment Adviser made a capital commitment to the Company of $0.10 on October 29, 2021 and served as the Company’s sole initial member the (“Initial Member”). The Company cancelled the Initial Member’s interest in the Company on November 23, 2021, the first date on which investors (other than the Initial Member) made their capital contribution to purchase shares of the Company’s common stock (the “Initial Drawdown Date”).

The Company has formed a wholly-owned subsidiary, which is structured as Delaware limited liability company, to hold certain equity or equity-like investments in portfolio companies.

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

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2024, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 4, 2025. The results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

Certain prior period information has been reclassified or conformed to the current period presentation and has no effect on the Company’s financial position or the results of operations as previously reported.

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

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly-owned subsidiary, MMLC II Blocker I, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

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

 

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

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Prepayment premiums		$	165			$	—			$	165			$	5
Accelerated amortization of upfront loan origination fees and unamortized discounts		$	440			$	29			$	559			$	242

 

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

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

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

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

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of June 30, 2025 and December 31, 2024 the Company did not have any investments on non-accrual status.

Investments

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

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

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

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

(1)

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

(2)

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

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(3)

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

(4)

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

(5)

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

(6)

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

Money Market Funds

Investments in money market funds are valued at net asset value (“NAV”) per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at State Street Bank and Trust Company (in such capacity, the "Custodian"). As of June 30, 2025 and December 31, 2024, the Company held an aggregate cash balance of $18,047 and $15,673. Foreign currency of $3,823 and $2,814 (acquisition cost of $3,693 and $2,893) is included in cash as of June 30, 2025 and December 31, 2024.

Foreign Currency Translation

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

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

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

Income Taxes

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

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

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The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2021. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

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

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

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce a stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Bank of America, N.A (as amended, restated, supplemented or otherwise modified from time to time, the “BoA Revolving Credit Facility”) and the revolving credit facility between the Company and Truist Bank (as amended, restated, supplemented or otherwise modified from time to time, the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities"). These costs were amortized using the straight-line method over the term of the BoA Revolving Credit Facility and are amortized using the straight-line method over the term of the Truist Revolving Credit Facility. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities.

Organization Costs

Organization costs include costs relating to the formation and organization of the Company. These costs were expensed as incurred. Upon the Initial Drawdown Date, stockholders bore such costs. Investors making capital commitments after the Initial Drawdown Date will bear a pro rata portion of such costs at the time of their first investment in the Company.

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Offering Costs

Offering costs consist primarily of fees and expenses previously incurred in connection with the Company's prior offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company’s registration statement on Form 10. Offering costs were recognized as a deferred charge and were amortized on a straight-line basis over 12 months beginning on the date of commencement of operations.

New Accounting Pronouncements

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

Segment Reporting

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

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Management Agreement

The Company entered into an investment management agreement effective as of November 1, 2021 (the “Investment Management Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities. The Board approved the continuation of the Investment Management Agreement on August 6, 2025.

Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), accrued and payable quarterly in arrears. The Management Fee is equal to 0.1875% (i.e., an annual rate of 0.75%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. For the avoidance of doubt, the Management Fee for the Company's first quarter (i.e., the period beginning on the Initial Drawdown Date and ending on the last day of the quarter in which the Initial Drawdown Date occurred) will be equal to 0.1875% (i.e., an annual rate of 0.75%) of the Company's average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of such quarter. The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests. Following the occurrence (if any) of a listing, the Management Fee will be equal to 0.25% (i.e., an annual rate of 1.00%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters (and, in the case of the Company's first quarter-end following any listing, the Company's gross assets as of such quarter-end).

For the three and six months ended June 30, 2025, Management Fees amounted to $1,679 and $3,336. As of June 30, 2025, $1,679 remained payable. For the three and six months ended June 30, 2024, Management Fees amounted to $1,197 and $2,138.

Incentive Fee

Pursuant to the Investment Management Agreement, the Company pays to the Investment Adviser an incentive fee (the “Incentive Fee”) as follows:

The Incentive Fee consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below.

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i. Quarterly Incentive Fee Based on Income

For the portion of the Incentive Fee based on income, the Company’s Investment Adviser is entitled to receive the Incentive Fee based on Company income if the Company’s Ordinary Income (as defined below) exceeds a quarterly “hurdle rate” (as defined below) of 1.75%. For this purpose, the hurdle is computed by reference to the Company’s NAV and does not take into account any changes in the market price of the Company’s common stock. The Incentive Fee based on income will be determined and paid quarterly in arrears at the end of each calendar quarter by reference to the Company’s aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters or if shorter, the number of quarters that have occurred since the Initial Drawdown Date (in either case, the “Trailing Twelve Quarters”). However, following the occurrence (if any) of a listing, the Trailing Twelve Quarters will be “reset” so as to include, as of the end of any quarter, the calendar quarter then ending and the eleven preceding calendar quarters (or if shorter, the number of quarters that have occurred since the listing, rather than the number of quarters that have occurred since the Initial Drawdown Date).

The “hurdle amount” for the Incentive Fee based on income is determined on a quarterly basis, and is equal to 1.75% multiplied by the Company’s NAV at the beginning of each applicable calendar quarter in the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for subscriptions (which shall include all issuances by the Company of shares of its common stock) and distributions that occurred during the relevant Trailing Twelve Quarters. The Incentive Fee for any partial period will be appropriately prorated. For the portion of the Incentive Fee based on income, the Company pays the Investment Adviser a quarterly Incentive Fee based on the amount by which (A) Ordinary Income in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.”

The Incentive Fee based on income for each quarter is determined as follows:

•

No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount;

•

100% of the Ordinary Income (as defined below), if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 2.0588% (or 2.1875% in the event of a listing) multiplied by the Company’s NAV at the beginning of each applicable calendar quarter included in the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and

•

15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income.

The amount of the Incentive Fee based on income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the Incentive Fee so calculated minus the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but will not exceed the Incentive Fee Cap (as described below, and subject to the limitations set forth in Section 205(b)(3) of the Advisers Act).

The Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap for any quarter is an amount equal to (a) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters minus (b) the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.

“Ordinary Income” means interest income, dividend income and any other income (including any accrued income that we have not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter minus our operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred stock, but excluding the Incentive Fee).

“Cumulative Net Return” means (x) the Ordinary Income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters.

If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Incentive Fee based on income to the Investment Adviser for such quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee calculated as described above for such quarter without regard to the Incentive Fee Cap. In certain limited circumstances, an Incentive Fee based on income will be payable to the Investment Adviser although the net income for such quarter did not exceed the hurdle rate or the Incentive Fee will be higher than it would have been if calculated based on the Company’s performance for the applicable quarter without taking into account the Trailing Twelve Quarters.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

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For the three and six months ended June 30, 2025, Incentive Fees based on income amounted to $2,040 and $3,931. As of June 30, 2025, $2,040 remained payable. For the three and six months ended June 30, 2024, Incentive Fees based on income amounted to $1,637 and $3,545.

ii. Annual Incentive Fee Based on Capital Gains

The portion of Incentive Fee based on capital gains is determined and paid annually in arrears at the end of each calendar year or, in the event of a listing, the date on which such event occurs. At the end of each calendar year (or the occurrence of a listing), the Company will pay the Investment Adviser an Incentive Fee equal to (A) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the difference, if positive, of the sum of the Company’s aggregate realized capital gains, if any, computed net of the Company’s aggregate realized capital losses, if any, and the Company’s aggregate unrealized capital depreciation, in each case from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) until the end of such calendar year or listing, as applicable, minus (B) the cumulative amount of Incentive Fees based on capital gains previously paid to the Investment Adviser from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) through the end of such calendar year or listing, as applicable. For the avoidance of doubt, unrealized capital appreciation is excluded from the calculation in clause (A), above.

The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an Incentive Fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods (or, following the occurrence (if any) of a listing, in all prior periods beginning with the date on which such event occurs). If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and six months ended June 30, 2025, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $0. For the three and six months ended June 30, 2024, the Company accrued Incentive Fees based on capital gains under GAAP of $43 and $301, which were not realized.

Administration and Custodian Fees

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

For the three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $191 and $351. As of June 30, 2025, $168 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Administrator and the Custodian of $119 and $218.

Transfer Agent Fees

The Company has entered into a transfer agency agreement (the “Transfer Agency Agreement”), with GS & Co. pursuant to which GS & Co. serves as the Company’s transfer agent (the “Transfer Agent”), registrar and disbursing agent. The Company pays the Transfer Agent fees at an annual rate of 0.15% of the average of the NAV of the Company at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the Company’s NAV as of such quarter-end). Transfer Agent fees are included in the Consolidated Statements of Operations as Other general and administrative expenses.

For the three and six months ended June 30, 2025, the Company incurred expenses for services provided by the Transfer Agent of $172 and $343. As of June 30, 2025, $172 remained payable. For the three and six months ended June 30, 2024, the Company incurred expenses for services provided by the Transfer Agent of $126 and $225.

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Affiliates

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

 

		Beginning Fair Value Balance				Gross Additions(1)				Gross Reductions(2)				Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Ending Fair Value Balance				Dividend, Interest, PIK, and Other Income
For the Six Months Ended June 30, 2025
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund		$	9,506			$	98,953			$	(106,245	)		$	—			$	—			$	2,214			$	132
ABC Investment Holdco Inc. (dba ABC Plumbing)			9,458				484				(159	)			—				(453	)			9,330				457
LCG Vardiman Black, LLC (dba Specialty Dental Brands)			7,894				403				(4	)			—				(1,455	)			6,838				535
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)			6,833				3,730				(522	)			—				(29	)			10,012				464
Total Non-Controlled Affiliates		$	33,691			$	103,570			$	(106,930	)		$	—			$	(1,937	)		$	28,394			$	1,588
For the Year Ended December 31, 2024
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund		$	905			$	483,485			$	(474,884	)		$	—			$	—			$	9,506			$	399
ABC Investment Holdco Inc. (dba ABC Plumbing)			—				9,729				(247	)			—				(24	)			9,458				574
LCG Vardiman Black, LLC (dba Specialty Dental Brands)			—				9,264				(3	)			—				(1,367	)			7,894				822
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)			5,310				1,721				(191	)			—				(7	)			6,833				756
Total Non-Controlled Affiliates		$	6,215			$	504,199			$	(475,325	)		$	—			$	(1,398	)		$	33,691			$	2,551

 

 

(1)

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

(2)

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

 

Due to Affiliates

 

The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of June 30, 2025 and December 31, 2024, there were $0 and $6, respectively, included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

 

Co-Investment Activity

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

 

 

4. INVESTMENTS

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

		June 30, 2025								December 31, 2024
Investment Type		Cost				Fair Value				Cost				Fair Value
1st Lien/Senior Secured Debt		$	822,429			$	823,692			$	800,471			$	800,578
1st Lien/Last-Out Unitranche			52,914				53,047				49,708				49,604
Preferred Stock			3,834				3,817				3,834				3,665
Common Stock			2,623				2,424				2,623				2,880
Warrants			216				46				216				49
Total investments		$	882,016			$	883,026			$	856,852			$	856,776

 

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The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows:

		June 30, 2025								December 31, 2024
Industry		Fair Value				Net Assets				Fair Value				Net Assets
Software			21.6	%			41.8	%			20.9	%			40.0	%
Financial Services			14.5				28.0				14.2				27.1
Diversified Consumer Services			8.2				15.9				8.3				15.8
Trading Companies & Distributors			8.0				15.5				7.4				14.1
IT Services			7.1				13.8				7.1				13.5
Commercial Services & Supplies			6.3				12.1				6.4				12.2
Wireless Telecommunication Services			5.5				10.7				4.9				9.3
Machinery			3.4				6.6				3.4				6.4
Health Care Technology			3.4				6.5				4.1				7.9
Professional Services			3.2				6.2				3.3				6.4
Health Care Providers & Services			2.6				5.1				2.8				5.4
Specialty Retail			2.2				4.2				2.0				3.8
Aerospace & Defense			2.1				4.1				1.9				3.7
Real Estate Mgmt. & Development			2.1				4.0				2.1				4.1
Chemicals			1.4				2.7				2.6				5.0
Construction & Engineering			1.4				2.7				1.4				2.6
Health Care Equipment & Supplies			1.4				2.6				1.4				2.6
Insurance			1.3				2.4				1.2				2.3
Media			1.1				2.2				1.2				2.3
Consumer Staples Distribution & Retail			1.0				1.9				1.0				2.0
Leisure Products			0.7				1.4				0.8				1.4
Textiles, Apparel & Luxury Goods			0.6				1.2				0.7				1.3
Distributors			0.5				0.9				0.5				1.0
Entertainment			0.4				0.8				0.4				0.8
Total			100.0	%			193.3	%			100.0	%			191.0	%

 

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

Geographic		June 30, 2025				December 31, 2024
United States			91.6	%			91.9	%
Canada			5.0				5.1
United Kingdom			3.4				3.0
Total			100.0	%			100.0	%

 

5. FAIR VALUE MEASUREMENT

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

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

Basis of Fair Value Measurement

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

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

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

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

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

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

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

 

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The following table presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2025 and December 31, 2024. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

 

Level 3 Instruments	Fair Value(1) (2)			Valuation Techniques (3)	Significant Unobservable Inputs	Range of Significant Unobservable Inputs(4)	Weighted Average(5)
As of June 30, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	778,433		Discounted cash flows	Discount Rate	7.9% - 14.9%	9.8%
		5,918		Comparable multiples	EV/EBITDA(6)	—	10.0x
1st Lien/Last-Out Unitranche		53,047		Discounted cash flows	Discount Rate	8.3% - 11.6%	10.4%
Equity
Preferred Stock	$	1,781		Comparable multiples	EV/EBITDA(6)	13.0x - 21.0x	20.8x
		2,036		Comparable multiples	EV/Revenue	—	4.3x
Common Stock		2,424		Comparable multiples	EV/EBITDA(6)	9.5x - 13.5x	12.1x
Warrants		46		Comparable multiples	EV/Revenue	—	4.3x
As of December 31, 2024
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	719,777		Discounted cash flows	Discount Rate	7.7% - 14.1%	10.1%
1st Lien/Last-Out Unitranche		49,604		Discounted cash flows	Discount Rate	8.8% - 12.2%	10.9%
Equity
Preferred Stock	$	1,690		Comparable multiples	EV/EBITDA(6)	13.5x - 20.8x	20.7x
		1,975		Comparable multiples	EV/Revenue	—	4.2x
Common Stock		2,880		Comparable multiples	EV/EBITDA(6)	9.5x - 13.5x	12.2x
Warrants		49		Comparable multiples	EV/Revenue	—	4.2x

 

(1)

As of June 30, 2025, included within Level 3 assets of $866,745 is an amount of $23,060 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $831,480 or 96.6% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

As of December 31, 2024, included within Level 3 assets of $827,181 is an amount of $51,206 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $769,381 or 93.8% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)

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

(4)

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

(5)

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

(6)

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

 

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2025 and December 31, 2024. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases in market comparable transactions or market multiples would result in an increase, in the fair value.

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

 

		June 30, 2025																December 31, 2024
Assets		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
1st Lien/Senior Secured Debt		$	—			$	16,281			$	807,411			$	823,692			$	—			$	29,595			$	770,983			$	800,578
1st Lien/Last-Out Unitranche			—				—				53,047				53,047				—				—				49,604				49,604
Preferred Stock			—				—				3,817				3,817				—				—				3,665				3,665
Common Stock			—				—				2,424				2,424				—				—				2,880				2,880
Warrants			—				—				46				46				—				—				49				49
Investments in Affiliated Money Market Fund			2,214				—				—				2,214				9,506				—				—				9,506
Total		$	2,214			$	16,281			$	866,745			$	885,240			$	9,506			$	29,595			$	827,181			$	866,282

 

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

 

Assets		Beginning Balance				Purchases(1)				Net Realized Gain (Loss)				Net Change in Unrealized Appreciation (Depreciation)				Sales and Settlements(1)				Net Amortization of Premium/ Discount				Transfers In (2)				Transfers Out (2)				Ending Balance				Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Six Months Ended June 30, 2025
1st Lien/Senior Secured Debt		$	770,983			$	73,106			$	—			$	1,165			$	(53,130	)		$	1,788			$	13,499			$	—			$	807,411			$	1,266
1st Lien/Last-Out Unitranche			49,604				3,141				—				236				—				66				—				—				53,047				236
Preferred Stock			3,665				—				—				152				—				—				—				—				3,817				152
Common Stock			2,880				—				—				(456	)			—				—				—				—				2,424				(456	)
Warrants			49				—				—				(3	)			—				—				—				—				46				(3	)
Total assets		$	827,181			$	76,247			$	—			$	1,094			$	(53,130	)		$	1,854			$	13,499			$	—			$	866,745			$	1,195
For the Six Months Ended June 30, 2024
1st Lien/Senior Secured Debt		$	427,084			$	258,607			$	(1,426	)		$	4,728			$	(23,669	)		$	1,090			$	—			$	—			$	666,414			$	2,934
1st Lien/Last-Out Unitranche			33,588				11,536				—				(12	)			—				54				—				—				45,166				(11	)
Preferred Stock			3,316				1,207				—				28				(113	)			—				—				—				4,438				28
Common Stock			954				1,953				—				27				—				—				—				—				2,934				27
Warrants			28				—				—				7				—				—				—				—				35				7
Total assets		$	464,970			$	273,303			$	(1,426	)		$	4,778			$	(23,782	)		$	1,144			$	—			$	—			$	718,987			$	2,985

 

(1)

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

(2)

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

Debt Not Carried at Fair Value

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of June 30, 2025 and December 31, 2024, approximates its carrying value because the BoA Revolving Credit Facility had and the Truist Revolving Credit Facility has variable interest based on selected short-term rates. See Note 6 “Debt”.

6. DEBT

On November 1, 2021, the Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of June 30, 2025 and December 31, 2024, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 202% and 205%.

The Company’s outstanding debt was as follows:

 

 

		June 30, 2025												December 31, 2024
		Aggregate Borrowing Amount Committed				Amount Available				Carrying Value				Aggregate Borrowing Amount Committed				Amount Available				Carrying Value
BoA Revolving Credit Facility(1)		$	—			$	—			$	—			$	30,000			$	30,000			$	—
Truist Revolving Credit Facility(2)			580,000				131,475				449,025				580,000				152,281				425,906
Total debt		$	580,000			$	131,475			$	449,025			$	610,000			$	182,281			$	425,906

 

(1)

Matured on May 22, 2025, on which date the Company did not have any outstanding borrowings under the facility and the facility was terminated pursuant to its terms. Provided, under certain circumstances, a total borrowing capacity of $300,000. As of December 31, 2024, the Company had outstanding borrowings of $0.

(2)

Provides, under certain circumstances, a total borrowing capacity of $750,000. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $410,000, in GBP of GBP 14,915, in CAD of CAD 6,750, in EUR of EUR 3,440 and in AUD of AUD 14,500. As of December 31, 2024, the Company had outstanding borrowings denominated in USD of $390,000, in GBP of GBP 14,915, in CAD of CAD 6,750, in EUR of EUR 3,440 and in AUD of AUD 14,500.

 

The combined weighted average interest rates of the aggregate borrowings outstanding for the six months ended June 30, 2025 and for the year ended December 31, 2024 were 6.48% and 7.30% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 and for the year ended December 31, 2024 was $447,206 and $345,517.

BoA Revolving Credit Facility

The Company entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and lender, as amended and supplemented from time to time. Subject to availability

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under the “Borrowing Base” (as defined by the BoA Revolving Credit Facility), the BoA Revolving Credit Facility permitted the Company to borrow up to $30,000. The Borrowing Base was calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The BoA Revolving Credit Facility matured on May 22, 2025, on which date the Company did not have any outstanding borrowings under the facility and the facility was terminated pursuant to its terms.

Under the BoA Revolving Credit Facility, the Company had the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans could be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility was (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which was zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%).

The Company paid (x) a 0.35% annualized fee if the facility utilization was equal to or greater than 50% of the maximum commitment and (y) a 0.45% annualized fee if the facility utilization was less than 50% of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.

Costs of $1,686 were incurred in connection with obtaining and amending the BoA Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BoA Revolving Credit Facility using the straight-line method. As of June 30, 2025 and December 31, 2024, outstanding deferred financing costs were $0 and $96.

 

The following table presents the summary information of the BoA Revolving Credit Facility:

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Borrowing interest expense		$	—			$	584			$	—			$	584
Facility fees			19				75				53				180
Amortization of financing costs			38				135				106				337
Total		$	57			$	794			$	159			$	1,101
Weighted average interest rate			—	%			8.42	%			—	%			8.42	%
Average outstanding balance		$	—			$	27,868			$	—			$	13,934

Truist Revolving Credit Facility

The Company entered into the Truist Revolving Credit Facility on February 28, 2023 with, among others, Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender, which has been amended and supplemented from time to time.

The Truist Revolving Credit Facility is a multicurrency facility, and as of June 30, 2025, total outstanding revolving commitments under the Truist Revolving Credit Facility were $555,000 and term loans under the Truist Revolving Credit Facility were $25,000 for an aggregate amount of $580,000. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total outstanding revolving commitments and term loans under the Truist Revolving Credit Facility to $750,000. Commitments under the Truist Revolving Credit Facility may be repaid and reborrowed until the end of the revolving availability period, which ends on May 30, 2028. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on May 30, 2029. Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, or (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.

The Company’s obligations to the lenders under the Truist Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Truist Revolving Credit Facility contains certain covenants, including: (i) maintaining a minimum shareholders’ equity and (ii) maintaining an asset coverage ratio of at least 1.50 to 1. As of June 30, 2025, the Company was in compliance with these covenants.

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The Truist Revolving Credit Facility may be guaranteed by certain of the Company’s subsidiaries, including those that are formed or acquired by the Company in the future. The Truist Revolving Credit Facility also includes representations and warranties, conditions precedent to funding of draws and events of default (including a change in control event of default trigger).

 

Costs of $6,574 were incurred in connection with obtaining and amending the Truist Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Truist Revolving Credit Facility using the straight-line method. As of June 30, 2025 and December 31, 2024, outstanding deferred financing costs were $4,598 and $5,143.

The following table presents the summary information of the Truist Revolving Credit Facility:

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Borrowing interest expense		$	7,257			$	5,378			$	14,374			$	10,057
Facility fees			142				41				287				113
Amortization of financing costs			297				164				584				320
Total		$	7,696			$	5,583			$	15,245			$	10,490
Weighted average interest rate			6.46	%			7.45	%			6.48	%			7.49	%
Average outstanding balance		$	450,259			$	290,347			$	447,206			$	270,051

 

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

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

 

		June 30, 2025												December 31, 2024
		Capital Commitments				Unfunded Capital Commitments				% of Capital Commitments Funded				Capital Commitments				Unfunded Capital Commitments				% of Capital Commitments Funded
Common Stock		$	545,501			$	95,608				82	%		$	545,501			$	95,608				82	%

 

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Portfolio Company Commitments

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of June 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

		Unfunded Commitment Balances (1)
		June 30, 2025				December 31, 2024
1st Lien/Senior Secured Debt
ABC Investment Holdco Inc. (dba ABC Plumbing)		$	2,242			$	2,581
Admiral Buyer, Inc. (dba Fidelity Payment Services)			1,214				1,019
AI Titan Parent, Inc. (dba Prometheus)			1,660				1,660
Airwavz Solutions, Inc.			1,326				—
AQ Sunshine, Inc. (dba Relation Insurance)			3,024				3,791
Artifact Bidco, Inc. (dba Avetta)			7,389				7,389
Aurora Acquireco, Inc. (dba AuditBoard)			10,000				10,000
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)			1,514				1,514
Blast Bidco Inc. (dba Bazooka Candy Brands)			1,045				1,045
BSI3 Menu Buyer, Inc (dba Kydia)			249				249
Buckeye Acquiror LLC (dba Superior Environmental Solutions)			414				433
Businessolver.com, Inc.			57				241
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)			367				367
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)			1,699				2,392
Circustrix Holdings, LLC (dba SkyZone)			364				146
Clearcourse Partnership Acquireco Finance Limited			4,107				3,746
Coding Solutions Acquisition, Inc. (dba CorroHealth)			646				501
Computer Services, Inc.			5,406				5,406
Coretrust Purchasing Group LLC			6,692				6,692
Crewline Buyer, Inc. (dba New Relic)			1,161				1,160
CST Holding Company (dba Intoxalock)			638				638
Engage2Excel, Inc.			239				144
Frontgrade Technologies Holdings Inc.			1,981				1,981
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)			6,487				270
Fullsteam Operations LLC			3,034				8,394
GovDelivery Holdings, LLC (dba Granicus, Inc.)			812				945
Governmentjobs.com, Inc. (dba NeoGov)			3,689				4,139
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)			2,553				2,553
Highfive Dental Holdco, LLC			463				463
iCIMS, Inc.			1,448				1,363
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)			400				388
iWave Information Systems, Inc.			4,380				4,380
Kene Acquisition, Inc. (dba Entrust)			3,359				3,359
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)			1,650				2,100
Mandrake Bidco, Inc. (dba Miratech)			690				690
NAVEX TopCo, Inc.			810				810
NC Topco, LLC (dba NContracts)			6,070				6,070
NCWS Intermediate, Inc. (dba National Carwash Solutions)			3,171				3,470
NFM & J, L.P. (dba the Facilities Group)			271				349
North Star Acquisitionco, LLC (dba Everway)			15,992				1,906
Octane Purchaser, Inc. (dba Office Ally)			3,941				—
Onyx CenterSource, Inc.			27				270
Paris US Holdco, Inc. (dba Precinmac)			2,753				2,791
PDDS Holdco, Inc. (dba Planet DDS)			1,190				2,718
Project Accelerate Parent, LLC (dba ABC Fitness)			1,250				1,250
Prophix Software Inc. (dba Pound Bidco)			2,234				2,838
PT Intermediate Holdings III, LLC (dba Parts Town)			1,224				1,224
QBS Parent, Inc. (dba Quorum Software)			5,535				1,433
Recorded Books Inc. (dba RBMedia)			749				749
Rocket Bidco, Inc. (dba Recochem)			2,337				2,029

(1)

Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

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		Unfunded Commitment Balances (1)
		June 30, 2025				December 31, 2024
Runway Bidco, LLC (dba Redwood Software)		$	5,682			$	5,682
Singlewire Software, LLC			1,251				1,251
Sonar Acquisitionco, Inc. (dba SimPRO)			12,264				12,264
Southeast Mechanical, LLC			12,167				15,401
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)			5,956				6,959
SpendMend Holdings LLC			380				1,024
Summit Buyer, LLC (dba Classic Collision)			4,684				6,553
Sunshine Cadence HoldCo, LLC (dba Cadence Education)			3,277				3,498
United Flow Technologies Intermediate Holdco II, LLC			1,710				9,183
US Signal Company, LLC			3,387				3,695
USA DeBusk, LLC			2,337				2,515
Valet Waste Holdings, Inc. (dba Valet Living)			2,866				2,898
Vamos Bidco, Inc. (dba VIP)			8,784			—
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)			32				112
VASA Fitness Buyer, Inc.			628				628
VisionSafe Holdings, Inc.			443				443
WebPT, Inc.			36				131
Zarya HoldCo, Inc. (dba Eptura)			938				938
Zeus Company LLC			2,610				2,923
Arrow Buyer, Inc. (dba Archer Technologies)		—					486
Formulations Parent Corporation (dba Chase Corp)		—					1,743
HealthEdge Software, Inc.		—					1,182
Rubrik, Inc.		—					80
DFS Holding Company, Inc.		—					564
Kaseya Inc.		—					523
Total 1st Lien/Senior Secured Debt		$	199,385			$	190,722
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)		$	109			$	586
EIP Consolidated, LLC (dba Everest Infrastructure)			417				1,000
K2 Towers III, LLC			251				714
Skyway Towers Intermediate LLC			1,380				1,640
Tarpon Towers II LLC			2,462				2,875
Thor FinanceCo LLC (dba Harmoni Towers)			1,578				2,289
Towerco IV Holdings, LLC			814				1,047
Total 1st Lien/Last-Out Unitranche		$	7,011			$	10,151
Total		$	206,396			$	200,873

(1)

Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

Contingencies

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

On June 6, 2025, the Company entered into an agreement with a financial advisor to provide advisory related services in connection with the Merger as defined and further described in Note 11 “Subsequent Events”. The Company is obligated to pay the financial advisor up to $2,500, a portion of which will become payable upon the completion of their services and the remainder of which is contingent upon the consummation of the Merger.

8. NET ASSETS

Capital Drawdowns

The Company did not issue a capital drawdown during the six months ended June 30, 2025. The following table summarizes the total shares
issued and proceeds related to capital drawdowns during the six months ended June 30, 2024:

Share Issue Date		Shares Issued				Proceeds Received
For the Six Months Ended June 30, 2024
April 25, 2024			2,844,624		(1)	$	54,408
May 20, 2024			4,330,519		(2)		81,576
Total capital drawdowns			7,175,143			$	135,984

(1) Inclusive of 2,475 shares that were cancelled due to defaulted investors.

(2) Inclusive of 3,682 shares that were cancelled due to defaulted investors.

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Distributions

The following table reflects the distributions declared on the Company’s common stock:

Date Declared		Record Date		Payment Date		Amount Per Share
For the Six Months Ended June 30, 2025
February 26, 2025		April 2, 2025		April 29, 2025		$	0.54		(1)
May 7, 2025		July 2, 2025		July 29, 2025		$	0.46
For the Six Months Ended June 30, 2024
February 27, 2024		April 2, 2024		April 29, 2024		$	0.52		(2)
May 1, 2024		July 2, 2024		July 29, 2024		$	0.44

(1)

$0.06 is considered capital gain distribution.

(2)

$0.05 is considered capital gain distribution.

9. EARNINGS (LOSS) PER SHARE

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

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net increase (decrease) in net assets from operations		$	10,884			$	9,518			$	21,205			$	19,793
Weighted average shares outstanding			23,959,371				18,015,409				23,959,371				15,968,571
Basic and diluted earnings (loss) per share		$	0.45			$	0.53			$	0.89			$	1.24

 

Diluted earnings per share equal basic earnings per share because there were no common share equivalents outstanding during the period presented.

 

10. FINANCIAL HIGHLIGHTS

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

		For the Six Months Ended				For the Six Months Ended
		June 30, 2025				June 30, 2024
Per Share Data:(1)
NAV, beginning of period		$	18.72			$	18.37
Net investment income (loss)			0.96				0.99
Net realized and unrealized gains (losses)(2)			(0.07	)			0.33
Net increase (decrease) in net assets from operations(2)		$	0.89			$	1.32
Distributions recorded			(0.54	)			(0.52	)
Total increase (decrease) in net assets		$	0.35			$	0.80
NAV, end of period		$	19.07			$	19.17
Shares outstanding, end of period			23,959,371				21,096,876
Weighted average shares outstanding			23,959,371				15,968,571
Total return based on NAV(3)			4.75	%			7.19	%
Supplemental Data/Ratio(4):
Net assets, end of period		$	456,860			$	404,353
Ratio of net expenses to average net assets			11.12	%			12.78	%
Ratio of expenses (without incentive fees and interest and other debt expenses)  to average net assets			2.57	%			2.61	%
Ratio of interest and other debt expenses to average net assets			6.81	%			7.71	%
Ratio of incentive fees to average net assets			1.74	%			2.46	%
Ratio of total expenses to average net assets			11.12	%			12.78	%
Ratio of net investment income to average net assets			10.15	%			10.59	%
Portfolio turnover			6	%			4	%

 

(1)

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

(2)

The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

(3)

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

(4)

Ratios are annualized, except for, as applicable, unvested Incentive Fees and organization costs.

 

11. SUBSEQUENT EVENTS

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

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Merger Agreement with Goldman Sachs Private Credit Corp.

On July 11, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Goldman Sachs Private Credit Corp., a Delaware corporation (“GSCR”), and GSAM. The Merger Agreement provides that, on the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time (as defined in the Merger Agreement), the Company will merge with and into GSCR, with GSCR continuing as the surviving company (the “Merger”). The Board of Directors and the board of directors of GSCR, including all of their respective independent directors, in each case, on the recommendation of a committee (such company’s “Special Committee”) comprised solely of certain, separate independent directors of the Company or GSCR, as applicable, have approved the Merger Agreement and the transactions contemplated by the Merger Agreement.

The Merger Agreement further provides that, at the Effective Time, each share of the Company’s common stock, $0.001 par value per share, issued and outstanding immediately prior to the Effective Time, except for shares, if any, owned by the Company, GSCR, or any of their respective consolidated subsidiaries and shares, if any, held by any person who is entitled to demand (and properly demands) appraisal of such shares, will be converted into the right to receive, in cash, the quotient of (i) the Closing MMLC II NAV (as defined below) divided by (ii) the number of shares of the Company’s common stock issued and outstanding immediately prior to the Effective Time (the “MMLC II Per Share Cash Amount”).

Under the Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the “Determination Date”), GSAM, on behalf of the Company, will deliver to GSCR GSAM’s calculation of the Company’s NAV as of such date (such calculation, the “Closing MMLC II NAV”), which calculation shall be approved by the Board of Directors, including the Company’s Special Committee. GSAM will calculate NAV using the policies, assumptions, methodologies and adjustments approved by the Board of Directors for valuing the securities and other assets of the Company under Rule 2a-5 of the Investment Company Act. The parties have agreed to calculate the MMLC II Per Share Cash Amount based on such calculations.

Consummation of the Merger is subject to conditions in the Merger Agreement, including among other things (1) requisite approval of the Company’s stockholders, (2) the absence of certain legal impediments to the consummation of the Merger or pending litigation by any governmental entity challenging or seeking to enjoin, restrain or make illegal the Merger or the other transactions contemplated by the Merger Agreement, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (4) the absence of a MMLC II Material Adverse Effect (as defined in the Merger Agreement) and (5) required regulatory approvals.

The Merger Agreement also contains termination rights in favor of the Company and GSCR, including among other things: (i) if the Merger is not completed on or before March 24, 2026, or (ii) if the requisite approval of the Company’s stockholders is not obtained.

The description above is only a summary of the material provisions of the Merger Agreement and is qualified in its entirety by reference to a copy of the Merger Agreement, which was filed as Exhibit 2.1 to the Company’s current report on Form 8-K, dated July 11, 2025, the terms of which are incorporated herein by reference. In connection with the Merger, the Company has filed a proxy statement with the SEC.

Distribution

On August 6, 2025, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period beginning July 1, 2025 through September 30, 2025, which will be payable before or around October 29, 2025 to shareholders of record as of October 2, 2025.

 

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

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

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, we have elected to be treated as a regulated investment company (“RIC”), and we expect to qualify annually for tax treatment as a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ended December 31, 2021. From our commencement of investment operations on October 29, 2021 through June 30, 2025, we originated approximately $1,336.70 million in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

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

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

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

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

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

For a discussion of the competitive landscape we face, please see “Item 1A. Risk Factors—Risks Relating to Competition—We operate in a highly competitive market for investment opportunities” and “Item 1. Business—Competitive Advantages” in our annual report on Form 10-K for the year ended December 31, 2024.

KEY COMPONENTS OF OPERATIONS

Investments

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

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

Revenues

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

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

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

 

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Expenses

Our primary operating expenses include the payment of the management fee (the “Management Fee”) and the incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other expenses of our operations and transactions in accordance with the investment management agreement (the “Investment Management Agreement”) and administration agreement (the “Administration Agreement”), including:

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our operational, offering and organizational expenses;

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

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interest payable on debt, if any, incurred to finance our investments;

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

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brokers’ commissions;

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fees and expenses associated with calculating our net asset value ("NAV") (including the costs and expenses of any independent third-party valuation firms ("Independent Valuation Advisors"));

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legal, auditing or accounting expenses;

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taxes or governmental fees;

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the fees and expenses of State Street Bank and Trust Company (our "Administrator"), transfer agent and/or sub-transfer agent;

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the cost of preparing stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of the shares;

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the expenses of, and fees for, registering or qualifying common stock for sale, maintaining our registration and qualifying and registering the Company as a broker or a dealer;

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the fees and expenses of our directors who are not affiliated with our Investment Adviser;

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the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our certificate of incorporation or bylaws insofar as they govern agreements with any such custodian;

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

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insurance premiums;

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costs of holding stockholder meetings;

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listing fees, if any; and

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

In addition, we shall bear the fees and expenses related to the preparation and maintaining of any necessary registrations with regulators in order to market the common stock of the Company in certain jurisdictions and fees and expenses associated with preparation and maintenance of any key information document or similar document required by law or regulation.

Our Investment Adviser will not be required to pay expenses of activities, which are primarily intended to result in sales of common stock, including all costs and expenses associated with the preparation and distribution of subscription agreements (“Subscription Agreements”) from investors in our private offering, pursuant to which investors made a capital commitment (a “Commitment”) to purchase shares of our common stock for an aggregate purchase price equal to the Commitment.

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

Leverage

We expect from time to time to borrow funds for a variety of purposes, subject to the limitations of the Investment Company Act, including to bridge fundings for investments in advance of drawdowns, as part of our investment strategy, to meet other short-term liquidity needs, including to pay the Management Fee, and to facilitate our hedging activities. Sources of leverage include the issuance of senior securities (including preferred stock) and other credit facilities (secured by investments and/or pledges of undrawn Commitments).

Our revolving credit agreement with Truist Bank, as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, the "Truist Revolving Credit Facility"), allows us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage involves significant risks. We are permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met).

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Certain trading practices and investments, such as reverse repurchase agreements, may be considered borrowings or involve leverage and thus may be subject to Investment Company Act restrictions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act’s asset coverage requirement. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our board of directors (the “Board of Directors” or the “Board”) of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

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

 

		As of
		June 30, 2025								December 31, 2024
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		($ in millions)
First Lien/Senior Secured Debt		$	822.43			$	823.69			$	800.47			$	800.58
First Lien/Last-Out Unitranche			52.92				53.05				49.71				49.60
Preferred Stock			3.83				3.82				3.83				3.67
Common Stock			2.62				2.42				2.62				2.88
Warrants			0.22				0.05				0.22				0.05
Total investments		$	882.02			$	883.03			$	856.85			$	856.78

 

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

 

		As of
		June 30, 2025								December 31, 2024
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)			10.3	%			10.5	%			10.6	%			10.6	%
First Lien/Last-Out Unitranche(2)(3)			11.3	%			11.2	%			11.5	%			11.6	%
Preferred Stock(4)			—				—				—				—
Common Stock(4)			—				—				—				—
Warrants(4)			—				—				—				—
Total Portfolio			10.3	%			10.4	%			10.6	%			10.5	%

 

(1)

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

(2)

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

(3)

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

(4)

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

As of June 30, 2025, the total portfolio weighted average yield measured at amortized cost and fair value was 10.3% and 10.4%, as compared to 10.6% and 10.5%, as of December 31, 2024.

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

 

		As of
		June 30, 2025				December 31, 2024
Number of portfolio companies				84				85
Percentage of performing debt bearing a floating rate(1)				100.0	%			100.0	%
Percentage of performing debt bearing a fixed rate(1)(2)			—%				—%
Weighted average leverage (net debt/EBITDA)(3)				5.7	x			5.8	x
Weighted average interest coverage(3)				1.9	x			1.8	x
Median EBITDA(3)		$	95.68 million			$	92.35 million

 

(1)

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

(2)

Includes income producing preferred stock investments, if applicable.

(3)

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

 

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

 

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

 

Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

 

As of June 30, 2025 and December 31, 2024, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 20.1% and 20.4% of total debt investments at fair value.

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

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

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

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

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

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

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

		As of
		June 30, 2025								December 31, 2024
Investment Performance Rating		Fair Value				Percentage of Total				Fair Value				Percentage of Total
		(in millions)								(in millions)
Grade 1		$	—				—	%		$	—				—	%
Grade 2			877.11				99.3				856.78				100.0
Grade 3			5.92				0.7				—				—
Grade 4			—				—				—				—
Total Investments		$	883.03				100.0	%		$	856.78				100.0	%

 

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The increase in investments with a Grade 3 investment performance rating was driven by an investment with an aggregate fair value of $5.92 million being downgraded to Grade 3 from a Grade 2 investment performance rating due to financial underperformance.

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

		As of
		June 30, 2025								December 31, 2024
		Amortized Cost				Percentage of Total				Amortized Cost				Percentage of Total
		(in millions)								(in millions)
Performing		$	882.02				100.0	%		$	856.85				100.0	%
Non-accrual			—				—				—				—
Total Investments		$	882.02				100.0	%		$	856.85				100.0	%

 

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

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

		For the Three Months Ended				For the Three Months Ended
		June 30, 2025				June 30, 2024
		($ in millions)
Amount of investments committed at cost:
First Lien/Senior Secured Debt		$	28.93			$	247.83
Common Stock			—				1.95
Total		$	28.93			$	249.78
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt		$	36.93			$	1.34
Total		$	36.93			$	1.34
Net increase in portfolio		$	(8.00	)		$	248.44
Number of new portfolio companies with new investment commitments			1				14
Total new investment commitment amount in new portfolio companies		$	9.26			$	203.20
Average new investment commitment amount in new portfolio companies		$	9.26			$	14.51
Number of existing portfolio companies with new investment commitments			3				9
Total new investment commitment amount in existing portfolio companies		$	19.67			$	46.58
Weighted average remaining term for new investment commitments (in years)(2)			4.8				5.8
Percentage of new debt investment commitments at floating interest rates			100.0	%			100.0	%
Percentage of new debt investment commitments at fixed interest rates(3)			—	%			—	%
Weighted average yield on new debt and income producing investment commitments(4)			8.8	%			11.0	%
Weighted average yield on new investment commitments(5)			8.8	%			10.9	%
Weighted average yield on debt and income producing investments sold or repaid(6)			10.2	%			11.5	%
Weighted average yield on investments sold or repaid(7)			10.2	%			11.5	%

 

(1)

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

(2)

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

(3)

May include preferred stock investments.

(4)

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

(5)

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

(6)

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

(7)

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

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RESULTS OF OPERATIONS

Our operating results were as follows:

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
		($ in millions)
Total investment income		$	24.43			$	19.46			$	48.09			$	35.15
Total expenses			(12.87	)			(10.23	)			(25.14	)			(19.37	)
Net investment income (loss)			11.56				9.23				22.95				15.78
Net realized gain (loss) on investments			—				—				—				(1.43	)
Net unrealized appreciation (depreciation) on investments			1.40				0.11				1.09				4.72
Net realized and unrealized gain (losses) on foreign currency translations			(2.07	)			0.17				(2.84	)			0.72
Net realized and unrealized gains (losses)			(0.67	)			0.28				(1.75	)			4.01
Net increase (decrease) in net assets from operations		$	10.89			$	9.51			$	21.20			$	19.79

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

Investment Income

Our investment income was as follows:

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
		($ in millions)
Interest income		$	22.70			$	18.01			$	44.57			$	32.55
Payment-in-kind income			1.29				1.07				2.66				1.91
Other income			0.37				0.28				0.73				0.53
Dividend income			0.07				0.10				0.13				0.16
Total investment income		$	24.43			$	19.46			$	48.09			$	35.15

Interest income increased from $18.01 million and $32.55 million for the three and six months ended June 30, 2024 to $22.70 million and $44.57 million for the three and six months ended June 30, 2025. This was primarily driven by our deployment of capital into income producing investments.

Expenses

Our expenses were as follows:

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
		($ in millions)
Interest and other debt expenses		$	7.75			$	6.38			$	15.40			$	11.59
Management fees			1.68				1.20				3.34				2.14
Incentive fees based on income			2.04				1.64				3.93				3.55
Incentive fees based on capital gains			—				0.04				—				0.30
Professional fees			0.31				0.39				0.51				0.68
Directors’ fees			0.17				0.16				0.34				0.33
Other general and administrative expenses			0.92				0.42				1.62				0.78
Total expenses		$	12.87			$	10.23			$	25.14			$	19.37

In the table above:

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Interest and other debt expenses increased from $6.38 million and $11.59 million for the three and six months ended June 30, 2024 to $7.75 million and $15.40 million for the three and six months ended June 30, 2025. This was primarily due to an increase in the average aggregate daily borrowings from $318.2 million and $284.0 million for the three and six months ended June 30, 2024 to $450.3 million and $447.2 million for the three and six months ended June 30, 2025.

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Management Fees increased from $1.20 million and $2.14 million for the three and six months ended June 30, 2024 to $1.68 million and $3.34 million for the three and six months ended June 30, 2025, primarily driven by an increase in the size of our portfolio.

•

Incentive Fees based on income increased from $1.64 million and $3.55 million for the three and six months ended June 30, 2024 to $2.04 million and $3.93 million for the three and six months ended June 30, 2025, primarily driven by the performance of the investment portfolio. For additional information, see Note 3 "Significant Agreements and Related Party Transactions" in our consolidated financial statements included in this report.

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

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

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
		(in millions)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)		$	—			$	—			$	—			$	(1.43	)
Net realized gain (loss)		$	—			$	—			$	—			$	(1.43	)

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

		For the Three Months Ended								For the Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
		($ in millions)
Unrealized appreciation		$	4.05			$	0.94			$	5.54			$	5.83
Unrealized depreciation			(2.65	)			(0.83	)			(4.45	)			(1.11	)
Net change in unrealized appreciation (depreciation) on investments		$	1.40			$	0.11			$	1.09			$	4.72

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

		For the Three Months Ended				For the Six Months Ended
		June 30, 2025				June 30, 2025
		($ in millions)
Portfolio Company:
Clearcourse Partnership Acquireco Finance Limited		$	1.69			$	2.49
Sonar Acquisitionco, Inc. (dba SimPRO)			0.45				0.46
Rocket Bidco, Inc. (dba Recochem)			0.27				0.26
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)			0.25				0.52
Summit Buyer, LLC (dba Classic Collision)			0.23				0.24
North Star Acquisitionco, LLC (dba Everway)			0.06				0.23
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)			(0.07	)			(0.25	)
Other, net (1)			(0.08	)			(0.72	)
Blast Bidco Inc. (dba Bazooka Candy Brands)			(0.13	)			(0.14	)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)			(0.14	)			(0.38	)
PT Intermediate Holdings III, LLC (dba Parts Town)			(0.19	)			(0.19	)
Formulations Parent Corporation (dba Chase Corp)			(0.20	)			0.03
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)			(0.74	)			(1.46	)
Total		$	1.40			$	1.09

(1)

For the three and six months ended June 30, 2025, Other, net includes gross unrealized appreciation of $1.10 million and $1.32 million and gross unrealized depreciation of $(1.18) million and $(2.04) million.

 

		For the Three Months Ended June 30, 2024				For the Six Months Ended June 30, 2024
		($ in millions)
Portfolio Company:
Recochem, Inc		$	0.14			$	0.09
Harrington Industrial Plastics, LLC			0.11				0.07
CST Buyer Company (dba Intoxalock)			0.10				0.13
Other, net (1)			0.09				2.36
Coding Solutions Acquisition, Inc.			0.09				0.33
Ncontracts, LLC			0.08				0.24
Trader Corporation			(0.02	)			(0.17	)
Coretrust Purchasing Group LLC			(0.04	)			0.16
PT Intermediate Holdings III, LLC (dba Parts Town)			(0.06	)			(0.06	)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)			(0.10	)			1.86
MerchantWise Solutions, LLC (dba HungerRush)			(0.28	)			(0.29	)
Total		$	0.11			$	4.72

 

(1)

For the three and six months ended June 30, 2024, Other, net includes gross unrealized appreciation of $0.42 million and $2.95 million and gross unrealized depreciation of $(0.33) million and $(0.59) million.

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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

We expect to generate cash primarily from the net proceeds of any future offerings of securities, drawdowns of capital commitments, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to the Truist Revolving Credit Facility, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See “—Key Components of Operations—Leverage.” As of June 30, 2025 and December 31, 2024, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes the Truist Revolving Credit Facility and included, until May 22, 2025, our revolving credit facility with Bank of America, N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, the “BoA Revolving Credit Facility”)) was 202% and 205%. See “—BoA Revolving Credit Facility.” We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

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

An affiliate of the Investment Adviser made a capital commitment to us of $100 on October 29, 2021 (commencement of operations) and served as our initial member (the “Initial Member”). We cancelled the Initial Member’s interest in us on November 23, 2021, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase shares of our common stock (the “Initial Drawdown Date”). On October 4, 2021 (the “Initial Closing Date”), we began accepting Subscription Agreements from investors acquiring common shares in our private offering, pursuant to which investors made a Commitment to purchase shares of our common stock for an aggregate purchase price equal to the Commitment. Under the terms of the Subscription Agreements, each investor is required to make a capital contribution up to the undrawn amount of their capital commitment to purchase shares each time we deliver a drawdown notice at least five business days (measured from the date we send such notice by mail or electronically, as applicable, rather than the date such notice is received) prior to the required funding date (the “Drawdown Date”). We held a limited number of closings subsequent to the Initial Closing Date. The final date on which we accepted Subscription Agreements (the “Final Closing Date”) was March 24, 2023.

As of the dates indicated, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

		June 30, 2025												December 31, 2024
		Capital Commitments ($ in millions)				Unfunded Capital Commitments ($ in millions)				% of Capital Commitments Funded				Capital Commitments ($ in millions)				Unfunded Capital Commitments ($ in millions)				% of Capital Commitments Funded
Common Stock		$	545.50			$	95.61				82	%		$	545.50			$	95.61				82	%

 

The Company did not issue a capital drawdown during the six months ended June 30, 2025. The following table summarizes the total shares
issued and proceeds related to capital drawdowns during the six months ended June 30, 2024:

Share Issue Date		Shares Issued				Proceeds Received ($ in millions)
For the Six Months Ended June 30, 2024
April 25, 2024			2,844,624		(1)	$	54.41
May 20, 2024			4,330,519		(2)		81.57
Total capital drawdowns			7,175,143			$	135.98

(1) Inclusive of 2,475 shares that were cancelled due to defaulted investors.

(2) Inclusive of 3,682 shares that were cancelled due to defaulted investors.

Contractual Obligations

We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of value of our average gross assets and (2) a two-part Incentive Fee. Under the Administration Agreement, pursuant to which the Administrator has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay the Administrator such fees as may be agreed between us and our Administrator that we determine are commercially reasonable in our sole discretion. Either party or the stockholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of June 30, 2025:

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		Payments Due by Period ($ in millions)
		Total				Less Than 1 Year				1 – 3 Years				3 – 5 Years				More Than 5 Years
BoA Revolving Credit Facility		$	—			$	—			$	—			$	—			$	—
Truist Revolving Credit Facility(1)		$	449.03			$	—			$	—			$	449.03			$	—

 

(1)

We may borrow amounts in U.S. Dollars ("USD") or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2025, the Company had outstanding borrowings denominated in USD of $410.00 million, in Great British Pounds ("GBP") of GBP 14.92 million, in Canadian Dollars ("CAD") of CAD 6.75 million, in Euros ("EUR") of EUR 3.44 million and in Australian Dollars ("AUD") of AUD 14.50 million.

BoA Revolving Credit Facility

We entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and a lender, as amended and supplemented from time to time.

Subject to availability under the “Borrowing Base” (as defined by the BoA Revolving Credit Facility), the BoA Revolving Credit Facility permitted us to borrow $30 million. The Borrowing Base was calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the BoA Revolving Credit Facility was May 22, 2025, on which date we did not have any outstanding borrowings under the facility and the facility was terminated pursuant to its terms.

Under the BoA Revolving Credit Facility, we had the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans could be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility were (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which was zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%). We paid (x) a 0.35% annualized fee if the facility utilization was equal to or greater than 50% of the maximum commitment and (y) a 0.45% annualized fee if the facility utilization was less than 50% of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.

For further details, see Note 6 “Debt – BoA Revolving Credit Facility” to our consolidated financial statements included in this report.

Truist Revolving Credit Facility

We entered into the Truist Revolving Credit Facility on February 28, 2023 with, among others, Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender, which has been amended and supplemented from time to time.

The Truist Revolving Credit Facility is a multicurrency facility, and as of June 30, 2025, total outstanding revolving commitments under the Truist Revolving Credit Facility were $555 million and term loans under the Truist Revolving Credit Facility were $25 million for an aggregate amount of $580 million. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Truist Revolving Credit Facility to $750 million. Commitments under the Truist Revolving Credit Facility may be repaid and reborrowed until the end of the revolving availability period, which ends on May 30, 2028. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on May 30, 2029.

Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at our election) of either (i) Term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, or (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) Term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in GBP only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, we may elect either Term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.

For further details, see Note 6 “Debt – Truist Revolving Credit Facility” to our consolidated financial statements included in this report.

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Off-Balance Sheet Arrangements

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:

		As of				As of
		June 30, 2025				December 31, 2024
		(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt		$	199.39			$	190.72
First Lien/Last-Out Unitranche			7.01				10.15
Total		$	206.40			$	200.87

HEDGING

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

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

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Non-Accrual Investments, Distributions, and Income Taxes. We consider the most significant critical estimate to be the fair value measurement of investments. The critical accounting policies and estimate should be read in connection with our risk factors listed under “Risk Factors” in this quarterly report on Form 10-Q and our annual report on Form 10-K for the year ended December 31, 2024.

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Fair Value Measurement of Investments

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

RECENT DEVELOPMENTS

Resignation and Appointment of Officers

On July 15, 2025, Alex Chi notified us of his intention to resign from his position as Co-Chief Executive Officer and Co-President. Mr. Chi ceased serving as the principal executive officer, Co-Chief Executive Officer and Co-President, effective on August 7, 2025. Mr. Chi’s resignation was not the result of any disagreement with us.

On July 18, 2025, our Board of Directors appointed Vivek Bantwal, age 48, as Co-Chief Executive Officer, effective on August 7, 2025. Mr. Bantwal was also appointed as the co-principal executive officer, succeeding Mr. Chi. Mr. Bantwal was also appointed as Co-Chief Executive Officer of Goldman Sachs BDC, Inc. (“GSBD”), Silver Capital Holdings LLC (“SCH”), Goldman Sachs Private Middle Market Credit II LLC (“PMMC II”), Phillip Street Middle Market Lending Fund LLC (“PSLF”), Goldman Sachs Private Credit Corp. (“GSCR”) and West Bay BDC LLC (“West Bay”).

Effective on August 7, 2025, David Miller ceased serving as our Co-President and Co-President of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay. Mr. Miller will continue serving in his role as our Co-Chief Executive Officer and Co-Chief Executive Officer of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay.

On July 18, 2025, our Board of Directors appointed Tucker Greene, age 50, as our President, effective on August 7, 2025. Mr. Greene will serve as our President, succeeding Mr. Chi and Mr. Miller. Mr. Greene was also appointed as President of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay. Mr. Greene will also continue serving in his role as our Chief Operating Officer and the Chief Operating Officer of each of GSBD, SCH, PMMC II, PSLF, GSCR and West Bay.

As of the date of this report, the Private Credit Investment Committee consists of the following members: Rich Friedman, James Reynolds, Vivek Bantwal, Patrick Armstrong, Amitayush Bahri, Steven Budig, Kevin Sterling, Beat Cabiallavetta, Stephanie Rader, David Miller, Greg Watts, Nicole Agnew and Moritz Jobke, along with members from Goldman Sachs’ Compliance, Legal, Tax and Controllers groups.

Merger Agreement with Goldman Sachs Private Credit Corp.

On July 11, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with GSCR, and GSAM. The Merger Agreement provides that, on the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time (as defined in the Merger Agreement), we will merge with and into GSCR, with GSCR continuing as the surviving company (the “Merger”). The Board of Directors and the board of directors of GSCR, including all of their respective independent directors, in each case, on the recommendation of a committee (such company’s “Special Committee”) comprised solely of certain, separate independent directors of us or GSCR, as applicable, have approved the Merger Agreement and the transactions contemplated by the Merger Agreement.

The Merger Agreement further provides that, at the Effective Time, each share of our common stock, $0.001 par value per share issued and outstanding immediately prior to the Effective Time, except for shares, if any, owned by us, GSCR, or any of our or GSCR’s respective consolidated subsidiaries and shares, if any, held by any person who is entitled to demand (and properly demands) appraisal of such shares, will be converted into the right to receive, in cash, the quotient of (i) the Closing MMLC II NAV (as defined below) divided by (ii) the number of shares of our common stock issued and outstanding immediately prior to the Effective Time (the “MMLC II Per Share Cash Amount”).

Under the Merger Agreement, as of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the “Determination Date”), GSAM, on our behalf, will deliver to GSCR GSAM’s calculation of our NAV as of such date (such calculation, the “Closing MMLC II NAV”), which calculation shall be approved by the Board of Directors, including our Special Committee. GSAM will calculate NAV using the policies, assumptions, methodologies and adjustments approved by the Board of Directors for valuing our securities and other assets under Rule 2a-5 of the Investment Company Act. The parties have agreed to calculate the MMLC II Per Share Cash Amount based on such calculations.

Consummation of the Merger, which is currently anticipated to occur during the fourth quarter of calendar year 2025, is subject to conditions in the Merger Agreement, including among other things (1) requisite approval of the our stockholders, (2) the absence of certain legal impediments to the consummation of the Merger or pending litigation by any governmental entity challenging or seeking to enjoin, restrain or make illegal the Merger or the other transactions contemplated by the Merger Agreement, (3) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement, (4) the absence of a MMLC II Material Adverse Effect (as defined in the Merger Agreement) and (5) required regulatory approvals.

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The Merger Agreement also contains termination rights in favor of us and GSCR, including among other things: (i) if the Merger is not completed on or before March 24, 2026, or (ii) if the requisite approval of our stockholders is not obtained.

The description above is only a summary of the material provisions of the Merger Agreement and is qualified in its entirety by reference to a copy of the Merger Agreement, which was filed as Exhibit 2.1 to our current report on Form 8-K, dated July 11, 2025, the terms of which are incorporated herein by reference. In connection with the Merger, we have filed with the SEC and plan to mail to our stockholders a proxy statement.

Distribution

On August 6, 2025, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period beginning July 1, 2025 through September 30, 2025, which will be payable before or around October 29, 2025 to shareholders of record as of October 2, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

As of June 30, 2025 and December 31, 2024, on a fair value basis, 100% of our performing debt investments bore interest at a floating rate. Our borrowings under the BoA Revolving Credit Facility bore and our borrowings under the Truist Revolving Credit Facility bears interest at a floating rate.

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

Based on our June 30, 2025 Consolidated Statements of Assets and Liabilities, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

As of June 30, 2025 Basis Point Change		Interest Income				Interest Expense				Net Income
($ in millions)
Up 300 basis points		$	21.62			$	(12.50	)		$	9.12
Up 200 basis points			14.41				(8.33	)			6.08
Up 100 basis points			7.21				(4.17	)			3.04
Up 75 basis points			5.40				(3.12	)			2.28
Up 50 basis points			3.60				(2.08	)			1.52
Up 25 basis points			1.80				(1.04	)			0.76
Down 25 basis points			(1.80	)			1.04				(0.76	)
Down 50 basis points			(3.60	)			2.08				(1.52	)
Down 75 basis points			(5.40	)			3.12				(2.28	)
Down 100 basis points			(7.20	)			4.17				(3.03	)
Down 200 basis points			(14.35	)			8.33				(6.02	)
Down 300 basis points			(21.46	)			12.50				(8.96	)

 

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

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2025. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

Item 1A. Risk Factors.

An investment in our securities involves a high degree of risk. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 4, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

Because the NAV of our common stock may fluctuate, our stockholders cannot be sure of the exact amount of the Merger Consideration they will receive until the closing of the Merger (the “Closing”).

The exact amount of the Merger Consideration may vary from the NAV per share of our common stock on the date the Merger was announced, on the date of the filing of this quarterly report on Form 10-Q, on the date of the special meeting of stockholders (the “Special Meeting”), and on the date the Merger is completed. Any change in the NAV per share of our common stock prior to completion of the Merger will affect the amount of Merger Consideration that our stockholders will receive and that GSCR will pay upon completion of the Merger.

Accordingly, at the time of the Special Meeting, our stockholders will not know or be able to calculate the amount of Merger Consideration they would receive upon completion of the Merger. Neither us nor GSCR are permitted to terminate the Merger Agreement because of changes in the NAV per share of our common stock.

Changes in the NAV per share of our common stock may result from a variety of factors, including, among other things:

•

changes in our business, operations or prospects;

•

the financial condition of our current or prospective portfolio companies; and

•

interest rates or general market or economic conditions.

See “Cautionary Statement Regarding Forward-Looking Statements” for other factors that could cause the NAV per share of our common stock to change. These factors are generally beyond our control.

The opinion delivered to our Special Committee from its financial advisor will not reflect changes in circumstances between signing the Merger Agreement and the completion of the Merger.

The opinion of the financial advisor to our Special Committee was delivered to our Special Committee on, and was dated, July 11, 2025. Our Special Committee has not obtained an updated opinion as of the date of this quarterly report on Form 10-Q from the financial advisor to our Special Committee, and does not anticipate obtaining an updated opinion prior to the Closing. Changes in the operations and prospects of us or GSCR, general market and economic conditions and other factors that may be beyond our control, and on which the financial advisor’s opinion was based, may significantly alter the NAV of our common stock by the time the Merger is completed. The opinion does not speak as of the time the Merger will be completed or as of any date other than the date of such opinion. Because our Special Committee does not currently anticipate asking its respective financial advisor to update its opinion, the opinion will not address the fairness from a financial point of view of the Merger Consideration at the time the Merger is completed.

If the Merger does not close, we will not benefit from the expenses incurred in its pursuit.

The Merger may not be completed. If the Merger is not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received. We have incurred out-of-pocket expenses in connection with the Merger for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Merger is not completed.

The termination of the Merger Agreement could negatively impact us.

If the Merger Agreement is terminated, there may be various consequences, including:

•

Our business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Merger, without realizing any of the anticipated benefits of completing the Merger;

•

We may not be able to find a party willing to pay an equivalent or more attractive price than the price GSCR agreed to pay in the Merger; and

•

If we are not able to effect an Exit Event (as defined below), it will be obligated to use its best efforts to wind down and/or liquidate and dissolve.

“Exit Event” means (i) any listing of our common stock on a national securities exchange (a “listing”), including in connection with an initial public offering (“IPO”), (ii) merger with another entity, including an affiliated company, subject to any limitations under the Investment Company Act or (iii) the sale of all or substantially all of our assets.

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The Merger Agreement limits our ability to pursue alternatives to the Merger.

The Merger Agreement contains provisions that limit our ability to solicit, discuss, facilitate, commit to, respond to, or negotiate competing third party proposals to acquire all or a significant part of us.

These provisions, which are typical for transactions of this type, might discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of us from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share price than that proposed in the Merger or might result in a potential competing acquiror proposing to pay a lower per share price to acquire us than it might otherwise have proposed to pay.

The Merger is subject to closing conditions, including our stockholder approval, that, if not satisfied or (to the extent legally allowed) waived, will result in the Merger not being completed, which may result in material adverse consequences to our business and operations.

The Merger is subject to closing conditions, including the approval and adoption of the Merger Agreement (the “Merger Proposal”) by our stockholders that, if not satisfied, will prevent the Merger from being completed. The closing condition that our stockholders approve the Merger Proposal may not be waived under applicable law and must be satisfied for the Merger to be completed. We currently expect that all our directors and executive officers of will vote their shares (if any) of our common stock in favor of the proposals presented at the Special Meeting. If our stockholders do not approve the Merger Proposal and the Merger is not completed, the resulting failure of the Merger could have a material adverse impact on our business and operations. In addition to the required approvals of our stockholders, the Merger is subject to a number of other conditions beyond our control that may prevent, delay or otherwise materially adversely affect its completion. We cannot predict whether and when these other conditions will be satisfied.

We and GSCR will be subject to operational uncertainties and contractual restrictions while the Merger is pending.

Uncertainty about the effect of the Merger may have an adverse effect on us and GSCR and, consequently, on the combined company following completion of the Merger. These uncertainties may cause those that deal with us and GSCR to seek to change their existing business relationships with us and GSCR, respectively. In addition, the Merger Agreement restricts us and GSCR from taking actions that they might otherwise consider to be in their best interests. These restrictions may prevent us and GSCR from pursuing certain business opportunities that may arise prior to the completion of the Merger.

We and GSCR may, to the extent legally allowed, waive one or more conditions to the Merger without resoliciting stockholder approval.

Certain conditions to GSCR’s and our obligations to complete the Merger may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of GSCR and us. In the event that any such waiver does not require resolicitation of stockholders, the parties to the Merger Agreement will have the discretion to complete the Merger without seeking further stockholder approval. The condition requiring the approval of our stockholders, however, cannot be waived.

Our stockholders have appraisal rights in connection with the Merger.

Appraisal rights are statutory rights that enable stockholders to dissent from certain extraordinary transactions, such as certain mergers, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to stockholders in connection with the applicable transaction. If the Merger Proposal is approved by our stockholders, our stockholders who do not vote in favor of the Merger Proposal and who properly demand payment of fair cash value of their shares of our common stock will be entitled to appraisal rights in connection with the acquisition under Section 262 of the Delaware General Corporation Law. Neither us nor GSCR can predict the number of shares of our common stock for which stockholders will properly demand appraisal rights (the “Appraisal Shares”), the amount of cash that GSCR may be required to pay following the completion of the Merger with respect to the Appraisal Shares, or the expenses that GSCR may incur in connection with the appraisal process.

The announcement and pendency of the Merger could adversely affect the business financial results and operations of GSCR and us.

The announcement and pendency of the Merger could cause disruptions in and create uncertainty surrounding both GSCR’s and our businesses, including affecting relationships with existing and future borrowers, which could have a significant negative impact on future revenues and results of operations, regardless of whether the Merger is completed. In addition, we and GSCR have diverted, and will continue to divert, management resources towards the completion of the Merger, which could have a negative impact on each of our and GSCR’s future revenues and results of operations.

We and GSCR are also subject to restrictions on the conduct of each of our and GSCR’s businesses prior to the completion of the Merger as provided in the Merger Agreement, generally requiring us and GSCR to conduct business only in the ordinary course and subject to specific limitations, including, among other things, certain restrictions on each of our and GSCR’s respective ability to make certain investments and acquisitions, sell, transfer or dispose of our and GSCR’s respective assets, amend each of our and GSCR’s respective organizational documents and enter into or modify certain material contracts. These restrictions could prevent GSCR and us from pursuing otherwise attractive business opportunities, industry developments and future opportunities and may otherwise have a significant negative impact on the respective future investment income and results of operations of the combined company following the Merger.

Any litigation filed against us and GSCR in connection with the Merger could result in substantial costs and could delay or prevent the Merger from being completed.

From time to time, we and GSCR may be subject to legal actions, including securities class action lawsuits and derivative lawsuits, as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas in connection with the Merger. These or any similar securities class action lawsuits and derivative lawsuits, regardless of their merits, may result in substantial costs and divert management

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time and resources. An adverse judgment in such cases could have a negative impact on the liquidity and financial condition of the combined company following the Merger or could prevent the Merger from being completed.

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

None.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference.

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INDEX TO EXHIBITS

EXHIBIT NO.		EXHIBIT
3.1		Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56369), filed on November 22, 2021).
3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Amendment No. 1 to Form 10 (File No. 000-56369), filed on January 13, 2022).
31.1*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3*		Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

 

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						GOLDMAN SACHS MIDDLE MARKET LENDING CORP. II
Date: August 12, 2025						/s/ Vivek Bantwal
						Name: Vivek Bantwal
						Title: Co-Chief Executive Officer
						(Co-Principal Executive Officer)
Date: August 12, 2025						/s/ David Miller
						Name: David Miller
						Title: Co-Chief Executive Officer
						(Co-Principal Executive Officer)
Date: August 12, 2025						/s/ Stanley Matuszewski
						Name: Stanley Matuszewski
						Title: Chief Financial Officer and Treasurer
						(Principal Financial Officer)

 

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