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Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S+4.75% Maturity 01/30/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 08/22/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/07/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% Beach Acquisition Bidco LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 09/12/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Fullsteam Operations LLC Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S + 5.25% Maturity 08/08/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/31 One2026-03-310001920145ck0001920145:BXFrontierMemberILLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145us-gaap:HealthcareSectorMember2026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.33% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 04/15/25 Maturity 04/11/332025-12-310001920145ck0001920145:AbcInvestmentHoldcoIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Thevelia (US), LLC Industry Commercial Services & Supplies Interest Rate 6.70% Reference Rate and Spread S + 3.00% Maturity 06/18/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 08/28/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Hyland Software, Inc. Industry Software Reference Rate and Spread S +5.00% Maturity 09/19/292025-12-310001920145ck0001920145:AirFreightAndLogisticsMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SunshineCadenceHoldcoLlcDbaCadenceEducationMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145ck0001920145:MsRevolvingCreditFacilityMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.72% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/322025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dayforce Bidco, LLC (dba Dayforce) Industry Software Interest Rate 6.42% Reference Rate and Spread S +2.75% Maturity 02/04/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SCIH Salt Holdings, Inc. Industry Chemicals Interest Rate 6.35% Reference Rate and Spread S + 2.75% Maturity 01/31/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/29 Three2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Broadstreet Partners, Inc. Industry Insurance Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 06/13/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/01/322025-12-310001920145ck0001920145:RealEstateManagementAndDevelopmentMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 09/19/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Lumexa Imaging, Inc. Industry Health Care Providers & Services Interest Rate 6.70% Reference Rate and Spread S + 3.00% Maturity 12/17/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S +4.50% Maturity 09/26/31 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dayforce Bidco, LLC (dba Dayforce) Industry Software Interest Rate 6.66% Reference Rate and Spread S +3.00% Maturity 02/04/332026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% UKG Inc. Industry Software Interest Rate 6.17% Reference Rate and Spread S+2.50% Maturity 02/10/312026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:IT2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Berkeley Research Group LLC Industry Professional Services Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 05/01/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pre-Paid Legal Services, Inc. Industry Diversified Consumer Services Interest Rate 6.97 % Reference Rate and Spread S + 3.25% Maturity 12/15/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 12/31/99 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 10/04/302025-12-310001920145ck0001920145:NCTopcoLLCDbaNContractsMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:IN2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.23% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Veritiv Corporation Industry Distributors Interest Rate 7.70% Reference Rate and Spread S + 4.00% Maturity 12/02/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Reference Rate and Spread S + 4.75% Maturity 07/09/322025-12-310001920145ck0001920145:HouseholdDurablesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Versant Media Group Inc Industry Media Reference Rate and Spread S + 3.50% Maturity 01/30/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 07/18/28 One2026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Partners, L.P. Industry Oil, Gas & Consumable Fuels Interest Rate 5.42% Reference Rate and Spread S + 1.75% Maturity 11/22/322026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:HotelsRestaurantsAndLeisureMember2025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:GB2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Lightning Power LLC Industry Electric Utilities Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 08/18/312026-03-310001920145us-gaap:DebtSecuritiesMembercountry:FR2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Berkeley Research Group LLC Industry Professional Services Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 05/01/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 01/24/332026-03-310001920145ck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2025-05-060001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 12/21/29 One2025-12-310001920145ck0001920145:CapitalGoodsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Arches Buyer Inc. Industry Software Interest Rate 7.02 Reference Rate and Spread S +3.25% Maturity 12/06/272026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.20% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282026-03-310001920145ck0001920145:DiversifiedconsumerservicesMember2025-12-310001920145ck0001920145:BXFrontierMemberIHoldingsLLCMemberck0001920145:MembershipInterestMember2025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:SEMHoldingsLLCDbaSoutheastMechanicalLLCMember2026-03-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 5.375% January 2029 Notes Company Receives 5.38% Company Pays S + 2.00% Maturity Date 12/31/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Global Medical Response, Inc. Industry Health Care Providers & Services Interest Rate 7.38% Reference Rate and Spread S + 3.50% Maturity 10/01/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Veritiv Corporation Industry Distributors Interest Rate 7.67% Reference Rate and Spread S + 4.00% Maturity 12/02/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S+4.75% Maturity 07/02/292026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Octagon 78, Ltd. - Class E Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 07/14/25 Maturity 10/20/382025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.32% Reference Rate and Spread S +4.50% Maturity 08/29/312025-12-310001920145ck0001920145:MSFacilitySecondAmendmentMember2025-06-122025-06-120001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pre-Paid Legal Services, Inc. Industry Diversified Consumer Services Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 12/15/282026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Edko, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 10/02/312025-12-310001920145ck0001920145:BlastBidcoIncDbaBazookaCandyBrandsMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% iSolved Inc Industry Software Interest Rate 6.47% Reference Rate and Spread S +2.75% Maturity 10/15/302025-12-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 6.80% Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322025-01-012025-12-310001920145ck0001920145:WestwoodProfessionalServicesIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S +4.50% Maturity 05/03/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 12/31/99 One2025-12-310001920145ck0001920145:TradingCompaniesDistributorsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Albaugh, LLC Industry Chemicals Interest Rate 7.47% Reference Rate and Spread S + 3.75% Maturity 04/06/292025-12-310001920145ck0001920145:FirstLienLast-OutUnitrancheMembercountry:US2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:FullsteamOperationsLlcMember2025-12-310001920145ck0001920145:EquityAndOtherInvestmentsMembercountry:KY2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11)- 2.4% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 8.34% Reference Rate and Spread S + 4.67% Maturity 12/06/282026-03-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:IN2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7 Oryx Midstream Services Permian Basin, LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.98% Reference Rate and Spread S + 2.25% Maturity 10/05/282025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.93% Reference Rate and Spread B + 5.25% Initial Acquisition Date 10/04/24 Maturity 10/06/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Reference Rate and Spread E + 5.25% Maturity 11/28/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.91% Reference Rate and Spread S + 5.25% (Incl. 1.54% PIK) Maturity 01/09/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/06/312026-03-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 2029 Notes Company Receives 5.38% Company Pays S + 2.00% Maturity Date 01/31/292025-01-012025-12-310001920145currency:CHFck0001920145:TruistRevolvingCreditFacilityMember2026-03-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Brown Group Holding, LLC Industry Construction & Engineering Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 07/01/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.83% Reference Rate and Spread S + 5.00% Maturity 09/30/302025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Seven BidCo (dba Septeo) Industry Software Interest Rate 6.41% Reference Rate and Spread E + 4.40% Initial Acquisition Date 08/01/25 Maturity 08/27/322026-01-012026-03-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% VisionSafe Parent, LLC Aerospace & Defense Initial Acquisition Date 04/19/242025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% USI, Inc. Industry Insurance Interest Rate 5.95% Reference Rate and Spread S + 2.25% Maturity 09/29/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BCPE Empire Holdings, Inc. Industry Distributors Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 12/11/302026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CiQuercusIntermediateHoldingsLlcDbaSavatreeMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ankura Consulting Group, LLC Industry Professional Services Interest Rate 7.17% Reference Rate and Spread S + 3.50% Maturity 12/29/312026-03-310001920145country:AEus-gaap:DebtSecuritiesMember2025-12-310001920145ck0001920145:LobosParentIncDbaNEOGOVMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributor Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 7.03% Reference Rate and Spread E + 5.00% Maturity 09/30/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Deep Blue Operating I LLC Industry Water Utilities Interest Rate 6.59% Reference Rate and Spread S + 2.75% Maturity 10/01/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Covetrus, Inc. Industry Pharmaceuticals Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 10/13/292025-12-310001920145ck0001920145:FirstJanuaryTwoThousandTwentySixMemberck0001920145:CommonClassIMember2026-01-012026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Trystar, LLC Industry Electrical Equipment Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2026-03-310001920145ck0001920145:QBSParentIncDbaQuorumSoftwareMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kaseya Inc. Industry IT Services Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 03/20/322025-12-310001920145Investment Debt Investments - 180.7% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Interest Rate 7.27% Reference Rate and Spread E + 5.25% Initial Acquisition Date 11/15/25 Maturity 02/05/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% K2 Towers II, LLC Industry Wireless Telecommunication Services Interest Rate 8.28% Reference Rate and Spread S + 4.58% Maturity 05/02/292026-03-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMember2025-03-310001920145us-gaap:SubsequentEventMemberck0001920145:CommonClassSMember2026-04-012026-04-010001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.93% Reference Rate and Spread S + 5.25% Maturity 04/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S +4.50% Maturity 03/12/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.45% Reference Rate and Spread S+4.75% Maturity 07/02/29 One2026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 7.51% Reference Rate and Spread C + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 02/10/28 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/272025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Pacific Group Bidco Pty Ltd (dba Magentus) Industry Software Interest Rate 8.89% Reference Rate and Spread B + 5.00% Maturity 07/30/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PacificGroupBidcoPtyLtdDbaMagentusMember2025-12-310001920145ck0001920145:AAGKPBorrowerLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:MediaMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/01/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.89% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% DG Investment Intermediate Holdings 2, Inc. Industry Construction & Engineering Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 07/09/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Diamond Communications LLC Industry Wireless Telecommunication Services Interest Rate 7.67% Reference Rate and Spread S + 4.00% Maturity 05/28/30 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.10% Reference Rate and Spread S + 5.50% Maturity 02/28/312026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.17% Reference Rate and Spread S + 6.00% Maturity 02/01/27 One2026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% SI Swan UK Bidco Limited (dba Sapiens International)) Industry Software Reference Rate and Spread S + 4.75% Maturity 06/17/262025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EditionHoldingsIncDbaEnverusMember2025-12-310001920145us-gaap:DebtSecuritiesMembercountry:FR2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% VRS Buyer, Inc. (dba LiquidTech) Industry Oil, Gas & Consumable Fuels Interest Rate 7.24% Reference Rate and Spread S + 3.50% Maturity 10/12/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Interest Rate 8.73% Reference Rate and Spread SN + 5.00% Maturity 10/15/322026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.56% Reference Rate and Spread C + 5.25% Maturity 06/30/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% USI, Inc. Industry Insurance Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 11/21/292025-12-310001920145ck0001920145:EquityAndOtherInvestmentsMembercountry:US2026-03-310001920145us-gaap:RelatedPartyMemberck0001920145:InterestAndOtherDebtExpensePayableMember2026-03-310001920145ck0001920145:AAGKPBorrowerLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 9.34% Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OrthrusLimitedDbaOcorianMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:PharmaceuticalsMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Chromalloy Corporation Industry Construction & Engineering Interest Rate 7.23% Reference Rate and Spread S + 3.25% Maturity 03/27/312025-12-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:MsRevolvingCreditFacilityMember2025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 03/14/25 Maturity 05/07/322026-01-012026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:DiamondCommunicationsLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Allied Universal Holdco LLC Industry Commercial Services & Supplies Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 08/20/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:JupiterRefuelUSBuyerIncDba4RefuelMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributor Interest Rate 8.27% Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001920145ck0001920145:HealthcaretechnologyMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% DRW Holdings, LLC Industry Financial Services Interest Rate 7.17% Reference Rate and Spread S + 3.50% Maturity 06/26/312026-03-310001920145country:NLck0001920145:FirstLienSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributor Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.02% Reference Rate and Spread S + 5.25% Maturity 03/31/272026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% KKR Apple Bidco, LLC Industry Construction & Engineering Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 09/23/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Quikrete Holdings, Inc. Industry Building Products Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 02/10/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/14/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 12/21/29 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Auctane, Inc. Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 12/31/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.03% Reference Rate and Spread S + 6.25% Maturity 08/15/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 08/22/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/28 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ICIMSIncMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% WebPT, Inc. Industry Health Care Technology Interest Rate 10.17% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pike Corporation Industry Electric Utilities Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 08/01/29 One2025-12-310001920145ck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2025-05-062025-05-060001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AccommodationsPlusTechnologiesLLCMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VictorsPurchaserLLCDbaServiceExpressMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% WebPT, Inc. Industry Health Care Technology Interest Rate 10.05% Reference Rate and Spread S + 6.25% (Incl 3.13% PIK) Maturity 01/18/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zelis Payments Buyer, Inc. Industry Software Interest Rate 6.92% Reference Rate and Spread S+3.25% Maturity 11/26/312026-03-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242025-01-012025-12-310001920145us-gaap:DebtSecuritiesMembercountry:US2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2025-12-310001920145ck0001920145:ChessComLLCFkaCheckmateFinanceMergerSubLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.03% Reference Rate and Spread E + 5.00% Initial Acquisition Date 06/25/25 Maturity 06/24/322026-01-012026-03-310001920145us-gaap:InvestmentAffiliatedIssuerMember2026-03-310001920145Investment Debt Investments - 179.3% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Interest Rate 7.13% Reference Rate and Spread E + 5.00% Initial Acquisition Date 01/15/25 Maturity 02/05/322026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 05/01/29 One2025-12-310001920145ck0001920145:DistributorsMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145country:CHus-gaap:DebtSecuritiesMember2026-03-310001920145ck0001920145:TwentySixFebruaryTwoThousandTwentyFiveMember2025-01-012025-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.91% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kohler Energy Co LLC Industry Oil, Gas & Consumable Fuels Interest Rate 6.70% Reference Rate and Spread S + 3.00% Maturity 05/01/312026-03-3100019201452025-02-012025-02-280001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Javelin Buyer, Inc. Industry Software Interest Rate 6.59% Reference Rate and Spread S +2.75% Maturity 12/05/312025-12-310001920145ck0001920145:TwentyEightAugustTwoThousandTwentySixMemberus-gaap:SubsequentEventMember2026-05-062026-05-060001920145ck0001920145:HamiltonThorneIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 07/14/31 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/29 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Rubix Foods, LLC Industry Food Products Reference Rate and Spread S + 4.75% Maturity 04/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Quartz Acquireco LLC Industry Software Interest Rate 5.95% Reference Rate and Spread S+2.25% Maturity 06/28/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% DexKo Global Inc. Industry Automobile Components Interest Rate 7.58% Reference Rate and Spread S + 3.75% Maturity 10/04/282025-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Reference Rate and Spread C + 5.00% Maturity 01/14/332026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Interest Rate 6.63% Reference Rate and Spread 0.0663 Maturity 05/31/612026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Edition Holdings, Inc. (dba Enverus) Industry Software Interest Rate 8.20% Reference Rate and Spread S +4.50% Maturity 12/20/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:UFTBuyerLLCDbaUnitedFlowTechnologiesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AL NGPL Holdings, LLC Industry Oil, Gas & Consumable Fuels Interest Rate 6.19% Reference Rate and Spread S + 2.25% Maturity 12/09/302025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class D1 Industry Financial Services Interest Rate 6.28% Reference Rate and Spread S+ 2.55% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-01-012026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:BeveragesMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CurriculumAssociatesLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.20% Reference Rate and Spread S+4.50% Maturity 05/03/29 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 07/20/29 One2025-12-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Diameter Capital CLO 13, Ltd. - Subordinated Notes Financial Services Effective Yield 8.11% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:LeisureProductsMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.22% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/28 One2026-03-310001920145us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001920145:BnpParibasRevolvingCreditFacilityMember2025-01-312025-01-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 05/01/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% MH Sub I, LLC Industry IT Services Interest Rate 7.97% Reference Rate and Spread S + 4.25% Maturity 05/03/282025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:FR2026-01-012026-03-310001920145us-gaap:DebtMemberck0001920145:MsRevolvingCreditFacilityMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Curriculum Associates, LLC Industry Diversified Consumer Services Interest Rate 8.49% Reference Rate and Spread S + 4.75% Maturity 05/07/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:KY2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Prairie ECI Acquiror LP Industry Oil, Gas & Consumable Fuels Interest Rate 7.47% Reference Rate and Spread S + 3.75% Maturity 08/01/292025-12-310001920145ck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2025-11-240001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 13, Ltd. - Class D2 Industry Financial Services Interest Rate 7.38% Reference Rate and Spread S+ 3.65% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Potters Industries, LLC Industry Building Products Reference Rate and Spread S + 2.50% Maturity 12/09/322025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Apple AU Finco Pty Ltd (dba Aspen Pharmacare) Industry Pharmaceuticals Reference Rate and Spread B + 4.75% Maturity 03/19/33 Two2026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 6.98% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spectris PLC Industry Electrical Equipment Interest Rate 6.45% Reference Rate and Spread S + 2.75% Maturity 12/06/322026-03-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Diversified Consumer Services Initial Acquisition Date 04/26/242025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Champ Acquisition Corporation Industry Textiles, Apparel & Luxury Goods Interest Rate 6.95% Reference Rate and Spread S+ 3.25% Maturity 11/25/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMember2024-12-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ComputerServicesIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.84% Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CURiOBrandsLLCMember2025-12-310001920145ck0001920145:IwaveInformationSystemsIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 13, Ltd. - Class E Industry Financial Services Interest Rate 8.33% Reference Rate and Spread S+ 4.60% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ark Data Centers, LLC Industry IT Services Interest Rate 8.71% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PrecisionConceptsParentIncMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Olympus Water US Holding Corporation Industry Chemicals Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 06/20/312025-12-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 2028 Notes Company Receives 5.88% Company Pays S + 2.37% Maturity Date 04/06/282025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/24/31 One2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SunshineCadenceHoldcoLlcDbaCadenceEducationMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Computer Services, Inc. Industry Financial Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 11/17/312025-12-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 2029 Notes Company Receives 5.38% Company Pays S + 2.00% Maturity Date 01/31/292025-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 11/01/302026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:EnergySectorMember2026-01-012026-03-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145ck0001920145:CapitalGoodsMember2025-12-310001920145ck0001920145:SoftwareMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.08% Reference Rate and Spread S + 6.25% Maturity 12/07/282025-12-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:InvestmentAdviserDidNotDevelopUnobservableInputsMember2026-03-310001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2025-03-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Crosby US Acquisition Corp. Industry Metals & Mining Interest Rate 7.22% Reference Rate and Spread S + 3.50% Maturity 08/16/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Reference Rate and Spread S + 5.25% Maturity 03/31/272026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Allied Universal Holdco LLC Industry Commercial Services & Supplies Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 08/20/322026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-12-310001920145ck0001920145:ProfessionalservicesMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class E Industry Financial Services Interest Rate 8.72% Reference Rate and Spread S+ 5.05% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2026-02-230001920145us-gaap:DebtSecuritiesMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:InvestmentAdviserDidNotDevelopUnobservableInputsMember2025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% 123Dentist Inc. Industry Health Care Providers & Services Interest Rate 7.02% Reference Rate and Spread C + 4.75% Maturity 08/10/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% McAfee, LLC Industry Technology Hardware & Equipment Interest Rate 6.72% Reference Rate and Spread S+3.00% Maturity 03/01/292025-12-310001920145Investment Debt Investments - 180.7% Netherlands - 0.0% 1st Lien/Senior Secured Debt - 0.0% Unit4 Group Holding B.V. Industry Software Reference Rate and Spread E + 4.50% Maturity 12/18/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 08/01/292025-12-310001920145ck0001920145:SixPointOneFiveZeroPercentageJuneTwoThousandThirtyOneNotesMemberus-gaap:SubsequentEventMember2026-04-212026-04-210001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Reference Rate and Spread S + 5.00% Maturity 01/24/332026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:IwaveInformationSystemsIncMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Focus Financial Partners, LLC Industry Financial Services Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 09/15/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% White Cap Buyer LLC Industry Building Products Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 10/19/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.70% Reference Rate and Spread S+5.00% Maturity 06/02/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Interest Rate 9.70% Reference Rate and Spread S +6.00% (Incl. 3.25% PIK) Maturity 12/18/312025-12-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Diversified Consumer Services Initial Acquisition Date 07/06/222026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 02/10/282026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.3% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.23% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SaberParentHoldingsCorpDbaServiceLogicMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Quartz Acquireco LLC Industry Software Interest Rate 5.92% Reference Rate and Spread S+2.25% Maturity 06/28/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Mavis Tire Express Services Corp. Industry Automobile Components Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 05/04/282026-03-310001920145ck0001920145:InvestmentsInAffiliatedMoneyMarketFundMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:GeoTopCoCorporationFkaGeotechnicalMergerSubIncMember2026-03-310001920145us-gaap:WarrantMember2025-12-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% IRB Holding Corp. Industry Consumer Staples Distribution & Retail Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 12/15/272025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.70% Reference Rate and Spread S + 5.03% Maturity 12/22/28 One2026-03-310001920145ck0001920145:WirelessTelecommunicationServicesMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145ck0001920145:RocketBidcoIncDbaRecochemMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMemberus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Proampac PG Borrower LLC Industry Containers & Packaging Interest Rate 7.89% Reference Rate and Spread S + 4.00% Maturity 09/15/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Singlewire Software, LLC Industry Software Reference Rate and Spread S+4.75% Maturity 05/10/302026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Arsenal AIC Parent LLC Industry Metals & Mining Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 08/19/302025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.33% Reference Rate and Spread C + 4.75% Maturity 11/01/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 9.57% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 4.75% Maturity 12/31/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.67% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 12/02/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate Reference Rate and Spread S + 5.00% Maturity 06/06/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.90% Reference Rate and Spread S + 5.00% Maturity 05/01/312025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:AU2026-01-012026-03-310001920145us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% US Signal Company, LLC Industry IT Services Interest Rate 9.37% Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% One, Inc. Software Corporation Industry Software Interest Rate 8.20% Reference Rate and Spread S+4.50% Maturity 12/06/322026-03-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242026-01-012026-03-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2026-03-310001920145ck0001920145:InvestmentsInAffiliatedMoneyMarketFundMemberus-gaap:FairValueInputsLevel1Member2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.45% Reference Rate and Spread S + 5.75% Maturity 07/25/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Three2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% American Builders & Contractors Supply Co., Inc. Industry Building Products Interest Rate 5.47% Reference Rate and Spread S + 1.75% Maturity 01/31/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% iCIMS, Inc. Industry Professional Services Interest Rate 9.61% Reference Rate and Spread S + 5.75% Maturity 08/18/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Interest Rate 5.00% Reference Rate and Spread 5.00% Initial Acquisition Date 10/26/25 Maturity 05/31/612026-01-012026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorlastoutunitrancheMember2025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 11/30/28 One2026-03-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:MachineryMember2025-01-012025-12-310001920145ck0001920145:IdealComponentsAcquisitionLLCDbaIdealTridonMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2025-01-012025-03-310001920145ck0001920145:SpectrumSafetySolutionsPurchaserLlcDbaCarrierIndustrialFireMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 2nd Lien/Senior Secured Debt - 0.8% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Reference Rate and Spread 5.00% Initial Acquisition Date 10/26/25 Maturity 11/03/322025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 7.80% Reference Rate and Spread S + 4.50% Maturity 07/01/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/05/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Amspec Parent, LLC Industry Professional Services Interest Rate 7.17% Reference Rate and Spread S + 3.50% Maturity 12/22/312025-12-310001920145ck0001920145:FirstMarchTwoThousandTwentySixMemberck0001920145:CommonClassSMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Bleriot US Bidco Inc. Industry Aerospace & Defense Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 10/31/302025-12-310001920145srt:MaximumMember2025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 10.22% Reference Rate and Spread SN + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312025-12-310001920145ck0001920145:BNPParibasMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 09/26/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread S + 5.25% Maturity 06/30/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Four2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/28 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% (Incl. 2.00% PIK) Maturity 01/17/312026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:IN2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 11/30/282026-03-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.51% Reference Rate and Spread C + 5.25% Maturity 06/30/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S+4.50% Maturity 05/03/29 Two2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AL GCX Fund VIII Holdings LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.82% Reference Rate and Spread S + 2.00% Maturity 01/30/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% First Advantage Holdings, LLC Industry Software Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 10/31/312025-12-310001920145ck0001920145:MediaMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SpecialtyCareIncMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:AutomobileComponentsMember2025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:IT2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/31 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PackagingCoordinatorsMidcoIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% World Wide Technology Holding Co. LLC Industry Software Interest Rate 5.72% Reference Rate and Spread S+2.00% Maturity 03/01/302025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.84% Reference Rate and Spread S + 5.00% Maturity 09/30/302025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 2nd Lien/Senior Secured Debt - 0.1% Algae PikCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 9.13% Reference Rate and Spread E + 7.00% Initial Acquisition Date 05/30/25 Maturity 10/31/332026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Atwell, LLC Industry Professional Services Reference Rate and Spread S + 4.75% Maturity 04/25/23 Two2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:WellnessAcquisitionCoIncDbaSPINSMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.22% Reference Rate and Spread S + 6.00% Maturity 04/24/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.20% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001920145ck0001920145:InvestmentAdvisoryAgreementIncentiveRatePreincentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMembersrt:AffiliatedEntityMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% GIP Pilot Acquisition Partners LP Industry Energy Equipment & Services Interest Rate 5.65% Reference Rate and Spread S + 2.00% Maturity 10/04/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 08/29/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TK Elevator Midco GmbH Industry Machinery Interest Rate 6.38% Reference Rate and Spread S + 2.75% Maturity 04/30/302026-03-310001920145ck0001920145:InitialFivePointThreeSevenFivePercentJanuaryTwoThousandTwentyNineNotesMember2025-10-170001920145us-gaap:DebtMember2025-12-310001920145ck0001920145:BuildingProductsMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 12/31/26 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S +4.50% Maturity 09/01/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Avalara, Inc Industry Software Interest Rate 6.45% Reference Rate and Spread S + 2.75% Maturity 03/26/322026-03-310001920145country:SEus-gaap:DebtSecuritiesMember2026-03-310001920145ck0001920145:InvestmentManagementAgreementIncentiveRateRealizedCapitalGainsMembersrt:AffiliatedEntityMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 10.15% Reference Rate and Spread SN + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/32 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/32 Two2026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.73% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/32 One2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Advarra Holdings, Inc. Industry Health Care Providers & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/15/31 Two2026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 One2025-01-012025-12-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMemberck0001920145:TigerAcquisitionLLCDbaSabreIndustriesMember2026-03-310001920145us-gaap:AerospaceSectorMember2026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% iWave Information Systems, Inc. Industry Software Interest Rate 9.68% Reference Rate and Spread S + 6.00% Maturity 11/24/28 One2026-03-310001920145ck0001920145:BnpParibasRevolvingCreditFacilityMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BuckeyeAcquirorLLCDbaSuperiorEnvironmentalSolutionsMember2026-03-310001920145us-gaap:DebtSecuritiesMember2025-12-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% Whitewater Holding Company LLC Diversified Consumer Services Initial Acquisition Date 12/21/212025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Amentum Government Services Holdings LLC Industry Commercial Services & Supplies Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 09/29/312026-03-310001920145Investment Debt Investments - 180.7% Sweden - 1.0% 1st Lien/Senior Secured Debt - 1.0% Runner Bidco AB (dba nShift) Industry Software Interest Rate 6.87% Reference Rate and Spread STIBOR + 5.00% Maturity 08/21/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Aptean, Inc. Industry Software Interest Rate 8.57% Reference Rate and Spread S +4.75% Maturity 01/30/312025-12-310001920145us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/15/31 One2026-03-310001920145us-gaap:RelatedPartyMemberck0001920145:AccruedExpensesAndOtherLiabilitiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributor Reference Rate and Spread S + 4.50% Maturity 12/06/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Saber Parent Holdings Corp. (dba Service Logic) Industry Commercial Services & Supplies Interest Rate 10.25% Reference Rate and Spread P + 3.50% Maturity 12/16/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S+4.50% Maturity 05/03/292026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:UFTBuyerLLCDbaUnitedFlowTechnologiesMember2026-03-310001920145ck0001920145:ThirtyOneMarchTwoThousandTwentySixMemberck0001920145:CommonClassDMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 12/11/302025-12-310001920145us-gaap:RelatedPartyMemberck0001920145:InterestAndOtherDebtExpensePayableMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Focus Financial Partners, LLC Industry Financial Services Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 09/15/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMember2025-01-012025-03-310001920145us-gaap:WarrantMember2026-03-310001920145ck0001920145:BankOfAmericaNAMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/28 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Project Boost Purchaser, LLC Industry Software Interest Rate 6.45% Reference Rate and Spread S+2.75% Maturity 07/16/312026-03-310001920145ck0001920145:EnviroSmartLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Advarra Holdings, Inc. Industry Health Care Providers & Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 09/15/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.57% Reference Rate and Spread S + 5.00% Maturity 05/11/292026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:DayforceBidcoLLCDbaDayforceMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% US Signal Company, LLC Industry IT Services Interest Rate 9.52% Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001920145ck0001920145:FourthAmendmentToBNPPRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:SubsequentEventMember2026-04-170001920145ck0001920145:StructuredFinanceObligationDebtInstrumentsMember2025-12-310001920145ck0001920145:LobosParentIncDbaNEOGOVMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Celero Commerce LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 02/28/312026-03-310001920145Investment Debt Investments - 180.7% Netherlands - 0.0% 1st Lien/Senior Secured Debt - 0.0% Unit4 Group Holding B.V. Industry Software Reference Rate and Spread E + 4.50% Maturity 12/18/32 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Clarios Global LP Industry Automobile Components Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 05/06/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Curriculum Associates, LLC Industry Diversified Consumer Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 05/07/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 06/13/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Brookfield WEC Holdings Inc. Industry Machinery Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 01/27/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/31 Two2026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% INEOS Quattro Holdings UK Ltd Industry Chemicals Interest Rate 7.97% Reference Rate and Spread S + 4.25% Maturity 10/07/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 12/31/99 One2025-12-310001920145us-gaap:RelatedPartyMemberck0001920145:AccruedExpensesAndOtherLiabilitiesMember2025-12-310001920145ck0001920145:WebPTIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:InvestmentManagementAgreementMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Epicor Software Corp Industry Software Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 05/30/312026-03-310001920145us-gaap:LetterOfCreditMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S +4.50% Maturity 09/27/322025-12-310001920145ck0001920145:PearlAcquisitionBuyerIncDbaAllianceTechnicalGroupMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% WebPT, Inc. Industry Health Care Technology Interest Rate 10.05% Reference Rate and Spread S + 6.25% (Incl 3.13% PIK) Maturity 01/18/30 One2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:WildcatSolutionsHoldingsLLCDbaO6EnvironmentalMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Alliant Holdings Intermediate, LLC Industry Insurance Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 09/19/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Singlewire Software, LLC Industry Software Reference Rate and Spread S+4.75% Maturity 05/10/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AuctaneIncMember2026-03-310001920145ck0001920145:LifeSciencesToolsAndServicesMember2026-03-310001920145us-gaap:AerospaceSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% Netherlands - 0.0% 1st Lien/Senior Secured Debt - 0.0% Unit4 Group Holding B.V. Industry Software Reference Rate and Spread E + 4.50% Maturity 12/18/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Genesee & Wyoming Inc Industry Rail Transportation Interest Rate 5.45% Reference Rate and Spread S + 1.75% Maturity 04/10/312026-03-310001920145ck0001920145:TruistRevolvingCreditFacilityMembersrt:MaximumMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/272025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/24/302026-03-310001920145ck0001920145:MandrakeBidcoIncDbaMiratechMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ZeppelinUSBuyerIncDbaGlobalCriticalLogisticsMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Icebox Holdco III, Inc. Industry Building Products Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 12/22/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 05/01/292025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:CA2026-01-012026-03-310001920145ck0001920145:CommonClassDMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.71% Reference Rate and Spread S + 5.00% Maturity 09/24/312026-03-310001920145ck0001920145:SDBHOLDCOLLCDbaSpecialtyDentalBrandsMemberck0001920145:NonControlledAffiliatedInvestmentsMember2026-03-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Reference Rate and Spread S +4.75% Maturity 04/09/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/11/302025-12-310001920145us-gaap:AerospaceSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.26% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 06/25/25 Maturity 06/24/332026-01-012026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.73% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/322026-01-012026-03-310001920145us-gaap:PreferredStockMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:SecondLienOrSeniorSecuredDebtMembersrt:MaximumMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:WaterUtilitiesMember2025-01-012025-12-310001920145country:KYus-gaap:DebtSecuritiesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.20% Reference Rate and Spread S+4.50% Maturity 05/03/29 One2026-03-310001920145ck0001920145:DentistIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:GuidepointSecurityHoldingsLLCFkaGPSPhoenixBuyerIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% VB-S1 ISSUER, LLC (dba Vertical Bridge) Industry Wireless Telecommunication Services Interest Rate 8.60% Reference Rate and Spread 8.60% Initial Acquisition Date 02/12/26 Maturity 03/15/562026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:CommercialservicessuppliesMember2025-01-012025-12-310001920145ck0001920145:AuroraAcquirecoIncDbaAuditboardMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2026-01-012026-01-310001920145ck0001920145:ThreeMonthSTIBORMember2026-01-012026-03-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2024-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 9.69% Reference Rate and Spread S + 6.00% Maturity 02/01/272026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 One2025-12-310001920145us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% KPA Parent Holdings, Inc. Industry Software Interest Rate 8.17% Reference Rate and Spread S +4.50% Maturity 03/12/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% LSF12 Crown US Commercial Bidco LLC Industry Electrical Equipment Interest Rate 7.37% Reference Rate and Spread S + 3.50% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ankura Consulting Group, LLC Industry Professional Services Interest Rate 7.37% Reference Rate and Spread S + 3.50% Maturity 12/29/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/31 One2026-03-310001920145ck0001920145:CommonClassDMember2025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Potters Industries, LLC Industry Building Products Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 12/23/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% WhiteWater DBR HoldCo, LLC Industry Energy Equipment & Services Interest Rate 5.95% Reference Rate and Spread S + 2.25% Maturity 03/03/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SevenBidcoDbaSepteoMember2025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals) Industry Pharmaceuticals Interest Rate 8.79% Reference Rate and Spread B + 5.00% Maturity 10/29/322026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 One2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributor Reference Rate and Spread S + 4.50% Maturity 12/06/32 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% ABG Intermediate Holdings 2 LLC Industry Media Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 12/21/282026-03-310001920145ck0001920145:SevenNovemberTwoThousandTwentyFourMemberck0001920145:CommonClassIMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% HighLevel, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 02/23/33 One2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AdvarraHoldingsIncMember2025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.47% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/28 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 One2025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Reference Rate and Spread C + 5.00% Maturity 01/14/332025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% HUB International Limited Industry Insurance Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 06/20/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 8.29% Reference Rate and Spread E + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312026-03-310001920145ck0001920145:MetalsAndMiningMember2025-12-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Franklin Square Holdings, L.P. Industry Financial Services Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 04/25/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-12-310001920145ck0001920145:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMemberus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S +5.00% Maturity 12/17/31 One2026-03-310001920145ck0001920145:CommonClassIMemberck0001920145:TwoMarchTwoThousandTwentySixMember2026-01-012026-03-310001920145ck0001920145:FoodProductsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.17% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Trystar, LLC Industry Electrical Equipment Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/06/312026-03-310001920145ck0001920145:PeppertreeTowersLLCMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:StructuredFinanceObligationEquityInstrumentsMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Renaissance Holding Corp. Industry Software Interest Rate 7.67% Reference Rate and Spread S+4.00% Maturity 04/05/302026-03-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.71% Maturity Date 04/06/302025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VRSBuyerIncDbaLiquidTechMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Netsmart Technologies, Inc. Industry Health Care Providers & Services Interest Rate 8.92% Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/312025-12-310001920145ck0001920145:UsdSubFacilityMemberck0001920145:TruistRevolvingCreditFacilityMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 8.86% Reference Rate and Spread S + 5.00% Maturity 11/01/282026-03-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 9.80% Reference Rate and Spread S + 6.00% Maturity 02/01/272025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Great Outdoors Group, LLC Industry Leisure Products Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 01/23/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CiQuercusIntermediateHoldingsLlcDbaSavatreeMember2026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointZeroFiveZeroPercentageFebruaryTwoThousandTwentyEightNotesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/01/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/32 Three2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AGSHealthBCPHoldingsIncMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:HealthCareEquipmentAndSuppliesMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Plano HoldCo Inc. Industry IT Services Interest Rate 7.20% Reference Rate and Spread S + 3.50% Maturity 10/02/312026-03-310001920145ck0001920145:EipConsolidatedLlcDbaEverestInfrastructureMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001920145ck0001920145:HighfiveDentalHoldcoLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.21% Reference Rate and Spread S + 5.50% Maturity 02/28/302026-03-310001920145us-gaap:CommonStockMember2026-03-310001920145ck0001920145:OilGasAndConsumableFuelsMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Reference Rate and Spread S +5.75% (Incl. 3.13% PIK) Maturity 12/18/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Franklin Square Holdings, L.P. Industry Financial Services Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 04/25/312025-12-310001920145us-gaap:InvestmentAffiliatedIssuerMember2025-12-310001920145ck0001920145:TradingCompaniesDistributorsMember2026-03-310001920145ck0001920145:InvestmentsInAffiliatedMoneyMarketFundMemberus-gaap:FairValueInputsLevel1Member2025-12-310001920145ck0001920145:FourthAmendmentToBNPPRevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2026-04-172026-04-170001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 07/01/31 One2026-03-310001920145ck0001920145:OilGasAndConsumableFuelsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SCIH Salt Holdings, Inc. Industry Chemicals Interest Rate 6.52% Reference Rate and Spread S + 2.75% Maturity 01/31/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Jeppesen Holdings, LLC Industry Software Interest Rate 8.59% Reference Rate and Spread S +4.75% Maturity 11/01/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Whatabrands LLC Industry Hotels, Restaurants & Leisure Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 08/03/282025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Seven BidCo (dba Septeo) Industry Software Reference Rate and Spread E + 4.40% Initial Acquisition Date 08/01/25 Maturity 08/27/322026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.17% Reference Rate and Spread S +4.50% Maturity 08/29/312026-03-310001920145us-gaap:InsuranceSectorMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% MajorDrive Holdings IV LLC Industry Leisure Products Interest Rate 7.93% Reference Rate and Spread S + 4.00% Maturity 06/01/282025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/11/25 Maturity 05/07/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/302026-03-310001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Diameter Capital CLO 13, Ltd. - Subordinated Notes Financial Services Effective Yield 8.33% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.56% Reference Rate and Spread S + 5.75% Maturity 06/13/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S+5.00% Maturity 12/05/31 One2025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/15/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 06/13/28 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontgrade Technologies Holdings Inc Industry Aerospace & Defense Interest Rate 8.85% Reference Rate and Spread S + 5.00% (incl. 1.50% PIK) Maturity 01/09/282025-12-310001920145ck0001920145:RailTransportationMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Interest Rate 7.27% Reference Rate and Spread E + 5.25% Initial Acquisition Date 11/15/25 Maturity 02/05/322025-01-012025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Cotiviti, Inc. Industry Health Care Technology Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 03/26/322026-03-310001920145country:BEck0001920145:FirstLienSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% Netherlands - 0.0% 1st Lien/Senior Secured Debt - 0.0% Unit4 Group Holding B.V. Industry Software Reference Rate and Spread E + 4.50% Maturity 12/18/32 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Hamilton Thorne, Inc Industry Health Care Equipment & Supplies Interest Rate 7.32% Reference Rate and Spread E + 5.25% Maturity 11/28/31 One2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:AutomobileComponentsMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eShipping, LLC Industry Air Freight & Logistics Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 12/23/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BlazingStarShieldsDirectParentLLCMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BusinessolverComIncMember2026-03-310001920145ck0001920145:ThreeMonthBbswMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OneIncSoftwareCorporationMember2026-03-310001920145country:LUck0001920145:FirstLienSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Hyland Software, Inc. Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 09/19/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.55% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001920145ck0001920145:TenAprilTwoThousandTwentySixMember2026-01-012026-03-310001920145ck0001920145:BuildingProductsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.62% Reference Rate and Spread S + 5.75% Maturity 07/25/28 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% HighTower Holdings LLC Industry Health Care & Services Interest Rate 6.65% Reference Rate and Spread S + 2.75% Maturity 02/03/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% PFI Lower Midco LLC Industry Food Products Interest Rate 7.87% Reference Rate and Spread S + 4.00% Maturity 12/01/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dawn Bidco, LLC (dba Dayforce) Industry Software Reference Rate and Spread S + 3.00% Maturity 08/20/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/30/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Nvent Electric Public Limited Company Industry Electrical Equipment Interest Rate 6.84% Reference Rate and Spread S + 3.00% Maturity 12/31/992025-12-310001920145ck0001920145:AffiliatedInvestmentMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 11/01/302026-03-310001920145us-gaap:FinancialServicesSectorMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 6.25% Maturity 08/15/302026-03-310001920145ck0001920145:ProfessionalservicesMember2026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 11, Ltd. - Class E Industry Financial Services Interest Rate 9.33% Reference Rate and Spread S+ 5.05% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:InsuranceSectorMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AlixPartners, LLP Industry Commercial Services & Supplies Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 08/12/322026-03-310001920145ck0001920145:RocketBidcoIncDbaRecochemMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145us-gaap:CommonStockMembercountry:US2026-03-310001920145ck0001920145:BlastBidcoIncDbaBazookaCandyBrandsMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2026-02-012026-02-280001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/19/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 09/26/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Charter Next Generation, Inc. Industry Containers & Packaging Interest Rate 6.50% Reference Rate and Spread S + 2.75% Maturity 11/29/302025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:DiversifiedfinancialservicesMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Raising Cane's Restaurants, LLC Industry Hotels, Restaurants & Leisure Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 11/03/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Netsmart Technologies, Inc. Industry Health Care Providers & Services Interest Rate 8.87% Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/312026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Seven BidCo (dba Septeo) Industry Software Reference Rate and Spread E + 4.50% Initial Acquisition Date 08/01/25 Maturity 08/27/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Fortress Intermediate 3, Inc Industry Technology Hardware & Equipment Interest Rate 6.78% Reference Rate and Spread S+3.00% Maturity 06/27/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Meade Pipeline Co LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.69% Reference Rate and Spread S + 2.00% Maturity 09/22/322026-03-310001920145ck0001920145:WaterUtilitiesMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.22% Reference Rate and Spread B + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AdmiralBuyerIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zelis Payments Buyer, Inc. Industry Software Interest Rate 6.97% Reference Rate and Spread S+3.25% Maturity 11/26/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PPWAeroBuyerIncDbaPursuitAerospaceMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AmWINS Group, Inc. Industry Insurance Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 01/30/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/19/31 One2025-12-310001920145ck0001920145:SummitBuyerLLCDbaClassicCollisionMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 5.375% January 2029 Notes Company Receives 5.38% Company Pays S + 2.00% Maturity Date 12/31/282026-01-012026-03-3100019201452026-03-310001920145ck0001920145:ZeppelinUSBuyerIncDbaGlobalCriticalLogisticsMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 03/14/25 Maturity 05/07/32 One2026-01-012026-03-310001920145ck0001920145:CommonClassIMember2025-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Interest Rate 7.27% Reference Rate and Spread C + 5.00% Maturity 01/14/332026-03-310001920145ck0001920145:CommercialservicessuppliesMember2026-03-310001920145ck0001920145:AdvancedCoolingTechnologiesIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2025-12-310001920145us-gaap:TechnologySectorMember2025-12-310001920145ck0001920145:NCTopcoLLCDbaNContractsMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% Belgium - 0.0% 1st Lien/Senior Secured Debt - 0.0% Ranch Bidco B.V. (dba Innovad) Industry Biotechnology Reference Rate and Spread E + 4.75% Maturity 12/01/32 One2025-12-310001920145ck0001920145:DentistIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/32 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Acrisure, LLC Industry Insurance Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 06/21/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 09/30/312025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145ck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 6.98% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/322026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07%Reference Rate and Spread S + 5.25% Maturity 12/21/29 One2025-12-310001920145Investment Debt Investments - 179.3.% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 03/01/28 One2026-03-310001920145us-gaap:AerospaceSectorMember2025-12-310001920145ck0001920145:BXFrontierMemberIHoldingsLLCMemberck0001920145:MembershipInterestMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.79% Reference Rate and Spread B + 4.75% Maturity 10/24/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.91% Reference Rate and Spread P + 4.00% Maturity 09/30/312026-03-310001920145ck0001920145:SinglewireSoftwareLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 8.95% Reference Rate and Spread S + 5.25% Maturity 06/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Rand Parent, LLC Industry Air Freight & Logistics Interest Rate 6.70% Reference Rate and Spread S + 3.00% Maturity 03/18/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Reference Rate and Spread S +6.00% (Incl. 3.25% PIK) Maturity 12/18/31 Two2025-12-310001920145us-gaap:PreferredStockMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EShippingLLCMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/01/32 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 07/01/312026-03-310001920145ck0001920145:ElectricalEquipmentMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sedgwick Claims Management Services, Inc. Industry Insurance Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 07/31/312026-03-310001920145ck0001920145:K2TowersIiiLlcMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Initial Acquisition Date 04/11/25 Maturity 05/07/322025-01-012025-12-310001920145ck0001920145:SupermanHoldingsLlcDbaFoundationSoftwareMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 13, Ltd. - Class D1 Industry Financial Services Interest Rate 6.28% Reference Rate and Spread S+ 2.55% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-01-012025-12-310001920145ck0001920145:FiveMayTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% GIP Pilot Acquisition Partners LP Industry Energy Equipment & Services Interest Rate 5.94% Reference Rate and Spread S + 2.00% Maturity 12/31/992025-12-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2025-10-172025-10-170001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 05/31/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 11/30/282026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.62% Reference Rate and Spread S + 5.00% Maturity 10/24/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% K2 Towers II, LLC Industry Wireless Telecommunication Services Interest Rate 8.23% Reference Rate and Spread S + 4.58% Maturity 05/02/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Brown Group Holding, LLC Industry Construction & Engineering Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 07/01/312026-03-310001920145ck0001920145:TwentySixFebruaryTwoThousandTwentyFiveMemberck0001920145:CommonClassIMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.04% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Convenient Payments Acquisition, Inc. Industry Software Reference Rate and Spread S + 6.00% Maturity 12/31/262025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Reference Rate and Spread S + 5.00% Maturity 10/01/292025-12-310001920145ck0001920145:CommonClassIMember2026-05-120001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Diameter Capital CLO 11, Ltd. - Subordinated Notes Financial Services Effective Yield 9.00% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-01-012026-03-310001920145ck0001920145:HylandSoftwareIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SpecialtyCare, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 12/18/292025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:RealEstateManagementAndDevelopmentMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributor Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 01/24/332025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 08/02/32 Two2025-12-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Diameter Capital CLO 11, Ltd. - Subordinated Notes Financial Services Effective Yield 8.85% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 07/24/312026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Singlewire Software, LLC Industry Software Interest Rate 8.42% Reference Rate and Spread S+4.75% Maturity 05/10/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Quikrete Holdings, Inc. Industry Building Products Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 03/19/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/30/30 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.85% Reference Rate and Spread S + 5.25% (Incl. 2.88% PIK) Maturity 12/15/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fleet Midco I Limited Industry Media Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 02/21/312026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001920145ck0001920145:SecondLienSeniorSecuredDebtMembercountry:IT2025-12-3100019201452025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CURiO Brands LLC Industry Household Products Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 04/02/312026-03-310001920145ck0001920145:CSTHoldingCompanyDbaIntoxalockMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Reference Rate and Spread S + 4.75% Maturity 07/09/32 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.37% Reference Rate and Spread S + 6.50% Maturity 07/01/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dawn Bidco, LLC (dba Dayforce) Industry Software Reference Rate and Spread S +3.00% Maturity 10/07/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 04/30/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:FirstlienorlastoutunitrancheMemberck0001920145:EDBParentLLCDbaEnterpriseDBMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VamosBidcoIncDbaVIPMember2025-12-310001920145country:KYck0001920145:FirstLienSeniorSecuredDebtMember2026-03-310001920145us-gaap:PreferredStockMember2026-03-310001920145us-gaap:CommonStockMemberck0001920145:CommonClassDMember2026-01-012026-03-310001920145ck0001920145:TwentyEightFebruaryTwoThousandTwentyFiveMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 10.47% Reference Rate and Spread S + 6.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Computer Services, Inc. Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 11/17/31 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VRSBuyerIncDbaLiquidTechMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:DwyerInstrumentsLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 7.85% Reference Rate and Spread S + 4.15% Maturity 07/28/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ahead DB Holdings, LLC Industry Technology Hardware & Equipment Interest Rate 6.17% Reference Rate and Spread S+2.50% Maturity 02/03/312025-12-310001920145ck0001920145:ProfessionalservicesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Reference Rate and Spread S + 4.50% Maturity 07/14/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Medline Borrower, LP Industry Health Care Equipment & Supplies Interest Rate 5.42% Reference Rate and Spread S + 1.75% Maturity 10/23/282026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Computer Services, Inc. Industry Financial Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 11/17/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% iCIMS, Inc. Industry Professional Services Interest Rate 9.59% Reference Rate and Spread S + 5.75% Maturity 08/18/282025-12-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Diversified Consumer Services Initial Acquisition Date 07/06/222025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:FoodProductsMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 9.92% Reference Rate and Spread S + 6.25% Maturity 12/07/28 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/01/32 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Four2026-03-310001920145ck0001920145:HamiltonThorneIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Galway Borrower LLC Industry Insurance Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 09/29/282025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SaberParentHoldingsCorpDbaServiceLogicMember2025-12-310001920145us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RecordedBooksIncDbaRbmediaMember2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/292026-03-310001920145Investment Debt Investments - 180.7% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Interest Rate 7.27% Reference Rate and Spread E + 5.25% Initial Acquisition Date 11/15/25 Maturity 02/05/32 One2025-01-012025-12-310001920145ck0001920145:ThreeMonthCORRAMember2025-01-012025-12-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Diversified Consumer Services Initial Acquisition Date 07/06/222025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AppleBidcoHoldingsIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 11/22/322026-03-310001920145ck0001920145:FourthAmendmentToBNPPRevolvingCreditFacilityMemberus-gaap:SubsequentEventMembersrt:MaximumMember2026-04-170001920145us-gaap:CommonStockMember2025-01-012025-03-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:LineOfCreditMemberck0001920145:TruistRevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S +5.00% Maturity 12/17/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Eisner Advisory Group LLC Industry Financial Services Interest Rate 7.67% Reference Rate and Spread S + 4.00% Maturity 02/28/312026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:ContainerAndPackagingSectorMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Quikrete Holdings, Inc. Industry Building Products Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 04/14/312026-03-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare) Industry Pharmaceuticals Reference Rate and Spread B + 4.75% Maturity 12/23/302025-12-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:IT2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Paint Intermediate III, LLC Industry Chemicals Reference Rate and Spread S + 3.00% Maturity 10/09/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S+4.75% Maturity 01/30/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.57% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Chobani, LLC Industry Food Products Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 10/28/322026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322025-12-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:StructuredFinanceObligationDebtInstrumentsMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:RetailSectorMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Berlin Packaging LLC Industry Containers & Packaging Interest Rate 6.91% Reference Rate and Spread S + 3.25% Maturity 06/07/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SRAM, LLC Industry Leisure Products Interest Rate 5.96% Reference Rate and Spread S + 2.25% Maturity 02/27/322025-12-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Octagon 78, Ltd. - Subordinated Notes Financial Services Effective Yield 9.00% Initial Acquisition Date 07/14/25 Maturity 10/20/382025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Standard Industries, Inc. Industry Building Products Interest Rate 5.42% Reference Rate and Spread S + 1.75% Maturity 09/22/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 12/31/99 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Trident TPI Holdings, Inc. Industry Containers & Packaging Interest Rate 7.42% Reference Rate and Spread S + 3.75% Maturity 09/15/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eResearch Technology, Inc. (dba Clario) Industry Health Care Technology Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 01/20/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.41% Reference Rate and Spread S +4.75% Maturity 05/03/292026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:HighLevelIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.3% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.17% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:SoftwareMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare) Industry Pharmaceuticals Reference Rate and Spread B + 4.75% Maturity 12/23/32 One2025-12-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2026-03-310001920145ck0001920145:StructuredFinanceObligationEquityInstrumentsMember2025-12-310001920145ck0001920145:HylandSoftwareIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SISwanUKBidcoLimitedDbaSapiensInternationalMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/06/322026-03-310001920145ck0001920145:ThreeMonthBbswMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 10.75% Reference Rate and Spread P + 4.00% Maturity 05/31/302025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Apple AU Finco Pty Ltd (dba Aspen Pharmacare) Industry Pharmaceuticals Reference Rate and Spread B + 4.75% Maturity 03/19/33 One2026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 11, Ltd. - Class D1 Industry Financial Services Interest Rate 7.13% Reference Rate and Spread S+ 2.85% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-01-012025-12-310001920145Investment Debt Investments - 179.3% Sweden - 0.9% 1st Lien/Senior Secured Debt - 0.9% OMEGA II AB (dba Fortnox) Industry Software Interest Rate 6.27% Reference Rate and Spread STIBOR + 4.25% Maturity 06/17/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Cotiviti, Inc. Industry Health Care Technology Interest Rate 6.62% Reference Rate and Spread S + 2.75% Maturity 05/01/312025-12-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% Optima S.P.A Industry Consumer Staples Distribution & Retail Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 05/01/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Aptean, Inc. Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/312026-03-310001920145Investment Debt Investments - 179.3% Belgium - 0.3% 1st Lien/Senior Secured Debt - 0.3% Ranch Bidco B.V. (dba Innovad) Industry Biotechnology Reference Rate and Spread E + 4.75% Maturity 1/28/332026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Cloud Software Group, Inc. Industry IT Services Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 08/13/322026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class D1 Industry Financial Services Interest Rate 6.52% Reference Rate and Spread S+ 2.85% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.74% Reference Rate and Spread S + 5.03% Maturity 12/22/282025-12-310001920145country:BEus-gaap:DebtSecuritiesMember2025-12-310001920145us-gaap:CommonStockMember2026-03-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMemberck0001920145:ConsilioIntermediateCoLimitedDbaCynclyMember2025-12-310001920145ck0001920145:AlgaeBidCoMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 02/24/312025-12-310001920145ck0001920145:ProjectAccelerateParentLlcDbaAbcFitnessMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:ItservicesMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Jeppesen Holdings, LLC Industry Software Interest Rate 8.42% Reference Rate and Spread S +4.75% Maturity 11/01/322026-03-310001920145ck0001920145:CommonClassDMember2023-04-060001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Chromalloy Corporation Industry Construction & Engineering Interest Rate 6.91% Reference Rate and Spread S + 3.25% Maturity 03/27/312026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ahead DB Holdings, LLC Industry Technology Hardware & Equipment Interest Rate 6.20% Reference Rate and Spread S+2.50% Maturity 02/03/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S +4.50% Maturity 03/12/32 One2026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Reference Rate and Spread E + 7.50% Initial Acquisition Date 04/15/25 Maturity 04/11/322025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Atwell, LLC Industry Professional Services Reference Rate and Spread S + 4.75% Maturity 04/25/232026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 12/02/312025-12-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2026-01-012026-03-310001920145ck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Hologic Inc. Industry Health Care Equipment & Supplies Reference Rate and Spread S + 2.25% Maturity 04/07/332026-03-310001920145ck0001920145:StructuredFinanceObligationDebtInstrumentsMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07%Reference Rate and Spread S + 5.25% Maturity 12/21/29 Three2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributor Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/29 One2026-03-310001920145ck0001920145:OnwardAcquireCoIncDbaOneStreamMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:GalwayBorrowerLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Equity and Other - 0.7% United States - 0.1% Preferred Stock - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S +5.00% Maturity 06/02/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:TropicalBidcoLLCDbaTropicalCheeseMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Burgess Pigment Co. Industry Chemicals Reference Rate and Spread S + 5.00% Maturity 03/19/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Harbor Freight Tools USA, Inc. Industry Specialty Retail Interest Rate 5.92% Reference Rate and Spread S+2.25% Maturity 06/11/312026-03-310001920145ck0001920145:AutomobileComponentsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.67% Reference Rate and Spread S+5.00% Maturity 12/05/31 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BX Frontier Member I LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.86% Reference Rate and Spread 5.86% Initial Acquisition Date 09/22/25 Maturity 12/31/602026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% Tiger Acquisition, LLC (dba Sabre Industries) Industry Wireless Telecommunication Services Reference Rate and Spread S + 5.25% Maturity 05/01/342026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AqSunshineIncDbaRelationInsuranceMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 10.59% Reference Rate and Spread S + 6.75% Maturity 11/08/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Diamond Communications LLC Industry Wireless Telecommunication Services Interest Rate 7.72% Reference Rate and Spread S + 4.00% Maturity 05/28/302025-12-310001920145Investment Debt Investments - 180.7% France - 1.1% 2nd Lien/Senior Secured Debt - 0.0% Algae PikCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 9.13% Reference Rate and Spread E + 7.00% Initial Acquisition Date 05/30/25 Maturity 10/31/332025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/31/99 One2025-12-310001920145ck0001920145:FoodProductsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.67% Reference Rate and Spread S+5.00% Maturity 06/02/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AppleBidcoHoldingsIncMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.02% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Three2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:MetalsAndMiningMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/30 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/25/282026-03-310001920145ck0001920145:BnpParibasRevolvingCreditFacilityMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 2nd Lien/Senior Secured Debt - 0.8% Colossus Acquireco LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.41% Reference Rate and Spread S + 1.75% Maturity 07/30/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 04/14/312026-03-310001920145country:NLus-gaap:DebtSecuritiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001920145ck0001920145:MsRevolvingCreditFacilityMember2026-01-012026-03-310001920145currency:CHFck0001920145:TruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.98% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/24/312026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:TradingCompaniesDistributorsMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Interest Rate 6.63% Reference Rate and Spread 0.0663 Maturity 05/31/612026-03-310001920145ck0001920145:TwentyFourFebruaryTwoThousandTwentyFiveMember2025-03-310001920145ck0001920145:MMLCIIMember2025-07-110001920145Investment Debt Investments - 179.3% Italy - 1.0% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.28% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 04/15/25 Maturity 04/11/332026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Reference Rate and Spread S +4.50% Maturity 01/22/232026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/24/312026-03-310001920145ck0001920145:ClearwaterAnalyticsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:CommonClassSMemberck0001920145:FirstFebruaryTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.40% Reference Rate and Spread S + 4.50% Maturity 10/15/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% American Builders & Contractors Supply Co., Inc. Industry Building Products Interest Rate 5.42% Reference Rate and Spread S + 1.75% Maturity 01/31/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Businessolver.com, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 12/03/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RunwayBidcoLlcDbaRedwoodSoftwareMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread S+4.50% Maturity 05/03/29 Two2025-12-310001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Octagon 78, Ltd. - Subordinated Notes Financial Services Effective Yield 9.11% Initial Acquisition Date 07/14/25 Maturity 10/20/382026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Drake Software, LLC Industry Software Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 06/26/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% USI, Inc. Industry Insurance Interest Rate 5.95% Reference Rate and Spread S + 2.25% Maturity 11/21/292026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Interest Rate 7.31% Reference Rate and Spread C + 5.00% Maturity 01/14/332026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001920145ck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Sparta U.S. HoldCo LLC Industry Chemicals Interest Rate 6.86% Reference Rate and Spread S + 3.00% Maturity 08/02/302025-12-310001920145ck0001920145:WestwoodProfessionalServicesIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145us-gaap:NoncontrollingInterestMembercountry:US2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% ConnectWise, LLC Industry Software Interest Rate 7.46% Reference Rate and Spread S + 3.50% Maturity 09/29/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Cloud Software Group, Inc. Industry IT Services Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 03/21/312026-03-310001920145us-gaap:InterestRateSwapMember2026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Madison Park Funding LXX, Ltd. - Class E Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 08/04/25 Maturity 09/04/382026-01-012026-03-3100019201452025-01-012025-01-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EagleFamilyFoodsGroupLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:GeoTopCoCorporationFkaGeotechnicalMergerSubIncMember2025-12-310001920145ck0001920145:RevolvingCreditFacilityTrancheAMemberck0001920145:MsRevolvingCreditFacilityMember2024-08-090001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kaseya Inc. Industry IT Services Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 03/22/322026-03-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2026-01-012026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate Reference Rate and Spread S + 5.25% Maturity 12/21/292026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Madison Park Funding LXX, Ltd. - Class D Industry Financial Services Interest Rate 6.47% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 08/04/25 Maturity 09/04/382026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.62% Reference Rate and Spread S + 5.75% Maturity 07/25/282025-12-310001920145ck0001920145:AirwavzSolutionsIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:ThreeMonthSOFRMember2025-01-012025-12-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001920145:FirstlienorseniorsecureddebtMemberus-gaap:MarketApproachValuationTechniqueMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001920145us-gaap:SubsequentEventMemberck0001920145:CommonClassSMember2026-05-012026-05-010001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S +4.50% Maturity 08/29/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322025-12-310001920145ck0001920145:HouseholdDurablesMember2025-12-310001920145ck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:MsRevolvingCreditFacilityMember2026-03-310001920145Investment Debt Investments - 180.7% United Arab Emirates - 0.0% 1st Lien/Senior Secured Debt - 0.0% GEMS Topco Limited (dba GEMS Education) Industry Diversified Consumer Services Reference Rate and Spread S + 4.25% Initial Acquisition Date 11/15/25 Maturity 11/15/282025-12-310001920145Investment Debt Investments - 180.7% Sweden - 1.0% 1st Lien/Senior Secured Debt - 1.0% OMEGA II AB (dba Fortnox) Industry Software Interest Rate 6.12% Reference Rate and Spread STIBOR + 4.25% Maturity 06/17/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NewtekMerchantSolutionsLLCDbaNewtekOneMember2025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Madison Park Funding LXX, Ltd. - Class E Industry Financial Services Interest Rate 9.23% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 08/04/25 Maturity 09/04/382025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.98% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Reference Rate and Spread S +5.00% Maturity 06/02/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Albaugh, LLC Industry Chemicals Interest Rate 7.42% Reference Rate and Spread S + 3.75% Maturity 04/06/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Galway Borrower LLC Industry Insurance Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/29/28 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Six2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AdvarraHoldingsIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Reference Rate and Spread S + 5.00% Maturity 10/01/292026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:CapitalGoodsMember2025-01-012025-12-310001920145country:KYus-gaap:EquitySecuritiesMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CeleroCommerceLLCMember2026-03-310001920145ck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberck0001920145:RFRLoanMember2026-05-072026-05-070001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% OneDigital Borrower, LLC Industry Insurance Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 07/02/312025-12-310001920145us-gaap:FairValueInputsLevel3Member2025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 9.63% Reference Rate and Spread S + 6.00% Maturity 09/30/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.96% Reference Rate and Spread S + 5.00% Maturity 05/01/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:GEMSTopcoLimitedDbaGEMSEducationMember2025-12-310001920145ck0001920145:TruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/32 One2025-12-310001920145ck0001920145:BCTOBluebillBuyerIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2025-12-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 01/24/332026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Sedgwick Claims Management Services, Inc. Industry Insurance Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 07/31/312025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/11/25 Maturity 05/07/322026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Hamilton Thorne, Inc Industry Health Care Equipment & Supplies Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 11/28/312025-12-310001920145us-gaap:InterestRateSwapMemberck0001920145:BNPParibasMember2025-12-310001920145ck0001920145:CommonClassSMember2025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/312026-03-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Apple AU Finco Pty Ltd (dba Aspen Pharmacare) Industry Pharmaceuticals Reference Rate and Spread B + 4.75% Maturity 03/19/33 Three2026-03-310001920145country:LUus-gaap:DebtSecuritiesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 10/15/32 Two2026-03-3100019201452025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 7.58% Reference Rate and Spread S + 3.75% Maturity 08/31/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Three2026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Madison Park Funding LXX, Ltd. - Class E Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 08/04/25 Maturity 09/04/382026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:HotelsRestaurantsAndLeisureMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Interest Rate 8.06% Reference Rate and Spread E +5.75% (Incl. 3.13% PIK) Maturity 12/18/31 One2026-03-310001920145us-gaap:DebtMemberck0001920145:TruistRevolvingCreditFacilityMember2025-12-310001920145ck0001920145:SupremeFitnessGroupNYHoldingsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:ThreeMonthNiborMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 08/28/302026-03-310001920145ck0001920145:AuroraAcquirecoIncDbaAuditboardMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.75% Reference Rate and Spread S + 5.75% Maturity 06/13/282025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:SE2026-01-012026-03-310001920145country:GBus-gaap:DebtSecuritiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread S + 5.25% Maturity 06/30/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.78% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 One2025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class D2 Industry Financial Services Interest Rate 7.87% Reference Rate and Spread S+ 4.20% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-01-012026-03-310001920145ck0001920145:DistributorsMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145country:KYck0001920145:StructuredFinanceObligationDebtInstrumentsMember2026-03-310001920145ck0001920145:CommonClassIMember2025-01-012025-03-310001920145ck0001920145:FivePointZeroFiveZeroPercentageFebruaryTwoThousandTwentyEightNotesMember2026-01-012026-03-310001920145ck0001920145:PikeCorporationMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Athenahealth Group, Inc. Industry Health Care Technology Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 02/15/292025-12-310001920145ck0001920145:NFMAndJLPDbaTheFacilitiesGroupMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.91% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-01-012026-03-310001920145us-gaap:InterestRateSwapMemberck0001920145:BankOfAmericaNAMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberus-gaap:ConstructionSectorMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Octagon 78, Ltd. - Subordinated Notes Financial Services Effective Yield 9.00% Initial Acquisition Date 07/14/25 Maturity 10/20/382025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread SN+4.50% Maturity 05/03/292025-12-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 179.3% India - 0.1% 1st Lien/Senior Secured Debt -0.1% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 07/18/282026-03-310001920145ck0001920145:TEIIntermediateLLCDbaTriumvirateEnvironmentalMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class D2 Industry Financial Services Interest Rate 7.87% Reference Rate and Spread S+ 4.20% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% iCIMS, Inc. Industry Professional Services Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 08/18/28 One2026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2025-01-012025-12-310001920145ck0001920145:HealthcaretechnologyMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Athenahealth Group, Inc. Industry Health Care Technology Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 02/15/292026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:LeisureProductsMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.05% Reference Rate and Spread E + 5.00% Initial Acquisition Date 06/25/25 Maturity 06/24/322025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/30/322026-03-310001920145ck0001920145:IdealComponentsAcquisitionLLCDbaIdealTridonMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BlazingStarShieldsDirectParentLLCMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VasaFitnessBuyerIncMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/29 Two2026-03-3100019201452025-03-012025-03-310001920145ck0001920145:LeisureProductsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Whatabrands LLC Industry Hotels, Restaurants & Leisure Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 08/03/282026-03-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CircustrixHoldingsLlcDbaSkyzoneMember2026-03-310001920145us-gaap:ChemicalsSectorMember2026-03-310001920145Investment Debt Investments - 179.3% Sweden - 0.9% 1st Lien/Senior Secured Debt - 0.9% OMEGA II AB (dba Fortnox) Industry Software Reference Rate and Spread STIBOR + 4.25% Maturity 06/17/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.22% Reference Rate and Spread S +4.50% Maturity 08/29/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/31/31 One2026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Octagon 78, Ltd. - Class D Industry Financial Services Interest Rate 6.91% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 07/14/25 Maturity 10/20/382025-01-012025-12-310001920145us-gaap:DebtSecuritiesMembercountry:CA2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RanchBidcoBVDbaInnovadMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Celero Commerce LLC Industry Financial Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 02/28/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 01/09/282026-03-310001920145us-gaap:PreferredStockMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S +4.50% Maturity 09/26/31 One2025-12-310001920145ck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.29% Reference Rate and Spread S + 4.50% Maturity 10/15/312025-12-310001920145us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2026-03-310001920145ck0001920145:ACN664616371PtyLtdMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% Sweden - 0.9% 1st Lien/Senior Secured Debt - 0.9% Runner Bidco AB (dba nShift) Industry Software Interest Rate 6.96% Reference Rate and Spread STIBOR + 5.00% Maturity 08/21/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CNT Holdings I Corp. Industry IT Services Interest Rate 6.09% Reference Rate and Spread S + 2.25% Maturity 11/08/322025-12-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 7.02% Reference Rate and Spread E + 5.00% Initial Acquisition Date 03/14/25 Maturity 05/07/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% WebPT, Inc. Industry Health Care Technology Interest Rate 10.18% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001920145ck0001920145:ThreeMonthPrimeMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CreekParentIncDbaCatalentMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 05/19/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VictorsPurchaserLLCDbaServiceExpressMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:DiversifiedconsumerservicesMember2026-01-012026-03-310001920145ck0001920145:TruistRevolvingCreditFacilityMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.19% Reference Rate and Spread B + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CloudBees, Inc. Industry Software Interest Rate 10.83% Reference Rate and Spread S +7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 04/30/302026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:FrontgradeTechnologiesHoldingsIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.61% Reference Rate and Spread S + 4.75% Maturity 12/15/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.67% Reference Rate and Spread S + 7.00% Maturity 07/07/282026-03-310001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 5.050% February 2028 Notes Company Receives 5.05% Company Pays S + 1.72% Maturity Date 02/23/282026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.22% Reference Rate and Spread B + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-03-310001920145ck0001920145:MsRevolvingCreditFacilityMember2025-12-310001920145us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S+5.00% Maturity 12/05/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Rubix Foods, LLC Industry Food Products Reference Rate and Spread S + 4.75% Maturity 04/30/312025-12-310001920145ck0001920145:SixPointOneFiveZeroPercentageJuneTwoThousandThirtyOneNotesMemberus-gaap:SubsequentEventMember2026-04-210001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Citadel Securities LP Industry Diversified Financial Services Interest Rate 5.70% Reference Rate and Spread S + 2.00% Maturity 10/31/312026-03-310001920145us-gaap:EnergySectorMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AryehBidcoInvestmentLtdDbaDentalcorpMember2025-12-310001920145us-gaap:FairValueInputsLevel3Member2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.17% Reference Rate and Spread S + 6.00% (Incl. 3.00% PIK) Maturity 02/28/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Propulsion (BC) Finco S.a.r.l. Industry Aerospace & Defense Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 09/14/292025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 13, Ltd. - Class D2 Industry Financial Services Interest Rate 7.38% Reference Rate and Spread S+ 3.65% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:JupiterRefuelCanadaBuyerIncDba4RefuelMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Netsmart Technologies, Inc. Industry Health Care Providers & Services Interest Rate 8.87% Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/31 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% eShipping, LLC Industry Air Freight & Logistics Interest Rate 10.25% Reference Rate and Spread P + 3.50% Maturity 12/23/322026-03-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322026-01-012026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 9.80% Reference Rate and Spread S + 6.00% Maturity 12/31/272026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.26% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 06/25/25 Maturity 06/24/332025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Avalara, Inc Industry Software Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 03/26/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312026-03-310001920145ck0001920145:MsRevolvingCreditFacilityMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% Belgium - 0.0% 1st Lien/Senior Secured Debt - 0.0% Ranch Bidco B.V. (dba Innovad) Industry Biotechnology Reference Rate and Spread E + 4.75% Maturity 12/01/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BurgessPigmentCoMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Clarios Global LP Industry Automobile Components Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 01/28/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:JupiterRefuelUSBuyerIncDba4RefuelMember2025-12-310001920145ck0001920145:LegendsHospitalityHoldingCompanyLLCFkaASMBuyerIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Cube Industrials Buyer Inc Industry Capital Goods Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 10/17/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% Rota Bidco S.p.A. (dba Casa Optima) Industry Consumer Staples Distribution & Retail Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 02/03/332026-03-310001920145ck0001920145:RunnerBidcoABMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Reference Rate and Spread SN + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312025-12-310001920145Investment Debt Investments - 180.7% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Reference Rate and Spread E + 5.25% Initial Acquisition Date 11/15/25 Maturity 02/05/322025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Lumexa Imaging, Inc. Industry Health Care Providers & Services Interest Rate 6.70% Reference Rate and Spread S + 3.00% Maturity 12/13/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/02/312026-03-310001920145us-gaap:RetailSectorMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/29 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 11/28/312026-03-310001920145ck0001920145:HouseholdProductsMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.78% Reference Rate and Spread S + 6.00% Maturity 07/06/272026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/32 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% One, Inc. Software Corporation Industry Software Interest Rate 8.26% Reference Rate and Spread S+4.50% Maturity 12/06/322025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/272025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001920145country:KYus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ark Data Centers, LLC Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 11/27/30 One2026-03-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:MachineryMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:IrisSpecialtyAcquisitionLLCDbaIntegratedSpecialtyCoveragesMember2026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 07/24/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.84% Reference Rate and Spread S + 5.00% Maturity 09/30/30 One2025-12-310001920145ck0001920145:CoretrustPurchasingGroupLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMemberck0001920145:APKonaHoldingsLLCMember2025-12-310001920145ck0001920145:WirelessTelecommunicationServicesMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:ElectricUtilitiesMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Vaco Holdings, LLC Industry Commercial Services & Supplies Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 01/22/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Two2025-12-310001920145ck0001920145:PharmaceuticalsMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 One2026-03-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 180.7% Sweden - 1.0% 1st Lien/Senior Secured Debt - 1.0% Runner Bidco AB (dba nShift) Industry Software Reference Rate and Spread E + 5.00% Maturity 08/21/302025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:SEMHoldingsLLCDbaSoutheastMechanicalLLCMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ProphixSoftwareIncDbaPoundBidcoMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Reference Rate and Spread S + 4.50% Maturity 12/31/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 11/01/282025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% US Signal Company, LLC Industry IT Services Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 09/04/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Aptean, Inc. Industry Software Interest Rate 8.68% Reference Rate and Spread S + 4.75% Maturity 01/30/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Eagle Family Foods Group LLC Industry Food Products Reference Rate and Spread S + 5.00% Maturity 08/12/302026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:TruistRevolvingCreditFacilityMember2025-12-310001920145ck0001920145:FiveMarchTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributor Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 01/24/33 Two2025-12-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:FR2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% KKR Apple Bidco, LLC Industry Construction & Engineering Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 09/23/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OMEGAIIABDbaFortnoxMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:GovdeliveryHoldingsLlcMember2026-03-310001920145country:GBck0001920145:FirstLienSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-03-310001920145ck0001920145:FiveNovemberTwoThousandTwentyFiveMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/18/322026-03-310001920145ck0001920145:TwentyFiveFebruaryTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Interest Rate 9.44% Reference Rate and Spread S +5.75% (Incl. 3.13% PIK) Maturity 12/18/31 One2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AqSunshineIncDbaRelationInsuranceMember2026-03-310001920145ck0001920145:ShortTermBorrowingsMember2026-01-012026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Seven BidCo (dba Septeo) Industry Software Interest Rate 6.53% Reference Rate and Spread E + 4.50% Initial Acquisition Date 11/20/25 Maturity 08/27/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% OneDigital Borrower, LLC Industry Insurance Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 07/02/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/31/99 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/312026-03-310001920145ck0001920145:SinglewireSoftwareLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Curriculum Associates, LLC Industry Diversified Consumer Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 05/07/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ark Data Centers, LLC Industry IT Services Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 11/27/302026-03-310001920145ck0001920145:TowercoIvHoldingsLlcMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Jeppesen Holdings, LLC Industry Software Reference Rate and Spread S +4.75% Maturity 11/01/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Five2025-12-310001920145ck0001920145:ElectricalEquipmentMember2026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% Optima S.P.A Industry Consumer Staples Distribution & Retail Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 05/01/322025-01-012025-12-310001920145us-gaap:DebtMember2025-01-012025-12-310001920145ck0001920145:FinanciereNMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/10/28 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Electron BidCo, Inc. Industry Health Care Providers & Services Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 11/01/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.00% Reference Rate and Spread S + 5.25% Maturity 04/30/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Jupiter Refuel US Buyer, Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 06/30/312025-12-310001920145Equity and Other - 0.7% United States - 0.1% Preferred Stock - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SonarAcquisitioncoIncDbaSimPROMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Businessolver.com, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 12/03/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Rand Parent, LLC Industry Air Freight & Logistics Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 03/18/302025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Apple AU Finco Pty Ltd (dba Aspen Pharmacare) Industry Pharmaceuticals Reference Rate and Spread B + 4.75% Maturity 03/19/332026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:MRISoftwareLLCMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 01/22/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Reference Rate and Spread S + 5.00% Maturity 05/11/282026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.28% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 04/15/25 Maturity 04/11/332026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% LSF12 Crown US Commercial Bidco LLC Industry Electrical Equipment Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 12/02/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Advarra Holdings, Inc. Industry Health Care Providers & Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 09/15/31 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.60% Reference Rate and Spread S + 5.00% Maturity 10/24/302025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NewtekMerchantSolutionsLLCDbaNewtekOneMember2026-03-310001920145Investment Debt Investments - 180.7% Netherlands - 0.0% 1st Lien/Senior Secured Debt - 0.0% Unit4 Group Holding B.V. Industry Software Reference Rate and Spread E + 4.50% Maturity 12/18/32 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/292026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.72% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/322025-12-310001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 2031 Notes Company Receives 5.88% Company Pays S + 2.41% Maturity Date 01/31/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% BX Frontier Member I LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.86% Reference Rate and Spread 5.86% Initial Acquisition Date 09/22/25 Maturity 12/31/602025-01-012025-12-310001920145ck0001920145:UsaDebuskLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145us-gaap:HealthcareSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145ck0001920145:TwentyEightAprilTwoThousandTwentyFiveMember2025-01-012025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Innophos, Inc. Industry Chemicals Interest Rate 8.03% Reference Rate and Spread S + 4.25% Maturity 03/16/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Lobos Parent, Inc. (dba NEOGOV) Industry Software Interest Rate 8.20% Reference Rate and Spread S +4.50% Maturity 09/27/322026-03-310001920145country:KYck0001920145:StructuredFinanceObligationEquityInstrumentsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Raising Cane's Restaurants, LLC Industry Hotels, Restaurants & Leisure Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 09/18/312026-03-310001920145us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001920145ck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2026-03-310001920145Investment Debt Investments - 179.3% Cayman Islands-1.8% 1st Lien/Senior Secured Debt - 0.0% Corinthia Bidco Limited (dba Walkers) Industry Professional Services Reference Rate and Spread S + 4.00% Maturity 2/23/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eResearch Technology, Inc. (dba Clario) Industry Health Care Technology Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 01/20/32 One2025-12-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Seven BidCo (dba Septeo) Industry Software Reference Rate and Spread E + 4.50% Initial Acquisition Date 11/20/25 Maturity 08/27/322025-12-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% Whitewater Holding Company LLC Diversified Consumer Services Initial Acquisition Date 12/21/212026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Madison IAQ LLC Industry Commercial Services & Supplies Interest Rate 6.64% Reference Rate and Spread S + 2.75% Maturity 11/08/322025-12-310001920145ck0001920145:QBSParentIncDbaQuorumSoftwareMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Icebox Holdco III, Inc. Industry Building Products Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 12/22/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 02/10/282025-12-310001920145ck0001920145:PeppertreeTowersLLCMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% VRS Buyer, Inc. (dba LiquidTech) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread S + 3.50% Maturity 10/12/322025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.3% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 9.60% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332026-01-012026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 7.51% Reference Rate and Spread C + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-01-012026-03-310001920145us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001920145:BnpParibasRevolvingCreditFacilityMember2024-04-292024-04-290001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 12/31/26 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Epicor Software Corp Industry Software Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 05/30/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 10/01/292025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OptimaSPAMember2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Thevelia (US), LLC Industry Commercial Services & Supplies Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 06/18/292025-12-310001920145Investment Debt Investments - 179.3% India - 0.1% 1st Lien/Senior Secured Debt - 0.1% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/32 One2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:US2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.26% Reference Rate and Spread E + 5.25% Maturity 11/28/31 One2026-03-310001920145country:SEck0001920145:FirstLienSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.88% Reference Rate and Spread B + 5.25% Initial Acquisition Date 10/04/24 Maturity 10/06/312026-03-310001920145ck0001920145:CommonClassIMember2024-12-310001920145us-gaap:DebtMember2026-03-310001920145ck0001920145:HealthcaretechnologyMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 10/01/292026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Diamond Communications LLC Industry Wireless Telecommunication Services Interest Rate 7.67% Reference Rate and Spread S + 4.00% Maturity 05/28/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Reference Rate and Spread 6.63% Initial Acquisition Date 10/26/25 Maturity 11/03/322025-01-012025-12-310001920145ck0001920145:StructuredFinanceObligationEquityInstrumentsMember2026-03-310001920145us-gaap:ChemicalsSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% SI Swan UK Bidco Limited (dba Sapiens International)) Industry Software Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 12/16/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TricorBraun Holdings, Inc. Industry Containers & Packaging Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 03/03/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.57% Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Interest Rate 9.15% Reference Rate and Spread S + 5.25% Maturity 11/01/302025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals) Industry Pharmaceuticals Reference Rate and Spread B + 5.00% Maturity 10/29/322026-03-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:LineOfCreditMemberck0001920145:TruistRevolvingCreditFacilityMembersrt:MaximumMember2026-01-012026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2025-05-062025-05-060001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:LU2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Fluid-Flow Products, Inc. Industry Distributors Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 03/31/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fluid-Flow Products, Inc. Industry Distributors Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 03/04/332026-03-310001920145country:CHus-gaap:DebtSecuritiesMember2025-12-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Diversified Consumer Services Initial Acquisition Date 01/09/262026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07%Reference Rate and Spread S + 5.25% Maturity 12/21/29 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001920145Investment Debt Investments - 179.3% Cayman Islands-1.8% 1st Lien/Senior Secured Debt - 0.0% Corinthia Bidco Limited (dba Walkers) Industry Professional Services Reference Rate and Spread S + 4.00% Maturity 2/23/32 Two2026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Octagon 78, Ltd. - Class E Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 07/14/2025 Maturity 10/20/382026-03-310001920145ck0001920145:ForeignCurrencyMember2025-01-012025-12-310001920145ck0001920145:RPCABCInvestmentHoldingsLLCDbaABCPlumbingMemberck0001920145:NonControlledAffiliatedInvestmentsMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributor Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 12/31/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AL GCX Holdings, LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 12/17/322026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.33% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 04/15/25 Maturity 04/11/332025-01-012025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:FirstlienorlastoutunitrancheMembersrt:MaximumMember2025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Octagon 78, Ltd. - Class D Industry Financial Services Interest Rate 6.91% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 07/14/2025 Maturity 10/20/382026-03-310001920145Investment Debt Investments - 180.7% United Arab Emirates - 0.0% 1st Lien/Senior Secured Debt - 0.0% GEMS Topco Limited (dba GEMS Education) Industry Diversified Consumer Services Reference Rate and Spread S + 4.25% Initial Acquisition Date 11/15/25 Maturity 11/15/282025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 08/20/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Clydesdale Acquisition Holdings, Inc. Industry Containers & Packaging Interest Rate 6.84% Reference Rate and Spread S + 3.18% Maturity 04/13/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Victors Purchaser, LLC (dba Service Express) Industry Technology Hardware & Equipment Reference Rate and Spread S + 4.50% Maturity 12/23/322025-12-310001920145ck0001920145:ClearwaterAnalyticsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PDDSHoldcoIncDbaPlanetDDSMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pregis TopCo Corporation Industry Containers & Packaging Interest Rate 7.72% Reference Rate and Spread S + 4.00% Maturity 02/01/292025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:FullsteamOperationsLlcMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorlastoutunitrancheMember2025-01-012025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312026-03-310001920145country:CHck0001920145:FirstLienLast-OutUnitrancheMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/322025-12-310001920145us-gaap:CommonStockMemberck0001920145:CommonClassIMember2025-01-012025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Advarra Holdings, Inc. Industry Health Care Providers & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/15/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Businessolver.com, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 12/03/32 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.50% Maturity 08/20/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Genuine Financial Holdings, LLC Industry Diversified Consumer Services Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 09/27/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sparta U.S. HoldCo LLC Industry Chemicals Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 08/02/302026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 13, Ltd. - Class E Industry Financial Services Interest Rate 8.33% Reference Rate and Spread S+ 4.60% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/01/302025-12-310001920145ck0001920145:DiversifiedconsumerservicesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 11/22/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S +4.50% Maturity 09/01/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Interest Rate 8.86% Reference Rate and Spread B + 4.75% Maturity 10/24/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SRAM, LLC Industry Leisure Products Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 02/27/322026-03-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 6.250% May 2030 Notes Company Receives 6.25% Company Pays S + 2.71% Maturity Date 04/06/302026-01-012026-03-310001920145ck0001920145:TwentySevenFebruaryTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BX Frontier Member I LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.86% Reference Rate and Spread 5.86% Initial Acquisition Date 09/22/25 Maturity 12/31/602026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% W.R. Grace & Co.-Conn. Industry Chemicals Interest Rate 6.70% Reference Rate and Spread S + 3.00% Maturity 08/19/322026-03-310001920145ck0001920145:OliverPackagingAndEquipmentCompanyLLCFkaBuffaloMergerSubLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Illuminate Buyer, LLC Industry Chemicals Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 12/31/292026-03-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Diameter Capital CLO 11, Ltd. - Subordinated Notes Financial Services Effective Yield 8.85% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Mavis Tire Express Services Corp. Industry Automobile Components Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 05/04/282025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class E Industry Financial Services Interest Rate 8.72% Reference Rate and Spread S+ 5.05% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-01-012026-03-310001920145ck0001920145:JeppesenHoldingsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:TwentyNineMayTwoThousandTwentySixMemberus-gaap:SubsequentEventMember2026-05-062026-05-060001920145ck0001920145:CommonClassIMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/32 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.02% Reference Rate and Spread S + 6.25% Maturity 08/15/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/30/302026-03-310001920145srt:AffiliatedEntityMemberus-gaap:SubsequentEventMember2026-05-012026-05-010001920145ck0001920145:InvestmentAdviserMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CeleroCommerceLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.99% Reference Rate and Spread S + 7.25% Maturity 07/01/29 One2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:DiversifiedfinancialservicesMember2025-01-012025-12-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Diversified Consumer Services Initial Acquisition Date 01/09/262026-01-012026-03-310001920145ck0001920145:TruistRevolvingCreditFacilityMembersrt:MinimumMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wand NewCo 3, Inc. Industry Commercial Services & Supplies Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 01/30/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OneIncSoftwareCorporationMember2025-12-310001920145us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:ScenarioForecastMemberck0001920145:BnpParibasRevolvingCreditFacilityMember2027-01-312027-01-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Amentum Government Services Holdings LLC Industry Commercial Services & Supplies Interest Rate 5.72% Reference Rate and Spread S + 2.00% Maturity 09/29/312025-12-310001920145srt:MinimumMemberck0001920145:MsRevolvingCreditFacilityMember2026-01-290001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:PharmaceuticalsMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Vaco Holdings, LLC Industry Commercial Services & Supplies Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 01/22/292025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals) Industry Pharmaceuticals Interest Rate 8.98% Reference Rate and Spread B + 5.00% Maturity 10/29/322026-03-310001920145ck0001920145:SecondLienSeniorSecuredDebtMembercountry:US2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EagleFamilyFoodsGroupLLCMember2025-12-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:IT2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:CapitalGoodsMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Saber Parent Holdings Corp. (dba Service Logic) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.25% Maturity 12/16/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S +4.50% Maturity 03/12/322025-12-310001920145ck0001920145:FirstlienorlastoutunitrancheMemberck0001920145:EDBParentLLCDbaEnterpriseDBMember2025-12-310001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2025-02-012025-02-280001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 10/01/29 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/312025-12-310001920145ck0001920145:OnyxCentersourceIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OctanePurchaserIncDbaOfficeAllyMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Smyrna Ready Mix Concrete, LLC Industry Construction Materials Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 04/02/292025-12-310001920145srt:MinimumMemberck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMemberus-gaap:CommitmentsMember2026-05-072026-05-070001920145ck0001920145:ItservicesMember2026-03-310001920145Investment Debt Investments - 179.3% Sweden - 0.9% 1st Lien/Senior Secured Debt - 0.9% Runner Bidco AB (dba nShift) Industry Software Interest Rate 7.03% Reference Rate and Spread E + 5.00% Maturity 08/21/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 10/01/29 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.94% Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Celero Commerce LLC Industry Financial Services Interest Rate 8.60% Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Versant Media Group Inc Industry Media Interest Rate 7.20% Reference Rate and Spread S + 3.50% Maturity 01/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 07/18/28 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.06% Reference Rate and Spread S + 5.25% Maturity 04/30/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.20% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AL GCX Holdings, LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.98% Reference Rate and Spread S + 2.25% Maturity 12/17/322025-12-310001920145country:KYck0001920145:StructuredFinanceObligationDebtInstrumentsMember2025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Octagon 78, Ltd. - Class E Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 07/14/25 Maturity 10/20/382025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Mitchell International, Inc. Industry Software Reference Rate and Spread S +3.25% Maturity 06/17/312025-12-310001920145ck0001920145:ItservicesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Harbor Freight Tools USA, Inc. Industry Specialty Retail Interest Rate 5.97% Reference Rate and Spread S+2.25% Maturity 06/11/312025-12-310001920145ck0001920145:ElectricalEquipmentMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Interest Rate 8.20% Reference Rate and Spread S +4.50% Maturity 01/22/232026-03-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Madison Park Funding LXX, Ltd. - Subordinated Notes Financial Services Effective Yield 11.07% Initial Acquisition Date 08/04/25 Maturity 09/04/382025-12-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 5.875% May 2028 Notes Company Receives 5.88% Company Pays S + 2.37% Maturity Date 04/06/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Interest Rate 8.22% Reference Rate and Spread SN + 4.50% Maturity 07/09/322025-12-310001920145country:USus-gaap:InvestmentAffiliatedIssuerMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% DG Investment Intermediate Holdings 2, Inc. Industry Construction & Engineering Interest Rate 7.47% Reference Rate and Spread S + 3.75% Maturity 07/09/322025-12-310001920145ck0001920145:SDBHOLDCOLLCDbaSpecialtyDentalBrandsMemberck0001920145:NonControlledAffiliatedInvestmentsMember2026-01-012026-03-310001920145ck0001920145:AbcInvestmentHoldcoIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:CrewlineBuyerIncDbaNewRelicMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FiveNovemberTwoThousandTwentyFiveMemberck0001920145:CommonClassIMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.24% Reference Rate and Spread S + 4.50% Maturity 07/14/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Berlin Packaging LLC Industry Containers & Packaging Interest Rate 7.11% Reference Rate and Spread S + 3.25% Maturity 06/07/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% Colossus Acquireco LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.38% Reference Rate and Spread S + 1.75% Maturity 07/30/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Three2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Apple Bidco Holdings, Inc. (dba Raptor Technologies) Industry Software Interest Rate 8.20% Reference Rate and Spread S +4.50% Maturity 01/22/23 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/29 One2025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% SI Swan UK Bidco Limited (dba Sapiens International)) Industry Software Reference Rate and Spread S + 4.75% Maturity 12/16/322025-12-310001920145ck0001920145:FirstMarchTwoThousandTwentyFiveMemberck0001920145:CommonClassIMember2025-01-012025-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:IrisSpecialtyAcquisitionLLCDbaIntegratedSpecialtyCoveragesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SpecialtyCare, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 12/18/292026-03-310001920145us-gaap:DebtSecuritiesMembercountry:US2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 09/30/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 7.82% Reference Rate and Spread S + 4.50% Maturity 07/01/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.85% Reference Rate and Spread S + 5.25% (Incl. 2.88% PIK) Maturity 12/15/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/28 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SoutheastMechanicalLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 9.92% Reference Rate and Spread S + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312026-03-310001920145ck0001920145:SecondLienSeniorSecuredDebtMembercountry:FR2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/30 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.27% Reference Rate and Spread S+4.50% Maturity 05/03/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.76% Reference Rate and Spread S+5.00% Maturity 12/05/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% One, Inc. Software Corporation Industry Software Reference Rate and Spread S+4.50% Maturity 12/06/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S +5.25% Maturity 05/28/322026-03-310001920145ck0001920145:InitialFivePointEightSevenFivePercentJanuaryTwoThousandThirtyOneNotesMember2025-11-240001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 03/14/25 Maturity 05/07/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 2nd Lien/Senior Secured Debt - 0.8% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Reference Rate and Spread 5.00% Initial Acquisition Date 10/26/25 Maturity 11/03/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AryehBidcoInvestmentLtdDbaDentalcorpMember2026-03-310001920145ck0001920145:ElectricUtilitiesMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ArkDataCentersLLCMember2025-12-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Interest Rate 7.93% Reference Rate and Spread S + 4.00% Maturity 04/09/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/322025-12-310001920145ck0001920145:InvestmentManagementAgreementMember2025-01-012025-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:FirstlienorlastoutunitrancheMembersrt:MaximumMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% WhiteWater DBR HoldCo, LLC Industry Energy Equipment & Services Interest Rate 5.94% Reference Rate and Spread S + 2.25% Maturity 12/31/992025-12-310001920145ck0001920145:ThreeMonthCORRAMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.61% Reference Rate and Spread S + 6.50% Maturity 08/01/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.01% Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-310001920145nvestment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% Sazerac Company, Inc. Industry Beverages Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 07/09/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.91% Reference Rate and Spread S + 6.50% Maturity 07/01/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% DRW Holdings, LLC Industry Financial Services Interest Rate 7.22% Reference Rate and Spread S + 3.50% Maturity 06/26/312025-12-310001920145ck0001920145:BXFrontierMemberIHoldingsLLCMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CD&R Hydra Buyer Inc. Industry Distributors Interest Rate 7.77% Reference Rate and Spread S + 4.00% Maturity 03/25/312026-03-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:US2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Netsmart Technologies, Inc. Industry Health Care Providers & Services Interest Rate 8.92% Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/31 One2025-12-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMember2026-01-012026-03-310001920145ck0001920145:CSTHoldingCompanyDbaIntoxalockMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145us-gaap:DebtSecuritiesMembercountry:IN2025-12-310001920145ck0001920145:FirstMarchTwoThousandTwentySixMemberck0001920145:CommonClassIMember2026-01-012026-03-310001920145ck0001920145:CommonClassDMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/32 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread B + 4.75% Maturity 10/24/302026-03-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% VisionSafe Parent, LLC Aerospace & Defense Initial Acquisition Date 04/19/242026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CNT Holdings I Corp. Industry IT Services Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 11/08/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Virtusa Corporation Industry Technology Hardware & Equipment Interest Rate 6.97% Reference Rate and Spread S+3.25% Maturity 02/15/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/312026-03-3100019201452025-01-012025-12-310001920145ck0001920145:FinanciereNMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.26% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 06/25/25 Maturity 06/24/332025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Saber Parent Holdings Corp. (dba Service Logic) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.50% Maturity 12/16/32 One2025-12-310001920145ck0001920145:TextilesApparelAndLuxuryGoodsMember2026-03-310001920145ck0001920145:OneMonthSOFRMember2026-01-012026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:LifeSciencesToolsAndServicesMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 One2025-12-3100019201452026-03-012026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:IndustrialConglomeratesMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Cotiviti, Inc. Industry Health Care Technology Interest Rate 6.62% Reference Rate and Spread S + 2.75% Maturity 03/26/322025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.93% Reference Rate and Spread B + 5.25% Initial Acquisition Date 10/04/24 Maturity 10/06/312025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 8.84% Reference Rate and Spread S + 5.00% (Incl. 2.00% PIK) Maturity 01/17/312025-12-310001920145ck0001920145:MembershipInterestMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% One, Inc. Software Corporation Industry Software Reference Rate and Spread S+4.50% Maturity 12/06/322025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% iWave Information Systems, Inc. Industry Software Interest Rate 9.99% Reference Rate and Spread S + 6.25% Maturity 11/23/282025-12-310001920145us-gaap:DebtSecuritiesMembercountry:IN2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Interest Rate 8.45% Reference Rate and Spread S+4.75% Maturity 07/02/292026-03-310001920145ck0001920145:SecondLienSeniorSecuredDebtMembercountry:IT2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Advanced Cooling Technologies, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 4.50% Maturity 02/27/332026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BambooUSBidCoLLCDbaBaxterMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Sonar Acquisitionco, Inc. (dba SimPRO) Industry Construction & Engineering Reference Rate and Spread S + 5.00% Maturity 10/24/302025-12-310001920145ck0001920145:ThirtyOneMarchTwoThousandTwentyFiveMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:TechnologyHardwareStorageAndPeripheralsMember2026-01-012026-03-310001920145Equity and Other - 0.6% United States - 0.1% Warrants - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.07% Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001920145ck0001920145:ConsilioMidcoLimitedDbaCynclyMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/29 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% AllSpring Buyer, LLC Industry Financial Services Interest Rate 6.69% Reference Rate and Spread S + 3.00% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 04/14/31 One2026-03-310001920145ck0001920145:IndustryConcentrationRiskMembercountry:CHck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 9.60% Reference Rate and Spread E + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/322026-03-310001920145ck0001920145:OneMonthBBSWMember2025-01-012025-12-310001920145ck0001920145:InvestmentAdviserMember2025-01-012025-03-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145ck0001920145:BuildingProductsMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:LU2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Standard Industries, Inc. Industry Building Products Interest Rate 5.48% Reference Rate and Spread S + 1.75% Maturity 09/22/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 7.07% Reference Rate and Spread E + 5.00% Maturity 09/30/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.16% Reference Rate and Spread S + 5.50% Maturity 04/18/302026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NorthStarAcquisitioncoLLCDbaEverwayMember2026-03-310001920145ck0001920145:GroundTransportationMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/03/30 One2026-03-310001920145ck0001920145:IndustryConcentrationRiskMembercountry:CHck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145us-gaap:ContainerAndPackagingSectorMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Pro Mach Group, Inc. Industry Machinery Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 10/15/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.30% Reference Rate and Spread S + 4.58% Maturity 02/01/29 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.47% Reference Rate and Spread S+ 5.75% Maturity 10/07/302025-12-310001920145ck0001920145:CommonClassSMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S +5.25% Maturity 05/28/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Arcis Golf LLC Industry Entertainment Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 11/24/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/29 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Galway Borrower LLC Industry Insurance Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/29/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Five2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:EnergySectorMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SevenBidcoDbaSepteoMember2026-03-310001920145ck0001920145:ThreeMonthSaronMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Partners, L.P. Industry Oil, Gas & Consumable Fuels Interest Rate 5.47% Reference Rate and Spread S + 1.75% Maturity 11/22/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.20% Reference Rate and Spread S + 5.50% Maturity 02/28/312026-03-310001920145ck0001920145:BnpParibasRevolvingCreditFacilityMember2023-09-280001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.22% Reference Rate and Spread S +4.50% Maturity 09/01/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EdkoLLCMember2025-12-310001920145us-gaap:FinancialServicesSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PackagingCoordinatorsMidcoIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Galway Borrower LLC Industry Insurance Reference Rate and Spread S + 4.50% Maturity 09/29/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Alterra Mountain Company Industry Leisure Products Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 08/17/282026-03-310001920145ck0001920145:TechnologyHardwareStorageAndPeripheralsMember2026-03-310001920145country:AUus-gaap:DebtSecuritiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 10.08% Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kenan Advantage Group, Inc. Industry Ground Transportation Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 01/25/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Three2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/31/292026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:TLSapphireHoldingsIncDbaSouthernCarlsonMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/20/312026-03-310001920145ck0001920145:SDBHOLDCOLLCDbaSpecialtyDentalBrandsMemberck0001920145:NonControlledAffiliatedInvestmentsMember2024-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Interest Rate 8.67% Reference Rate and Spread S+5.00% Maturity 12/05/312026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145us-gaap:HealthcareSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RanchBidcoBVDbaInnovadMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 9.98% Reference Rate and Spread SN + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 9.12% Reference Rate and Spread S + 5.25% Maturity 04/30/312025-12-310001920145ck0001920145:BnpParibasRevolvingCreditFacilityMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CircustrixHoldingsLlcDbaSkyzoneMember2025-12-310001920145Investment Debt Investments - 180.7% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Interest Rate 7.27% Reference Rate and Spread E + 5.25% Initial Acquisition Date 11/15/25 Maturity 02/05/32 One2025-12-310001920145us-gaap:InterestRateSwapMember2025-01-012025-03-310001920145us-gaap:DebtMemberck0001920145:BnpParibasRevolvingCreditFacilityMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Cotiviti, Inc. Industry Health Care Technology Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 05/01/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AGS Health BCP Holdings, Inc. (dba AGS Health) Industry Health Care Technology Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/02/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 11/01/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/322026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:DiversifiedconsumerservicesMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Great Outdoors Group, LLC Industry Leisure Products Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 01/23/322025-12-310001920145ck0001920145:CommonClassIMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PrecisionConceptsParentIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.30% Reference Rate and Spread S + 4.58% Maturity 02/01/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% DexKo Global Inc. Industry Automobile Components Interest Rate 7.68% Reference Rate and Spread S + 3.75% Maturity 10/04/282026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:AU2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% iCIMS, Inc. Industry Professional Services Interest Rate 9.42% Reference Rate and Spread S + 5.75% Maturity 08/18/282026-03-310001920145Investment Debt Investments - 180.7% United States - 1 63.3% 1st Lien/Senior Secured Debt - 159.7% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 9.59% Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Engage2Excel, Inc. Industry Professional Services Interest Rate 10.99% Reference Rate and Spread S + 7.25% Maturity 07/01/292026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.41% Reference Rate and Spread S + 4.75% Maturity 11/01/30 One2026-03-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Seven BidCo (dba Septeo) Industry Software Reference Rate and Spread E + 4.40% Initial Acquisition Date 08/01/25 Maturity 08/27/322026-03-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:LineOfCreditMemberck0001920145:TruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% One, Inc. Software Corporation Industry Software Reference Rate and Spread S+4.50% Maturity 12/06/322026-03-310001920145ck0001920145:BiotechnologyMember2026-03-310001920145ck0001920145:ThreeMonthNiborMember2025-01-012025-12-310001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Diameter Capital CLO 13, Ltd. - Subordinated Notes Financial Services Effective Yield 8.33% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-03-310001920145ck0001920145:PtIntermediateHoldingsIiiLlcDbaPartsTownMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312026-03-310001920145us-gaap:SubsequentEventMemberck0001920145:ThirtyJuneTwoThousandTwentySixMember2026-05-062026-05-060001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 5.875% January 2031 Notes Company Receives 5.88% Company Pays S + 2.41% Maturity Date 12/31/302026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bottomline Technologies, Inc. Industry Financial Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 05/14/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 10.97% Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272025-12-310001920145ck0001920145:ConsilioMidcoLimitedDbaCynclyMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.84% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 08/02/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BCTOBluebillBuyerIncMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.88% Reference Rate and Spread B + 5.25% Initial Acquisition Date 10/04/24 Maturity 10/06/312026-01-012026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:TextilesApparelAndLuxuryGoodsMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dealer Tire Financial, LLC Industry Automobile Components Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 07/02/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.69% Reference Rate and Spread S+5.00% Maturity 06/02/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 07/09/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Advarra Holdings, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 4.50% Maturity 09/15/312026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.19% Reference Rate and Spread B + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Netsmart Technologies, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EShippingLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 One2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Galway Borrower LLC Industry Insurance Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/29/28 Two2025-12-310001920145ck0001920145:SecondLienSeniorSecuredDebtMembercountry:US2025-12-310001920145ck0001920145:CommonClassIMember2023-04-060001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2026-01-012026-03-310001920145us-gaap:FairValueInputsLevel2Member2025-12-310001920145Investment Debt Investments - 180.7% Sweden - 1.0% 1st Lien/Senior Secured Debt - 1.0% Runner Bidco AB (dba nShift) Industry Software Interest Rate 9.14% Reference Rate and Spread N + 5.00% Maturity 08/21/302025-12-310001920145Investment Debt Investments - 179.3% Cayman Islands-1.8% 1st Lien/Senior Secured Debt - 0.0% Corinthia Bidco Limited (dba Walkers) Industry Professional Services Reference Rate and Spread S + 4.00% Maturity 2/23/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S +5.00% Maturity 12/17/312026-03-310001920145ck0001920145:TwentyFourFebruaryTwoThousandTwentyFiveMember2025-01-012025-03-310001920145ck0001920145:TelecommunicationServicesMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.20% Reference Rate and Spread S+4.50% Maturity 05/03/29 Four2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Olympus Water US Holding Corporation Industry Chemicals Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 11/03/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SpotlessBrandsLlcMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Windsor Holdings III, LLC Industry Distributors Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 08/01/302025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2026-03-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Alliant Holdings Intermediate, LLC Industry Insurance Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 09/19/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 6.25% Maturity 08/15/302025-12-310001920145ck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2026-05-072026-05-070001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AGSHealthBCPLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Seven2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:SecondLienOrSeniorSecuredDebtMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S +4.50% Maturity 09/26/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 06/13/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Reference Rate and Spread S + 6.00% Maturity 12/31/272026-03-310001920145Investment Debt Investments - 180.7% United Arab Emirates - 0.0% 1st Lien/Senior Secured Debt - 0.0% GEMS Topco Limited (dba GEMS Education) Industry Diversified Consumer Services Reference Rate and Spread S + 11.50%PIK Initial Acquisition Date 11/15/25 Maturity 11/15/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributor Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.25% PIK) Maturity 12/31/29 One2025-12-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eShipping, LLC Industry Air Freight & Logistics Reference Rate and Spread S + 4.50% Maturity 12/23/32 One2025-12-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 180.7% India - 0.2% 1st Lien/Senior Secured Debt - 0.2% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/32 One2025-12-310001920145us-gaap:DebtMemberck0001920145:MsRevolvingCreditFacilityMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Nvent Electric Public Limited Company Industry Electrical Equipment Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 01/30/322026-03-310001920145ck0001920145:ItservicesMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Genuine Financial Holdings, LLC Industry Diversified Consumer Services Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 09/27/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Accommodations Plus Technologies LLC Industry Software Interest Rate 8.94% Reference Rate and Spread S + 5.25% Maturity 05/28/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 10.09% Reference Rate and Spread S + 6.25% Maturity 12/07/282025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:HouseholdDurablesMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.98% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 8.72% Reference Rate and Spread S + 5.00% Maturity 10/01/292025-12-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SpendmendHoldingsLlcMember2025-12-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Galway Borrower LLC Industry Insurance Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/29/28 One2026-03-310001920145ck0001920145:OutstandingLettersOfCreditMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Interest Rate 7.65% Reference Rate and Spread S + 4.00% Maturity 04/09/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% BX Frontier Member I LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.86% Reference Rate and Spread 5.86% Initial Acquisition Date 09/22/25 Maturity 12/31/602025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.78% Reference Rate and Spread S + 6.00% Maturity 07/06/27 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/302025-12-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 6.250% May 2030 Notes Company Receives 6.25% Company Pays S + 2.71% Maturity Date 04/06/302026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:WildcatSolutionsHoldingsLLCDbaO6EnvironmentalMember2025-12-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:StructuredFinanceObligationDebtInstrumentsMember2025-12-310001920145currency:GBPck0001920145:TruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145ck0001920145:ThirtyOneMarchTwoThousandTwentySixMemberck0001920145:CommonClassSMember2026-01-012026-03-310001920145ck0001920145:KryptonaBidcoUsLlcDbaKyribaMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pike Corporation Industry Electric Utilities Interest Rate 8.18% Reference Rate and Spread S + 4.50% Maturity 12/20/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Victors Purchaser, LLC (dba Service Express) Industry Technology Hardware, Storage & Peripherals Reference Rate and Spread S+4.50% Maturity 12/23/32 One2026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:SecondLienOrSeniorSecuredDebtMembersrt:MaximumMember2026-03-310001920145country:BEus-gaap:DebtSecuritiesMember2026-03-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:CA2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Prairie ECI Acquiror LP Industry Oil, Gas & Consumable Fuels Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 08/01/292026-03-310001920145ck0001920145:PharmaceuticalsMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Charter NEX US, Inc. Industry Containers & Packaging Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 11/29/302026-03-310001920145ck0001920145:MembershipInterestMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Arches Buyer Inc. Industry Software Interest Rate 7.07 Reference Rate and Spread S +3.25% Maturity 12/06/272025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CURiOBrandsLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.91% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-03-310001920145Investment Debt Investments - 179.3% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 5.35% Reference Rate and Spread SARON + 5.35% Maturity 09/27/31 Two2026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 6.80% Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eResearch Technology, Inc. (dba Clario) Industry Health Care Technology Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 01/20/32 Two2025-12-310001920145ck0001920145:CommonClassIMemberck0001920145:TwentyFourFebruaryTwoThousandTwentyFiveMember2025-01-012025-03-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:SEMHoldingsLLCDbaSoutheastMechanicalLLCMember2026-01-012026-03-310001920145ck0001920145:K2TowersIiiLlcMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 10/15/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Convenient Payments Acquisition, Inc. Industry Software Reference Rate and Spread S + 6.00% Maturity 12/31/262026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Acrisure, LLC Industry Insurance Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 11/06/302026-03-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMember2025-12-310001920145ck0001920145:ZaryaHoldCoIncDbaEpturaMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2025-01-012025-03-310001920145ck0001920145:ThreeMonthSaronMember2026-01-012026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2025-12-310001920145ck0001920145:AirFreightAndLogisticsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Curriculum Associates, LLC Industry Diversified Consumer Services Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 05/07/322025-12-310001920145ck0001920145:MsRevolvingCreditFacilityMember2024-10-240001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/32 One2025-12-310001920145ck0001920145:TruistRevolvingCreditFacilityMemberck0001920145:MulticurrencySubFacilitiesMember2026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 8.37% Reference Rate and Spread S + 4.67% Maturity 12/06/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Arsenal AIC Parent LLC Industry Metals & Mining Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 08/19/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Oryx Midstream Services Permian Basin, LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.93% Reference Rate and Spread S + 2.25% Maturity 10/05/282026-03-310001920145ck0001920145:ThirtyJulyTwoThousandTwentySixMemberus-gaap:SubsequentEventMember2026-05-062026-05-060001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% VisionSafe Parent, LLC Aerospace & Defense Initial Acquisition Date 04/19/242025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AAP Buyer Inc. Industry Chemicals Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 09/09/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.68% Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:FrontlineRoadSafetyOperationsLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% SI Swan UK Bidco Limited (dba Sapiens International)) Industry Software Reference Rate and Spread S + 4.75% Maturity 12/17/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/26/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.43% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Four2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/282025-12-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2025-12-160001920145ck0001920145:OneMonthBBSWMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Whitewater Matterhorn Holdings LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.98% Reference Rate and Spread S + 2.25% Maturity 06/16/322025-12-310001920145Equity and Other - 0.7% United States - 0.1% Preferred Stock - 0.0% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:GovdeliveryHoldingsLlcMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.81% Reference Rate and Spread S + 6.00% Maturity 04/26/292025-12-310001920145Investment Debt Investments - 179.3% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Reference Rate and Spread E + 5.00% Initial Acquisition Date 01/15/25 Maturity 02/05/322026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pike Corporation Industry Electric Utilities Reference Rate and Spread S + 4.50% Maturity 12/20/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.60% Reference Rate and Spread S + 5.00% Maturity 05/11/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% Octagon Towers LLC Industry Wireless Telecommunication Services Interest Rate 8.65% Reference Rate and Spread S + 4.98% Maturity 09/04/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Raising Cane's Restaurants, LLC Industry Hotels, Restaurants & Leisure Interest Rate 5.84% Reference Rate and Spread S + 2.00% Maturity 11/03/322025-12-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:StructuredFinanceObligationEquityInstrumentsMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Reference Rate and Spread S+4.50% Maturity 05/03/29 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:KPAParentHoldingsIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 08/18/322025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:RealEstateManagementAndDevelopmentMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fertitta Entertainment, LLC Industry Hotels, Restaurants & Leisure Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 01/27/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Fertitta Entertainment, LLC Industry Hotels, Restaurants & Leisure Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 01/27/292025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:KPAParentHoldingsIncMember2026-03-310001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 2031 Notes Company Receives 5.88% Company Pays S + 2.41% Maturity Date 01/31/312025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Priority Holdings, LLC (dba Priority Payment) Industry Financial Services Interest Rate 7.42% Reference Rate and Spread S + 3.75% Maturity 08/02/322026-03-310001920145us-gaap:EnergySectorMember2025-12-310001920145Investment Debt Investments - 179.3% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 5.35% Reference Rate and Spread SARON + 5.35% Maturity 09/27/31 One2026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Seven BidCo (dba Septeo) Industry Software Interest Rate 6.57% Reference Rate and Spread E + 4.50% Initial Acquisition Date 08/01/25 Maturity 08/27/322025-12-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:CA2026-03-310001920145ck0001920145:ThreeMonthSTIBORMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.65% Reference Rate and Spread S + 5.25% Maturity 01/09/302026-03-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% Peppertree Towers, LLC Wireless Telecommunication Services Initial Acquisition Date 12/18/252025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Project Boost Purchaser, LLC Industry Software Interest Rate 6.61% Reference Rate and Spread S+2.75% Maturity 07/16/312025-12-310001920145us-gaap:LetterOfCreditMember2025-12-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.82% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% Peppertree Towers, LLC Industry Wireless Telecommunication Services Interest Rate 8.28% Reference Rate and Spread S + 4.58% Maturity 05/15/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributor Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 01/24/33 One2025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.22% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VasaFitnessBuyerIncMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AlixPartners, LLP Industry Commercial Services & Supplies Interest Rate 5.72% Reference Rate and Spread S + 2.00% Maturity 08/12/322025-12-310001920145ck0001920145:SkywayTowersIntermediateLlcMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.04% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/322025-01-012025-12-310001920145ck0001920145:SixMonthSOFRMember2025-01-012025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Broadstreet Partners, Inc. Industry Insurance Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 06/13/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Interest Rate 9.17% Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/312026-03-310001920145ck0001920145:SevenAprilTwoThousandTwentyFiveMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Raising Cane's Restaurants, LLC Industry Hotels, Restaurants & Leisure Interest Rate 5.72% Reference Rate and Spread S + 2.00% Maturity 09/18/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SundanceGroupHoldingsIncDdbaNetDocumentsMember2025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 6.77% Reference Rate and Spread E + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 2nd Lien/Senior Secured Debt - 0.8% Beach Acquisition Bidco LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 09/12/322025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Chamberlain Group Inc Industry Building Products Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 09/08/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272025-12-310001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 5.050% February 2028 Notes Company Receives 5.05% Company Pays S + 1.72% Maturity Date 02/23/282026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Reference Rate and Spread S + 5.00% Maturity 05/11/282025-12-310001920145us-gaap:PreferredStockMembercountry:US2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NcwsIntermediateIncDbaNationalCarwashSolutionsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Netsmart Technologies, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 07/24/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Traverse Midstream Partners LLC Industry Oil, Gas & Consumable Fuels Interest Rate 6.34% Reference Rate and Spread S + 2.50% Maturity 02/16/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Computer Services, Inc. Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 11/17/312026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.22% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Interest Rate 9.82% Reference Rate and Spread S + 6.00% Maturity 08/28/302025-12-310001920145us-gaap:CommonStockMemberck0001920145:CommonClassIMember2026-01-012026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Eagle Family Foods Group LLC Industry Food Products Interest Rate 8.79% Reference Rate and Spread S + 5.00% Maturity 08/12/302025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CurriculumAssociatesLLCMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RunwayBidcoLlcDbaRedwoodSoftwareMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AAG KP Borrower LLC (dba KUIU) Industry Textiles, Apparel & Luxury Goods Reference Rate and Spread S+5.00% Maturity 12/05/312025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.72% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/32 One2025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.22% Reference Rate and Spread S + 6.00% Maturity 04/24/30 One2025-12-310001920145ck0001920145:OilGasAndConsumableFuelsMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United Arab Emirates - 0.0% 1st Lien/Senior Secured Debt - 0.0% GEMS Topco Limited (dba GEMS Education) Industry Diversified Consumer Services Reference Rate and Spread S + 11.50%PIK Initial Acquisition Date 11/15/25 Maturity 11/15/282025-01-012025-12-310001920145ck0001920145:RPCABCInvestmentHoldingsLLCDbaABCPlumbingMemberck0001920145:NonControlledAffiliatedInvestmentsMember2025-12-310001920145country:USus-gaap:InvestmentAffiliatedIssuerMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:GuidepointSecurityHoldingsLLCFkaGPSPhoenixBuyerIncMember2025-12-310001920145ck0001920145:MachineryMember2026-03-310001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 5.875% January 2031 Notes Company Receives 5.88% Company Pays S + 2.46% Maturity Date 12/31/302026-03-310001920145us-gaap:WarrantMember2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AGSHealthBCPHoldingsIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TKC Holdings, Inc. Industry Consumer Staples Distribution & Retail Interest Rate 8.18% Reference Rate and Spread S + 4.50% Maturity 08/19/302026-03-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:FR2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% NEXUS Buyer LLC Industry Financial Services Interest Rate 7.22% Reference Rate and Spread S + 3.50% Maturity 07/31/312025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Reference Rate and Spread C + 5.00% Maturity 01/14/33 One2025-12-310001920145ck0001920145:RevolvingCreditFacilityTrancheBMemberck0001920145:MsRevolvingCreditFacilityMember2024-10-240001920145Investment Debt Investments - 180.7% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 5.75% Reference Rate and Spread SARON + 5.75% Maturity 09/27/31 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AL NGPL Holdings, LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.65% Reference Rate and Spread S + 2.00% Maturity 12/09/302026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:CA2025-01-012025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 10/15/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Mandrake Bidco, Inc. (dba Miratech) Industry Machinery Reference Rate and Spread S + 4.50% Maturity 08/20/302025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:SoftwareMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NetsmartTechnologiesIncMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RotationBuyerLLCDbaRotatingMachineryServicesMember2025-12-310001920145us-gaap:SubsequentEventMemberck0001920145:CommonClassIMember2026-04-012026-04-010001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 09/30/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Six2025-12-310001920145us-gaap:ConstructionSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class D1 Industry Financial Services Interest Rate 6.28% Reference Rate and Spread S+ 2.55% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.23% Reference Rate and Spread SN+4.50% Maturity 05/03/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Aptean, Inc. Industry Software Reference Rate and Spread S + 4.75% Maturity 01/30/312025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.73% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/322026-03-310001920145Equity and Other - 0.6% United States - 0.1% Warrants - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212026-01-012026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FivePointZeroFiveZeroPercentageFebruaryTwoThousandTwentyEightNotesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.20% Reference Rate and Spread S+4.50% Maturity 05/03/292026-03-310001920145ck0001920145:FirstJanuaryTwoThousandTwentyFiveMemberck0001920145:CommonClassIMember2025-01-012025-03-310001920145ck0001920145:IndustrialConglomeratesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 02/24/312025-12-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% VisionSafe Parent, LLC Aerospace & Defense Initial Acquisition Date 04/19/242026-03-310001920145ck0001920145:MLHoldcoLLCDbaMeridianLinkMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:WaterUtilitiesMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ZeusCompanyLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% World Wide Technology Holding Co. LLC Industry Software Interest Rate 5.67% Reference Rate and Spread S+2.00% Maturity 03/01/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontgrade Technologies Holdings Inc Industry Aerospace & Defense Interest Rate 9.12% Reference Rate and Spread S + 5.25% (incl. 1.50% PIK) Maturity 01/09/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/01/302026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.23% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332025-12-310001920145ck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2026-03-310001920145us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.67% Reference Rate and Spread S + 7.00% Maturity 07/07/28 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Envero Midco 2 LLC (dba Sun World) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 03/02/332026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Clover Holdings 2 LLC Industry Software Interest Rate 7.77% Reference Rate and Spread S + 4.00% Maturity 12/09/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/31/31 One2025-12-310001920145Investment Debt InveInvestment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.14% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/32stments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.8% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.14% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Accommodations Plus Technologies LLC Industry Software Reference Rate and Spread S + 5.25% Maturity 05/28/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PPWAeroBuyerIncDbaPursuitAerospaceMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Whitewater Whistler Holdings, LLC Industry Energy Equipment & Services Interest Rate 5.44% Reference Rate and Spread S + 1.75% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% SI Swan UK Bidco Limited (dba Sapiens International)) Industry Software Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/322026-03-310001920145us-gaap:ContainerAndPackagingSectorMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edelman Financial Center, LLC Industry Financial Services Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 04/07/282026-03-310001920145ck0001920145:TechnologyHardwareStorageAndPeripheralsMember2025-12-310001920145us-gaap:CommonStockMemberck0001920145:AffiliatedInvestmentMember2025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.22% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% ML Holdco, LLC (dba MeridianLink) Industry Software Reference Rate and Spread S +4.50% Maturity 10/25/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Fleet Midco I Limited Industry Media Interest Rate 6.54% Reference Rate and Spread S + 2.50% Maturity 02/21/312025-12-310001920145country:CHck0001920145:FirstLienSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Three2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 9.23% Reference Rate and Spread S + 5.50% (Incl. 2.75% PIK) Maturity 08/22/312025-12-310001920145ck0001920145:CodingSolutionsAcquisitionIncDbaCorrohealthMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.32% Reference Rate and Spread C + 4.75% Maturity 11/01/302026-03-310001920145ck0001920145:FivePointZeroFiveZeroPercentageFebruaryTwoThousandTwentyEightNotesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OrthrusLimitedDbaOcorianMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/31 One2026-03-310001920145ck0001920145:FirstLienLast-OutUnitrancheMembercountry:US2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SundanceGroupHoldingsIncDdbaNetDocumentsMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.73% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/282025-12-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorlastoutunitrancheMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Tecta America Corp. Industry Building Products Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 02/18/322026-03-310001920145ck0001920145:ApteanIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:DiamondCommunicationsLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AL GCX Fund VIII Holdings LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 01/30/322026-03-310001920145ck0001920145:EquityAndOtherInvestmentsMembercountry:KY2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Oxbow Carbon LLC Industry Oil, Gas & Consumable Fuels Interest Rate 7.17% Reference Rate and Spread S + 3.50% Maturity 05/10/302026-03-310001920145ck0001920145:StructuredFinanceObligationDebtInstrumentsMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edko, LLC Industry Commercial Services & Supplies Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 10/02/312026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.22% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 11/22/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Advarra Holdings, Inc. Industry Health Care Providers & Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 09/15/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fullsteam Operations LLC Industry Financial Services Interest Rate 8.89% Reference Rate and Spread S + 5.25% Maturity 08/08/312026-03-310001920145ck0001920145:PtIntermediateHoldingsIiiLlcDbaPartsTownMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:InsuranceSectorMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 09/30/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Reference Rate and Spread S + 5.25% Maturity 03/31/272025-12-310001920145ck0001920145:TarponTowersIiLlcMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145ck0001920145:CommonClassSMember2025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:FR2025-01-012025-12-310001920145us-gaap:FinancialServicesSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Reference Rate and Spread S + 4.75% Maturity 07/09/32 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.85% Reference Rate and Spread S + 5.00% Maturity 03/01/282026-03-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/29 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 10.42% Reference Rate and Spread S + 6.75% Maturity 11/08/302026-03-310001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Octagon 78, Ltd. - Subordinated Notes Financial Services Effective Yield 9.11% Initial Acquisition Date 07/14/25 Maturity 10/20/382026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Celero Commerce LLC Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 02/28/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ArkDataCentersLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) Industry Hotels, Restaurants & Leisure Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/31/312026-03-310001920145ck0001920145:WirelessTelecommunicationServicesMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Madison Park Funding LXX, Ltd. - Subordinated Notes Financial Services Effective Yield 11.30% Initial Acquisition Date 08/04/25 Maturity 09/04/382026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PacificGroupBidcoPtyLtdDbaMagentusMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 12/31/262026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Javelin Buyer, Inc. Industry Software Interest Rate 6.42% Reference Rate and Spread S +2.75% Maturity 12/05/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/29 One2026-03-310001920145ck0001920145:ABRLoanMemberck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2026-05-072026-05-070001920145Equity and Other - 0.7% United States - 0.1% Preferred Stock - 0.0% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TK Elevator Midco GmbH Industry Machinery Interest Rate 6.95% Reference Rate and Spread S + 2.75% Maturity 04/30/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Alterra Mountain Company Industry Leisure Products Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 05/31/302026-03-310001920145ck0001920145:TruistRevolvingCreditFacilityMemberck0001920145:TermLoanMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.17% Reference Rate and Spread S + 6.50% Maturity 07/01/272026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorlastoutunitrancheMember2024-12-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001920145srt:MaximumMemberck0001920145:MsRevolvingCreditFacilityMember2026-01-290001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Envero Midco 2 LLC (dba Sun World) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 03/02/33 Two2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:DwyerInstrumentsLLCMember2026-03-310001920145ck0001920145:HedgedAsetsMember2026-03-310001920145us-gaap:InsuranceSectorMember2026-03-310001920145ck0001920145:EnviroSmartLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.18% Reference Rate and Spread S+4.50% Maturity 05/03/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 9.49% Reference Rate and Spread S + 5.75% Maturity 07/25/282026-03-310001920145ck0001920145:UsaDebuskLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-3100019201452024-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:KY2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% CD&R Hydra Buyer Inc. Industry Distributors Interest Rate 7.82% Reference Rate and Spread S + 4.00% Maturity 03/25/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.46% Reference Rate and Spread S + 4.75% Maturity 02/10/282026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:Engage2ExcelIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% WebPT, Inc. Industry Health Care Technology Reference Rate and Spread S + 6.25% (Incl 3.13% PIK) Maturity 01/18/302026-03-310001920145ck0001920145:HedgedAsetsMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Asurion LLC Industry Insurance Interest Rate 7.42% Reference Rate and Spread S + 3.75% Maturity 02/23/332026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/03/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 07/14/31 Two2026-03-310001920145ck0001920145:SolarHoldingsBidcoLimitedDbaSlrConsultingMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 06/13/28 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Paint Intermediate III, LLC Industry Chemicals Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 10/09/312026-03-310001920145Equity and Other - 0.7% United States - 0.1% Preferred Stock - 0.0% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Diversified Consumer Services Initial Acquisition Date 10/02/242025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.22% Reference Rate and Spread S + 4.50% Maturity 06/03/322025-12-310001920145us-gaap:DebtSecuritiesMembercountry:IT2026-03-310001920145Investment Debt Investments - 179.3% Sweden - 0.9% 1st Lien/Senior Secured Debt - 0.9% Runner Bidco AB (dba nShift) Industry Software Reference Rate and Spread E + 5.00% Maturity 08/21/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Jeppesen Holdings, LLC Industry Software Reference Rate and Spread S +4.75% Maturity 11/01/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SpendMend Holdings LLC Industry Health Care Providers & Services Interest Rate 8.82% Reference Rate and Spread S + 5.00% Maturity 03/01/28 Two2025-12-310001920145Investment Debt Investments - 179.3% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Interest Rate 7.13% Reference Rate and Spread E + 5.00% Initial Acquisition Date 01/15/25 Maturity 02/05/322026-03-310001920145Investment Debt Investments - 180.7% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 7.77% Reference Rate and Spread E + 5.75% Maturity 09/27/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:Engage2ExcelIncMember2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2026-03-310001920145Investment Debt Investments - 179.3% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Reference Rate and Spread E + 5.25% Initial Acquisition Date 01/15/25 Maturity 02/05/322026-01-012026-03-310001920145country:BEck0001920145:FirstLienSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% MI Windows and Doors, LLC Industry Building Products Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 03/28/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/03/322026-03-310001920145Equity and Other - 0.7% United States - 0.1% Preferred Stock - 0.0% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Diversified Consumer Services Initial Acquisition Date 10/02/242025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Victors Purchaser, LLC (dba Service Express) Industry Technology Hardware & Equipment Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 12/23/322025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/20/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:APKonaHoldingsLLCMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Onex TSG Intermediate Corp. Industry Health Care Providers & Services Interest Rate 7.59% Reference Rate and Spread S + 3.75% Maturity 08/06/322025-12-310001920145ck0001920145:DistributorsMember2025-12-310001920145ck0001920145:ConsumerStaplesDistributionAndRetailMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/322026-03-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% Pacific Group Bidco Pty Ltd (dba Magentus) Industry Software Interest Rate 8.70% Reference Rate and Spread B + 5.00% Maturity 07/30/312025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.3% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.23% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VamosBidcoIncDbaVIPMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/24/31 One2026-03-310001920145country:LUck0001920145:FirstLienSeniorSecuredDebtMember2026-03-310001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Madison Park Funding LXX, Ltd. - Subordinated Notes Financial Services Effective Yield 11.30% Initial Acquisition Date 08/04/25 Maturity 09/04/382026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 04/26/292026-03-310001920145ck0001920145:HighfiveDentalHoldcoLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:HouseholdProductsMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Hyland Software, Inc. Industry Software Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/19/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Interest Rate 8.06% Reference Rate and Spread S +6.00% (Incl. 3.25% PIK) Maturity 12/18/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 10/15/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 08/08/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Two2025-12-310001920145country:KYck0001920145:StructuredFinanceObligationEquityInstrumentsMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% US Signal Company, LLC Industry IT Services Interest Rate 9.27% Reference Rate and Spread S + 5.50% Maturity 09/04/29 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 02/24/312026-03-310001920145us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:LineOfCreditMemberck0001920145:TruistRevolvingCreditFacilityMembersrt:MaximumMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Reference Rate and Spread S + 6.00% Maturity 12/31/992025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:BeveragesMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:ContainerAndPackagingSectorMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% ML Holdco, LLC (dba MeridianLink) Industry Software Interest Rate 8.37% Reference Rate and Spread S +4.50% Maturity 10/25/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Arcis Golf LLC Industry Entertainment Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 12/31/992025-12-310001920145ck0001920145:HedgedAsetsMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Deep Blue Operating I LLC Industry Water Utilities Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 10/01/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S +4.50% Maturity 09/26/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pike Corporation Industry Electric Utilities Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:LineOfCreditMemberck0001920145:TruistRevolvingCreditFacilityMembersrt:MinimumMember2026-01-012026-03-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:IN2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:OilGasAndConsumableFuelsMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Alterra Mountain Company Industry Leisure Products Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 05/31/302025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:CreekParentIncDbaCatalentMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% MajorDrive Holdings IV LLC Industry Leisure Products Interest Rate 7.96% Reference Rate and Spread S + 4.00% Maturity 06/01/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.42% Reference Rate and Spread S+ 5.75% Maturity 10/07/30 One2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ValetWasteHoldingsIncDbaValetLivingMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 08/18/322026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% Rota Bidco S.p.A. (dba Casa Optima) Industry Consumer Staples Distribution & Retail Interest Rate 7.51% Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 02/03/33 One2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.67% Reference Rate and Spread S + 6.00% Maturity 05/01/29 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Madison IAQ LLC Industry Commercial Services & Supplies Interest Rate 6.13% Reference Rate and Spread S + 2.50% Maturity 06/21/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Third Coast Infrastructure LLC Industry Oil, Gas & Consumable Fuels Interest Rate 7.42% Reference Rate and Spread S + 3.75% Maturity 09/25/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Project Alpha Intermediate Holding, Inc. Industry Telecommunication services Interest Rate 6.92 Reference Rate and Spread S+3.25% Maturity 10/26/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Plano HoldCo Inc. Industry IT Services Interest Rate 7.17% Reference Rate and Spread S + 3.50% Maturity 10/02/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Victory Buyer LLC Industry Industrial Conglomerates Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 02/14/332026-03-310001920145ck0001920145:PikeCorporationMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:BXFrontierMemberILLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:MMLCIIMember2025-10-120001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S+4.75% Maturity 04/01/33 Two2026-03-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% WebPT, Inc. Industry Health Care Technology Interest Rate 10.26% Reference Rate and Spread S + 6.25% Maturity 01/18/282025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:ConsumerStaplesDistributionAndRetailMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Advarra Holdings, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 4.50% Maturity 09/15/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Clydesdale Acquisition Holdings, Inc. Industry Containers & Packaging Interest Rate 6.89% Reference Rate and Spread S + 3.18% Maturity 04/13/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% USA DeBusk, LLC Industry Commercial Services & Supplies Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 04/30/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/30/322026-03-310001920145currency:CADck0001920145:TruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145ck0001920145:MetalsAndMiningMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:TextilesApparelAndLuxuryGoodsMember2025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:ProfessionalservicesMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/01/292026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ProphixSoftwareIncDbaPoundBidcoMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread S+4.50% Maturity 05/03/29 One2025-12-310001920145ck0001920145:OneMonthSOFRMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CPM Holdings, Inc. Industry Industrial Conglomerates Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/28/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.42% Reference Rate and Spread S+ 5.75% Maturity 10/07/302026-03-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Reference Rate and Spread S + 4.75% Maturity 11/01/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Quikrete Holdings, Inc. Industry Building Products Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 04/14/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S+4.75% Maturity 07/02/29 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 08/31/282025-12-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-01-012026-03-310001920145ck0001920145:FirstFebruaryTwoThousandTwentyFiveMemberck0001920145:CommonClassDMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TRC Companies LLC Industry Construction & Engineering Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 12/08/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) Industry Trading Companies & Distributors Interest Rate 9.47% Reference Rate and Spread S+ 5.75% Maturity 10/07/30 One2025-12-310001920145ck0001920145:MLHoldcoLLCDbaMeridianLinkMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Global Medical Response, Inc. Industry Health Care Providers & Services Interest Rate 7.17% Reference Rate and Spread S + 3.50% Maturity 10/01/322026-03-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Prestige Bidco Pty Ltd (dba Pickles Auctions) Industry Distributors Interest Rate 8.79% Reference Rate and Spread B + 4.75% Maturity 08/25/312026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:BnppRevolvingCreditFacilityMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:LifeSciencesToolsAndServicesMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Reference Rate and Spread S + 4.50% Maturity 07/14/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/11/302026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ingram Micro, Inc. Industry IT Services Interest Rate 5.94% Reference Rate and Spread S + 2.25% Maturity 09/22/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CURiO Brands LLC Industry Household Products Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 04/02/312025-12-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:US2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Olympus Water US Holding Corporation Industry Chemicals Interest Rate 6.70% Reference Rate and Spread S + 3.00% Maturity 06/20/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Acrisure, LLC Industry Insurance Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 11/06/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Galway Borrower LLC Industry Insurance Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/29/28 Three2026-03-310001920145Equity and Other - 0.7% United States - 0.1% Warrants - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:CommercialservicessuppliesMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SplashCarWashIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Splash Car Wash, Inc. Industry Diversified Consumer Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 03/17/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Madison IAQ LLC Industry Commercial Services & Supplies Interest Rate 6.38% Reference Rate and Spread S + 2.75% Maturity 11/08/322026-03-310001920145country:AUus-gaap:DebtSecuritiesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% eShipping, LLC Industry Air Freight & Logistics Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/23/322026-03-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% Whitewater Holding Company LLC Diversified Consumer Services Initial Acquisition Date 12/21/212025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Rubix Foods, LLC Industry Food Products Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 04/30/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Convenient Payments Acquisition, Inc. Industry Software Interest Rate 9.73% Reference Rate and Spread S + 6.00% Maturity 12/31/262025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.74% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Aptean, Inc. Industry Software Interest Rate 8.42% Reference Rate and Spread S +4.75% Maturity 01/30/312026-03-310001920145ck0001920145:CommonClassIMemberck0001920145:FirstFebruaryTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Alpha Generation LLC Industry Electric Utilities Interest Rate 5.70% Reference Rate and Spread S + 1.75% Maturity 09/30/312026-03-310001920145ck0001920145:BXFrontierMemberIHoldingsLLCMember2026-03-310001920145ck0001920145:RunnerBidcoABMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 11, Ltd. - Class E Industry Financial Services Interest Rate 9.33% Reference Rate and Spread S+ 5.05% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Victors Purchaser, LLC (dba Service Express) Industry Technology Hardware, Storage & Peripherals Reference Rate and Spread S+4.50% Maturity 12/23/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Reference Rate and Spread 6.63% Initial Acquisition Date 10/26/25 Maturity 11/03/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 06/30/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Asplundh Tree Expert, LLC Industry Commercial Services & Supplies Interest Rate 5.52% Reference Rate and Spread S + 1.75% Maturity 09/07/272026-03-310001920145ck0001920145:FsWhiteWaterBorrowerLlcFkaWhitewaterHoldingCompanyLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S+4.75% Maturity 04/01/332026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Hamilton Thorne, Inc Industry Health Care Equipment & Supplies Reference Rate and Spread E + 5.25% Maturity 11/28/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 08/29/31 One2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SonarAcquisitioncoIncDbaSimPROMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322026-01-012026-03-310001920145srt:AffiliatedEntityMemberus-gaap:SubsequentEventMember2026-04-012026-04-010001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% OneSky Flight, LLC Industry Air Freight and Logistics Interest Rate 6.43% Reference Rate and Spread S + 2.75% Maturity 02/17/332026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 13, Ltd. - Class D2 Industry Financial Services Interest Rate 7.38% Reference Rate and Spread S+ 3.65% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% HighLevel, Inc. Industry Software Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 02/23/332026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Trystar, LLC Industry Electrical Equipment Interest Rate 7.92% Reference Rate and Spread S + 4.25% Maturity 08/06/31 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Trystar, LLC Industry Electrical Equipment Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/06/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SpecialtyCareIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% HighTower Holdings LLC Industry Financial Services Interest Rate 6.41% Reference Rate and Spread S + 2.75% Maturity 02/03/322026-03-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% SI Swan UK Bidco Limited (dba Sapiens International)) Industry Software Reference Rate and Spread S + 4.75% Maturity 06/17/262026-03-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Diversified Consumer Services Initial Acquisition Date 10/02/242026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Electron BidCo, Inc. Industry Health Care Providers & Services Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 02/06/332026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.00% Maturity 04/02/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 9.69% Reference Rate and Spread S + 5.75% Maturity 11/30/272025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OptimaSPAMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 08/28/302025-12-310001920145ck0001920145:SummitBuyerLLCDbaClassicCollisionMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eShipping, LLC Industry Air Freight & Logistics Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 12/23/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dawn Bidco, LLC (dba Dayforce) Industry Software Reference Rate and Spread S + 2.75% Maturity 08/20/302025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Pacific Group Bidco Pty Ltd (dba Magentus) Industry Software Interest Rate 9.35% Reference Rate and Spread B + 5.00% Maturity 07/30/312026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:SE2025-01-012025-12-310001920145ck0001920145:CommonClassSMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% Sweden - 1.0% 1st Lien/Senior Secured Debt - 1.0% Runner Bidco AB (dba nShift) Industry Software Interest Rate 7.02% Reference Rate and Spread E + 5.00% Maturity 08/21/302025-12-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% Prestige Bidco Pty Ltd (dba Pickles Auctions) Industry Distributors Interest Rate 8.45% Reference Rate and Spread B + 4.75% Maturity 08/25/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Two2026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% Rota Bidco S.p.A. (dba Casa Optima) Industry Consumer Staples Distribution & Retail Interest Rate 7.51% Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 02/03/33 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontgrade Technologies Holdings Inc Industry Aerospace & Defense Interest Rate 9.13% Reference Rate and Spread S + 5.25% (incl. 1.50% PIK) Maturity 01/09/302025-12-310001920145ck0001920145:MMLCIIMember2025-10-142025-10-140001920145ck0001920145:CommonClassSMember2023-04-060001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 6.63% Reference Rate and Spread E + 4.50% Maturity 07/01/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% LifePoint Health, Inc. Industry Health Care Providers & Services Interest Rate 7.33% Reference Rate and Spread S + 3.50% Maturity 05/19/312025-12-310001920145ck0001920145:RealEstateManagementAndDevelopmentMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/18/292026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SpendmendHoldingsLlcMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:IndustrialConglomeratesMember2026-01-012026-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2025-12-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare) Industry Pharmaceuticals Reference Rate and Spread B + 4.75% Maturity 12/23/322025-12-310001920145ck0001920145:InvestmentAdvisoryAgreementIncentiveRateQuarterlyCatchUpThresholdMembersrt:AffiliatedEntityMember2026-01-012026-03-310001920145ck0001920145:CrewlineBuyerIncDbaNewRelicMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Clarios Global LP Industry Automobile Components Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 01/28/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/30/30 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Cloud Software Group, Inc. Industry IT Services Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 08/13/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Tropical Bidco, LLC (dba Tropical Cheese) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 12/11/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.25% Reference Rate and Spread S + 4.58% Maturity 02/01/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pregis TopCo Corporation Industry Containers & Packaging Interest Rate 7.67% Reference Rate and Spread S + 4.00% Maturity 02/01/292026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:AirFreightAndLogisticsMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% Sweden - 1.0% 1st Lien/Senior Secured Debt - 1.0% OMEGA II AB (dba Fortnox) Industry Software Reference Rate and Spread STIBOR + 4.25% Maturity 06/17/322025-12-3100019201452025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/31/99 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NorthStarAcquisitioncoLLCDbaEverwayMember2025-12-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001920145:FirstlienorseniorsecureddebtMemberus-gaap:MarketApproachValuationTechniqueMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ark Data Centers, LLC Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 11/27/302026-03-310001920145ck0001920145:MMLCIIMember2025-10-122025-10-120001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Eagle Family Foods Group LLC Industry Food Products Interest Rate 8.79% Reference Rate and Spread S + 5.00% Maturity 08/12/302026-03-310001920145ck0001920145:ConsumerStaplesDistributionAndRetailMember2025-12-310001920145us-gaap:FinancialServicesSectorMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Interest Rate 8.51% Reference Rate and Spread S + 4.75% Maturity 08/05/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% BEP Intermediate Holdco LLC (dba Buyers Edge) Industry Commercial Services & Supplies Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 04/25/312025-12-310001920145ck0001920145:TEIIntermediateLLCDbaTriumvirateEnvironmentalMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Creek Parent, Inc. (dba Catalent) Industry Pharmaceuticals Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 12/18/312026-03-310001920145ck0001920145:CodingSolutionsAcquisitionIncDbaCorrohealthMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Quikrete Holdings, Inc. Industry Building Products Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 02/10/322026-03-310001920145us-gaap:DebtSecuritiesMembercountry:IT2025-12-310001920145us-gaap:ConstructionSectorMember2026-03-310001920145ck0001920145:RailTransportationMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:JupiterRefuelCanadaBuyerIncDba4RefuelMember2026-03-310001920145Investment Debt Investments - 179.3% India - 0.1% 1st Lien/Senior Secured Debt - 0.1% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/02/322026-03-310001920145Investment Debt InveInvestment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.14% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/32stments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.8% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.14% Reference Rate and Spread E + 5.00% Initial Acquisition Date 04/15/25 Maturity 04/11/322026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Clearwater Analytics, LLC Industry Software Reference Rate and Spread S + 4.50% Maturity 03/31/322025-12-310001920145ck0001920145:CorinthiaBidcoLimitedDbaWalkersMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% ML Holdco, LLC (dba MeridianLink) Industry Software Interest Rate 8.17% Reference Rate and Spread S +4.50% Maturity 10/25/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2025-12-310001920145ck0001920145:HouseholdProductsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 10.67% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One2026-03-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Seven BidCo (dba Septeo) Industry Software Interest Rate 6.41% Reference Rate and Spread E + 4.40% Initial Acquisition Date 08/01/25 Maturity 08/27/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Hamilton Thorne, Inc Industry Health Care Equipment & Supplies Interest Rate 7.32% Reference Rate and Spread E + 5.25% Maturity 11/28/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ArtifactBidcoIncDbaAvettaMember2025-12-310001920145us-gaap:RetailSectorMember2025-12-310001920145ck0001920145:RubixFoodsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145us-gaap:CommonStockMemberck0001920145:AffiliatedInvestmentMember2026-03-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Aryeh Bidco Investment Ltd. (dba Dentalcorp) Industry Health Care Providers & Services Reference Rate and Spread C + 5.00% Maturity 01/14/33 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Clarios Global LP Industry Automobile Components Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 05/06/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.02% Reference Rate and Spread S + 5.25% Maturity 03/31/27 One2026-03-310001920145ck0001920145:FirstFebruaryTwoThousandTwentyFiveMemberck0001920145:CommonClassIMember2025-01-012025-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BusinessolverComIncMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Lightning Power LLC Industry Electric Utilities Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 12/31/992025-12-310001920145us-gaap:DebtMemberck0001920145:BnpParibasRevolvingCreditFacilityMember2025-12-310001920145ck0001920145:StructuredFinanceObligationEquityInstrumentsMember2025-12-310001920145Investment Debt Investments - 179.3% Netherlands - 0.0% 1st Lien/Senior Secured Debt - 0.0% Unit4 Group Holding B.V. Industry Software Reference Rate and Spread E + 4.50% Maturity 12/18/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Tecta America Corp. Industry Building Products Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 02/18/322025-12-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 7.02% Reference Rate and Spread E + 5.00% Initial Acquisition Date 03/14/25 Maturity 05/07/322025-01-012025-12-310001920145ck0001920145:TwoMarchTwoThousandTwentySixMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.07% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Three2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SplashCarWashIncMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 10.47% Reference Rate and Spread S + 6.75% Maturity 07/18/28 Two2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 8.45% Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/32 Two2026-01-012026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread C + 5.25% Maturity 06/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) Industry Food Products Interest Rate 5.00% Reference Rate and Spread 5.00% Initial Acquisition Date 10/26/25 Maturity 05/31/612026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 10/15/32 One2026-03-310001920145ck0001920145:DBGConsolidatedHoldingsPtyLtdDbaArrotexPharmaceuticalsMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145us-gaap:CommonStockMembercountry:US2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Eagle Family Foods Group LLC Industry Food Products Reference Rate and Spread S + 5.00% Maturity 08/12/302025-12-310001920145ck0001920145:InvestmentAdvisoryAgreementIncentiveRateAnnualizedCatchUpThresholdMembersrt:AffiliatedEntityMember2025-01-012025-12-310001920145ck0001920145:MediaMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dealer Tire Financial, LLC Industry Automobile Components Interest Rate 6.67% Reference Rate and Spread S + 2.00% Maturity 07/02/312026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% 123Dentist Inc. Industry Health Care Providers & Services Interest Rate 7.03% Reference Rate and Spread C + 4.75% Maturity 08/10/292026-03-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 03/14/25 Maturity 05/07/322026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 07/14/312026-03-310001920145us-gaap:CommonStockMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Bottomline Technologies, Inc. Industry Financial Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/32 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.00% Maturity 09/03/30 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bamboo US BidCo LLC (dba Baxter) Industry Pharmaceuticals Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/30/30 Three2026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageJanuaryTwoThousandThirtyOneNotesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/31 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.50% Reference Rate and Spread P + 4.75% Maturity 11/30/272025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 08/02/32 Two2026-03-310001920145ck0001920145:SecondLienSeniorSecuredDebtMembercountry:FR2025-12-310001920145ck0001920145:CommonClassDMember2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:TruistRevolvingCreditFacilityMember2026-03-310001920145ck0001920145:SixMonthEuriborMember2025-01-012025-12-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:AU2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% SPX Flow, Inc. Industry Machinery Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 04/05/292025-12-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC) Diversified Consumer Services Initial Acquisition Date 10/02/242026-03-310001920145ck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:CommitmentsMember2026-05-072026-05-070001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% Peppertree Towers, LLC Wireless Telecommunication Services Initial Acquisition Date 12/18/252026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Splash Car Wash, Inc. Industry Diversified Consumer Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 03/17/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ark Data Centers, LLC Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pro Mach Group, Inc. Industry Machinery Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 10/15/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 07/01/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BCTO Bluebill Buyer, Inc. (dba Ren) Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 07/30/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Onyx CenterSource, Inc. Industry Software Interest Rate 9.39% Reference Rate and Spread S+5.25% Maturity 12/14/29 One2025-12-310001920145Investment Debt Investments - 180.7% India - 0.2% 1st Lien/Senior Secured Debt - 0.2% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Interest Rate 8.32% Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 11.72% Reference Rate and Spread SN + 8.00% PIK Initial Acquisition Date 09/13/24 Maturity 10/04/32 One2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Airwavz Solutions, Inc. Industry Wireless Telecommunication Services Interest Rate 9.02% Reference Rate and Spread S + 5.25% Maturity 03/31/27 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 09/03/30 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kohler Energy Co LLC Industry Oil, Gas & Consumable Fuels Interest Rate 7.42% Reference Rate and Spread S + 3.75% Maturity 05/01/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) Industry Health Care Technology Interest Rate 8.99% Reference Rate and Spread S + 5.00% Maturity 05/11/292025-12-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 12/06/29 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Netsmart Technologies, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/31 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VisionsafeHoldingsIncMember2025-12-310001920145ck0001920145:FivePointThreeSevenFivePercentageJanuaryTwoThousandTwentyNineNotesMember2025-10-170001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Reference Rate and Spread S + 4.50% Maturity 06/03/32 One2026-03-310001920145ck0001920145:FirstlienorlastoutunitrancheMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Madison IAQ LLC Industry Commercial Services & Supplies Interest Rate 6.70% Reference Rate and Spread S + 2.50% Maturity 06/21/282025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.03% Reference Rate and Spread E + 5.00% Initial Acquisition Date 06/25/25 Maturity 06/24/322026-03-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.69% Reference Rate and Spread S + 4.75% Maturity 07/20/292025-12-310001920145ck0001920145:CommonClassDMember2026-05-120001920145ck0001920145:InvestmentsInAffiliatedMoneyMarketFundMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S+4.75% Maturity 01/30/32 One2025-12-310001920145ck0001920145:ThirtyOneMarchTwoThousandTwentyFiveMemberck0001920145:CommonClassIMember2025-01-012025-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Southeast Mechanical, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.31% Reference Rate and Spread C + 4.75% Maturity 11/01/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 8.42% Reference Rate and Spread S+4.75% Maturity 01/30/322025-12-310001920145ck0001920145:EquityAndOtherInvestmentsMembercountry:US2025-12-310001920145us-gaap:FairValueInputsLevel3Member2024-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-01-012026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001920145ck0001920145:BnpParibasRevolvingCreditFacilityMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Envero Midco 2 LLC (dba Sun World) Industry Food Products Reference Rate and Spread S + 4.75% Maturity 03/02/33 One2026-03-310001920145ck0001920145:ThreeMonthEuriborMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NcwsIntermediateIncDbaNationalCarwashSolutionsMember2025-12-310001920145Investment Debt Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/01/29 One- 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche - 2.5% Tarpon Towers II LLC Industry Wireless Telecommunication Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/01/29 One2026-03-310001920145ck0001920145:BeveragesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Reference Rate and Spread S +6.00% (Incl. 3.25% PIK) Maturity 12/18/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wand NewCo 3, Inc. Industry Commercial Services & Supplies Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 01/30/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.25% Maturity 08/06/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Pike Corporation Industry Electric Utilities Reference Rate and Spread S + 4.50% Maturity 12/31/99 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ComputerServicesIncMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Fender Musical Instruments Corporation Industry Entertainment Interest Rate 7.82% Reference Rate and Spread S + 4.00% Maturity 12/31/992025-12-310001920145ck0001920145:EquityAndOtherInvestmentsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Grant Thornton Advisors LLC Industry Professional Services Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 06/02/312025-12-310001920145ck0001920145:NetriskGroupLuxco4SARLMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 One2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:HealthCareEquipmentAndSuppliesMember2025-01-012025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:MetalsAndMiningMember2026-01-012026-03-310001920145ck0001920145:AlgaeBidCoMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:NetsmartTechnologiesIncMember2025-12-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% Pacific Group Bidco Pty Ltd (dba Magentus) Industry Software Reference Rate and Spread B + 2.00% Maturity 07/30/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% VRS Buyer, Inc. (dba LiquidTech) Industry Oil, Gas & Consumable Fuels Interest Rate 7.17% Reference Rate and Spread S + 3.50% Maturity 10/12/322026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Octagon 78, Ltd. - Class D Industry Financial Services Interest Rate 6.91% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 07/14/2025 Maturity 10/20/382026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Coding Solutions Acquisition, Inc. (dba CorroHealth) Industry Health Care Providers & Services Reference Rate and Spread S + 5.00% Maturity 08/07/31 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RotationBuyerLLCDbaRotatingMachineryServicesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Trystar, LLC Industry Electrical Equipment Reference Rate and Spread S + 4.50% Maturity 08/06/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.67% Reference Rate and Spread S +5.00% Maturity 07/01/30 Two2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Splash Car Wash, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 03/17/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Three2026-03-310001920145Investment Debt Investments - 180.7% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 5.75% Reference Rate and Spread SARON + 5.75% Maturity 09/27/31 One2025-12-310001920145us-gaap:InterestRateSwapMemberck0001920145:BNPParibasMember2026-03-310001920145us-gaap:SubsequentEventMemberck0001920145:SixJulyTwoThousandTwentySixMember2026-05-062026-05-060001920145us-gaap:WarrantMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VisionsafeHoldingsIncMember2026-03-310001920145Equity and Other - 0.6% Cayman Islands - 0.5% Structured Finance Obligation – Equity Instruments - 0.5% Diameter Capital CLO 11, Ltd. - Subordinated Notes Financial Services Effective Yield 9.00% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NCWS Intermediate, Inc. (dba National Carwash Solutions) Industry Trading Companies & Distributors Interest Rate 8.93% Reference Rate and Spread S + 5.25% Maturity 12/31/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Jane Street Group, LLC Industry Financial Services Interest Rate 5.82% Reference Rate and Spread S + 2.00% Maturity 12/15/312025-12-310001920145ck0001920145:ThreeMonthPrimeMember2026-01-012026-03-310001920145ck0001920145:NFMAndJLPDbaTheFacilitiesGroupMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 08/22/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OctanePurchaserIncDbaOfficeAllyMember2026-03-310001920145ck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2026-01-012026-03-310001920145country:SEck0001920145:FirstLienSeniorSecuredDebtMember2025-12-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 2028 Notes Company Receives 5.88% Company Pays S + 2.37% Maturity Date 04/06/282025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:TrystarLlcMember2025-12-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-3100019201452026-01-012026-01-310001920145ck0001920145:ThirtyOneMarchTwoThousandTwentySixMemberck0001920145:CommonClassIMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% MRI Software LLC Industry Real Estate Mgmt. & Development Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 02/10/282025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMemberus-gaap:WarrantMember2025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Algae BidCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 6.88% Reference Rate and Spread E + 4.75% Initial Acquisition Date 05/30/25 Maturity 10/29/322026-01-012026-03-310001920145ck0001920145:SixMonthBBSWMember2026-01-012026-03-310001920145ck0001920145:SkywayTowersIntermediateLlcMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/312025-12-310001920145ck0001920145:SixMonthEuriborMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 8.70% Reference Rate and Spread S+5.00% Maturity 12/17/312026-03-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Jane Street Group, LLC Industry Financial Services Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 12/15/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Asurion LLC Industry Insurance Interest Rate 8.07% Reference Rate and Spread S + 4.25% Maturity 08/19/282025-12-310001920145ck0001920145:SupermanHoldingsLlcDbaFoundationSoftwareMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AmWINS Group, Inc. Industry Insurance Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 01/30/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Hyland Software, Inc. Industry Software Reference Rate and Spread S +5.00% Maturity 09/19/292026-03-310001920145ck0001920145:Unit4GroupHoldingBVMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AiTitanParentIncMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Aptean, Inc. Industry Software Interest Rate 8.69% Reference Rate and Spread S + 4.75% Maturity 01/30/312025-12-310001920145us-gaap:InterestRateSwapMember2026-01-012026-03-310001920145ck0001920145:DiversifiedfinancialservicesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Creek Parent, Inc. (dba Catalent) Industry Pharmaceuticals Reference Rate and Spread S + 5.00% Maturity 12/18/312026-03-310001920145Investment Debt Investments - 179.3% Sweden - 0.9% 1st Lien/Senior Secured Debt - 0.9% Runner Bidco AB (dba nShift) Industry Software Interest Rate 9.12% Reference Rate and Spread N + 5.00% Maturity 08/21/302026-03-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PASParentIncDbaPaceAnalyticalMember2025-12-310001920145us-gaap:EntertainmentSectorMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.69% Reference Rate and Spread S + 5.00% Maturity 06/06/312025-12-310001920145ck0001920145:EquityAndOtherInvestmentsMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% LifePoint Health, Inc. Industry Health Care Providers & Services Interest Rate 7.15% Reference Rate and Spread S + 3.50% Maturity 05/19/312026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:UsSignalCompanyLlcMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Interest Rate 9.70% Reference Rate and Spread S + 6.00% Maturity 04/26/292026-03-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 9.22% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/01/30 One2026-03-310001920145ck0001920145:HotelsRestaurantsAndLeisureMember2026-03-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Madison Park Funding LXX, Ltd. - Subordinated Notes Financial Services Effective Yield 11.07% Initial Acquisition Date 08/04/25 Maturity 09/04/382025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% GSM Holdings, Inc. Industry Leisure Products Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/30/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 10.02% Reference Rate and Spread S + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Prophix Software Inc. (dba Pound Bidco) Industry Financial Services Interest Rate 10.17% Reference Rate and Spread S + 6.00% Maturity 02/01/272026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% White Cap Buyer LLC Industry Building Products Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 10/19/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Sundance Group Holdings, Inc. (dba NetDocuments) Industry Software Reference Rate and Spread S+4.75% Maturity 07/02/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 08/02/32 Four2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Engineered Machinery Holdings, Inc. Industry Machinery Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 11/26/322025-12-310001920145country:GBus-gaap:DebtSecuritiesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Westwood Professional Services Inc. Industry Professional Services Reference Rate and Spread S + 4.50% Maturity 09/19/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/31/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Spectris PLC Industry Electrical Equipment Interest Rate 6.58% Reference Rate and Spread S + 2.75% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.00% Maturity 04/02/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% One, Inc. Software Corporation Industry Software Reference Rate and Spread S+4.50% Maturity 12/06/32 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:VardimanBlackHoldingsLLCDbaSpecialtyDentalBrandsMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Onward AcquireCo, Inc. (dba OneStream) Industry Software Reference Rate and Spread S+4.75% Maturity 04/01/33 One2026-03-310001920145ck0001920145:BuildingProductsMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145ck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberck0001920145:IndexRateLoanOrTermBenchmarkLoanMember2026-05-072026-05-070001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.60% Reference Rate and Spread S + 4.75% Maturity 11/01/30 One2025-12-310001920145ck0001920145:GroundTransportationMember2026-03-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% Pacific Group Bidco Pty Ltd (dba Magentus) Industry Software Interest Rate 9.09% Reference Rate and Spread SN + 5.00% Maturity 07/30/312025-12-310001920145us-gaap:FairValueInputsLevel1Member2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Interest Rate 8.06% Reference Rate and Spread E +5.75% (Incl. 3.13% PIK) Maturity 12/18/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Reference Rate and Spread S + 4.50% Maturity 11/22/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 10/15/31 Two2026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 7.02% Reference Rate and Spread E + 5.00% Initial Acquisition Date 03/14/25 Maturity 05/07/32 One2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% MI Windows and Doors, LLC Industry Building Products Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 03/28/312026-03-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMember2024-12-310001920145us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:FoodProductsMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals) Industry Pharmaceuticals Interest Rate 9.04% Reference Rate and Spread B + 5.25% Maturity 10/29/32 One2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Covetrus, Inc. Industry Pharmaceuticals Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 10/13/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Saber Parent Holdings Corp. (dba Service Logic) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.50% Maturity 12/16/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Valet Waste Holdings, Inc. (dba Valet Living) Industry Commercial Services & Supplies Interest Rate 9.72% Reference Rate and Spread S + 6.00% Maturity 05/01/292025-12-310001920145us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001920145:RevolvingCreditFacilityTrancheBMemberck0001920145:MsRevolvingCreditFacilityMember2024-10-242024-10-240001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:INKBCBIDCOSRLDbaNamirialMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Advanced Cooling Technologies, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 4.50% Maturity 02/27/33 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% iSolved Inc Industry Software Interest Rate 6.42% Reference Rate and Spread S +2.75% Maturity 10/15/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% W.R. Grace & Co.-Conn. Industry Chemicals Interest Rate 6.69% Reference Rate and Spread S + 3.00% Maturity 08/19/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Cube Industrials Buyer Inc Industry Capital Goods Interest Rate 6.85% Reference Rate and Spread S + 3.00% Maturity 10/17/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Windsor Holdings III, LLC Industry Distributors Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 08/01/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% QBS Parent, Inc. (dba Quorum Software) Industry IT Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 06/03/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:TropicalBidcoLLCDbaTropicalCheeseMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontgrade Technologies Holdings Inc Industry Aerospace & Defense Interest Rate 8.94% Reference Rate and Spread S + 5.00% (incl. 1.50% PIK) Maturity 01/09/302025-12-310001920145ck0001920145:CommonClassSMember2026-05-120001920145ck0001920145:ThreeMonthSOFRMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PDDSHoldcoIncDbaPlanetDDSMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Alterra Mountain Company Industry Leisure Products Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 08/17/282025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% 1st Lien/Senior Secured Debt - 147.3% Traverse Midstream Partners LLC Industry Oil, Gas & Consumable Fuels Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 02/16/282026-03-310001920145ck0001920145:ThirtyJanuaryTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Froneri International Ltd. Industry Food Products Interest Rate 5.88% Reference Rate and Spread S + 2.25% Maturity 09/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Lobos Parent, Inc. (dba NEOGOV) Industry Software Reference Rate and Spread S +4.50% Maturity 09/27/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Chamberlain Group Inc Industry Building Products Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 09/08/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Artifact Bidco, Inc. (dba Avetta) Industry Software Interest Rate 7.82% Reference Rate and Spread S + 4.15% Maturity 07/28/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributor Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:MRISoftwareLLCMember2025-12-310001920145ck0001920145:InitialFivePointEightSevenFivePercentJanuaryTwoThousandThirtyOneNotesMember2025-11-242025-11-240001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ValetWasteHoldingsIncDbaValetLivingMember2026-03-310001920145ck0001920145:ElectricalEquipmentMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.90% Reference Rate and Spread S + 5.25% (Incl. 1.54% PIK) Maturity 01/09/30 One2026-03-310001920145ck0001920145:HealthCareEquipmentAndSuppliesMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Saber Parent Holdings Corp. (dba Service Logic) Industry Commercial Services & Supplies Interest Rate 8.21% Reference Rate and Spread S + 4.50% Maturity 12/16/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 9.52% Reference Rate and Spread S + 5.75% Maturity 08/01/29 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Runway Bidco, LLC (dba Redwood Software) Industry Software Reference Rate and Spread S +5.00% Maturity 12/17/31 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Galway Borrower LLC Industry Insurance Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/29/28 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Creek Parent, Inc. (dba Catalent) Industry Pharmaceuticals Interest Rate 8.73% Reference Rate and Spread S + 5.00% Maturity 12/18/312025-12-310001920145us-gaap:HealthcareSectorMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Chobani, LLC Industry Food Products Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 10/28/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07%Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% EOC Borrower, LLC Industry Entertainment Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 03/24/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.00% Maturity 09/03/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.57% Reference Rate and Spread S + 4.75% Maturity 08/02/322025-12-310001920145ck0001920145:BNPParibasMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.70% Reference Rate and Spread S + 5.03% Maturity 12/22/282026-03-310001920145ck0001920145:ParisUSHoldcoIncDbaPrecinmacMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:OliverPackagingAndEquipmentCompanyLLCFkaBuffaloMergerSubLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CQP Holdco LP Industry Oil, Gas & Consumable Fuels Interest Rate 5.45% Reference Rate and Spread S + 1.75% Maturity 12/31/322026-03-310001920145us-gaap:DebtMember2026-01-012026-03-310001920145us-gaap:CommonStockMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Vardiman Black Holdings, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 10.77% Reference Rate and Spread S + 7.00% PIK Maturity 03/18/272026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Medline Borrower, LP Industry Health Care Equipment & Supplies Interest Rate 5.47% Reference Rate and Spread S + 1.75% Maturity 10/23/282025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BambooUSBidCoLLCDbaBaxterMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) Industry Commercial Services & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 08/22/302026-03-310001920145ck0001920145:SpectrumSafetySolutionsPurchaserLlcDbaCarrierIndustrialFireMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EdkoLLCMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/02/31 One2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberus-gaap:EntertainmentSectorMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edko, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 10/02/312026-03-310001920145us-gaap:FairValueInputsLevel2Memberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 2nd Lien/Senior Secured Debt - 0.8% Sazerac Company, Inc. Industry Beverages Interest Rate 6.50% Reference Rate and Spread S + 2.50% Maturity 07/09/322025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Octagon 78, Ltd. - Class E Industry Financial Services Interest Rate 9.11% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 07/14/2025 Maturity 10/20/382026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wildcat Solutions Holdings, LLC (dba O6 Environmental) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 08/05/32 One2025-12-310001920145ck0001920145:DBGConsolidatedHoldingsPtyLtdDbaArrotexPharmaceuticalsMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ingram Micro, Inc. Industry IT Services Interest Rate 5.98% Reference Rate and Spread S + 2.25% Maturity 09/22/312025-12-310001920145ck0001920145:ThreeMonthEuriborMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CURiO Brands LLC Industry Household Products Reference Rate and Spread S + 5.25% Maturity 04/02/31 One2025-12-310001920145ck0001920145:OmegaMidwestBuyerLLCDbaOmegaFitnessHoldingsMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:GroundTransportationMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fortress Intermediate 3, Inc Industry Technology Hardware & Equipment Interest Rate 6.67% Reference Rate and Spread S+3.00% Maturity 06/27/312026-03-310001920145us-gaap:ChemicalsSectorMember2025-12-310001920145ck0001920145:KryptonaBidcoUsLlcDbaKyribaMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Interest Rate 9.17% Reference Rate and Spread S + 5.50% Maturity 09/26/302026-03-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:AE2025-12-310001920145us-gaap:DebtSecuritiesMembercountry:CA2025-12-310001920145ck0001920145:DistributorsMember2026-03-310001920145ck0001920145:MandrakeBidcoIncDbaMiratechMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% GSM Holdings, Inc. Industry Leisure Products Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 09/30/312026-03-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% iWave Information Systems, Inc. Industry Software Interest Rate 9.68% Reference Rate and Spread S + 6.00% Maturity 11/24/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CloudBees, Inc. Industry Software Interest Rate 10.83% Reference Rate and Spread S +7.00% (Incl. 2.50% PIK) Maturity 11/24/262025-12-310001920145ck0001920145:ThirtyOneJanuaryTwoThousandTwentyFiveMember2025-01-012025-03-310001920145ck0001920145:FsWhiteWaterBorrowerLlcFkaWhitewaterHoldingCompanyLlcMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145us-gaap:EntertainmentSectorMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% EnviroSmart, LLC (dba ES Integrated) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 09/24/312025-12-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Diversified Consumer Services Initial Acquisition Date 04/26/242025-12-310001920145ck0001920145:TarponTowersIiLlcMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 1st Lien/Senior Secured Debt - 1.2% Seven BidCo (dba Septeo) Industry Software Interest Rate 6.53% Reference Rate and Spread E + 4.50% Initial Acquisition Date 11/20/25 Maturity 08/27/322026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:UsSignalCompanyLlcMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:TLSapphireHoldingsIncDbaSouthernCarlsonMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Burgess Pigment Co. Industry Chemicals Reference Rate and Spread S + 5.00% Maturity 03/19/31 One2026-03-310001920145currency:CADck0001920145:TruistRevolvingCreditFacilityMember2026-03-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/27 Two2025-12-310001920145ck0001920145:SevenNovemberTwoThousandTwentyFourMember2025-01-012025-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Whitewater Whistler Holdings, LLC Industry Energy Equipment & Services Interest Rate 5.45% Reference Rate and Spread S + 1.75% Maturity 02/15/302026-03-310001920145ck0001920145:ThreeMonthSoniaMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 12/26/31 One2026-03-310001920145us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:PreferredStockMemberus-gaap:EquitySecuritiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Boost Newco Borrower, LLC Industry IT Services Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 01/31/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Renaissance Holding Corp. Industry Software Interest Rate 7.72% Reference Rate and Spread S+4.00% Maturity 04/05/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Last-Out Unitranche (11) - 2.4% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 9.92% Reference Rate and Spread S + 6.25% Maturity 12/07/282026-03-310001920145ck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2025-12-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:GoldmanSachsFinancialSquareGovernmentFundInstitutionalSharesMember2025-12-310001920145ck0001920145:CommercialservicessuppliesMember2025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 13, Ltd. - Class D1 Industry Financial Services Interest Rate 6.28% Reference Rate and Spread S+ 2.55% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 11/01/302026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 13, Ltd. - Class E Industry Financial Services Interest Rate 8.33% Reference Rate and Spread S+ 4.60% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-12-310001920145ck0001920145:TruistRevolvingCreditFacilityMember2025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:TechnologyHardwareStorageAndPeripheralsMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Creek Parent, Inc. (dba Catalent) Industry Pharmaceuticals Reference Rate and Spread S + 5.00% Maturity 12/18/312025-12-310001920145ck0001920145:JeppesenHoldingsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Clover Holdings 2 LLC Industry Software Interest Rate 7.68% Reference Rate and Spread S + 4.00% Maturity 12/09/312026-03-310001920145us-gaap:EntertainmentSectorMemberck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Computer Services, Inc. Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 11/17/312025-12-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% Whitewater Holding Company LLC Diversified Consumer Services Initial Acquisition Date 12/21/212026-03-310001920145ck0001920145:ConstructionMaterialsMember2025-12-310001920145ck0001920145:TextilesApparelAndLuxuryGoodsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% ABG Intermediate Holdings 2 LLC Industry Media Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 12/21/282025-12-310001920145us-gaap:TechnologySectorMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 8.77% Reference Rate and Spread S + 5.00% Maturity 12/31/992025-12-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2026-03-310001920145ck0001920145:CommonClassDMember2025-01-012025-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AccommodationsPlusTechnologiesLLCMember2026-03-310001920145country:NLck0001920145:FirstLienSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 180.7% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 5.75% Reference Rate and Spread SARON + 5.75% Maturity 09/27/312025-12-310001920145ck0001920145:ForeignCurrencyMember2026-01-012026-03-310001920145us-gaap:InterestRateSwapMemberck0001920145:BankOfAmericaNAMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CQP Holdco LP Industry Oil, Gas & Consumable Fuels Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 12/31/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Atwell, LLC Industry Professional Services Reference Rate and Spread S + 4.75% Maturity 04/25/23 One2026-03-310001920145ck0001920145:BankOfAmericaNAMember2026-03-310001920145Equity and Other - 0.7% United States - 0.1% Common Stock - 0.1% Peppertree Towers, LLC Wireless Telecommunication Services Initial Acquisition Date 12/18/252025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:BiotechnologyMember2026-01-012026-03-310001920145us-gaap:InterestRateSwapMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 01/22/29 Two2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CST Holding Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 8.77% Reference Rate and Spread S + 5.00% Maturity 11/01/282026-03-310001920145ck0001920145:GalwayBorrowerLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% IRB Holding Corp. Industry Consumer Staples Distribution & Retail Interest Rate 6.18% Reference Rate and Spread S + 2.50% Maturity 12/16/302026-03-310001920145ck0001920145:ProjectAccelerateParentLlcDbaAbcFitnessMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.44% Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Madison Park Funding LXX, Ltd. - Class E Industry Financial Services Interest Rate 9.23% Reference Rate and Spread S+ 5.00% Initial Acquisition Date 08/04/25 Maturity 09/04/382025-01-012025-12-310001920145Equity and Other - 0.7% United States - 0.1% Warrants - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% McAfee, LLC Industry Technology Hardware & Equipment Interest Rate 6.67% Reference Rate and Spread S+3.00% Maturity 03/01/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Whitewater Matterhorn Holdings LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.45% Reference Rate and Spread S + 1.75% Maturity 06/16/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% EOC Borrower, LLC Industry Entertainment Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 12/31/992025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributor Interest Rate 8.67% Reference Rate and Spread S + 5.00% (Incl. 1.75% PIK) Maturity 04/09/302025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:TradingCompaniesDistributorsMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.17% Reference Rate and Spread S +4.50% Maturity 09/02/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% ConnectWise, LLC Industry Software Interest Rate 7.43% Reference Rate and Spread S + 3.50% Maturity 09/29/282025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AiTitanParentIncMember2025-12-310001920145ck0001920145:OctagonTowersLLCMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Truist Insurance Holdings LLC Industry Insurance Interest Rate 6.45% Reference Rate and Spread S + 2.75% Maturity 05/06/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.70% Reference Rate and Spread S + 5.00% (Incl. 2.75% PIK) Maturity 12/06/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Reference Rate and Spread S + 4.75% Maturity 01/22/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/31 One2025-12-310001920145Investment Debt Investments - 179.3% Australia - 4.1% 1st Lien/Senior Secured Debt - 4.1% Pacific Group Bidco Pty Ltd (dba Magentus) Industry Software Interest Rate 8.85% Reference Rate and Spread SN + 5.00% Maturity 07/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Singlewire Software, LLC Industry Software Interest Rate 8.45% Reference Rate and Spread S+4.75% Maturity 05/10/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Meade Pipeline Co LLC Industry Oil, Gas & Consumable Fuels Interest Rate 5.69% Reference Rate and Spread S + 2.00% Maturity 09/22/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Interest Rate 8.19% Reference Rate and Spread S + 4.50% Maturity 11/22/322026-03-310001920145ck0001920145:HealthcaretechnologyMember2025-12-310001920145ck0001920145:SeventhAmendmentToTruistRevolvingCreditFacilityMember2026-05-072026-05-070001920145us-gaap:FairValueInputsLevel3Member2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Fender Musical Instruments Corporation Industry Entertainment Interest Rate 7.77% Reference Rate and Spread S + 4.00% Maturity 12/01/282026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Smyrna Ready Mix Concrete, LLC Industry Construction Materials Interest Rate 6.67% Reference Rate and Spread S + 3.00% Maturity 04/02/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AI Titan Parent, Inc. (dba Prometheus) Industry Software Reference Rate and Spread S +4.50% Maturity 08/29/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% US Signal Company, LLC Industry IT Services Reference Rate and Spread S + 5.50% Maturity 09/04/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% HUB International Limited Industry Insurance Interest Rate 6.12% Reference Rate and Spread S + 2.25% Maturity 06/20/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% BCPE Empire Holdings, Inc. Industry Distributors Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 12/11/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Celero Commerce LLC Industry Financial Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) Industry Entertainment Interest Rate 9.79% Reference Rate and Spread S + 6.00% Maturity 12/31/992025-12-310001920145ck0001920145:AtwellLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ArtifactBidcoIncDbaAvettaMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Eisner Advisory Group LLC Industry Financial Services Interest Rate 7.72% Reference Rate and Spread S + 4.00% Maturity 02/28/312025-12-310001920145us-gaap:WarrantMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/17/32 Two2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% KPA Parent Holdings, Inc. Industry Software Reference Rate and Spread S +4.50% Maturity 03/12/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Priority Holdings, LLC (dba Priority Payment) Industry Financial Services Interest Rate 7.47% Reference Rate and Spread S + 3.75% Maturity 07/30/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 8.28% Reference Rate and Spread E + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:TechnologySectorMember2025-01-012025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ZeusCompanyLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PAS Parent Inc. (dba Pace Analytical) Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/18/322026-03-310001920145ck0001920145:MachineryMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.38% Reference Rate and Spread N+4.50% Maturity 05/03/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Zeus Company LLC Industry Health Care Equipment & Supplies Interest Rate 9.67% Reference Rate and Spread S + 6.00% (Incl. 3.0% PIK) Maturity 02/28/312025-12-310001920145ck0001920145:CommonClassSMember2025-01-012025-03-310001920145ck0001920145:CoretrustPurchasingGroupLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 5.75% Maturity 09/03/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Propulsion (BC) Finco S.a.r.l. Industry Aerospace & Defense Interest Rate 6.20% Reference Rate and Spread S + 2.50% Maturity 12/01/322026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 2nd Lien/Senior Secured Debt - 0.1% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 10.26% Reference Rate and Spread E + 8.25% PIK Initial Acquisition Date 06/25/25 Maturity 06/24/332026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 11, Ltd. - Class D2 Industry Financial Services Interest Rate 8.48% Reference Rate and Spread S+ 4.20% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-01-012025-12-310001920145us-gaap:DebtMemberck0001920145:TruistRevolvingCreditFacilityMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.65% Reference Rate and Spread S + 5.00% Maturity 05/01/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Reference Rate and Spread S + 5.00% Maturity 06/30/322026-03-310001920145ck0001920145:OneMonthCORRAMember2025-01-012025-12-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Reference Rate and Spread SN + 6.25% (Incl. 2.75% PIK) Maturity 12/05/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Summit Buyer, LLC (dba Classic Collision) Industry Specialty Retail Interest Rate 8.70% Reference Rate and Spread S+5.00% Maturity 06/02/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 8.86% Reference Rate and Spread S + 5.00% Maturity 07/25/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Reference Rate and Spread S + 4.75% Maturity 12/02/312025-12-310001920145ck0001920145:LegendsHospitalityHoldingCompanyLLCFkaASMBuyerIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.82% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332025-01-012025-12-310001920145us-gaap:PreferredStockMembercountry:US2025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 11, Ltd. - Class D2 Industry Financial Services Interest Rate 8.48% Reference Rate and Spread S+ 4.20% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-12-310001920145ck0001920145:WaterUtilitiesMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Onex TSG Intermediate Corp. Industry Health Care Providers & Services Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 08/06/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Computer Services, Inc. Industry Financial Services Reference Rate and Spread S + 4.50% Maturity 11/17/31 One2026-03-3100019201452026-01-012026-03-310001920145ck0001920145:OutstandingLettersOfCreditMember2026-03-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Interest Rate 7.05% Reference Rate and Spread E + 5.00% Initial Acquisition Date 06/25/25 Maturity 06/24/322025-12-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% Rota Bidco S.p.A. (dba Casa Optima) Industry Consumer Staples Distribution & Retail Interest Rate 7.51% Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 02/03/332026-03-310001920145ck0001920145:AffiliatedInvestmentMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.45% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Five2026-03-310001920145ck0001920145:PearlAcquisitionBuyerIncDbaAllianceTechnicalGroupMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:ParisUSHoldcoIncDbaPrecinmacMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Zeus Company LLC Industry Health Care Equipment & Supplies Reference Rate and Spread S + 6.00% (Incl.3.00% PIK) Maturity 02/28/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kene Acquisition, Inc. (dba Entrust) Industry Commercial Services & Supplies Reference Rate and Spread S + 4.75% Maturity 12/17/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Third Coast Infrastructure LLC Industry Oil, Gas & Consumable Fuels Interest Rate 7.47% Reference Rate and Spread S + 3.75% Maturity 09/25/302025-12-310001920145ck0001920145:BXFrontierMemberIHoldingsLLCMember2025-01-012025-12-310001920145ck0001920145:FivePointZeroFiveZeroPercentageFebruaryTwoThousandTwentyEightNotesMember2026-02-230001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.47% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Two2025-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 7.33% Reference Rate and Spread C + 4.75% Maturity 11/01/302026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:TrystarLlcMember2026-03-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Diameter Capital CLO 11, Ltd. - Class D1 Industry Financial Services Interest Rate 7.13% Reference Rate and Spread S+ 2.85% Initial Acquisition Date 07/09/25 Maturity 07/20/382025-12-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Diversified Consumer Services Initial Acquisition Date 04/26/242026-03-310001920145ck0001920145:StructuredFinanceObligationDebtInstrumentsMember2026-03-310001920145ck0001920145:KeneAcquisitionIncDbaEntrustMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:DayforceBidcoLLCDbaDayforceMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Three2026-03-310001920145country:GBck0001920145:FirstLienSeniorSecuredDebtMember2025-12-310001920145country:CHck0001920145:FirstLienSeniorSecuredDebtMember2025-12-310001920145ck0001920145:OneMonthCORRAMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% India - 0.2% 1st Lien/Senior Secured Debt - 0.2% AGS Health BCP LLC (dba AGS Health) Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 08/02/322025-12-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.71% Maturity Date 04/06/302025-12-310001920145us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:INKBCBIDCOSRLDbaNamirialMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Citadel Securities LP Industry Diversified Consumer Services Interest Rate 5.67% Reference Rate and Spread S + 2.00% Maturity 10/31/312025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberus-gaap:ChemicalsSectorMemberck0001920145:InvestmentsAtFairValueMember2026-01-012026-03-310001920145ck0001920145:WebPTIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 13, Ltd. - Class D2 Industry Financial Services Interest Rate 7.38% Reference Rate and Spread S+ 3.65% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 7.02% Reference Rate and Spread E + 5.00% Initial Acquisition Date 03/14/25 Maturity 05/07/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Precision Concepts Parent Inc. Industry Containers & Packaging Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 08/02/32 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Victors Purchaser, LLC (dba Service Express) Industry Technology Hardware & Equipment Interest Rate 8.21% Reference Rate and Spread S+4.50% Maturity 12/23/322025-12-310001920145ck0001920145:MsRevolvingCreditFacilityMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:AirFreightAndLogisticsMemberck0001920145:InvestmentsAtFairValueMember2025-01-012025-12-310001920145ck0001920145:CommonClassIMember2025-03-310001920145us-gaap:SubsequentEventMemberck0001920145:CommonClassIMember2026-05-012026-05-010001920145ck0001920145:SixMonthSOFRMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% iCIMS, Inc. Industry Professional Services Interest Rate 10.11% Reference Rate and Spread S + 6.25% Maturity 08/18/282025-12-310001920145ck0001920145:BSI3MenuBuyerIncDbaKydiaMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Octagon 78, Ltd. - Class D Industry Financial Services Interest Rate 6.91% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 07/14/25 Maturity 10/20/382025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EResearchTechnologyIncDbaClarioMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Acrisure, LLC Industry Insurance Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 06/21/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NC Topco, LLC (dba NContracts) Industry Software Reference Rate and Spread S +4.50% Maturity 09/02/312026-03-310001920145us-gaap:CommonStockMemberck0001920145:CommonClassSMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:IMOInvestorHoldingsIncFkaIntelligentMedicalObjectsIncMember2025-12-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% Rota Bidco S.p.A. (dba Casa Optima) Industry Consumer Staples Distribution & Retail Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 02/03/332026-01-012026-03-310001920145country:GBck0001920145:SecondLienSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.82% Reference Rate and Spread N +4.50% Maturity 05/03/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 12/26/312026-03-310001920145us-gaap:InterestRateSwapMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PT Intermediate Holdings III, LLC (dba Parts Town) Industry Trading Companies & Distributors Interest Rate 8.45% Reference Rate and Spread S +4.75% Maturity 04/09/302026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Orthrus Limited (dba Ocorian) Industry Commercial Services & Supplies Interest Rate 9.92% Reference Rate and Spread S + 6.25% (Incl. 2.75% PIK) Maturity 12/05/31 One2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SoutheastMechanicalLLCMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:EditionHoldingsIncDbaEnverusMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Southeast Mechanical, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/272026-03-310001920145ck0001920145:TwentyFiveFebruaryTwoThousandTwentySixMemberck0001920145:CommonClassIMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/28/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ConvenientPaymentsAcquisitionIncMember2025-12-310001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 5.875% January 2031 Notes Company Receives 5.88% Company Pays S + 2.46% Maturity Date 12/31/302026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Paris US Holdco, Inc. (dba Precinmac) Industry Machinery Reference Rate and Spread S + 4.75% Maturity 12/02/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Onyx CenterSource, Inc. Industry Software Interest Rate 9.39% Reference Rate and Spread S+5.25% Maturity 12/14/292025-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Reference Rate and Spread S + 4.75% Maturity 11/01/302026-03-310001920145ck0001920145:FirstMarchTwoThousandTwentySixMemberck0001920145:CommonClassDMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.22% Reference Rate and Spread S+4.50% Maturity 05/03/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 09/30/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BEP Intermediate Holdco LLC (dba Buyers Edge) Industry Commercial Services & Supplies Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 04/25/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Edelman Financial Center, LLC Industry Financial Services Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 04/07/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Galway Borrower LLC Industry Insurance Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/29/282025-12-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Financière N (dba Nemera) Industry Health Care Equipment & Supplies Interest Rate 8.67% Reference Rate and Spread S + 5.00% Initial Acquisition Date 04/11/25 Maturity 05/07/322025-12-310001920145ck0001920145:CommonClassSMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) Industry Containers & Packaging Reference Rate and Spread S + 5.25% Maturity 11/01/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edition Holdings, Inc. (dba Enverus) Industry Software Reference Rate and Spread S + 4.50% Maturity 12/18/32 One2026-03-310001920145ck0001920145:RPCABCInvestmentHoldingsLLCDbaABCPlumbingMemberck0001920145:NonControlledAffiliatedInvestmentsMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.50% Maturity 04/18/302026-03-310001920145ck0001920145:TruistRevolvingCreditFacilityMembercurrency:GBP2026-03-012026-03-310001920145ck0001920145:ChessComLLCFkaCheckmateFinanceMergerSubLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:InitialFivePointThreeSevenFivePercentJanuaryTwoThousandTwentyNineNotesMember2025-10-172025-10-170001920145Investment Debt Investments - 179.3% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Reference Rate and Spread E + 5.00% Initial Acquisition Date 01/15/25 Maturity 02/05/322026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AI Titan Parent, Inc. (dba Prometheus) Industry Software Interest Rate 8.17% Reference Rate and Spread S +4.50% Maturity 08/29/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% ML Holdco, LLC (dba MeridianLink) Industry Software Reference Rate and Spread S +4.50% Maturity 10/25/322025-12-310001920145ck0001920145:SupremeFitnessGroupNYHoldingsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:RecordedBooksIncDbaRbmediaMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AdmiralBuyerIncMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontline Road Safety Operations, LLC Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.00% PIK) Maturity 03/04/32 Four2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Reference Rate and Spread S + 6.00% Maturity 10/05/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pike Corporation Industry Electric Utilities Reference Rate and Spread S + 4.50% Maturity 12/20/322026-03-310001920145ck0001920145:MediaMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 7.51% Reference Rate and Spread C + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Edition Holdings, Inc. (dba Enverus) Industry Software Interest Rate 8.17% Reference Rate and Spread S +4.50% Maturity 12/20/322026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:HouseholdProductsMember2025-01-012025-12-310001920145ck0001920145:AutomobileComponentsMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% CPM Holdings, Inc. Industry Industrial Conglomerates Interest Rate 8.34% Reference Rate and Spread S + 4.50% Maturity 09/28/282025-12-310001920145ck0001920145:DiversifiedfinancialservicesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/292025-12-310001920145ck0001920145:IndustrialConglomeratesMember2025-12-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% WCG Intermediate Corp. Industry Life Sciences Tools & Services Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 02/25/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 9.70% Reference Rate and Spread S + 6.00% Maturity 10/04/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Champ Acquisition Corporation Industry Textiles, Apparel & Luxury Goods Interest Rate 7.72% Reference Rate and Spread S+ 4.00% Maturity 11/25/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% KPA Parent Holdings, Inc. Industry Software Interest Rate 8.22% Reference Rate and Spread S +4.50% Maturity 03/12/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 9.78% Reference Rate and Spread S + 6.00% Maturity 01/25/282026-03-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% Belgium - 0.3% 1st Lien/Senior Secured Debt - 0.3% Ranch Bidco B.V. (dba Innovad) Industry Biotechnology Interest Rate 6.79% Reference Rate and Spread E + 4.75% Maturity 1/28/332026-03-310001920145ck0001920145:StructuredFinanceObligationEquityInstrumentsMember2026-03-310001920145ck0001920145:FourthAmendmentToBNPPRevolvingCreditFacilityMember2025-01-312025-01-310001920145ck0001920145:SixMonthBBSWMember2025-01-012025-12-310001920145ck0001920145:SeniorSecuredRevolvingCreditFacilityNonExtendingCommitmentsMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:LineOfCreditMembersrt:MinimumMemberck0001920145:TruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% VisionSafe Holdings, Inc. Industry Aerospace & Defense Interest Rate 9.39% Reference Rate and Spread S + 5.50% Maturity 04/19/302025-12-310001920145ck0001920145:SDBHOLDCOLLCDbaSpecialtyDentalBrandsMemberck0001920145:NonControlledAffiliatedInvestmentsMember2025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Grant Thornton Advisors LLC Industry Professional Services Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 06/02/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% UFT Buyer LLC (dba United Flow Technologies) Industry Trading Companies & Distributors Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 12/06/322026-03-310001920145Investment Debt Investments - 179.3% Italy - 1.0% 1st Lien/Senior Secured Debt - 0.9% Rota Bidco S.p.A. (dba Casa Optima) Industry Consumer Staples Distribution & Retail Interest Rate 7.51% Reference Rate and Spread E + 5.50% Initial Acquisition Date 05/22/25 Maturity 02/03/332026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Interest Rate 8.55% Reference Rate and Spread S + 4.75% Maturity 07/09/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AAP Buyer Inc. Industry Chemicals Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 09/09/312025-12-310001920145ck0001920145:AirwavzSolutionsIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Reference Rate and Spread S + 4.25% Maturity 05/19/322026-03-310001920145ck0001920145:OctagonTowersLLCMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Kenan Advantage Group, Inc. Industry Ground Transportation Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 01/25/292025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:US2026-01-012026-03-310001920145Investment Debt Investments - 179.3% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 5.35% Reference Rate and Spread SARON + 5.35% Maturity 09/27/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% TricorBraun Holdings, Inc. Industry Containers & Packaging Interest Rate 6.97% Reference Rate and Spread S + 3.25% Maturity 03/03/312025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:GB2026-01-012026-03-310001920145srt:AffiliatedEntityMemberck0001920145:ExpenseSupportAgreementMember2025-01-012025-01-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) Industry Insurance Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 11/22/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 2nd Lien/Senior Secured Debt-3.6% VB-S1 ISSUER, LLC (dba Vertical Bridge) Industry Wireless Telecommunication Services Interest Rate 8.60% Reference Rate and Spread 8.60% Initial Acquisition Date 02/12/26 Maturity 03/15/562026-01-012026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:RetailSectorMember2025-01-012025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 7.51% Reference Rate and Spread C + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/312025-01-012025-12-310001920145ck0001920145:TwoMarchTwoThousandTwentySixMember2026-01-012026-03-310001920145Interest Rate Swap Counterparty BNP Paribas Hedged Instrument 5.875% January 2031 Notes Company Receives 5.88% Company Pays S + 2.41% Maturity Date 12/31/302026-03-310001920145us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001920145:BnpParibasRevolvingCreditFacilityMember2024-10-312024-10-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMembercountry:BE2026-01-012026-03-310001920145ck0001920145:SDBHOLDCOLLCDbaSpecialtyDentalBrandsMemberck0001920145:NonControlledAffiliatedInvestmentsMember2025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Madison Park Funding LXX, Ltd. - Class D Industry Financial Services Interest Rate 6.47% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 08/04/25 Maturity 09/04/382026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/19/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Bleriot US Bidco Inc. Industry Aerospace & Defense Interest Rate 6.20% Reference Rate and Spread S + 2.50% Maturity 10/31/302026-03-310001920145ck0001920145:HealthCareEquipmentAndSuppliesMember2026-03-310001920145ck0001920145:AppleAUFincoPtyLtdMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001920145:RevolvingCreditFacilityTrancheAMemberck0001920145:MsRevolvingCreditFacilityMember2024-08-092024-08-090001920145ck0001920145:LifeSciencesToolsAndServicesMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Project Accelerate Parent, LLC (dba ABC Fitness) Industry Financial Services Reference Rate and Spread S + 5.25% Maturity 02/24/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 05/01/312026-03-310001920145ck0001920145:FivePointZeroFiveZeroPercentageFebruaryTwoThousandTwentyEightNotesMember2026-02-232026-02-230001920145Investment Debt Investments - 180.7% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Reference Rate and Spread E + 5.25% Initial Acquisition Date 11/15/25 Maturity 02/05/322025-12-310001920145us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001920145:BnpParibasRevolvingCreditFacilityMember2024-10-302024-10-300001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% eResearch Technology, Inc. (dba Clario) Industry Health Care Technology Reference Rate and Spread S + 4.75% Maturity 10/17/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% TEI Intermediate LLC (dba Triumvirate Environmental) Industry Commercial Services & Supplies Interest Rate 8.62% Reference Rate and Spread S + 4.75% Maturity 12/15/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% UKG Inc. Industry Software Interest Rate 6.34% Reference Rate and Spread S+2.50% Maturity 02/10/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 07/01/30 Two2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% USI, Inc. Industry Insurance Interest Rate 5.92% Reference Rate and Spread S + 2.25% Maturity 09/29/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Westwood Professional Services Inc. Industry Professional Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 09/19/31 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Sunshine Cadence HoldCo, LLC (dba Cadence Education) Industry Diversified Consumer Services Reference Rate and Spread S + 5.00% Maturity 05/01/302026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Brown Group Holding, LLC Industry Construction & Engineering Interest Rate 6.56% Reference Rate and Spread S + 2.75% Maturity 07/01/312025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.47% Reference Rate and Spread SN + 7.50% (Incl. 0.50% PIK) Maturity 07/25/282025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 9.60% Reference Rate and Spread E + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AllSpring Buyer, LLC Industry Financial Services Interest Rate 6.75% Reference Rate and Spread S + 3.00% Maturity 11/01/302026-03-310001920145ck0001920145:RPCABCInvestmentHoldingsLLCDbaABCPlumbingMemberck0001920145:NonControlledAffiliatedInvestmentsMember2024-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Southeast Mechanical, LLC Industry Diversified Consumer Services Interest Rate 9.83% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One2025-12-310001920145us-gaap:WarrantMembercountry:US2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% First Advantage Holdings, LLC Industry Software Interest Rate 6.45% Reference Rate and Spread S + 2.75% Maturity 10/31/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Truist Insurance Holdings LLC Industry Insurance Interest Rate 6.42% Reference Rate and Spread S + 2.75% Maturity 05/06/312025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 13, Ltd. - Class E Industry Financial Services Interest Rate 8.33% Reference Rate and Spread S+ 4.60% Initial Acquisition Date 11/26/25 Maturity 01/20/392026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Diamond Communications LLC Industry Wireless Telecommunication Services Interest Rate 7.72% Reference Rate and Spread S + 4.00% Maturity 05/28/30 One2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.91% Reference Rate and Spread S + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:FrontlineRoadSafetyOperationsLLCMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:ElectricUtilitiesMember2026-01-012026-03-310001920145ck0001920145:ZaryaHoldCoIncDbaEpturaMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% SpecialtyCare, Inc. Industry Health Care Providers & Services Interest Rate 8.66% Reference Rate and Spread S + 5.00% Maturity 12/18/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 8.90% Reference Rate and Spread S + 5.25% (Incl. 1.54% PIK) Maturity 01/09/302026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:FrontgradeTechnologiesHoldingsIncMember2026-03-310001920145ck0001920145:EnveroMidco2LLCDbaSunWorldMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Engineered Machinery Holdings, Inc. Industry Machinery Interest Rate 6.95% Reference Rate and Spread S + 3.25% Maturity 11/26/322026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 2nd Lien/Senior Secured Debt - 0.0% Algae PikCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 9.13% Reference Rate and Spread E + 7.00% Initial Acquisition Date 05/30/25 Maturity 10/31/332025-12-310001920145ck0001920145:SoftwareMember2025-12-310001920145us-gaap:CommonStockMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Netsmart Technologies, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.20% (Incl. 2.70% PIK) Maturity 08/25/31 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% USA DeBusk, LLC Industry Commercial Services & Supplies Reference Rate and Spread S + 5.25% Maturity 04/30/302025-12-310001920145Investment Debt Investments - 180.7% United Kingdom - 4.7% 1st Lien/Senior Secured Debt - 4.4% Consilio Midco Limited (dba Cyncly) Industry Software Interest Rate 6.77% Reference Rate and Spread E + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% TL Sapphire Holdings, Inc. (dba SouthernCarlson) Industry Trading Companies & Distributors Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 01/24/33 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Quikrete Holdings, Inc. Industry Building Products Interest Rate 5.97% Reference Rate and Spread S + 2.25% Maturity 03/19/292025-12-310001920145ck0001920145:OmegaMidwestBuyerLLCDbaOmegaFitnessHoldingsMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Frontgrade Technologies Holdings Inc Industry Aerospace & Defense Interest Rate 9.13% Reference Rate and Spread S + 5.25% (incl. 1.50% PIK) Maturity 01/09/30 One2025-12-310001920145Investment Debt Investments - 179.3% France - 1.3% 2nd Lien/Senior Secured Debt - 0.1% Algae PikCo (dba Solabia Group) Industry Pharmaceuticals Interest Rate 9.13% Reference Rate and Spread E + 7.00% Initial Acquisition Date 05/30/25 Maturity 10/31/332026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/292025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BuckeyeAcquirorLLCDbaSuperiorEnvironmentalSolutionsMember2025-12-310001920145ck0001920145:ApteanIncMemberck0001920145:FirstlienorseniorsecureddebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Wellness AcquisitionCo, Inc. (dba SPINS) Industry IT Services Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 01/22/29 One2025-12-310001920145Investment Debt Investments - 179.3% Canada - 3.4% 1st Lien/Senior Secured Debt - 3.4% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.56% Reference Rate and Spread C + 5.25% Maturity 06/30/31 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PPW Aero Buyer, Inc. (dba Pursuit Aerospace) Industry Aerospace & Defense Reference Rate and Spread S + 5.00% Maturity 09/30/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.97% Reference Rate and Spread S + 5.25% Maturity 10/02/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Supreme Fitness Group NY Holdings, LLC Industry Hotels, Restaurants & Leisure Reference Rate and Spread S + 5.00% Maturity 04/14/312025-12-310001920145us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001920145us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Brookfield WEC Holdings Inc. Industry Machinery Interest Rate 5.87% Reference Rate and Spread S + 2.00% Maturity 01/27/312025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% DFS Holding Company, Inc. Industry Distributors Interest Rate 11.20% Reference Rate and Spread S + 7.50% (Incl. 5.00% PIK) Maturity 01/31/29 One2026-03-310001920145us-gaap:FairValueInputsLevel3Memberck0001920145:BnppRevolvingCreditFacilityMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.07%Reference Rate and Spread S + 5.25% Maturity 12/21/29 Four2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 5.25% Maturity 12/21/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% GovDelivery Holdings, LLC (dba Granicus, Inc.) Industry Software Reference Rate and Spread S + 5.50% (Incl. 2.00% PIK) Maturity 01/17/31 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Artifact Bidco, Inc. (dba Avetta) Industry Software Reference Rate and Spread S + 4.15% Maturity 07/26/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Univision Communications Inc. Industry Media Interest Rate 7.03% Reference Rate and Spread S + 3.25% Maturity 01/31/292026-03-310001920145us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Celero Commerce LLC Industry Financial Services Reference Rate and Spread S + 5.00% Maturity 02/28/312025-12-310001920145ck0001920145:RubixFoodsLLCMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.17% Reference Rate and Spread S + 7.50% (Incl. 4.50% PIK) Maturity 06/01/282025-12-310001920145ck0001920145:K2TowersIILLCMemberck0001920145:FirstlienorlastoutunitrancheMember2026-03-310001920145country:GBck0001920145:SecondLienSeniorSecuredDebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Virtusa Corporation Industry Technology Hardware & Equipment Interest Rate 6.92% Reference Rate and Spread S+3.25% Maturity 02/15/292026-03-310001920145ck0001920145:Unit4GroupHoldingBVMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Innophos, Inc. Industry Chemicals Interest Rate 8.08% Reference Rate and Spread S + 4.25% Maturity 03/16/292025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:WellnessAcquisitionCoIncDbaSPINSMember2025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% iWave Information Systems, Inc. Industry Software Interest Rate 9.98% Reference Rate and Spread S + 6.25% Maturity 11/23/282025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% WCG Intermediate Corp. Industry Life Sciences Tools & Services Interest Rate 6.72% Reference Rate and Spread S + 3.00% Maturity 02/25/322025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:PASParentIncDbaPaceAnalyticalMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.20% Reference Rate and Spread S+4.50% Maturity 05/03/29 Three2026-03-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.60% Reference Rate and Spread S + 4.75% Maturity 11/01/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% Octagon Towers LLC Industry Wireless Telecommunication Services Interest Rate 8.68% Reference Rate and Spread S + 4.98% Maturity 09/04/282025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Consilio Midco Limited (dba Cyncly) Industry Software Reference Rate and Spread S + 4.75% Initial Acquisition Date 04/08/25 Maturity 04/16/322026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Rubix Foods, LLC Industry Food Products Interest Rate 8.47% Reference Rate and Spread S + 4.75% Maturity 04/30/312025-12-310001920145us-gaap:FairValueInputsLevel2Member2026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Seven BidCo (dba Septeo) Industry Software Interest Rate 6.57% Reference Rate and Spread E + 4.50% Initial Acquisition Date 08/01/25 Maturity 08/27/322025-01-012025-12-310001920145ck0001920145:HedgedAsetsMember2026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) Industry Energy Equipment & Services Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/31/32 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 07/20/292025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Vamos Bidco, Inc. (dba VIP) Industry Software Reference Rate and Spread S+4.75% Maturity 01/30/322025-12-310001920145country:NLus-gaap:DebtSecuritiesMember2025-12-310001920145us-gaap:FairValueInputsLevel1Member2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.16% Reference Rate and Spread S + 6.50% Maturity 07/01/272026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Octane Purchaser, Inc. (dba Office Ally) Industry Health Care Technology Interest Rate 7.97% Reference Rate and Spread S + 4.25% Maturity 05/19/322025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread C + 5.25% Maturity 06/30/312025-12-310001920145ck0001920145:BSI3MenuBuyerIncDbaKydiaMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Superman Holdings, LLC (dba Foundation Software) Industry Construction & Engineering Reference Rate and Spread S + 4.50% Maturity 08/29/312025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:ICIMSIncMember2025-12-310001920145us-gaap:NoncontrollingInterestMembercountry:US2026-03-310001920145Interest Rate Swap Counterparty Bank of America Hedged Instrument 5.875% May 2028 Notes Company Receives 5.88% Company Pays S + 2.37% Maturity Date 04/06/282026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Lobos Parent, Inc. (dba NEOGOV) Industry Software Interest Rate 8.17% Reference Rate and Spread S +4.50% Maturity 09/27/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% PFI Lower Midco LLC Industry Food Products Interest Rate 7.67% Reference Rate and Spread S + 4.00% Maturity 12/01/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Interest Rate 9.44% Reference Rate and Spread S +5.75% (Incl. 3.13% PIK) Maturity 12/18/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Victors Purchaser, LLC (dba Service Express) Industry Technology Hardware, Storage & Peripherals Interest Rate 8.20% Reference Rate and Spread S + 4.50% Maturity 12/23/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Newtek Merchant Solutions, LLC (dba NewtekOne) Industry Financial Services Interest Rate 9.22% Reference Rate and Spread S + 5.50% Maturity 09/26/302025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Ideal Components Acquisition, LLC (dba Ideal Tridon) Industry Machinery Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/30/322026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:OMEGAIIABDbaFortnoxMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Hamilton Thorne, Inc. Industry Health Care Equipment & Supplies Interest Rate 7.26% Reference Rate and Spread E + 5.25% Maturity 11/28/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Aurora Acquireco, Inc. (dba AuditBoard) Industry Software Interest Rate 8.24% Reference Rate and Spread S + 4.50% Maturity 07/14/31 One2025-12-310001920145ck0001920145:HotelsRestaurantsAndLeisureMember2025-12-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMemberck0001920145:ConsilioIntermediateCoLimitedDbaCynclyMember2026-03-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberck0001920145:ConsumerStaplesDistributionAndRetailMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% North Star Acquisitionco, LLC (dba Everway) Industry Software Interest Rate 8.28% Reference Rate and Spread S+4.50% Maturity 05/03/292025-12-310001920145ck0001920145:SixPointTwoFiveZeroPercentageMayTwoThousandThirtyNotesMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMember2026-01-012026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:IMOInvestorHoldingsIncFkaIntelligentMedicalObjectsIncMember2026-03-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212026-01-012026-03-310001920145ck0001920145:TruistRevolvingCreditFacilityMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% Australia - 4.2% 1st Lien/Senior Secured Debt - 4.2% DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals) Industry Pharmaceuticals Interest Rate 9.04% Reference Rate and Spread B + 5.25% Maturity 10/29/322025-12-310001920145ck0001920145:WirelessTelecommunicationServicesMember2026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001920145Equity and Other - 0.7% Cayman Islands - 0.6% Structured Finance Obligation – Equity Instruments - 0.6% Diameter Capital CLO 13, Ltd. - Subordinated Notes Financial Services Effective Yield 8.11% Initial Acquisition Date 11/26/25 Maturity 01/20/392025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% AI Aqua Merger Sub, Inc. Industry Household Durables Interest Rate 6.41% Reference Rate and Spread S + 2.75% Maturity 07/31/282026-03-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Rocket Bidco, Inc. (dba Recochem) Industry Chemicals Interest Rate 8.59% Reference Rate and Spread S + 4.75% Maturity 11/01/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Oxbow Carbon LLC Industry Oil, Gas & Consumable Fuels Interest Rate 7.22% Reference Rate and Spread S + 3.50% Maturity 05/10/302025-12-310001920145ck0001920145:TruistRevolvingCreditFacilityMember2026-03-310001920145ck0001920145:BXFrontierMemberIHoldingsLLCMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zarya HoldCo, Inc. (dba Eptura) Industry Real Estate Mgmt. & Development Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 07/01/272025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Packaging Coordinators Midco, Inc. (dba PCI Pharma) Industry Health Care Providers & Services Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 10/15/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Zeppelin US Buyer Inc. (dba Global Critical Logistics) Industry Air Freight & Logistics Reference Rate and Spread S + 4.75% Maturity 07/30/322025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.32% Reference Rate and Spread S + 6.50% Maturity 08/01/29 Two2025-12-310001920145us-gaap:ConstructionSectorMember2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SpotlessBrandsLlcMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) Industry Diversified Consumer Services Interest Rate 9.10% Reference Rate and Spread S + 5.25% Maturity 12/21/29 Two2026-03-310001920145ck0001920145:NetriskGroupLuxco4SARLMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Illuminate Buyer, LLC Industry Chemicals Interest Rate 6.22% Reference Rate and Spread S + 2.50% Maturity 12/31/292025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% VRS Buyer, Inc. (dba LiquidTech) Industry Oil, Gas & Consumable Fuels Reference Rate and Spread S + 3.50% Maturity 10/12/322026-03-310001920145ck0001920145:ThreeMonthSoniaMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Seven BidCo (dba Septeo) Industry Software Reference Rate and Spread E + 4.50% Initial Acquisition Date 11/20/25 Maturity 08/27/322025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Saber Parent Holdings Corp. (dba Service Logic) Industry Commercial Services & Supplies Interest Rate 8.42% Reference Rate and Spread S + 4.75% (Incl. 2.25% PIK) Maturity 12/16/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Businessolver.com, Inc. Industry Health Care Technology Reference Rate and Spread S + 4.50% Maturity 12/03/322025-12-310001920145Investment Debt Investments - 180.7% Canada - 3.0% 1st Lien/Senior Secured Debt - 3.0% Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) Industry Oil, Gas & Consumable Fuels Interest Rate 7.51% Reference Rate and Spread C + 5.25% Maturity 06/30/31 One2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% CI (Quercus) Intermediate Holdings, LLC (dba SavATree) Industry Diversified Consumer Services Interest Rate 8.70% Reference Rate and Spread S + 5.00% Maturity 06/06/31 One2026-03-310001920145country:LUus-gaap:DebtSecuritiesMember2025-12-310001920145ck0001920145:SecondLienOrSeniorSecuredDebtMember2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Froneri International Ltd Industry Food Products Interest Rate 6.45% Reference Rate and Spread S + 2.25% Maturity 09/30/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/302025-12-310001920145Investment Debt Investments - 180.7% Italy - 0.4% 1st Lien/Senior Secured Debt - 0.3% INK (BC) BIDCO S.R.L. (dba Namirial) Industry Software Reference Rate and Spread E + 7.50% Initial Acquisition Date 04/15/25 Maturity 04/11/322025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Interest Rate 8.92% Reference Rate and Spread S + 5.25% Maturity 10/02/292026-03-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% SDB HOLDCO, LLC (dba Specialty Dental Brands) Health Care Providers & Services Initial Acquisition Date 03/29/242026-01-012026-03-310001920145us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:BankLoansCorporateDebtAndOtherDebtObligationsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001920145Investment Debt Investments - 179.3% Switzerland - 0.6% 1st Lien/Last-Out Unitranche (11) - 0.6% Esperanto BidCo AG (dba BSI Software) Industry Software Interest Rate 7.49% Reference Rate and Spread E + 5.35% Maturity 09/27/312026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% HighLevel, Inc. Industry Software Reference Rate and Spread S + 4.50% Maturity 02/23/332026-03-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% RPC ABC Investment Holdings LLC (dba ABC Plumbing) Diversified Consumer Services Initial Acquisition Date 04/26/242026-01-012026-03-3100019201452026-02-012026-02-280001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% NC Topco, LLC (dba NContracts) Industry Software Interest Rate 8.42% Reference Rate and Spread S +4.75% Maturity 09/02/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) Industry Machinery Interest Rate 6.52% Reference Rate and Spread E + 4.50% Maturity 07/01/312025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Kryptona Bidco US, LLC (dba Kyriba) Industry Software Reference Rate and Spread S +6.00% (Incl. 3.25% PIK) Maturity 12/18/31 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Rotation Buyer, LLC (dba Rotating Machinery Services) Industry Machinery Interest Rate 8.57% Reference Rate and Spread S + 4.75% Maturity 12/26/312025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Madison Park Funding LXX, Ltd. - Class D Industry Financial Services Interest Rate 7.03% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 08/04/25 Maturity 09/04/382025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Advarra Holdings, Inc. Industry Health Care Providers & Services Interest Rate 8.17% Reference Rate and Spread S + 4.50% Maturity 09/15/312026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Cloud Software Group, Inc. Industry IT Services Interest Rate 6.92% Reference Rate and Spread S + 3.25% Maturity 03/21/312025-12-310001920145ck0001920145:ThirtyOneJulyTwoThousandTwentySixMemberus-gaap:SubsequentEventMember2026-05-062026-05-060001920145us-gaap:PreferredStockMember2025-12-310001920145ck0001920145:FivePointEightSevenFivePercentageMayTwoThousandTwentyEightNotesMember2025-05-060001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% Peppertree Towers, LLC Industry Wireless Telecommunication Services Interest Rate 8.58% Reference Rate and Spread S + 4.58% Maturity 05/15/292025-12-310001920145ck0001920145:BeveragesMember2026-03-310001920145ck0001920145:BnpParibasRevolvingCreditFacilityMember2025-01-012025-03-310001920145Investment Debt Investments - 179.3% Luxembourg - 0.2% 1st Lien/Senior Secured Debt - 0.2% Netrisk Group Luxco 4 S.à r.l. Industry Insurance Reference Rate and Spread E + 5.25% Initial Acquisition Date 01/15/25 Maturity 02/05/322026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Buckeye Acquiror LLC (dba Superior Environmental Solutions) Industry Commercial Services & Supplies Interest Rate 10.27% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Vamos Bidco, Inc. (dba VIP) Industry Software Interest Rate 8.45% Reference Rate and Spread S+4.75% Maturity 01/30/322026-03-310001920145ck0001920145:FirstLienSeniorSecuredDebtMembercountry:AU2025-12-310001920145Investment Debt Investments -179.3% Cayman Islands - 1.8% Structured Finance Obligation – Debt Instruments - 1.8% Diameter Capital CLO 11, Ltd. - Class D1 Industry Financial Services Interest Rate 6.52% Reference Rate and Spread S+ 2.85% Initial Acquisition Date 07/09/25 Maturity 07/20/382026-01-012026-03-310001920145ck0001920145:FivePointZeroFiveZeroPercentageFebruaryTwoThousandTwentyEightNotesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.6% 1st Lien/Senior Secured Debt - 159.7% Trystar, LLC Industry Electrical Equipment Interest Rate 8.09% Reference Rate and Spread S + 4.25% Maturity 12/31/99 One2025-12-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:SISwanUKBidcoLimitedDbaSapiensInternationalMember2026-03-310001920145ck0001920145:FirstlienorseniorsecureddebtMemberck0001920145:AGSHealthBCPLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% US Signal Company, LLC Industry IT Services Interest Rate 9.28% Reference Rate and Spread S + 5.50% Maturity 09/04/292026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Singlewire Software, LLC Industry Software Interest Rate 8.45% Reference Rate and Spread S+4.75% Maturity 05/10/30 One2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Dwyer Instruments, LLC Industry Machinery Interest Rate 8.42% Reference Rate and Spread S + 4.75% Maturity 07/20/29 Four2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.3% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 11.17% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332026-01-012026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Proampac PG Borrower LLC Industry Containers & Packaging Interest Rate 7.78% Reference Rate and Spread S + 4.00% Maturity 03/07/332026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) Industry IT Services Reference Rate and Spread S + 5.25% Maturity 10/02/292025-12-310001920145Equity and Other - 0.6% United States - 0.1% Preferred Stock - 0.0% CloudBees, Inc. Software Initial Acquisition Date 11/24/212026-03-310001920145ck0001920145:TwentyFiveFebruaryTwoThousandTwentySixMemberck0001920145:CommonClassSMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% VisionSafe Holdings, Inc. Industry Aerospace & Defense Reference Rate and Spread S + 5.50% Maturity 04/19/302025-12-310001920145Investment Debt Investments -180.7% Cayman Islands - 2.0% Structured Finance Obligation – Debt Instruments - 2.0% Madison Park Funding LXX, Ltd. - Class D Industry Financial Services Interest Rate 7.03% Reference Rate and Spread S+ 2.80% Initial Acquisition Date 08/04/25 Maturity 09/04/382025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% iCIMS, Inc. Industry Professional Services Interest Rate 9.42% Reference Rate and Spread S + 6.25% Maturity 08/18/282026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 07/24/31 One2025-12-310001920145ck0001920145:CommonClassDMember2025-01-012025-12-310001920145ck0001920145:ConvenientPaymentsAcquisitionIncMemberck0001920145:FirstlienorseniorsecureddebtMember2026-03-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Accommodations Plus Technologies LLC Industry Software Reference Rate and Spread S +5.25% Maturity 05/28/322026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Runway Bidco, LLC (dba Redwood Software) Industry Software Interest Rate 8.67% Reference Rate and Spread S+5.00% Maturity 12/17/312025-12-310001920145ck0001920145:IndustryConcentrationRiskMemberck0001920145:InvestmentsAtFairValueMemberus-gaap:TechnologySectorMember2026-01-012026-03-310001920145ck0001920145:NonControlledAffiliatedInvestmentsMemberck0001920145:SEMHoldingsLLCDbaSoutheastMechanicalLLCMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Brown Group Holding, LLC Industry Construction & Engineering Interest Rate 6.17% Reference Rate and Spread S + 2.50% Maturity 07/01/31 One2026-03-310001920145ck0001920145:ThirtyOneMarchTwoThousandTwentySixMember2026-01-012026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Olympus Water US Holding Corporation Industry Chemicals Reference Rate and Spread S + 3.00% Maturity 11/03/322025-12-310001920145country:SEus-gaap:DebtSecuritiesMember2025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.5% 1st Lien/Senior Secured Debt - 4.2% Solar Holdings Bidco Limited (dba SLR Consulting) Industry Professional Services Interest Rate 8.98% Reference Rate and Spread SN + 5.25% Initial Acquisition Date 09/13/24 Maturity 10/06/31 One2026-01-012026-03-310001920145ck0001920145:K2TowersIILLCMemberck0001920145:FirstlienorlastoutunitrancheMember2025-12-310001920145country:KYus-gaap:DebtSecuritiesMember2026-03-310001920145ck0001920145:TelecommunicationServicesMember2025-12-310001920145us-gaap:WarrantMembercountry:US2025-12-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% SEM Holdings, LLC (dba Southeast Mechanical, LLC) Diversified Consumer Services Initial Acquisition Date 07/06/222026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Grant Thornton Advisors LLC Industry Professional Services Interest Rate 6.47% Reference Rate and Spread S + 2.75% Maturity 06/02/312025-12-310001920145Investment Debt Investments - 179.3% United Kingdom - 4.3% 2nd Lien/Senior Secured Debt - 0.3% Consilio IntermediateCo Limited (dba Cyncly) Industry Software Interest Rate 9.60% Reference Rate and Spread S + 7.50% PIK Initial Acquisition Date 04/08/25 Maturity 04/14/332026-03-310001920145Equity and Other - 0.6% United States - 0.1% Common Stock - 0.1% Peppertree Towers, LLC Wireless Telecommunication Services Initial Acquisition Date 12/18/252026-03-310001920145Investment Debt Investments - 180.7% France - 1.1% 1st Lien/Senior Secured Debt - 1.1% Seven BidCo (dba Septeo) Industry Software Reference Rate and Spread E + 4.50% Initial Acquisition Date 08/01/25 Maturity 08/27/322025-01-012025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 8.67% Reference Rate and Spread S + 5.00% Maturity 09/03/302026-03-310001920145ck0001920145:ElectricUtilitiesMember2026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Singlewire Software, LLC Industry Software Interest Rate 8.59% Reference Rate and Spread S+4.75% Maturity 05/10/302025-12-310001920145ck0001920145:LeisureProductsMember2025-12-310001920145Investment Debt Investments - 179.3% United States - 161.1% 1st Lien/Senior Secured Debt - 155.1% ABC Investment Holdco Inc. (dba ABC Plumbing) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 04/26/292026-03-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Last-Out Unitranche (11) - 2.8% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 8.74% Reference Rate and Spread S + 5.03% Maturity 12/22/28 One2025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% Ark Data Centers, LLC Industry IT Services Interest Rate 8.72% Reference Rate and Spread S + 4.75% Maturity 11/27/302025-12-310001920145Investment Debt Investments - 180.7% United States - 163.3% 1st Lien/Senior Secured Debt - 159.7% AI Aqua Merger Sub, Inc. Industry Household Durables Interest Rate 6.86% Reference Rate and Spread S + 3.00% Maturity 07/31/282025-12-31iso4217:AUDck0001920145:Segmentiso4217:EURck0001920145:Componentxbrli:pureiso4217:CADiso4217:USDxbrli:sharesiso4217:SEKxbrli:sharesiso4217:CHFiso4217: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 March 31, 2026

or

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

Commission file number 814-01627

Goldman Sachs Private Credit Corp.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	92-3241797
(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

 

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

Class I Shares, par value $0.001 per share

Class S Shares, par value $0.001 per share

Class D Shares, par value $0.001 per share

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 May 12, 2026, was 377,693,351 Class I Shares, 144,246 Class S Shares and 12,197 Class D Shares, respectively. Common shares of common stock outstanding exclude May 1, 2026 subscriptions since the issuance price for such shares has not been finalized at this time.

 

 

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Table of Contents

 

GOLDMAN SACHS PRIVATE CREDIT CORP.

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

 

	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	2
PART I.	FINANCIAL INFORMATION	3
ITEM 1.	Financial Statements (Unaudited)	3
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	7
	Notes to the Consolidated Financial Statements	47
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	82
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	99
ITEM 4.	Controls and Procedures	99
PART II.	OTHER INFORMATION	100
ITEM 1.	Legal Proceedings	100
ITEM 1A.	Risk Factors	100
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100
ITEM 3.	Defaults Upon Senior Securities	101
ITEM 4.	Mine Safety Disclosures	101
ITEM 5.	Other Information	101
ITEM 6.	Exhibits	102
SIGNATURES		104

 

1

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Table of Contents

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 our annual report on Form 10-K for the year ended December 31, 2025, 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, Latin America and Asia, 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 to realize the anticipated benefits of the transaction that resulted in Goldman Sachs Middle Market Lending Corp. II (“MMLC II”) merging (the “Merger”) with and into us;

•

the effects of disruption on our business from the Merger;

•

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

•

the impact to us and our portfolio companies of rapid technological advances, including artificial intelligence; and

•

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

2

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Table of Contents

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Goldman Sachs Private Credit Corp.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

		March 31,				December 31,
		2026 (Unaudited)				2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $16,633,714 and $15,623,069)		$	16,481,322			$	15,607,836
Non-controlled affiliated investments (cost of $44,046 and $81,054)			27,268				66,674
Total investments, at fair value (cost of $16,677,760 and $15,704,123)		$	16,508,590			$	15,674,510
Investments in affiliated money market fund (cost of $343,539 and $273,743)			343,539				273,743
Cash			163,728				197,449
Interest and dividends receivable			96,238				86,798
Deferred financing costs			37,237				36,924
Receivable for investments sold			107,317				37,844
Receivable from investment adviser			9,750				4,459
Deferred offering costs			410				715
Unrealized appreciation on derivatives			—				343
Other assets			245,763				2,072
Total assets		$	17,512,572			$	16,314,857
Liabilities
Debt (net of debt issuance costs of $53,297 and $34,274)		$	7,585,358			$	7,061,721
Payable for investments purchased			72,873				135,487
Distribution payable			124,100				108,900
Payable for share repurchases			425,497				281,339
Interest and other debt expenses payable			84,005				51,453
Management fees payable			13,903				10,416
Incentive fees based on income payable			20,162				15,794
Stockholder servicing and/or distribution fees payable			2				—
Accrued expenses and other liabilities			9,611				9,241
Total liabilities		$	8,335,511			$	7,674,351
Commitments and contingencies (Note 8)
Net assets
Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)		$	—			$	—
Common stock, par value $0.001 per share (372,733,420 and 345,702,942 shares issued and outstanding as of March 31, 2026 and December 31, 2025)			373				346
Paid-in capital in excess of par			9,383,576				8,705,055
Distributable earnings (loss)			(206,888	)			(64,895	)
Total net assets		$	9,177,061			$	8,640,506
Total liabilities and net assets		$	17,512,572			$	16,314,857
Net asset value per share
Class I Shares:
Net Assets		$	9,174,671			$	8,640,506
Common stock outstanding ($0.001 par value, 1,000,000,000 shares authorized)			372,636,362			345,702,942
Net asset value per share		$	24.62			$	24.99
Class S Shares:
Net Assets		$	2,091			$	—
Common stock outstanding ($0.001 par value, 1,000,000,000 shares authorized)			84,920				—
Net asset value per share		$	24.62			$	—
Class D Shares:
Net Assets		$	299			$	—
Common stock outstanding ($0.001 par value, 1,000,000,000 shares authorized)			12,138				—
Net asset value per share		$	24.62			$	—

 

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

 

3

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	347,814			$	181,402
Other income			12,958				4,426
From non-controlled affiliated investments:
Dividend income			2,806				4,315
Interest income			328				1,343
Other income			24				38
Total investment income		$	363,930			$	191,524
Expenses:
Interest and other debt expenses		$	106,839			$	38,602
Management fees			29,197				18,202
Incentive fees based on income			27,762				16,459
Stockholder servicing and/or distribution fees			2				—
Professional fees			1,012				629
Offering costs			337				269
Directors’ fees			123				169
Other general and administrative expenses			5,269				2,569
Total expenses		$	170,541			$	76,899
Fee waivers			(17,470	)			(22,595	)
Expense support			(9,750	)			(4,177	)
Net expenses		$	143,321			$	50,127
Net investment income		$	220,609			$	141,397
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		$	(10,926	)		$	(3,673	)
Foreign currency transactions			(1,405	)			3,266
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments			(137,159	)			(19,584	)
Non-controlled affiliated investments			(2,398	)			(2,706	)
Foreign currency translations			(1,372	)			(10,165	)
Net realized and unrealized gains (losses)		$	(153,260	)		$	(32,862	)
Net increase in net assets from operations		$	67,349			$	108,535

 

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

4

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(Unaudited)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Net assets at beginning of period		$	8,640,506			$	4,905,704
Increase (decrease) in net assets from operations:
Net investment income		$	220,609			$	141,397
Net realized gain (loss)			(12,331	)			(407	)
Net change in unrealized appreciation (depreciation)			(140,929	)			(32,455	)
Net increase in net assets from operations		$	67,349			$	108,535
Distributions to stockholders from:
Class I
Distributable earnings to common stockholders		$	(209,325	)		$	(135,118	)
Class S
Distributable earnings to common stockholders		$	(15	)		$	—
Class D
Distributable earnings to common stockholders		$	(2	)		$	—
Total distributions to stockholders		$	(209,342	)		$	(135,118	)
Capital transactions:
Class I
Issuance of common shares		$	1,039,082			$	1,284,212
Repurchased shares, net of early repurchase deduction			(425,360	)			(66,971	)
Reinvestment of common stockholder distributions			62,427				48,672
Net increase in net assets from capital transactions		$	676,149			$	1,265,913
Class S
Issuance of common shares		$	2,099			$	—
Repurchased shares, net of early repurchase deduction			—				—
Reinvestment of common stockholder distributions			—				—
Net increase in net assets from capital transactions		$	2,099			$	—
Class D
Issuance of common shares		$	300			$	—
Repurchased shares, net of early repurchase deduction			—				—
Reinvestment of common stockholder distributions			—				—
Net increase in net assets from capital transactions		$	300			$	—
Total increase in net assets		$	536,555			$	1,239,330
Net assets at end of period		$	9,177,061			$	6,145,034
Class I distributions per share		$	0.56			$	0.58
Class S distributions per share		$	0.34			$	—
Class D distributions per share		$	0.18			$	—

 

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

5

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Statements of Cash Flows

(in thousands, except shares and per share amounts)

(Unaudited)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Cash flows from operating activities:
Net increase in net assets from operations:		$	67,349			$	108,535
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments			(2,140,632	)			(1,129,763	)
Payment-in-kind interest capitalized			(11,322	)			(7,104	)
Investments in affiliated money market fund, net			(69,796	)			111,227
Proceeds from sales of investments and principal repayments			1,176,861				189,525
Net realized (gain) loss on investments			10,926				3,673
Net change in unrealized (appreciation) depreciation on investments			139,557				22,290
Net change in unrealized (appreciation) depreciation on foreign currency translation			316				(173	)
Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items			(321	)			—
Amortization of premium and accretion of discount, net			(9,472	)			(4,374	)
Amortization of deferred financing and debt issuance costs			5,487				1,882
Amortization of deferred offering costs			337				269
Change in operating assets and liabilities:
(Increase) decrease in receivable for investments sold			(69,473	)			29,230
(Increase) decrease in interest and dividends receivable			(9,440	)			(2,053	)
(Increase) decrease in receivable from investment adviser			(5,291	)			(1,103	)
(Increase) decrease in other assets			(264,240	)			(3,375	)
Increase (decrease) in interest and other debt expenses payable			33,619				1,043
Increase (decrease) in management fees payable			3,487				1,373
Increase (decrease) in incentive fees based on income payable			4,368				(2,580	)
Increase (decrease) in stockholder servicing and/or distribution fees payable			2				—
Increase (decrease) in payable for investments purchased			(62,614	)			(217,527	)
Increase (decrease) in accrued expenses and other liabilities			732				(1,141	)
Net cash provided by (used for) operating activities		$	(1,199,560	)		$	(900,146	)
Cash flows from financing activities:
Proceeds from issuance of common shares		$	1,041,481			$	1,284,212
Repurchased shares, net of early repurchase deduction			(281,202	)			(25,575	)
Offering costs paid			(394	)			(499	)
Common stock distributions paid			(131,715	)			(75,880	)
Financing costs and debt issuance costs paid			(25,889	)			(3,238	)
Borrowings on debt			3,188,908				975,844
Repayments of debt			(2,625,034	)			(1,285,568	)
Net cash provided by (used for) financing activities		$	1,166,155			$	869,296
Net increase (decrease) in cash		$	(33,405	)		$	(30,850	)
Effect of foreign exchange rate changes on cash			(316	)			173
Cash, beginning of period			197,449				120,377
Cash, end of period		$	163,728			$	89,700
Supplemental and non-cash activities
Interest expense paid		$	64,685			$	34,431
Accrued but unpaid distributions		$	124,100			$	75,012
Reinvestment of common stockholder distributions		$	62,427			$	48,672
Accrued but unpaid share repurchases		$	425,497			$	66,980

 

 

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

 

 

6

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Debt Investments-179.3%
Australia-4.1%
1st Lien/Senior Secured Debt-4.1%
Prestige Bidco Pty Ltd (dba Pickles Auctions)	Distributors	8.79%	B + 4.75%		08/25/31	AUD		72,042		$	46,361		$	49,457		(7) (8) (9)
Apple AU Finco Pty Ltd (dba Aspen Pharmacare)	Pharmaceuticals		B + 4.75%		03/19/33	AUD		159,424			—			—		(7) (9) (10)
Apple AU Finco Pty Ltd (dba Aspen Pharmacare)	Pharmaceuticals		B + 4.75%		03/19/33	AUD		15,942			—			—		(7) (9) (10)
Apple AU Finco Pty Ltd (dba Aspen Pharmacare)	Pharmaceuticals		B + 4.75%		03/19/33	AUD		1,183			—			—		(7) (9) (10)
Apple AU Finco Pty Ltd (dba Aspen Pharmacare)	Pharmaceuticals		B + 4.75%		03/19/33	AUD		118			—			—		(7) (9) (10)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals	8.79%	B + 5.00%		10/29/32	AUD		240,767			157,046			164,456		(7) (8) (9)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals		B + 5.00%		10/29/32	AUD		42,717			—			—		(7) (8) (9) (10)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals	9.09%	B + 5.00%		10/29/32	AUD		34,950			20,260			21,220		(7) (8) (9) (10)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software	8.89%	B + 5.00%		07/30/31	AUD		171,644			108,404			115,761		(7) (8) (9)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software	9.35%	B + 5.00%		07/30/31	AUD		42,983			7,025			6,474		(7) (8) (9) (10)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software	8.85%	SN + 5.00%		07/30/31	GBP		16,374			21,292			21,186		(7) (8) (9)
Total 1st Lien/Senior Secured Debt											360,388			378,554
Total Australia										$	360,388		$	378,554
Belgium-0.3%
1st Lien/Senior Secured Debt-0.3%
Ranch Bidco B.V. (dba Innovad)	Biotechnology	6.79%	E + 4.75%		01/28/33	EUR		25,622		$	29,881		$	29,318		(7) (9)
Ranch Bidco B.V. (dba Innovad)	Biotechnology		E + 4.75%		01/28/33	EUR		6,837			(153	)		(53	)	(7) (9) (10)
Total 1st Lien/Senior Secured Debt											29,728			29,265
Total Belgium										$	29,728		$	29,265
Canada-3.4%
1st Lien/Senior Secured Debt-3.4%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.33%	C + 4.75%		11/01/30	CAD		64,832		$	46,125		$	46,139		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.41%	S + 4.75%		11/01/30			36,519			36,140			36,153		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.32%	C + 4.75%		11/01/30	CAD		16,104			6,556			6,443		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.41%	S + 4.75%		11/01/30			14,330			14,150			14,187		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.42%	S + 4.75%		11/01/30	CAD		6,444			125			93		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals		S + 4.75%		11/01/30	CAD		4,296			(57	)		(31	)	(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.17%	S + 6.00%		02/01/27			83,908			83,796			83,069		(7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.17%	S + 6.00%		02/01/27			8,047			5,868			5,795		(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	9.69%	S + 6.00%		02/01/27			4,543			3,073			3,031		(7) (8) (9) (10)
123Dentist Inc.	Health Care Providers & Services	7.03%	C + 4.75%		08/10/29	CAD		29,972			7,994			7,829		(7) (8) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services	7.31%	C + 5.00%		01/14/33	CAD		62,346			44,465			44,369		(7) (9)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services	7.27%	C + 5.00%		01/14/33	CAD		11,607			1,165			1,150		(7) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%		01/14/33	CAD		8,291			(353	)		(354	)	(7) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.56%	C + 5.25%		06/30/31	CAD		52,850			38,285			37,421		(7) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		C + 5.25%		06/30/31	CAD		11,547			(56	)		(124	)	(7) (8) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.56%	C + 5.25%		06/30/31	CAD		7,698			868			839		(7) (8) (9) (10)
iWave Information Systems, Inc.	Software	9.68%	S + 6.00%		11/24/28			27,595			27,296			27,181		(8) (9)
iWave Information Systems, Inc.	Software	9.68%	S + 6.00%		11/24/28			6,771			611			576		(8) (9) (10)
Total 1st Lien/Senior Secured Debt											316,051			313,766
Total Canada										$	316,051		$	313,766
Cayman Islands-1.8%
1st Lien/Senior Secured Debt-0.0%
Corinthia Bidco Limited (dba Walkers)	Professional Services		S + 4.00%		02/23/32			75,000		$	—		$	—		(7) (9) (10)
Corinthia Bidco Limited (dba Walkers)	Professional Services		S + 4.00%		02/23/32			30,000			—			—		(7) (9) (10)
Corinthia Bidco Limited (dba Walkers)	Professional Services		S + 4.00%		02/23/32			15,000			—			—		(7) (9) (10)
Total 1st Lien/Senior Secured Debt											—			—
Structured Finance Obligation – Debt Instruments-1.8%
Diameter Capital CLO 11, Ltd. - Class D1	Financial Services	6.52%	S + 2.85%	07/09/25	07/20/38			30,000			30,000			29,479		(9)
Diameter Capital CLO 11, Ltd. - Class D2	Financial Services	7.87%	S + 4.20%	07/09/25	07/20/38			5,000			5,000			4,948		(9)
Diameter Capital CLO 11, Ltd. - Class E	Financial Services	8.72%	S + 5.05%	07/09/25	07/20/38			15,000			15,000			14,553		(9)
Diameter Capital CLO 13, Ltd. - Class D1	Financial Services	6.28%	S + 2.55%	11/26/25	01/20/39			5,580			5,580			5,516		(9)
Diameter Capital CLO 13, Ltd. - Class D2	Financial Services	7.38%	S + 3.65%	11/26/25	01/20/39			2,000			2,000			1,919		(9)
Diameter Capital CLO 13, Ltd. - Class E	Financial Services	8.33%	S + 4.60%	11/26/25	01/20/39			13,000			13,000			12,652		(9)
Madison Park Funding LXX, Ltd. - Class D	Financial Services	6.47%	S + 2.80%	08/04/25	09/04/38			30,000			30,000			29,455		(9)

 

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

 

7

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Madison Park Funding LXX, Ltd. - Class E	Financial Services	8.67%	S + 5.00%	08/04/25	09/04/38			20,000			20,000			19,363		(9)
Octagon 78, Ltd. - Class D	Financial Services	6.91%	S + 2.80%	07/14/25	10/20/38			31,250			31,250			30,880		(9)
Octagon 78, Ltd. - Class E	Financial Services	9.11%	S + 5.00%	07/14/25	10/20/38			20,000			20,000			19,349		(9)
Total Structured Finance Obligation-Debt Instruments											171,830			168,114
Total Cayman Islands										$	171,830		$	168,114
France-1.3%
1st Lien/Senior Secured Debt-1.2%
Financière N (dba Nemera)	Health Care Equipment & Supplies	6.88%	E + 4.75%	03/14/25	05/07/32	EUR		11,428		$	12,803		$	13,077		(7) (8) (9)
Financière N (dba Nemera)	Health Care Equipment & Supplies	6.88%	E + 4.75%	03/14/25	05/07/32	EUR		5,357			2,585			2,559		(7) (8) (9) (10)
Financière N (dba Nemera)	Health Care Equipment & Supplies	8.45%	S + 4.75%	04/11/25	05/07/32			3,171			3,143			3,140		(7) (8) (9)
Algae BidCo (dba Solabia Group)	Pharmaceuticals	6.88%	E + 4.75%	05/30/25	10/29/32	EUR		11,676			13,497			13,361		(7) (8) (9)
Algae BidCo (dba Solabia Group)	Pharmaceuticals		E + 4.75%	05/30/25	10/29/32	EUR		2,848			(89	)		(33	)	(7) (8) (9) (10)
Seven BidCo (dba Septeo)	Software	6.41%	E + 4.40%	08/01/25	08/27/32	EUR		51,173			59,546			58,113		(7) (8) (9)
Seven BidCo (dba Septeo)	Software	6.53%	E + 4.50%	11/20/25	08/27/32	EUR		18,286			21,587			20,766		(7) (8) (9)
Seven BidCo (dba Septeo)	Software		E + 4.40%	08/01/25	08/27/32	EUR		8,823			(47	)		(179	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											113,025			110,804
2nd Lien/Senior Secured Debt-0.1%
Algae PikCo (dba Solabia Group)	Pharmaceuticals	9.13%	E + 7.00%	05/30/25	10/31/33	EUR		2,964			3,327			3,383		(7) (8) (9)
Total 2nd Lien/Senior Secured Debt											3,327			3,383
Total France										$	116,352		$	114,187
India-0.1%
1st Lien/Senior Secured Debt-0.1%
AGS Health BCP LLC (dba AGS Health)	Health Care Technology	8.17%	S + 4.50%		08/02/32			12,918		$	12,888		$	12,821		(7) (8) (9)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%		08/02/32			4,583			(5	)		(34	)	(7) (8) (9) (10)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%		08/02/32			1,667			(4	)		(13	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											12,879			12,774
Total India										$	12,879		$	12,774
Italy-1.0%
1st Lien/Senior Secured Debt-0.9%
Optima S.p.A. (dba Casa Optima)	Consumer Staples Distribution & Retail		E + 5.50%	05/22/25	02/03/33	EUR		5,566		$	(29	)	$	(64	)	(7) (9) (10)
Rota Bidco S.p.A. (dba Casa Optima)	Consumer Staples Distribution & Retail	7.51%	E + 5.50%	05/22/25	02/03/33	EUR		33,350			38,860			38,162		(7) (9)
Rota Bidco S.p.A. (dba Casa Optima)	Consumer Staples Distribution & Retail	7.51%	E + 5.50%	05/22/25	02/03/33	EUR		12,541			14,613			14,350		(7) (9)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software	7.14%	E + 5.00%	04/15/25	04/11/32	EUR		15,749			17,936			17,794		(7) (8) (9)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software	7.03%	E + 5.00%	06/25/25	06/24/32	EUR		9,224			10,488			10,422		(7) (8) (9)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software	6.98%	E + 5.00%	04/15/25	04/11/32	EUR		4,500			2,095			1,984		(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											83,963			82,648
2nd Lien/Senior Secured Debt-0.1%
INK (BC) FINCO S.R.L. (dba Namirial)	Software	10.28%	E + 8.25% PIK	04/15/25	04/11/33	EUR		3,555		$	4,052		$	4,017		(7) (8) (9)
INK (BC) FINCO S.R.L. (dba Namirial)	Software	10.26%	E + 8.25% PIK	06/25/25	06/24/33	EUR		2,025			2,302			2,288		(7) (8) (9)
Total 2nd Lien/Senior Secured Debt											6,354			6,305
Total Italy										$	90,317		$	88,953
Luxembourg-0.2%
1st Lien/Senior Secured Debt-0.2%
Netrisk Group Luxco 4 S.à r.l.	Insurance	7.13%	E + 5.00%	01/15/25	02/05/32	EUR		13,200		$	13,427		$	15,028		(7) (8) (9)
Netrisk Group Luxco 4 S.à r.l.	Insurance		E + 5.00%	01/15/25	02/05/32	EUR		2,400			(20	)		(42	)	(7) (8) (9) (10)
Netrisk Group Luxco 4 S.à r.l.	Insurance		E + 5.25%	01/15/25	02/05/32	EUR		1,000			140			(17	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											13,547			14,969
Total Luxembourg										$	13,547		$	14,969
Netherlands-0.0%
1st Lien/Senior Secured Debt-0.0%
Unit4 Group Holding B.V.	Software		E + 4.50%		12/18/32	EUR		82,979		$	—		$	—		(7) (9) (10)
Unit4 Group Holding B.V.	Software		E + 4.50%		12/18/32	EUR		10,372			—			—		(7) (9) (10)
Unit4 Group Holding B.V.	Software		E + 4.50%		12/18/32	EUR		7,779			—			—		(7) (9) (10)
Total 1st Lien/Senior Secured Debt											—			—
Total Netherlands										$	—		$	—

 

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

 

8

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Sweden-0.9%
1st Lien/Senior Secured Debt-0.9%
OMEGA II AB (dba Fortnox)	Software	6.27%	STIBOR + 4.25%		06/17/32	SEK		139,883		$	14,388		$	14,628		(7) (8) (9)
OMEGA II AB (dba Fortnox)	Software		STIBOR + 4.25%		06/17/32	SEK		37,895			10			(40	)	(7) (8) (9) (10)
Runner Bidco AB (dba nShift)	Software	6.96%	STIBOR + 5.00%		08/21/30	SEK		302,827			31,686			31,509		(7) (8) (9)
Runner Bidco AB (dba nShift)	Software	9.12%	N + 5.00%		08/21/30	NOK		99,288			9,769			10,100		(7) (8) (9)
Runner Bidco AB (dba nShift)	Software	7.03%	E + 5.00%		08/21/30	EUR		24,822			28,768			28,260		(7) (8) (9)
Runner Bidco AB (dba nShift)	Software		E + 5.00%		08/21/30	EUR		12,411			(97	)		(215	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											84,524			84,242
Total Sweden										$	84,524		$	84,242
Switzerland-0.6%
1st Lien/Last-Out Unitranche(11)-0.6%
Esperanto BidCo AG (dba BSI Software)	Software	5.35%	SARON + 5.35%		09/27/31	CHF		24,087		$	29,813		$	29,597		(7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	5.35%	SARON + 5.35%		09/27/31	CHF		9,074			10,566			11,150		(7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	7.49%	E + 5.35%		09/27/31	EUR		6,929			7,531			7,889		(7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	5.35%	SARON + 5.35%		09/27/31	CHF		2,561			2,982			3,147		(7) (8) (9)
Total 1st Lien/Last-Out Unitranche											50,892			51,783
Total Switzerland										$	50,892		$	51,783
United Kingdom-4.5%
1st Lien/Senior Secured Debt-4.2%
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.22%	SN + 7.50% (Incl. 0.50% PIK)		07/25/28	GBP		14,649		$	19,141		$	18,711		(8) (9)
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.22%	SN + 7.50% (Incl. 0.50% PIK)		07/25/28	GBP		8,648			11,255			11,045		(8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.88%	B + 5.25%	10/04/24	10/06/31	AUD		16,301			10,896			11,247		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.22%	B + 5.25%	09/13/24	10/06/31	GBP		15,214			19,921			20,137		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	7.51%	C + 5.25%	09/13/24	10/06/31	CAD		14,958			10,828			10,753		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	11.73%	SN + 8.00% PIK	09/13/24	10/04/32	GBP		14,536			18,824			18,855		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.91%	S + 5.25%	09/13/24	10/06/31			9,635			9,473			9,635		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	11.73%	SN + 8.00% PIK	09/13/24	10/04/32	GBP		8,590			11,124			11,142		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.98%	SN + 5.25%	09/13/24	10/06/31	GBP		8,266			10,667			10,941		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.98%	SN + 5.25%	09/13/24	10/06/31	GBP		5,984			7,722			7,920		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.91%	S + 5.25%	09/13/24	10/06/31			4,665			4,587			4,665		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software	6.88%	E + 4.75%	04/08/25	04/16/32	EUR		59,423			66,974			67,654		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software	8.45%	S + 4.75%	04/08/25	04/16/32			56,779			56,271			55,927		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software	8.45%	S + 4.75%	04/08/25	04/16/32			34,997			34,683			34,472		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software	8.45%	S + 4.75%	04/08/25	04/16/32			19,808			3,117			3,004		(7) (8) (9) (10)
Consilio Midco Limited (dba Cyncly)	Software		S + 4.75%	04/08/25	04/16/32			13,205			—			(198	)	(7) (8) (9) (10)
SI Swan UK Bidco Limited (dba Sapiens International)	Software	8.42%	S + 4.75%		12/17/32			91,320			90,882			90,635		(7) (8) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%		12/17/32			15,836			(38	)		(119	)	(7) (8) (9) (10)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%		06/17/26			13,724			—			(103	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											386,327			386,323
2nd Lien/Senior Secured Debt-0.3%
Consilio IntermediateCo Limited (dba Cyncly)	Software	11.23%	S + 7.50% PIK	04/08/25	04/14/33			15,385		$	15,185		$	15,078		(7) (8) (9)
Consilio IntermediateCo Limited (dba Cyncly)	Software	9.60%	E + 7.50% PIK	04/08/25	04/14/33	EUR		10,393			11,678			11,772		(7) (8) (9)
Consilio IntermediateCo Limited (dba Cyncly)	Software	11.17%	S + 7.50% PIK	04/08/25	04/14/33			6,629			26			(106	)	(7) (8) (9) (10)
Total 2nd Lien/Senior Secured Debt											26,889			26,744
Total United Kingdom										$	413,216		$	413,067

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

9

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
United States-161.1%
1st Lien/Senior Secured Debt-155.1%
Advanced Cooling Technologies, Inc.	Aerospace & Defense		S + 4.50%	02/27/33	$		23,805		$	—		$	—		(7) (10)
Advanced Cooling Technologies, Inc.	Aerospace & Defense		S + 4.50%	02/27/33			4,658			—			—		(7) (10)
Bleriot US Bidco Inc.	Aerospace & Defense	6.20%	S + 2.50%	10/31/30			23,989			24,017			24,006
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	8.90%	S + 5.25% (Incl. 1.54% PIK)	01/09/30			42,434			41,707			41,480		(7) (8)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	8.90%	S + 5.25% (Incl. 1.54% PIK)	01/09/30			5,791			5,736			5,661		(7) (8)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	8.66%	S + 5.00%	01/09/28			5,670			501			439		(7) (8) (10)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	8.91%	S + 5.25% (Incl. 1.54% PIK)	01/09/30			2,587			2,562			2,529		(7) (8)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	8.65%	S + 5.00%	01/09/30			1,459			1,450			1,426		(7) (8)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense	8.70%	S + 5.00%	09/30/31			24,141			23,932			24,020		(7) (8)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense		S + 5.00%	09/30/31			9,775			(45	)		(49	)	(7) (8) (10)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense	8.91%	P + 4.00%	09/30/31			5,755			1,060			1,084		(7) (8) (10)
Propulsion (BC) Finco S.a.r.l.	Aerospace & Defense	6.20%	S + 2.50%	12/01/32			12,938			13,003			12,936		(9)
VisionSafe Holdings, Inc.	Aerospace & Defense	9.16%	S + 5.50%	04/18/30			10,103			9,955			9,901		(7) (8)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 5.50%	04/18/30			1,763			(26	)		(35	)	(7) (8) (10)
Auctane, Inc.	Air Freight & Logistics		S + 4.75%	12/31/32			193,000			—			—		(7) (10)
eShipping, LLC	Air Freight & Logistics	8.20%	S + 4.50%	12/23/32			124,944			124,338			123,695		(7) (8)
eShipping, LLC	Air Freight & Logistics		S + 4.50%	12/23/32			47,149			(113	)		(471	)	(7) (8) (10)
eShipping, LLC	Air Freight & Logistics	10.25%	P + 3.50%	12/23/32			15,248			880			801		(7) (8) (10)
eShipping, LLC	Air Freight & Logistics		S + 4.50%	12/23/32			8,326			(40	)		(83	)	(7) (8) (10)
OneSky Flight, LLC	Air Freight & Logistics	6.43%	S + 2.75%	02/17/33			5,500			5,473			5,479
Rand Parent, LLC	Air Freight & Logistics	6.70%	S + 3.00%	03/18/30			3,227			3,224			3,219
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics	8.45%	S + 4.75%	08/02/32			112,223			111,182			111,101		(7) (8)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			34,354			(156	)		(344	)	(7) (8) (10)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			13,369			(122	)		(134	)	(7) (8) (10)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			3,808			(35	)		(38	)	(7) (8) (10)
Clarios Global LP	Automobile Components	6.42%	S + 2.75%	01/28/32			16,393			16,322			16,335
Clarios Global LP	Automobile Components	6.17%	S + 2.50%	05/06/30			9,003			9,040			8,967
Dealer Tire Financial, LLC	Automobile Components	6.67%	S + 3.00%	07/02/31			5,160			5,150			5,134
DexKo Global Inc.	Automobile Components	7.68%	S + 3.75%	10/04/28			1,930			1,913			1,885		(9)
Mavis Tire Express Services Corp.	Automobile Components	6.67%	S + 3.00%	05/04/28			9,865			9,885			9,849		(12)
American Builders & Contractors Supply Co., Inc.	Building Products	5.42%	S + 1.75%	01/31/31			29,620			29,701			29,592
Chamberlain Group Inc	Building Products	6.42%	S + 2.75%	09/08/32			22,568			22,597			22,335
Icebox Holdco III, Inc.	Building Products	6.95%	S + 3.25%	12/22/31			22,551			22,609			22,551		(12)
MI Windows and Doors, LLC	Building Products	6.42%	S + 2.75%	03/28/31			14,226			14,334			13,064
Potters Industries, LLC	Building Products	6.17%	S + 2.50%	12/23/32			2,900			2,898			2,895
Quikrete Holdings, Inc.	Building Products	5.92%	S + 2.25%	03/19/29			9,097			9,113			9,084
Quikrete Holdings, Inc.	Building Products	5.92%	S + 2.25%	04/14/31			7,918			7,928			7,901
Quikrete Holdings, Inc.	Building Products	5.92%	S + 2.25%	02/10/32			3,106			3,081			3,098
Standard Industries, Inc.	Building Products	5.42%	S + 1.75%	09/22/28			27,652			27,730			27,587		(12)
Tecta America Corp.	Building Products	6.42%	S + 2.75%	02/18/32			2,680			2,691			2,667
White Cap Buyer LLC	Building Products	6.92%	S + 3.25%	10/19/29			14,841			14,812			14,242
Cube Industrials Buyer Inc	Capital Goods	6.67%	S + 3.00%	10/17/31			21,157			21,215			21,121
AAP Buyer Inc.	Chemicals	6.42%	S + 2.75%	09/09/31			7,110			7,147			7,110
Albaugh, LLC	Chemicals	7.42%	S + 3.75%	04/06/29			2,206			2,202			2,116
Burgess Pigment Co.	Chemicals		S + 5.00%	03/19/31			215,295			—			—		(7) (10)
Burgess Pigment Co.	Chemicals		S + 5.00%	03/19/31			23,659			—			—		(7) (10)

 

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

 

10

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Formulations Parent Corporation (dba Chase Corp)	Chemicals	7.65%	S + 4.00%	04/09/32	$		99,500		$	97,724		$	98,754
Illuminate Buyer, LLC	Chemicals	6.17%	S + 2.50%	12/31/29			32,150			32,177			31,868
Innophos, Inc.	Chemicals	8.03%	S + 4.25%	03/16/29			11,805			11,792			11,150
Olympus Water US Holding Corporation	Chemicals	6.70%	S + 3.00%	06/20/31			16,338			16,311			15,658
Olympus Water US Holding Corporation	Chemicals	6.95%	S + 3.25%	11/03/32			1,995			1,995			1,918
Paint Intermediate III, LLC	Chemicals	6.67%	S + 3.00%	10/09/31			4,414			4,409			4,389
SCIH Salt Holdings, Inc.	Chemicals	6.35%	S + 2.75%	01/31/29			15,910			16,006			15,858		(12)
Sparta U.S. HoldCo LLC	Chemicals	6.67%	S + 3.00%	08/02/30			12,020			12,012			11,999
W.R. Grace & Co.-Conn.	Chemicals	6.70%	S + 3.00%	08/19/32			8,458			8,425			8,419
AlixPartners, LLP	Commercial Services & Supplies	5.67%	S + 2.00%	08/12/32			31,795			31,865			31,464
Allied Universal Holdco LLC	Commercial Services & Supplies	6.92%	S + 3.25%	08/20/32			11,293			11,309			11,287
Amentum Government Services Holdings LLC	Commercial Services & Supplies	5.67%	S + 2.00%	09/29/31			2,941			2,945			2,939		(9)
Asplundh Tree Expert, LLC	Commercial Services & Supplies	5.52%	S + 1.75%	09/07/27			5,258			5,265			5,260
BEP Intermediate Holdco LLC (dba Buyers Edge)	Commercial Services & Supplies	6.42%	S + 2.75%	04/25/31			9,141			9,179			9,119
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.27%	S + 6.50%	08/01/29			14,877			14,700			14,802		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	9.52%	S + 5.75%	08/01/29			5,541			5,473			5,375		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	9.52%	S + 5.75%	08/01/29			4,740			1,927			1,828		(7) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.27%	S + 6.50%	08/01/29			4,520			4,459			4,498		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.60%	S + 6.50%	08/01/29			3,476			2,414			2,440		(7) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.27%	S + 6.50%	08/01/29			2,243			2,215			2,232		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies		S + 6.50%	08/01/29			1,671			(12	)		(50	)	(7) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.27%	S + 6.50%	08/01/29			748			738			744		(7) (8)
Edko, LLC	Commercial Services & Supplies	8.45%	S + 4.75%	10/02/31			37,032			36,686			36,662		(7) (8)
Edko, LLC	Commercial Services & Supplies		S + 4.75%	10/02/31			13,200			(61	)		(132	)	(7) (8) (10)
Edko, LLC	Commercial Services & Supplies		S + 4.75%	10/02/31			6,600			(61	)		(66	)	(7) (8) (10)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.71%	S + 5.00%	09/24/31			13,612			13,461			13,441		(7) (8)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.67%	S + 5.00%	09/24/31			7,809			3,302			3,294		(7) (8) (10)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.67%	S + 5.00%	09/24/31			3,909			1,225			1,221		(7) (8) (10)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.42%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			146,887			145,632			145,050		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.42%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			59,920			30,334			30,011		(7) (8) (10)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.42%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			48,107			47,691			47,506		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.42%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			43,100			42,713			42,561		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.42%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			34,170			33,841			33,743		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies		S + 4.75% (Incl. 2.00% PIK)	03/04/32			24,528			(210	)		(307	)	(7) (8) (10)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.17%	S + 5.50% (Incl. 2.75% PIK)	08/22/31			100,518			98,516			99,261		(7) (8)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	8.67%	S + 5.00%	08/22/30			11,500			5,877			5,865		(7) (8) (10)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	8.66%	S + 5.00%	08/22/31			5,715			5,618			5,643		(7) (8)
Madison IAQ LLC	Commercial Services & Supplies	6.13%	S + 2.50%	06/21/28			23,632			23,683			23,607		(12)
Madison IAQ LLC	Commercial Services & Supplies	6.38%	S + 2.75%	11/08/32			5,566			5,526			5,574
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	9.92%	S + 6.25% (Incl. 2.75% PIK)	12/05/31			12,716			12,559			12,525		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	9.98%	SN + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		5,387			6,782			7,023		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	8.29%	E + 6.25% (Incl. 2.75% PIK)	12/05/31	EUR		4,813			5,039			5,479		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	9.92%	S + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		1,358			1,810			1,771		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies		SN + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		1,084			104			(22	)	(7) (8) (9) (10)
Saber Parent Holdings Corp. (dba Service Logic)	Commercial Services & Supplies	8.42%	S + 4.75% (Incl. 2.25% PIK)	12/16/32			94,051			93,598			93,111		(7) (8)

 

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

 

11

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Saber Parent Holdings Corp. (dba Service Logic)	Commercial Services & Supplies		S + 4.75%	12/16/32	$		25,800		$	(62	)	$	(258	)	(7) (8) (10)
Saber Parent Holdings Corp. (dba Service Logic)	Commercial Services & Supplies	10.25%	P + 3.50%	12/16/32			12,900			3,722			3,655		(7) (8) (10)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.85%	S + 5.25% (Incl. 2.88% PIK)	12/15/31			109,502			108,601			108,955		(7) (8)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.42%	S + 4.75%	12/15/31			34,537			22,284			22,363		(7) (8) (10)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.42%	S + 4.75%	12/15/31			14,678			3,937			3,985		(7) (8) (10)
Thevelia (US), LLC	Commercial Services & Supplies	6.70%	S + 3.00%	06/18/29			3,474			3,489			3,402		(9)
USA DeBusk, LLC	Commercial Services & Supplies	8.93%	S + 5.25%	04/30/31			106,816			105,672			105,748		(7) (8)
USA DeBusk, LLC	Commercial Services & Supplies	8.92%	S + 5.25%	04/30/31			28,545			20,215			20,228		(7) (8) (10)
USA DeBusk, LLC	Commercial Services & Supplies	8.92%	S + 5.25%	04/30/30			12,047			11,723			11,726		(7) (8) (10)
USA DeBusk, LLC	Commercial Services & Supplies	8.94%	S + 5.25%	04/30/30			7,603			1,686			1,662		(7) (8) (10)
Vaco Holdings, LLC	Commercial Services & Supplies	8.85%	S + 5.00%	01/22/29			2,026			1,997			1,311
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	9.67%	S + 6.00%	05/01/29			115,217			114,589			113,489		(7) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	9.67%	S + 6.00%	05/01/29			12,105			8,573			8,464		(7) (8) (10)
Wand NewCo 3, Inc.	Commercial Services & Supplies	6.17%	S + 2.50%	01/30/31			10,998			11,044			10,895
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies	8.42%	S + 4.75%	08/05/32			18,981			18,814			18,791		(7) (8)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies		S + 4.75%	08/05/32			5,796			(26	)		(58	)	(7) (8) (10)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies		S + 4.75%	08/05/32			5,071			(46	)		(51	)	(7) (8) (10)
Brown Group Holding, LLC	Construction & Engineering	6.17%	S + 2.50%	07/01/31			14,667			14,698			14,679
Brown Group Holding, LLC	Construction & Engineering	6.17%	S + 2.50%	07/01/31			11,903			11,914			11,910
Chromalloy Corporation	Construction & Engineering	6.91%	S + 3.25%	03/27/31			26,492			26,435			26,479		(12)
DG Investment Intermediate Holdings 2, Inc.	Construction & Engineering	6.92%	S + 3.25%	07/09/32			8,574			8,599			8,563
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.17%	S + 4.50%	10/15/31			38,313			37,992			37,930		(7) (8)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.17%	S + 4.50%	10/15/31			14,190			6,865			6,811		(7) (8) (10)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.17%	S + 4.50%	10/15/31			5,321			1,199			1,188		(7) (8) (10)
KKR Apple Bidco, LLC	Construction & Engineering	6.17%	S + 2.50%	09/23/31			28,199			28,182			28,199
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.79%	B + 4.75%	10/24/30			48,113			47,825			47,632		(7) (8) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.86%	B + 4.75%	10/24/30	AUD		47,597			31,249			32,511		(7) (8) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		B + 4.75%	10/24/30			4,811			(32	)		(48	)	(7) (8) (9) (10)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.20%	S + 4.50%	08/29/31			27,885			27,770			27,536		(7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.20%	S + 4.50%	08/29/31			9,102			9,046			8,988		(7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,070			(16	)		(51	)	(7) (8) (10)
Smyrna Ready Mix Concrete, LLC	Construction Materials	6.67%	S + 3.00%	04/02/29			4,975			4,986			4,965
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	9.70%	S + 6.00%	10/04/30			70,648			69,380			69,058		(7) (8)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29			8,410			(130	)		(189	)	(7) (8) (10)
IRB Holding Corp.	Consumer Staples Distribution & Retail	6.18%	S + 2.50%	12/16/30			10,736			10,743			10,703
TKC Holdings, Inc.	Consumer Staples Distribution & Retail	8.18%	S + 4.50%	08/19/30			2,875			2,847			2,854
Berlin Packaging LLC	Containers & Packaging	6.91%	S + 3.25%	06/07/31			9,875			9,904			9,494
Charter NEX US, Inc.	Containers & Packaging	6.17%	S + 2.50%	11/29/30			13,457			13,508			13,361
Clydesdale Acquisition Holdings, Inc.	Containers & Packaging	6.84%	S + 3.18%	04/13/29			18,738			18,719			17,832		(12)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging	8.92%	S + 5.25%	11/01/30			74,044			73,144			72,933		(7) (8)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging		S + 5.25%	11/01/30			8,719			(100	)		(131	)	(7) (8) (10)
Precision Concepts Parent Inc.	Containers & Packaging	8.42%	S + 4.75%	08/02/32			7,821			7,754			7,743		(7) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.42%	S + 4.75%	08/02/32			5,712			5,658			5,655		(7) (8)

 

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

 

12

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Precision Concepts Parent Inc.	Containers & Packaging	8.42%	S + 4.75%	08/02/32	$		3,874		$	3,838		$	3,836		(7) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.42%	S + 4.75%	08/02/32			3,414			3,385			3,380		(7) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.42%	S + 4.75%	08/02/32			3,162			672			670		(7) (8) (10)
Pregis TopCo Corporation	Containers & Packaging	7.67%	S + 4.00%	02/01/29			14,852			14,914			14,822
Proampac PG Borrower LLC	Containers & Packaging	7.78%	S + 4.00%	03/07/33			16,945			17,014			16,322
TricorBraun Holdings, Inc.	Containers & Packaging	6.92%	S + 3.25%	03/03/31			6,067			6,050			5,753
BCPE Empire Holdings, Inc.	Distributors	6.92%	S + 3.25%	12/11/30			5,132			5,145			5,049
CD&R Hydra Buyer Inc.	Distributors	7.77%	S + 4.00%	03/25/31			13,342			13,434			13,328
DFS Holding Company, Inc.	Distributors	11.20%	S + 7.50% (Incl. 5.00% PIK)	01/31/29			44,707			43,853			41,577		(8)
DFS Holding Company, Inc.	Distributors	11.20%	S + 7.50% (Incl. 5.00% PIK)	01/31/29			3,277			3,215			3,047		(8)
Fluid-Flow Products, Inc.	Distributors	6.92%	S + 3.25%	03/04/33			20,146			20,205			20,121		(12)
Veritiv Corporation	Distributors	7.70%	S + 4.00%	12/02/30			5,600			5,582			5,432
Windsor Holdings III, LLC	Distributors	6.42%	S + 2.75%	08/01/30			15,471			15,470			15,220
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	9.70%	S + 6.00%	04/26/29			24,171			23,815			23,446		(7) (8)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	9.67%	S + 6.00%	04/26/29			11,390			6,068			5,900		(7) (8) (10)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services		S + 6.00%	04/26/29			2,278			(35	)		(68	)	(7) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	8.70%	S + 5.00%	06/06/31			124,264			123,503			123,642		(7) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			56,751			(248	)		(284	)	(7) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	8.70%	S + 5.00%	06/06/31			11,693			889			916		(7) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			2,245			(72	)		(11	)	(7) (8) (10)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	8.77%	S + 5.00%	11/01/28			50,750			49,469			50,496		(8)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	8.86%	S + 5.00%	11/01/28			4,949			1,369			1,460		(8) (10)
Curriculum Associates, LLC	Diversified Consumer Services	8.17%	S + 4.50%	05/07/32			257,069			255,637			254,499		(7) (8)
Curriculum Associates, LLC	Diversified Consumer Services	8.17%	S + 4.50%	05/07/32			168,784			100,511			99,582		(7) (8) (10)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.25%	12/21/29			8,386			(79	)		(84	)	(7) (8) (10)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			6,203			5,659			5,706		(7) (8) (10)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			5,059			5,034			5,009		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			1,640			1,632			1,624		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			551			548			545		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			547			545			542		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.10%	S + 5.25%	12/21/29			544			541			538		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.25%	12/21/29			270			(2	)		(3	)	(7) (8) (10)
Genuine Financial Holdings, LLC	Diversified Consumer Services	6.92%	S + 3.25%	09/27/30			12,858			12,843			11,000
Pre-Paid Legal Services, Inc.	Diversified Consumer Services	6.92%	S + 3.25%	12/15/28			269			269			232
Southeast Mechanical, LLC	Diversified Consumer Services	9.78%	S + 6.00%	07/06/27			15,341			3,641			3,611		(8) (10) (13)
Southeast Mechanical, LLC	Diversified Consumer Services	9.78%	S + 6.00%	07/06/27			3,369			3,361			3,343		(8) (13)
Southeast Mechanical, LLC	Diversified Consumer Services	9.78%	S + 6.00%	07/06/27			2,364			2,359			2,346		(8) (13)
Southeast Mechanical, LLC	Diversified Consumer Services		S + 6.00%	07/06/27			600			(3	)		(5	)	(8) (10) (13)
Splash Car Wash, Inc.	Diversified Consumer Services	8.70%	S + 5.00%	03/17/32			29,030			28,835			28,813		(7) (8)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/32			14,666			(54	)		(110	)	(7) (8) (10)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/31			4,125			(26	)		(31	)	(7) (8) (10)
Spotless Brands, LLC	Diversified Consumer Services	8.67%	S + 5.00%	07/25/28			60,119			11,010			10,136		(7) (8) (10)
Spotless Brands, LLC	Diversified Consumer Services	9.45%	S + 5.75%	07/25/28			42,130			42,169			41,920		(7) (8)
Spotless Brands, LLC	Diversified Consumer Services	9.49%	S + 5.75%	07/25/28			6,532			6,538			6,499		(7) (8)

 

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

 

13

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	8.65%	S + 5.00%	05/01/31	$		59,252		$	58,814		$	58,659		(7) (8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	8.66%	S + 5.00%	05/01/31			15,586			15,439			15,430		(7) (8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30			9,154			(66	)		(92	)	(7) (8) (10)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.02%	S + 6.25%	08/15/30			25,864			25,470			25,735		(7) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.03%	S + 6.25%	08/15/30			11,063			7,659			7,721		(7) (8) (10)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 6.25%	08/15/30			1,368			(18	)		(7	)	(7) (8) (10)
Citadel Securities LP	Diversified Financial Services	5.70%	S + 2.00%	10/31/31			19,456			19,471			19,467
Alpha Generation LLC	Electric Utilities	5.42%	S + 1.75%	09/30/31			5,312			5,318			5,293
Lightning Power LLC	Electric Utilities	5.92%	S + 2.25%	08/18/31			14,097			14,181			14,113
Pike Corporation	Electric Utilities	8.18%	S + 4.50%	12/20/32			209,202			209,202			207,633		(7) (8)
Pike Corporation	Electric Utilities		S + 4.50%	12/20/32			45,479			—			(341	)	(7) (8) (10)
Pike Corporation	Electric Utilities		S + 4.50%	12/20/32			30,319			—			(227	)	(7) (8) (10)
LSF12 Crown US Commercial Bidco LLC	Electrical Equipment	6.67%	S + 3.00%	12/02/31			24,792			24,922			24,792
Nvent Electric Public Limited Company	Electrical Equipment	6.67%	S + 3.00%	01/30/32			14,132			14,178			14,103
Spectris PLC	Electrical Equipment	6.45%	S + 2.75%	12/06/32			8,479			8,513			8,479
Trystar, LLC	Electrical Equipment	7.92%	S + 4.25%	08/06/31			23,191			23,002			22,959		(7) (8)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			13,378			(32	)		(134	)	(7) (8) (10)
Trystar, LLC	Electrical Equipment	7.92%	S + 4.25%	08/06/31			12,536			12,427			12,411		(7) (8)
Trystar, LLC	Electrical Equipment	7.92%	S + 4.25%	08/06/31			9,921			9,839			9,822		(7) (8)
Trystar, LLC	Electrical Equipment		S + 4.25%	08/06/31			6,279			(48	)		(63	)	(7) (8) (10)
Trystar, LLC	Electrical Equipment	8.17%	S + 4.50%	08/06/31			4,459			4,438			4,415		(7) (8)
Trystar, LLC	Electrical Equipment		S + 4.25%	08/06/31			3,568			(17	)		(36	)	(7) (8) (10)
GIP Pilot Acquisition Partners LP	Energy Equipment & Services	5.65%	S + 2.00%	10/04/30			28,353			28,447			28,346
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)	Energy Equipment & Services	8.20%	S + 4.50%	12/31/32			214,770			213,727			212,622		(7) (8)
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)	Energy Equipment & Services		S + 4.50%	12/31/32			70,791			(172	)		(708	)	(7) (8) (10)
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)	Energy Equipment & Services	8.20%	S + 4.50%	12/31/32			26,940			3,911			3,772		(7) (8) (10)
WhiteWater DBR HoldCo, LLC	Energy Equipment & Services	5.95%	S + 2.25%	03/03/31			28,287			28,418			28,316		(12)
Whitewater Whistler Holdings, LLC	Energy Equipment & Services	5.45%	S + 1.75%	02/15/30			27,824			27,865			27,743		(12)
Arcis Golf LLC	Entertainment	6.42%	S + 2.75%	11/24/28			21,578			21,683			21,560
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	9.80%	S + 6.00%	12/31/27			2,814			2,812			2,800		(8)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment		S + 6.00%	12/31/27			367			(1	)		(2	)	(8) (10)
EOC Borrower, LLC	Entertainment	6.42%	S + 2.75%	03/24/32			5,647			5,687			5,620
Fender Musical Instruments Corporation	Entertainment	7.77%	S + 4.00%	12/01/28			2,763			2,745			2,492
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.70%	S + 5.00%	12/06/29			52,121			51,806			51,860		(7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.70%	S + 5.00%	12/06/29			7,724			7,670			7,686		(7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			6,959			(43	)		(35	)	(7) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.67%	S + 5.00%	12/06/29			5,961			2,619			2,632		(7) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.67%	S + 5.00%	12/06/29			2,273			2,246			2,261		(7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			1,461			(6	)		(7	)	(7) (8) (10)
AllSpring Buyer, LLC	Financial Services	6.75%	S + 3.00%	11/01/30			26,489			26,523			26,489		(12)
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services	8.17%	S + 4.50%	07/30/32			39,595			39,254			39,001		(7) (8)
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services		S + 4.50%	07/30/32			4,949			(45	)		(74	)	(7) (8) (10)
Bottomline Technologies, Inc.	Financial Services	8.20%	S + 4.50%	05/14/29			76,601			76,601			75,835		(7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.78%	S + 6.00%	01/25/28			6,228			6,200			6,150		(8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services		S + 6.00%	01/25/28			249			(2	)		(3	)	(8) (10)
Celero Commerce LLC	Financial Services	8.70%	S + 5.00%	02/28/31			104,838			104,166			104,052		(7) (8)

 

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

 

14

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Celero Commerce LLC	Financial Services	8.72%	S + 5.00%		02/28/31	$		24,962		$	6,912		$	6,802		(7) (8) (10)
Celero Commerce LLC	Financial Services		S + 5.00%		02/28/31			8,321			(51	)		(62	)	(7) (8) (10)
Computer Services, Inc.	Financial Services	8.20%	S + 4.50%		11/17/31			209,735			209,707			207,638		(7) (8)
Computer Services, Inc.	Financial Services		S + 4.50%		11/17/31			21,460			(50	)		(215	)	(7) (8) (10)
Computer Services, Inc.	Financial Services		S + 4.50%		11/17/31			13,333			(31	)		(133	)	(7) (8) (10)
Coretrust Purchasing Group LLC	Financial Services	8.92%	S + 5.25%		10/01/29			62,272			61,232			61,961		(8)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%		10/01/29			7,459			(99	)		(37	)	(8) (10)
Coretrust Purchasing Group LLC	Financial Services		S + 5.25%		10/01/29			2,609			(12	)		(13	)	(8) (10)
DRW Holdings, LLC	Financial Services	7.17%	S + 3.50%		06/26/31			5,814			5,819			5,698
Edelman Financial Center, LLC	Financial Services	6.67%	S + 3.00%		04/07/28			23,971			24,030			23,931
Eisner Advisory Group LLC	Financial Services	7.67%	S + 4.00%		02/28/31			18,120			18,241			17,207
Focus Financial Partners, LLC	Financial Services	6.17%	S + 2.50%		09/15/31			21,169			21,159			20,457
Franklin Square Holdings, L.P.	Financial Services	5.92%	S + 2.25%		04/25/31			28,394			28,511			23,709
Fullsteam Operations LLC	Financial Services	8.89%	S + 5.25%		08/08/31			177,307			175,721			175,091		(7) (8)
Fullsteam Operations LLC	Financial Services		S + 5.25%		08/08/31			59,102			(265	)		(739	)	(7) (8) (10)
Fullsteam Operations LLC	Financial Services		S + 5.25%		08/08/31			19,701			(177	)		(246	)	(7) (8) (10)
HighTower Holdings LLC	Financial Services	6.41%	S + 2.75%		02/03/32			9,433			9,468			9,321
Jane Street Group, LLC	Financial Services	5.67%	S + 2.00%		12/15/31			23,822			23,601			23,359
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.20%	S + 7.50% (Incl. 4.50% PIK)		06/01/28			6,488			6,026			5,353		(8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.20%	S + 7.50% (Incl. 4.50% PIK)		06/01/28			1,363			1,266			1,124		(8)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services	9.17%	S + 5.50%		09/26/30			35,637			35,334			35,280		(7) (8) (9)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services		S + 5.50%		09/26/30			1,990			(18	)		(20	)	(7) (8) (9) (10)
Priority Holdings, LLC (dba Priority Payment)	Financial Services	7.42%	S + 3.75%		08/02/32			182,319			181,776			177,192		(9)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	8.92%	S + 5.25%		02/24/31			42,984			42,717			42,662		(7) (8)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%		02/24/31			6,250			(41	)		(47	)	(7) (8) (10)
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.)	Food Products	6.63%	6.63%	10/26/25	05/31/61			120,700			120,102			120,096		(7) (9)
Chobani, LLC	Food Products	5.92%	S + 2.25%		10/28/32			26,445			26,564			26,433
Eagle Family Foods Group LLC	Food Products	8.79%	S + 5.00%		08/12/30			179,747			178,349			177,950		(7) (8)
Eagle Family Foods Group LLC	Food Products		S + 5.00%		08/12/30			22,753			(167	)		(228	)	(7) (8) (10)
Envero Midco 2 LLC (dba Sun World)	Food Products		S + 4.75%		03/02/33			38,948			—			—		(7) (10)
Envero Midco 2 LLC (dba Sun World)	Food Products		S + 4.75%		03/02/33			13,430			—			—		(7) (10)
Envero Midco 2 LLC (dba Sun World)	Food Products		S + 4.75%		03/02/33			5,372			—			—		(7) (10)
Froneri International Ltd.	Food Products	5.88%	S + 2.25%		09/30/31			802			798			785		(9)
PFI Lower Midco LLC	Food Products	7.67%	S + 4.00%		12/01/32			3,042			3,024			3,048
Rubix Foods, LLC	Food Products	8.42%	S + 4.75%		04/30/31			42,414			42,043			41,566		(7) (8)
Rubix Foods, LLC	Food Products		S + 4.75%		04/30/31			3,300			(28	)		(66	)	(7) (8) (10)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	8.45%	S + 4.75%		12/11/30			150,854			148,896			149,345		(7) (8)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products		S + 4.75%		12/11/30			17,538			(207	)		(175	)	(7) (8) (10)
Kenan Advantage Group, Inc.	Ground Transportation	6.92%	S + 3.25%		01/25/29			6,553			6,559			6,468
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.26%	E + 5.25%		11/28/31	EUR		25,290			27,136			28,646		(7) (8)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		E + 5.25%		11/28/31			15,754			(138	)		(315	)	(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.26%	E + 5.25%		11/28/31			12,695			9,195			9,140		(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	8.92%	S + 5.25%		11/28/31			9,309			9,150			9,123		(7) (8)
Hologic Inc.	Health Care Equipment & Supplies		S  + 2.25%		04/07/33			9,950			9,925			9,826		(12)
Medline Borrower, LP	Health Care Equipment & Supplies	5.42%	S + 1.75%		10/23/28			4,889			4,903			4,895		(9)
Zeus Company LLC	Health Care Equipment & Supplies	9.10%	S + 5.50%		02/28/31			81,182			80,023			75,094		(7) (8)

 

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

 

15

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Zeus Company LLC	Health Care Equipment & Supplies	9.21%	S + 5.50%	02/28/30	$		11,354		$	1,361		$	662		(7) (8) (10)
Zeus Company LLC	Health Care Equipment & Supplies	9.20%	S + 5.50%	02/28/31			7,505			7,364			6,942		(7) (8)
Advarra Holdings, Inc.	Health Care Providers & Services	8.17%	S + 4.50%	09/15/31			75,868			75,555			74,920		(7) (8)
Advarra Holdings, Inc.	Health Care Providers & Services	8.17%	S + 4.50%	09/15/31			41,265			41,095			40,749		(7) (8)
Advarra Holdings, Inc.	Health Care Providers & Services	8.17%	S + 4.50%	09/15/31			20,444			20,347			20,188		(7) (8)
Advarra Holdings, Inc.	Health Care Providers & Services		S + 4.50%	09/15/31			7,087			(14	)		(89	)	(7) (8) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	8.67%	S + 5.00%	08/07/31			64,349			63,767			63,706		(7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			5,589			(65	)		(56	)	(7) (8) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			2,487			(48	)		(25	)	(7) (8) (10)
ExamWorks BidCo Inc.	Health Care Providers & Services	6.17%	S + 2.50%	02/06/33			10,918			10,956			10,898
Global Medical Response, Inc.	Health Care Providers & Services	7.17%	S + 3.50%	10/01/32			12,718			12,764			12,664
Highfive Dental Holdco, LLC	Health Care Providers & Services	9.52%	S + 5.75%	06/13/28			12,623			12,474			12,497		(7) (8)
Highfive Dental Holdco, LLC	Health Care Providers & Services	9.56%	S + 5.75%	06/13/28			6,395			301			294		(7) (8) (10)
Highfive Dental Holdco, LLC	Health Care Providers & Services	9.52%	S + 5.75%	06/13/28			1,442			560			562		(7) (8) (10)
LifePoint Health, Inc.	Health Care Providers & Services	7.15%	S + 3.50%	05/19/31			3,669			3,669			3,663
Lumexa Imaging, Inc.	Health Care Providers & Services	6.70%	S + 3.00%	12/17/32			9,277			9,302			9,294		(12)
Netsmart Technologies, Inc.	Health Care Providers & Services	8.87%	S + 5.20% (Incl. 2.70% PIK)	08/25/31			184,760			183,245			181,988		(7) (8)
Netsmart Technologies, Inc.	Health Care Providers & Services	8.87%	S + 5.20% (Incl. 2.70% PIK)	08/25/31			62,093			61,803			61,162		(7) (8)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 5.20% (Incl. 2.70% PIK)	08/25/31			24,158			(197	)		(362	)	(7) (8) (10)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 5.20% (Incl. 2.70% PIK)	08/25/31			23,684			(100	)		(355	)	(7) (8) (10)
Onex TSG Intermediate Corp.	Health Care Providers & Services	6.95%	S + 3.25%	08/06/32			4,850			4,827			4,867
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	8.67%	S + 5.00%	10/15/32			274,558			271,243			271,812		(7) (8)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	8.67%	S + 5.00%	10/15/32			50,072			2,669			2,832		(7) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 5.00%	10/15/32			31,816			(372	)		(318	)	(7) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	8.73%	SN + 5.00%	10/15/32			25,126			24,770			24,875		(7) (8)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 5.00%	10/15/32			14,594			(68	)		(146	)	(7) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 5.00%	10/15/32			14,238			—			(142	)	(7) (8) (10)
SpecialtyCare, Inc.	Health Care Providers & Services	8.66%	S + 5.00%	12/18/29			137,539			137,263			136,852		(7) (8)
SpecialtyCare, Inc.	Health Care Providers & Services		S + 5.00%	12/18/29			9,688			(31	)		(48	)	(7) (8) (10)
SpecialtyCare, Inc.	Health Care Providers & Services	8.67%	S + 5.00%	12/18/29			4,771			1,212			1,214		(7) (8) (10)
SpendMend Holdings LLC	Health Care Providers & Services	8.85%	S + 5.00%	03/01/28			3,359			3,357			3,325		(8)
SpendMend Holdings LLC	Health Care Providers & Services	8.85%	S + 5.00%	03/01/28			924			924			915		(8)
SpendMend Holdings LLC	Health Care Providers & Services	8.85%	S + 5.00%	03/01/28			456			74			71		(8) (10)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		S + 7.00% PIK	03/18/27			31,574			27,212			13,892		(7) (8) (13) (14)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	10.77%	S + 7.00% PIK	03/18/27			3,547			3,759			3,689		(7) (8) (13) (15)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology	8.17%	S + 4.50%	08/02/32			24,584			24,527			24,400		(7) (8)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			8,333			(9	)		(63	)	(7) (8) (10)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			2,916			(7	)		(22	)	(7) (8) (10)
Athenahealth Group, Inc.	Health Care Technology	6.42%	S + 2.75%	02/15/29			8,457			8,449			8,288
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)	Health Care Technology	9.67%	S + 6.00%	08/28/30			215,037			211,140			212,886		(7) (8)
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)	Health Care Technology		S + 6.00%	08/28/30			8,650			(153	)		(87	)	(7) (8) (10)
Businessolver.com, Inc.	Health Care Technology	8.20%	S + 4.50%	12/03/32			25,772			25,726			25,450		(7) (8)
Businessolver.com, Inc.	Health Care Technology		S + 4.50%	12/03/32			3,859			(9	)		(48	)	(7) (8) (10)
Businessolver.com, Inc.	Health Care Technology		S + 4.50%	12/03/32			1,719			(8	)		(21	)	(7) (8) (10)

 

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

 

16

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Cotiviti, Inc.	Health Care Technology	6.42%	S + 2.75%	05/01/31	$		74,571		$	72,406		$	68,559
Cotiviti, Inc.	Health Care Technology	6.42%	S + 2.75%	03/26/32			4,975			4,833			4,569
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.57%	S + 5.00%	05/11/29			3,498			3,465			3,446		(8)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology		S + 5.00%	05/11/28			400			(5	)		(6	)	(8) (10)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.60%	S + 5.00%	05/11/29			329			326			324		(8)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology	7.92%	S + 4.25%	05/19/32			96,268			95,854			95,064		(7) (8)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			50,667			(13	)		(633	)	(7) (8) (10)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			22,520			—			—		(7) (10)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			20,267			(89	)		(253	)	(7) (8) (10)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	9.63%	S + 6.00%	09/30/31			48,886			48,463			47,908		(7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 6.00%	09/30/31			6,984			(64	)		(140	)	(7) (8) (10)
WebPT, Inc.	Health Care Technology	10.05%	S + 6.25% (Incl 3.13% PIK)	01/18/30			3,300			3,100			2,871		(8)
WebPT, Inc.	Health Care Technology		S + 6.25% (Incl 3.13% PIK)	01/18/30			278			(18	)		(36	)	(8) (10)
WebPT, Inc.	Health Care Technology	10.05%	S + 6.25% (Incl 3.13% PIK)	01/18/30			237			223			206		(8)
Fertitta Entertainment, LLC	Hotels, Restaurants & Leisure	6.92%	S + 3.25%	01/27/29			5,636			5,638			5,518
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)	Hotels, Restaurants & Leisure	8.45%	S + 4.75%	12/31/31			50,101			49,495			49,474		(7) (8)
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)	Hotels, Restaurants & Leisure	8.42%	S + 4.75%	12/31/31			7,930			1,187			1,143		(7) (8) (10)
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)	Hotels, Restaurants & Leisure	8.45%	S + 4.75%	12/31/31			2,643			497			496		(7) (8) (10)
Raising Cane's Restaurants, LLC	Hotels, Restaurants & Leisure	5.67%	S + 2.00%	09/18/31			20,236			20,344			20,135
Raising Cane's Restaurants, LLC	Hotels, Restaurants & Leisure	5.67%	S + 2.00%	11/03/32			923			924			916
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure	8.66%	S + 5.00%	04/14/31			19,160			18,951			18,921		(7) (8)
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure	8.66%	S + 5.00%	04/14/31			4,445			2,997			2,979		(7) (8) (10)
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure		S + 5.00%	04/14/31			2,228			(23	)		(28	)	(7) (8) (10)
Whatabrands LLC	Hotels, Restaurants & Leisure	6.17%	S + 2.50%	08/03/28			15,514			15,544			15,478
AI Aqua Merger Sub, Inc.	Household Durables	6.41%	S + 2.75%	07/31/28			8,385			8,377			8,360		(9)
CURiO Brands LLC	Household Products	8.70%	S + 5.00%	04/02/31			21,064			20,881			20,854		(7) (8)
CURiO Brands LLC	Household Products		S + 5.00%	04/02/31			3,451			(14	)		(35	)	(7) (8) (10)
CURiO Brands LLC	Household Products		S + 5.00%	04/02/31			1,725			(14	)		(17	)	(7) (8) (10)
CPM Holdings, Inc.	Industrial Conglomerates	8.17%	S + 4.50%	09/28/28			11,295			11,170			11,291
Victory Buyer LLC	Industrial Conglomerates	6.67%	S + 3.00%	02/14/33			4,175			4,154			4,172
Acrisure, LLC	Insurance	6.92%	S + 3.25%	06/21/32			12,350			12,348			11,949
Acrisure, LLC	Insurance	6.67%	S + 3.00%	11/06/30			4,634			4,607			4,482
Alliant Holdings Intermediate, LLC	Insurance	6.17%	S + 2.50%	09/19/31			25,386			25,394			25,167
AmWINS Group, Inc.	Insurance	5.67%	S + 2.00%	01/30/32			26,023			25,931			25,823
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	8.70%	S + 5.00%	07/24/31			60,086			59,669			59,485		(7) (8)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance		S + 4.50%	07/24/33			52,130			—			—		(7) (10)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	8.70%	S + 5.00%	07/24/31			25,469			22,474			22,416		(7) (8) (10)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance		S + 4.50%	07/24/33			12,443			—			1		(7) (10)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance		S + 4.50%	07/24/32			6,221			—			—		(7) (10)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	8.70%	S + 5.00%	07/24/30			4,741			1,484			1,470		(7) (8) (10)
Asurion LLC	Insurance	7.42%	S + 3.75%	02/23/33			10,154			10,187			9,805
Broadstreet Partners, Inc.	Insurance	6.17%	S + 2.50%	06/13/31			21,173			21,220			20,625
Galway Borrower LLC	Insurance	8.20%	S + 4.50%	09/29/28			109,445			108,848			108,350		(7) (8)
Galway Borrower LLC	Insurance		S + 4.50%	09/29/28			17,962			(43	)		(180	)	(7) (8) (10)

 

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

 

17

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Galway Borrower LLC	Insurance	8.20%	S + 4.50%	09/29/28	$		10,495		$	3,935		$	3,886		(7) (8) (10)
Galway Borrower LLC	Insurance	8.20%	S + 4.50%	09/29/28			4,511			4,488			4,466		(7) (8)
Galway Borrower LLC	Insurance	8.20%	S + 4.50%	09/29/28			3,235			3,219			3,203		(7) (8)
HUB International Limited	Insurance	5.92%	S + 2.25%	06/20/30			28,179			28,283			28,099
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance	8.20%	S + 4.50%	11/22/32			110,718			110,187			109,611		(7) (8)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance		S + 4.50%	11/22/32			18,660			(44	)		(187	)	(7) (8) (10)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance	8.19%	S + 4.50%	11/22/32			16,421			3,654			3,568		(7) (8) (10)
OneDigital Borrower, LLC	Insurance	6.67%	S + 3.00%	07/02/31			11,561			11,572			11,152
Sedgwick Claims Management Services, Inc.	Insurance	6.17%	S + 2.50%	07/31/31			17,862			17,926			17,515
Truist Insurance Holdings LLC	Insurance	6.45%	S + 2.75%	05/06/31			21,277			21,308			20,952
USI, Inc.	Insurance	5.95%	S + 2.25%	11/21/29			14,809			14,801			14,763
USI, Inc.	Insurance	5.95%	S + 2.25%	09/29/30			5,174			5,188			5,154
Ark Data Centers, LLC	IT Services	8.45%	S + 4.75%	11/27/30			59,783			58,805			57,691		(7) (8)
Ark Data Centers, LLC	IT Services	8.41%	S + 4.75%	11/27/30			35,167			7,742			6,857		(7) (8) (10)
Ark Data Centers, LLC	IT Services	8.45%	S + 4.75%	11/27/30			10,550			8,625			8,422		(7) (8) (10)
Cloud Software Group, Inc.	IT Services	6.95%	S + 3.25%	03/21/31			14,138			14,184			12,908
Cloud Software Group, Inc.	IT Services	6.95%	S + 3.25%	08/13/32			9,851			9,876			8,983
CNT Holdings I Corp.	IT Services	6.17%	S + 2.50%	11/08/32			15,803			15,858			15,785
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	8.92%	S + 5.25%	10/02/29			38,242			37,735			38,051		(7) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	8.92%	S + 5.25%	10/02/29			22,925			22,719			22,810		(7) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services		S + 5.25%	10/02/29			13,926			(154	)		(70	)	(7) (8) (10)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	8.92%	S + 5.25%	10/02/29			13,510			13,347			13,442		(7) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	8.92%	S + 5.25%	10/02/29			10,118			2,415			2,479		(7) (8) (10)
Ingram Micro, Inc.	IT Services	5.94%	S + 2.25%	09/22/31			7,790			7,818			7,800		(9)
Kaseya Inc.	IT Services	6.92%	S + 3.25%	03/22/32			3,188			3,153			2,969
Plano HoldCo Inc.	IT Services	7.20%	S + 3.50%	10/02/31			8,503			8,476			6,802
QBS Parent, Inc. (dba Quorum Software)	IT Services	8.20%	S + 4.50%	06/03/32			70,593			70,354			70,240		(7)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.50%	06/03/32			17,700			(15	)		(89	)	(7) (10)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.50%	06/03/32			9,962			(43	)		(50	)	(7) (10)
US Signal Company, LLC	IT Services	9.27%	S + 5.50%	09/04/29			37,426			37,171			37,052		(7) (8)
US Signal Company, LLC	IT Services	9.27%	S + 5.50%	09/04/29			11,516			8,550			8,522		(7) (8) (10)
US Signal Company, LLC	IT Services	9.28%	S + 5.50%	09/04/29			5,758			1,541			1,526		(7) (8) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.45%	S + 4.75%	01/22/29			15,005			14,972			14,855		(7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.45%	S + 4.75%	01/22/29			6,847			6,815			6,778		(7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 4.75%	01/22/29			1,716			(4	)		(17	)	(7) (8) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.45%	S + 4.75%	01/22/29			1,437			1,423			1,423		(7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.45%	S + 4.75%	01/22/29			1,176			1,167			1,164		(7) (8)
Alterra Mountain Company	Leisure Products	6.17%	S + 2.50%	08/17/28			11,990			12,028			11,968
Alterra Mountain Company	Leisure Products	6.17%	S + 2.50%	05/31/30			3,731			3,731			3,727
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.42%	S + 6.75%	07/18/28			29,964			29,593			29,514		(7) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.42%	S + 6.75%	07/18/28			3,879			3,827			3,821		(7) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.42%	S + 6.75%	07/18/28			1,970			1,160			1,152		(7) (8) (10)
Great Outdoors Group, LLC	Leisure Products	6.92%	S + 3.25%	01/23/32			10,628			10,656			10,596
GSM Holdings, Inc.	Leisure Products	8.70%	S + 5.00%	09/30/31			3,506			3,358			3,471
MajorDrive Holdings IV LLC	Leisure Products	7.96%	S + 4.00%	06/01/28			7,361			7,372			6,659

 

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

 

18

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
SRAM, LLC	Leisure Products	5.92%	S + 2.25%		02/27/32	$		14,815		$	14,867		$	14,729
WCG Intermediate Corp.	Life Sciences Tools & Services	6.42%	S + 2.75%		02/25/32			14,097			14,088			13,715
Brookfield WEC Holdings Inc.	Machinery	5.67%	S + 2.00%		01/27/31			16,965			17,001			16,928
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			74,262			73,704			73,519		(8)
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			22,679			22,508			22,452		(8)
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			18,688			8,175			8,124		(8) (10)
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			14,534			14,425			14,389		(8)
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			11,034			10,953			10,923		(8)
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			7,640			7,577			7,564		(8)
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			4,044			4,014			4,004		(8)
Dwyer Instruments, LLC	Machinery	8.45%	S + 4.75%		07/20/29			1,202			1,192			1,190		(8)
Engineered Machinery Holdings, Inc.	Machinery	6.95%	S + 3.25%		11/26/32			24,108			24,177			24,174
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery	8.70%	S + 5.00%		06/30/32			28,248			27,988			27,966		(7) (8)
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery		S + 5.00%		06/30/32			5,215			(23	)		(52	)	(7) (8) (10)
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery	8.67%	S + 5.00%		06/30/32			4,345			540			536		(7) (8) (10)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	8.17%	S + 4.50%		08/20/31			36,298			36,030			35,935		(7) (8)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.50%		08/20/30			6,600			(47	)		(66	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.42%	S + 4.75%		12/02/31			170,025			168,599			168,325		(7) (8)
Paris US Holdco, Inc. (dba Precinmac)	Machinery		S + 4.75%		12/02/31			44,321			(190	)		(443	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.42%	S + 4.75%		12/02/31			22,160			1,480			1,440		(7) (8) (10)
Pro Mach Group, Inc.	Machinery	6.42%	S + 2.75%		10/15/32			17,107			17,115			17,064
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.45%	S + 4.75%		12/26/31			163,002			161,599			160,965		(7) (8)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.42%	S + 4.75%		12/26/31			42,112			10,186			9,881		(7) (8) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.45%	S + 4.75%		12/26/31			21,109			4,974			4,887		(7) (8) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.20%	S + 4.50%		07/01/31			45,179			44,728			44,614		(7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	7.82%	S + 4.50%		07/01/30			12,157			5,675			5,648		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.20%	S + 4.50%		07/01/31			12,132			2,313			2,255		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	6.63%	E + 4.50%		07/01/31	EUR		11,214			12,197			12,800		(7) (8) (9)
TK Elevator Midco GmbH	Machinery	6.38%	S + 2.75%		04/30/30			19,898			20,025			19,929
ABG Intermediate Holdings 2 LLC	Media	5.92%	S + 2.25%		12/21/28			19,739			19,833			19,684
Fleet Midco I Limited	Media	6.42%	S + 2.75%		02/21/31			2,966			2,972			2,966		(9)
Recorded Books Inc. (dba RBMedia)	Media	8.67%	S + 5.00%		09/03/30			126,108			124,335			124,847		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media	8.67%	S + 5.00%		08/31/29			22,061			9,988			10,040		(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media	8.67%	S + 5.00%		09/03/30			14,800			14,639			14,652		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.00%		09/03/30			9,297			(138	)		(93	)	(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.00%		09/03/30			3,874			(57	)		(39	)	(7) (8) (10)
Univision Communications Inc.	Media	7.03%	S + 3.25%		01/31/29			7,979			7,966			7,866		(12)
Versant Media Group Inc	Media	7.20%	S + 3.50%		01/30/31			8,750			8,765			8,734		(9)
Arsenal AIC Parent LLC	Metals & Mining	6.42%	S + 2.75%		08/19/30			8,571			8,626			8,582
AL GCX Fund VIII Holdings LLC	Oil, Gas & Consumable Fuels	5.67%	S + 2.00%		01/30/32			25,591			25,600			25,535
AL GCX Holdings, LLC	Oil, Gas & Consumable Fuels	5.92%	S + 2.25%		12/17/32			25,325			25,264			25,301
AL NGPL Holdings, LLC	Oil, Gas & Consumable Fuels	5.65%	S + 2.00%		12/09/30			35,366			35,484			35,278
Buckeye Partners, L.P.	Oil, Gas & Consumable Fuels	5.42%	S + 1.75%		11/22/32			28,274			28,253			28,354
BX Frontier Member I LLC	Oil, Gas & Consumable Fuels	5.86%	5.86%	09/22/25	12/31/60			62,977			53,029			53,433		(7) (8) (9) (10)
CQP Holdco LP	Oil, Gas & Consumable Fuels	5.45%	S + 1.75%		12/31/32			29,369			29,433			29,204
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	8.95%	S + 5.25%		06/30/31			4,307			4,249			4,242		(7) (8) (9)

 

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

 

19

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		S + 5.25%	06/30/31	$		941		$	(6	)	$	(14	)	(7) (8) (9) (10)
Kohler Energy Co LLC	Oil, Gas & Consumable Fuels	6.70%	S + 3.00%	05/01/31			19,953			19,980			19,903
Meade Pipeline Co LLC	Oil, Gas & Consumable Fuels	5.69%	S + 2.00%	09/22/32			20,360			20,382			20,326
Oryx Midstream Services Permian Basin, LLC	Oil, Gas & Consumable Fuels	5.93%	S + 2.25%	10/05/28			28,198			28,285			28,206
Oxbow Carbon LLC	Oil, Gas & Consumable Fuels	7.17%	S + 3.50%	05/10/30			2,314			2,315			2,305
Prairie ECI Acquiror LP	Oil, Gas & Consumable Fuels	6.92%	S + 3.25%	08/01/29			3,804			3,802			3,807
Third Coast Infrastructure LLC	Oil, Gas & Consumable Fuels	7.42%	S + 3.75%	09/25/30			19,734			19,748			19,833
Traverse Midstream Partners LLC	Oil, Gas & Consumable Fuels	6.17%	S + 2.50%	02/16/28			23,803			23,924			23,783
VRS Buyer, Inc. (dba LiquidTech)	Oil, Gas & Consumable Fuels	7.17%	S + 3.50%	10/12/32			55,879			55,614			55,774
VRS Buyer, Inc. (dba LiquidTech)	Oil, Gas & Consumable Fuels		S + 3.50%	10/12/32			5,721			(13	)		(11	)	(10)
Whitewater Matterhorn Holdings LLC	Oil, Gas & Consumable Fuels	5.45%	S + 1.75%	06/16/32			25,586			25,698			25,426
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.67%	S + 5.00%	09/30/30			23,768			23,274			23,412		(7) (8)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	7.03%	E + 5.00%	09/30/30	EUR		14,788			15,272			16,837		(7) (8)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals		S + 5.00%	10/01/29			4,892			(87	)		(73	)	(7) (8) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.67%	S + 5.00%	09/30/30			3,636			3,554			3,581		(7) (8)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.67%	S + 5.00%	09/30/30			3,058			3,031			3,012		(7) (8)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.67%	S + 5.00%	09/30/30			3,042			3,017			2,997		(7) (8)
Covetrus, Inc.	Pharmaceuticals	8.70%	S + 5.00%	10/13/29			2,518			2,521			2,332
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals	8.67%	S + 5.00%	12/18/31			68,120			67,096			66,077		(7) (8)
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals		S + 5.00%	12/18/31			9,980			(143	)		(299	)	(7) (8) (10)
Ankura Consulting Group, LLC	Professional Services	7.17%	S + 3.50%	12/29/31			10,622			10,572			10,118
Atwell, LLC	Professional Services		S + 4.75%	04/25/33			47,344			—			—		(7) (10)
Atwell, LLC	Professional Services		S + 4.75%	04/25/33			14,035			—			—		(7) (10)
Atwell, LLC	Professional Services		S + 4.75%	04/25/33			7,485			—			—		(7) (10)
Berkeley Research Group LLC	Professional Services	6.95%	S + 3.25%	05/01/32			14,272			14,255			13,857
Engage2Excel, Inc.	Professional Services	10.99%	S + 7.25%	07/01/29			25,587			25,297			24,947		(7) (8)
Engage2Excel, Inc.	Professional Services	10.99%	S + 7.25%	07/01/29			2,129			1,465			1,437		(7) (8) (10)
Grant Thornton Advisors LLC	Professional Services	6.42%	S + 2.75%	06/02/31			5,508			5,509			5,119		(12)
iCIMS, Inc.	Professional Services	9.42%	S + 5.75%	08/18/28			53,887			52,937			50,654		(8)
iCIMS, Inc.	Professional Services	9.92%	S + 6.25%	08/18/28			6,000			5,946			5,700		(8)
iCIMS, Inc.	Professional Services	9.42%	S + 5.75%	08/18/28			4,771			578			382		(8) (10)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.52%	S + 5.75%	11/30/28			1,960			1,957			1,950		(8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.52%	S + 5.75%	11/30/28			1,928			1,925			1,918		(8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.50%	P + 4.75%	11/30/28			349			150			150		(8) (10)
PAS Parent Inc. (dba Pace Analytical)	Professional Services	8.17%	S + 4.50%	08/18/32			58,974			58,629			58,532		(7) (8)
PAS Parent Inc. (dba Pace Analytical)	Professional Services		S + 4.50%	08/18/32			31,856			(146	)		(239	)	(7) (8) (10)
PAS Parent Inc. (dba Pace Analytical)	Professional Services		S + 4.50%	08/18/31			12,725			(106	)		(95	)	(7) (8) (10)
Westwood Professional Services Inc.	Professional Services	8.20%	S + 4.50%	09/19/31			133,902			132,969			133,232		(7) (8)
Westwood Professional Services Inc.	Professional Services	8.20%	S + 4.50%	09/19/31			23,552			7,819			7,818		(7) (8) (10)
Westwood Professional Services Inc.	Professional Services		S + 4.50%	09/19/31			12,239			(96	)		(61	)	(7) (8) (10)
Genesee & Wyoming Inc.	Rail Transportation	5.45%	S + 1.75%	04/10/31			26,508			26,541			26,361		(12)
MRI Software LLC	Real Estate Mgmt. & Development	8.45%	S + 4.75%	02/10/28			37,749			37,719			37,419		(7)
MRI Software LLC	Real Estate Mgmt. & Development	8.46%	S + 4.75%	02/10/28			2,038			782			770		(7) (10)
MRI Software LLC	Real Estate Mgmt. & Development	8.45%	S + 4.75%	02/10/28			305			75			74		(7) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.17%	S + 6.50%	07/01/27			9,362			9,324			9,269		(8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.17%	S + 6.50%	07/01/27			8,880			8,844			8,792		(8)

 

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

 

20

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.16%	S + 6.50%	07/01/27	$		938		$	127		$	125		(8) (10)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32			64,529			63,814			63,561		(7) (8)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32			62,759			62,063			61,817		(7) (8)
Accommodations Plus Technologies LLC	Software		S + 5.25%	05/28/32			12,291			(115	)		(184	)	(7) (8) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.17%	S + 4.50%	08/29/31			16,938			16,814			16,599		(7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.17%	S + 4.50%	08/29/31			3,388			740			694		(7) (8) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.50%	08/29/31			2,117			(17	)		(42	)	(7) (8) (10)
Apple Bidco Holdings, Inc. (dba Raptor Technologies)	Software	8.20%	S + 4.50%	01/22/33			64,525			64,209			63,719		(7) (8)
Apple Bidco Holdings, Inc. (dba Raptor Technologies)	Software		S + 4.50%	01/22/33			19,302			(47	)		(241	)	(7) (8) (10)
Apple Bidco Holdings, Inc. (dba Raptor Technologies)	Software	8.20%	S + 4.50%	01/22/33			8,272			1,338			1,275		(7) (8) (10)
Aptean, Inc.	Software	8.42%	S + 4.75%	01/30/31			122,868			122,142			121,332		(7) (8)
Aptean, Inc.	Software		S + 4.75%	01/30/31			11,618			(46	)		(145	)	(7) (8) (10)
Aptean, Inc.	Software	8.68%	S + 4.75%	01/30/31			8,357			1,861			1,806		(7) (8) (10)
Arches Buyer Inc.	Software	7.02%	S + 3.25%	12/06/27			7,072			7,075			7,038
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.70%	S + 5.00%	07/01/30			11,502			11,354			11,387		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.70%	S + 5.00%	07/01/30			754			749			746		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.70%	S + 5.00%	07/01/30			730			719			723		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	7.85%	S + 4.15%	07/28/31			45,788			45,551			45,101		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/28/31			11,207			(46	)		(168	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30			5,443			(34	)		(82	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30			2,562			(16	)		(38	)	(7) (8) (10)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.20%	S + 4.50%	07/14/31			50,400			50,036			49,266		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.20%	S + 4.50%	07/14/31			24,000			23,754			23,460		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.20%	S + 4.50%	07/14/31			12,424			12,334			12,144		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.50%	07/14/31			9,600			(77	)		(216	)	(7) (8) (9) (10)
Avalara, Inc	Software	6.45%	S + 2.75%	03/26/32			5,647			5,674			5,510
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32			584,354			—			—		(7) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32			108,214			—			—		(7) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32			70,339			—			—		(7) (10)
Clover Holdings 2 LLC	Software	7.68%	S + 4.00%	12/09/31			4,000			3,988			3,825
ConnectWise, LLC	Software	7.46%	S + 3.50%	09/29/28			10,671			10,699			9,826
Convenient Payments Acquisition, Inc.	Software	9.67%	S + 6.00%	12/31/26			12,735			12,686			12,607		(7) (8)
Convenient Payments Acquisition, Inc.	Software	9.67%	S + 6.00%	12/31/26			1,658			1,651			1,642		(7) (8)
Convenient Payments Acquisition, Inc.	Software		S + 6.00%	12/31/26			990			(4	)		(10	)	(7) (8) (10)
Crewline Buyer, Inc. (dba New Relic)	Software	10.42%	S + 6.75%	11/08/30			72,867			71,664			71,774		(7) (8)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30			7,326			(113	)		(110	)	(7) (8) (10)
Dayforce Bidco, LLC (dba Dayforce)	Software	6.66%	S + 3.00%	02/04/33			130,988			130,673			123,747		(7) (12)
Dayforce Bidco, LLC (dba Dayforce)	Software	6.42%	S + 2.75%	02/04/31			25,000			3,000			625		(7) (10)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/18/32			50,000			—			—		(7) (10)
Edition Holdings, Inc. (dba Enverus)	Software	8.17%	S + 4.50%	12/20/32			46,491			46,321			46,026		(7) (8)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32			9,706			(18	)		(97	)	(7) (8) (10)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32			4,035			(15	)		(40	)	(7) (8) (10)
Epicor Software Corp	Software	6.17%	S + 2.50%	05/30/31			7,064			7,106			6,921
First Advantage Holdings, LLC	Software	6.45%	S + 2.75%	10/31/31			502			504			488		(9)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.17%	S + 5.50% (Incl. 2.00% PIK)	01/17/31			27,891			27,770			27,751		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	8.67%	S + 5.00% (Incl. 2.00% PIK)	01/17/31			7,186			7,138			7,007		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31			3,839			(24	)		(29	)	(7) (8) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31			460			(6	)		(11	)	(7) (8) (10)

 

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

 

21

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
HighLevel, Inc.	Software	8.17%	S + 4.50%	02/23/33	$		122,358		$	121,753		$	121,746		(7)
HighLevel, Inc.	Software		S + 4.50%	02/23/33			17,493			(86	)		(87	)	(7) (10)
HighLevel, Inc.	Software		S + 4.50%	02/23/33			5,449			(27	)		(27	)	(7) (10)
Hyland Software, Inc.	Software	8.70%	S + 5.00%	09/19/30			93,327			92,332			92,860		(7) (8)
Hyland Software, Inc.	Software		S + 5.00%	09/19/29			4,525			(41	)		(23	)	(7) (8) (10)
iSolved Inc	Software	6.42%	S + 2.75%	10/15/30			6,544			6,565			6,221
Javelin Buyer, Inc.	Software	6.42%	S + 2.75%	12/05/31			15,620			15,706			14,849
Jeppesen Holdings, LLC	Software	8.42%	S + 4.75%	11/01/32			226,662			225,580			223,828		(7) (8)
Jeppesen Holdings, LLC	Software		S + 4.75%	11/01/32			11,333			(53	)		(142	)	(7) (8) (10)
KPA Parent Holdings, Inc.	Software	8.17%	S + 4.50%	03/12/32			25,988			25,758			25,598		(7) (8)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32			3,713			(16	)		(56	)	(7) (8) (10)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32			2,599			(22	)		(39	)	(7) (8) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software	9.44%	S + 5.75% (Incl. 3.13% PIK)	12/18/31			103,808			102,111			102,770		(7) (8) (9)
Kryptona Bidco US, LLC (dba Kyriba)	Software	9.44%	S + 5.75% (Incl. 3.13% PIK)	12/18/31			50,074			49,578			49,573		(7) (8) (9)
Kryptona Bidco US, LLC (dba Kyriba)	Software	8.06%	E + 5.75% (Incl. 3.13% PIK)	12/18/31	EUR		24,024			24,622			27,490		(7) (8) (9)
Kryptona Bidco US, LLC (dba Kyriba)	Software		S + 5.75% (Incl. 3.13% PIK)	12/18/31			10,825			(178	)		(108	)	(7) (8) (9) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software	8.06%	E + 5.75% (Incl. 3.13% PIK)	12/18/31	EUR		10,586			12,129			12,113		(7) (8) (9)
Lobos Parent, Inc. (dba NEOGOV)	Software	8.20%	S + 4.50%	09/27/32			33,729			33,531			32,970		(7) (8)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/27/32			7,824			(28	)		(176	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31			4,054			(28	)		(91	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31			1,824			(13	)		(41	)	(7) (8) (10)
ML Holdco, LLC (dba MeridianLink)	Software	8.17%	S + 4.50%	10/25/32			100,161			99,684			99,160		(7) (8)
ML Holdco, LLC (dba MeridianLink)	Software		S + 4.50%	10/25/32			26,057			(61	)		(261	)	(7) (8) (10)
NC Topco, LLC (dba NContracts)	Software	8.17%	S + 4.50%	09/02/31			55,825			55,418			55,127		(7) (8)
NC Topco, LLC (dba NContracts)	Software	8.42%	S + 4.75%	09/02/31			15,966			15,802			15,766		(7) (8)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/02/31			6,386			(52	)		(80	)	(7) (8) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.41%	S + 4.75%	05/03/29			275,000			275,000			272,250		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.82%	N + 4.50%	05/03/29	NOK		158,670			14,962			16,223		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.18%	S + 4.50%	05/03/29			93,333			93,274			92,400		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29			64,211			64,048			63,569		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29			21,262			21,260			21,049		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29			15,032			14,983			14,882		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software		S + 4.50%	05/03/29			14,253			(42	)		(143	)	(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.23%	SN + 4.50%	05/03/29	GBP		7,240			9,267			9,487		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29			1,947			1,947			1,928		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.20%	S + 4.50%	05/03/29			1,558			939			925		(7) (8) (9) (10)
One, Inc. Software Corporation	Software	8.20%	S + 4.50%	12/06/32			245,730			243,358			242,044		(7) (8)
One, Inc. Software Corporation	Software		S + 4.50%	12/06/32			47,256			(226	)		(709	)	(7) (8) (10)
One, Inc. Software Corporation	Software		S + 4.50%	12/06/32			18,902			(181	)		(284	)	(7) (8) (10)
Onward AcquireCo, Inc. (dba OneStream)	Software		S + 4.75%	04/01/33			145,580			—			—		(7) (10)
Onward AcquireCo, Inc. (dba OneStream)	Software		S + 4.75%	04/01/33			62,390			—			—		(7) (10)
Onward AcquireCo, Inc. (dba OneStream)	Software		S + 4.75%	04/01/33			25,993			—			—		(7) (10)
Project Boost Purchaser, LLC	Software	6.45%	S + 2.75%	07/16/31			16,060			16,075			15,456
Quartz Acquireco LLC	Software	5.95%	S + 2.25%	06/28/30			17,633			17,593			14,635
Renaissance Holding Corp.	Software	7.67%	S + 4.00%	04/05/30			98,032			97,584			69,205		(7)
Runway Bidco, LLC (dba Redwood Software)	Software	8.70%	S + 5.00%	12/17/31			64,902			64,431			64,253		(7) (8)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			16,287			(78	)		(163	)	(7) (8) (10)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			8,144			(64	)		(81	)	(7) (8) (10)
Singlewire Software, LLC	Software	8.45%	S + 4.75%	05/10/30			47,069			46,629			46,598		(7) (8)
Singlewire Software, LLC	Software	8.45%	S + 4.75%	05/10/30			23,792			23,379			23,554		(7) (8)

 

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

 

22

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Singlewire Software, LLC	Software		S + 4.75%	05/10/30	$		7,560		$	(101	)	$	(76	)	(7) (8) (10)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	8.45%	S + 4.75%	07/02/29			32,942			32,864			32,530		(7) (8)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software	8.45%	S + 4.75%	07/02/29			17,848			17,747			17,625		(7) (8)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software		S + 4.75%	07/02/29			1,983			(11	)		(25	)	(7) (8) (10)
UKG Inc.	Software	6.17%	S + 2.50%	02/10/31			15,707			15,729			14,986
Vamos Bidco, Inc. (dba VIP)	Software	8.45%	S + 4.75%	01/30/32			68,163			67,625			67,140		(7) (8)
Vamos Bidco, Inc. (dba VIP)	Software		S + 4.75%	01/30/32			28,616			(154	)		(429	)	(7) (8) (10)
Vamos Bidco, Inc. (dba VIP)	Software		S + 4.75%	01/30/32			8,585			(74	)		(129	)	(7) (8) (10)
World Wide Technology Holding Co. LLC	Software	5.67%	S + 2.00%	03/01/30			21,956			22,065			21,832
Zelis Payments Buyer, Inc.	Software	6.92%	S + 3.25%	11/26/31			4,518			4,532			4,364
Harbor Freight Tools USA, Inc.	Specialty Retail	5.92%	S + 2.25%	06/11/31			14,131			13,942			13,969
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail		S + 5.00%	06/02/31			129,542			(277	)		(972	)	(7) (8) (10)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.70%	S + 5.00%	06/02/31			89,919			89,375			89,470		(7) (8)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.70%	S + 5.00%	06/02/31			49,302			45,196			45,288		(7) (8) (10)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	10.75%	P + 4.00%	05/31/30			11,619			2,753			2,764		(7) (8) (10)
Ahead DB Holdings, LLC	Technology Hardware & Equipment	6.20%	S + 2.50%	02/03/31			14,562			14,485			14,333
Fortress Intermediate 3, Inc	Technology Hardware & Equipment	6.67%	S + 3.00%	06/27/31			4,229			4,269			4,192
McAfee, LLC	Technology Hardware & Equipment	6.67%	S + 3.00%	03/01/29			15,848			15,852			14,105
Virtusa Corporation	Technology Hardware & Equipment	6.92%	S + 3.25%	02/15/29			9,418			9,401			8,441
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals	8.20%	S + 4.50%	12/23/32			126,118			125,812			125,172		(7) (8)
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals		S + 4.50%	12/23/32			18,789			(90	)		(141	)	(7) (8) (10)
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals		S + 4.50%	12/23/32			9,879			(24	)		(74	)	(7) (8) (10)
AAG KP Borrower LLC (dba KUIU)	Textiles, Apparel & Luxury Goods	8.67%	S + 5.00%	12/05/31			189,822			186,858			186,975		(7) (8)
AAG KP Borrower LLC (dba KUIU)	Textiles, Apparel & Luxury Goods	8.67%	S + 5.00%	12/05/31			25,709			11,794			11,774		(7) (8) (10)
AAG KP Borrower LLC (dba KUIU)	Textiles, Apparel & Luxury Goods		S + 5.00%	12/05/31			2,085			(30	)		(31	)	(7) (8) (10)
Champ Acquisition Corporation	Textiles, Apparel & Luxury Goods	6.95%	S + 3.25%	11/25/31			15,309			15,495			15,342
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.42%	S + 5.75%	10/07/30			71,331			70,071			70,617		(7) (8)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.42%	S + 5.75%	10/07/30			39,982			39,230			39,582		(7) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.17%	S + 5.50% (Incl. 2.25% PIK)	12/31/29			205,601			202,368			190,695		(7) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	8.93%	S + 5.25%	12/31/29			23,406			6,741			5,419		(7) (8) (10)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.17%	S + 5.50% (Incl. 2.25% PIK)	12/31/29			14,094			1,444			591		(7) (8) (10)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	8.45%	S + 4.75%	04/09/30			134,261			133,947			132,247		(7) (8)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors		S + 4.75%	04/09/30			7,802			(20	)		(117	)	(7) (8) (10)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)	Trading Companies & Distributors	8.67%	S + 5.00%	01/24/33			102,611			101,606			101,585		(7)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)	Trading Companies & Distributors	8.67%	S + 5.00%	01/24/33			18,002			8,510			8,551		(7) (10)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)	Trading Companies & Distributors	10.75%	P + 4.00%	01/24/33			17,282			1,432			1,427		(7) (10)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)	Trading Companies & Distributors		S + 5.00%	01/24/33			4,320			(42	)		(43	)	(7) (10)
UFT Buyer LLC (dba United Flow Technologies)	Trading Companies & Distributors	8.70%	S + 5.00% (Incl. 2.75% PIK)	12/06/32			80,139			79,373			79,137		(7) (8)
UFT Buyer LLC (dba United Flow Technologies)	Trading Companies & Distributors	8.20%	S + 4.50%	12/06/32			29,148			3,240			3,031		(7) (8) (10)
UFT Buyer LLC (dba United Flow Technologies)	Trading Companies & Distributors	8.17%	S + 4.50%	12/06/32			10,931			624			592		(7) (8) (10)
Deep Blue Operating I LLC	Water Utilities	6.42%	S + 2.75%	10/01/32			17,000			17,005			17,042
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.02%	S + 5.25%	03/31/27			5,832			3,241			3,222		(7) (8) (10)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.02%	S + 5.25%	03/31/27			5,817			5,785			5,759		(7) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.02%	S + 5.25%	03/31/27			5,817			5,785			5,759		(7) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.02%	S + 5.25%	03/31/27			3,636			3,616			3,600		(7) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services		S + 5.25%	03/31/27			729			(4	)		(7	)	(7) (8) (10)
Diamond Communications LLC	Wireless Telecommunication Services	7.67%	S + 4.00%	05/28/30			25,000			4,945			4,925		(8) (10)
Diamond Communications LLC	Wireless Telecommunication Services	7.67%	S + 4.00%	05/28/30			25,000			19,894			19,875		(8) (10)
Total 1st Lien/Senior Secured Debt										14,395,740			14,231,537

 

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

23

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
1st Lien/Last-Out Unitranche(11)-2.4%
EDB Parent, LLC (dba Enterprise DB)	Software	10.67%	S + 7.00%	07/07/28			6,169		$	6,114		$	6,092		(8)
EDB Parent, LLC (dba Enterprise DB)	Software	10.67%	S + 7.00%	07/07/28			4,010			3,204			3,205		(8) (10)
EDB Parent, LLC (dba Enterprise DB)	Software	10.67%	S + 7.00%	07/07/28			1,493			1,480			1,474		(8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	9.92%	S + 6.25%	12/07/28			53,171			52,889			52,905		(7) (8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	9.92%	S + 6.25%	12/07/28			31,829			31,651			31,670		(7) (8)
K2 Towers II, LLC	Wireless Telecommunication Services	8.28%	S + 4.58%	05/02/29			5,092			4,816			4,791		(7) (8) (10)
K2 Towers III, LLC	Wireless Telecommunication Services	8.34%	S + 4.67%	12/06/28			54,001			46,255			45,985		(7) (8) (10)
Octagon Towers LLC	Wireless Telecommunication Services	8.65%	S + 4.98%	09/04/28			5,742			4,732			4,703		(7) (8) (10)
Peppertree Towers, LLC	Wireless Telecommunication Services	8.28%	S + 4.58%	05/15/29			9,001			8,194			8,149		(7) (8) (10)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	8.70%	S + 5.03%	12/22/28			27,776			27,633			27,637		(7) (8)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	8.70%	S + 5.03%	12/22/28			20,641			2,305			2,342		(7) (8) (10)
Tarpon Towers II LLC	Wireless Telecommunication Services	8.25%	S + 4.75%	02/01/29			28,283			28,140			28,141		(7) (8)
Tarpon Towers II LLC	Wireless Telecommunication Services	8.42%	S + 4.75%	02/01/29			16,718			8,975			8,984		(7) (8) (10)
Total 1st Lien/Last-Out Unitranche										226,388			226,078

 

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

 

24

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity	Par (6)			Cost			Fair Value			Footnotes
2nd Lien/Senior Secured Debt-3.6%
Sazerac Company, Inc.	Beverages	5.67%	S + 2.00%		07/09/32	$	24,040		$	24,148		$	24,007
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.)	Food Products	5.00%	5.00%	10/26/25	05/31/61		29,300			29,155			29,155		(7) (9)
Colossus Acquireco LLC	Oil, Gas & Consumable Fuels	5.38%	S + 1.75%		07/30/32		25,397			25,319			25,290
Beach Acquisition Bidco LLC	Textiles, Apparel & Luxury Goods	6.95%	S + 3.25%		09/12/32		25,212			25,408			25,243
Tiger Acquisition, LLC (dba Sabre Industries)	Wireless Telecommunication Services		S + 5.25%		05/01/34		156,392			—			—		(7) (10)
VB-S1 ISSUER, LLC (dba Vertical Bridge)	Wireless Telecommunication Services	8.60%	8.60%	02/12/26	03/15/56		225,000			225,000			225,000
Total 2nd Lien/Senior Secured Debt										329,030			328,695
Total United States									$	14,951,158		$	14,786,310
Total Debt Investments									$	16,610,882		$	16,455,984

 

Investment (1) (2)	Industry (3)	Effective Yield	Initial Acquisition Date(5)	Maturity	Shares(6)			Cost			Fair Value			Footnotes
Equity and Other-0.6%
Cayman Islands-0.5%
Structured Finance Obligation – Equity Instruments-0.5%
Diameter Capital CLO 11, Ltd. - Subordinated Notes	Financial Services	9.00%	07/09/25	07/20/38	$	8,770		$	8,049		$	6,237		(9)
Diameter Capital CLO 13, Ltd. - Subordinated Notes	Financial Services	8.33%	11/26/25	01/20/39		7,580			7,580			6,425		(9)
Madison Park Funding LXX, Ltd. - Subordinated Notes	Financial Services	11.30%	08/04/25	09/04/38		20,090			18,011			14,761		(9)
Octagon 78, Ltd. - Subordinated Notes	Financial Services	9.11%	07/14/25	10/20/38		23,344			20,065			17,131		(9)
Total Structured Finance Obligation – Equity									53,705			44,554
Total Cayman Islands									53,705			44,554
United States-0.1%
Common Stock-0.1%
VisionSafe Parent, LLC	Aerospace & Defense		04/19/24			880		$	885		$	921		(7) (8) (16)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services		04/26/24			6,287,153			5,912			4,275		(7) (8) (16)
SEM Holdings, LLC (dba Southeast Mechanical, LLC)	Diversified Consumer Services		07/06/22			400			616			392		(8) (13) (16)
Whitewater Holding Company LLC	Diversified Consumer Services		12/21/21			2,700		$	237		$	226		(8) (16)
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		03/29/24			27,194,622		$	—		$	—		(8) (13) (16)
Peppertree Towers, LLC	Wireless Telecommunication Services		12/18/25			9		$	10		$	11		(7) (8) (16)
Total Common Stock									7,660			5,825
Preferred Stock-0.0%
FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		10/02/24			221		$	36		$	39		(8) (16)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services		01/09/26			320,487		$	320		$	320		(7) (8) (16)
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		03/29/24			13,194,756		$	3,101		$	—		(8) (13) (16)
CloudBees, Inc.	Software		11/24/21			134,557			2,031			1,814		(8) (16)
Total Preferred Stock									5,488			2,173
Membership Interest-0.0%
BX Frontier Member I Holdings LLC	Oil, Gas & Consumable Fuels		09/22/25		3%			$	—		$	—		(7) (8) (9) (10) (16)
Total Membership Interest									—			—
Warrants-0.0%
CloudBees, Inc.	Software		11/24/21			38,977		$	25		$	54		(8) (16)
Total Warrants									25			54
Total United States								$	13,173		$	8,052
Total Equity and Other								$	66,878		$	52,606
Total Investments-179.9%								$	16,677,760		$	16,508,590
Investments in Affiliated Money Market Fund-3.7%
United States-3.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares						343,539,367		$	343,539		$	343,539		(17) (18)
Total United States								$	343,539		$	343,539
Total Investments in Affiliated Money Market Fund									343,539			343,539
Total Investments and Investments in Affiliated Money Market Fund-183.6%								$	17,021,299		$	16,852,129

 

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

 

25

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of March 31, 2026 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

 

(1)

Percentages are based on net assets.

(2)

Assets are pledged as collateral for the Revolving Credit Facilities (as defined below). See Note 6 “Debt.”

(3)

For Industry subtotal and percentage, see Note 4 “Investments.”

(4)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments represent 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 Euribor (“E”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA(“C”), SARON (“SARON”), BBSW (“B”), STIBOR (“STIBOR”) 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 March 31, 2026, the rate for 6 month S was 3.70%, 3 month S was 3.68%,1 month S was 3.66%, 6 month E was 2.48%, 3 month E was 2.08%, 3 month SN was 3.73%, 3 month N was 4.34%, 3 month C was 2.29%, 1 month C was 2.27%, 6 month B was 4.78%, 3 month B was 4.31%, 1 month B was 4.06%, 3 month SARON was (0.07)%, 3 month STIBOR was 2.19% and 3 month P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026.

(5)

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 March 31, 2026, the aggregate fair value of these securities is $1,159,411 or 12.6% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(6)

Par amount is presented for debt investments, while the number of shares or units or percentage of membership interests 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”), Australian Dollars (“AUD”), Swiss Franc (“CHF”), Norwegian Kroner (“NOK”), Swedish Krona (“SEK”), or Canadian Dollars (“CAD”).

(7)

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

(8)

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

(9)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, the aggregate fair value of these non-qualifying assets is $3,130,032 or 17.9% of the Company’s total assets.

(10)

Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 8 “Commitments and Contingencies.”

(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)

Position or portion thereof unsettled as of March 31, 2026.

(13)

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

(14)

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

(15)

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

(16)

Non-income producing security.

(17)

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

(18)

The annualized seven-day yield as of March 31, 2026 is 3.56%.

 

PIK - Payment-In-Kind

 

ADDITIONAL INFORMATION

 

Interest Rate Swaps
Counterparty	Hedged Instrument	Company Receives	Company Pays	Frequency	Maturity Date	Notional Amount			Fair Market Value			Upfront Payments / Receipts			Unrealized appreciation/ (depreciation)
BNP Paribas	5.050% February 2028 Notes	5.05%	S + 1.72%	Semiannual	02/23/28	$	700,000		$	(4,623	)	$	—		$	(4,623	)
Bank of America	5.875% May 2028 Notes	5.88%	S + 2.37%	Semiannual	04/06/28		400,000			(1,453	)		—			(1,453	)
Bank of America	5.375% January 2029 Notes	5.38%	S + 2.00%	Semiannual	12/31/28		400,000			(2,770	)		—			(2,770	)
Bank of America	6.250% May 2030 Notes	6.25%	S + 2.71%	Semiannual	04/06/30		600,000			(2,823	)		—			(2,823	)
BNP Paribas	5.875% January 2031 Notes	5.88%	S + 2.41%	Semiannual	12/31/30		500,000			(4,806	)		—			(4,806	)
BNP Paribas	5.875% January 2031 Notes	5.88%	S + 2.46%	Semiannual	12/31/30		400,000			(4,448	)		—			(4,448	)
Total Interest Rate Swaps						$	3,000,000		$	(20,923	)	$	—		$	(20,923	)

 

 

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

 

 

 

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Table of Contents

 

 

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Debt Investments - 180.7%
Australia - 4.2%
1st Lien/Senior Secured Debt - 4.2%
Prestige Bidco Pty Ltd (dba Pickles Auctions)	Distributors	8.45%	B + 4.75%		08/25/31	AUD		72,042		$	46,348		$	47,837		(7) (8) (9)
A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare)	Pharmaceuticals		B + 4.75%		12/23/32	AUD		230,366			—			—		(7) (9) (10)
A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare)	Pharmaceuticals		B + 4.75%		12/23/30	AUD		40,011			—			—		(7) (9) (10)
A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare)	Pharmaceuticals		B + 4.75%		12/23/32	AUD		23,037			—			—		(7) (9) (10)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals	9.04%	B + 5.25%		10/29/32	AUD		240,767			157,008			159,069		(7) (9)
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)	Pharmaceuticals	9.04%	B + 5.25%		10/29/32	AUD		31,067			20,255			20,525		(7) (9)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software	8.70%	B + 5.00%		07/30/31	AUD		171,644			108,325			112,256		(7) (8) (9)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software		B + 2.00%		07/30/31	AUD		42,983			(152	)		(574	)	(7) (8) (9) (10)
Pacific Group Bidco Pty Ltd (dba Magentus)	Software	9.09%	SN + 5.00%		07/30/31	GBP		16,374			21,277			21,630		(7) (8) (9)
Total 1st Lien/Senior Secured Debt											353,061			360,743
Total Australia										$	353,061		$	360,743
Belgium - 0.0%
1st Lien/Senior Secured Debt - 0.0%
Ranch Bidco B.V. (dba Innovad)	Biotechnology		E + 4.75%		12/01/32	EUR		34,699		$	—		$	—		(7) (9) (10)
Ranch Bidco B.V. (dba Innovad)	Biotechnology		E + 4.75%		12/01/32	EUR		10,410			—			40		(7) (9) (10)
Total 1st Lien/Senior Secured Debt											—			40
Total Belgium										$	—		$	40
Canada - 3.0%
1st Lien/Senior Secured Debt - 3.0%
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.33%	C + 4.75%		11/01/30	CAD		64,998		$	46,216		$	47,237		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.60%	S + 4.75%		11/01/30			36,611			36,215			36,520		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	7.31%	C + 4.75%		11/01/30	CAD		16,105			227			281		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.60%	S + 4.75%		11/01/30			14,367			14,178			14,331		(7) (8) (9)
Rocket Bidco, Inc. (dba Recochem)	Chemicals	8.59%	S + 4.75%		11/01/30	CAD		6,444			740			744		(7) (8) (9) (10)
Rocket Bidco, Inc. (dba Recochem)	Chemicals		S + 4.75%		11/01/30	CAD		4,296			(58	)		(8	)	(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.22%	S + 6.00%		04/24/30			83,908			83,763			83,489		(7) (8) (9)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	10.22%	S + 6.00%		04/24/30			8,047			5,085			5,054		(7) (8) (9) (10)
Prophix Software Inc. (dba Pound Bidco)	Financial Services	9.80%	S + 6.00%		02/01/27			4,543			3,072			3,054		(7) (8) (9) (10)
123Dentist Inc.	Health Care Providers & Services	7.02%	C + 4.75%		08/10/29	CAD		30,000			3,740			3,820		(7) (8) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%		01/14/33	CAD		60,868			—			—		(7) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%		01/14/33	CAD		11,705			—			—		(7) (9) (10)
Aryeh Bidco Investment Ltd. (dba Dentalcorp)	Health Care Providers & Services		C + 5.00%		01/14/33	CAD		8,361			—			—		(7) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.51%	C + 5.25%		06/30/31	CAD		52,982			38,361			38,119		(7) (8) (9)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		C + 5.25%		06/30/31	CAD		11,547			(59	)		(105	)	(7) (8) (9) (10)
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	7.51%	C + 5.25%		06/30/31	CAD		7,698			864			865		(7) (8) (9) (10)
iWave Information Systems, Inc.	Software	9.98%	S + 6.25%		11/23/28			27,666			27,341			27,389		(8) (9)
iWave Information Systems, Inc.	Software	9.99%	S + 6.25%		11/23/28			6,771			605			609		(8) (9) (10)
Total 1st Lien/Senior Secured Debt											260,290			261,399
Total Canada										$	260,290		$	261,399
Cayman Islands - 2.0%
Structured Finance Obligation – Debt Instruments - 2.0%
Diameter Capital CLO 11, Ltd. - Class D1	Financial Services	7.13%	S + 2.85%	07/09/25	07/20/38			30,000		$	30,000		$	30,156		(9)
Diameter Capital CLO 11, Ltd. - Class D2	Financial Services	8.48%	S + 4.20%	07/09/25	07/20/38			5,000			5,000			5,034		(9)
Diameter Capital CLO 11, Ltd. - Class E	Financial Services	9.33%	S + 5.05%	07/09/25	07/20/38			15,000			15,000			15,007		(9)
Diameter Capital CLO 13, Ltd. - Class D1	Financial Services	6.28%	S + 2.55%	11/26/25	01/20/39			5,580			5,580			5,580		(9)
Diameter Capital CLO 13, Ltd. - Class D2	Financial Services	7.38%	S + 3.65%	11/26/25	01/20/39			2,000			2,000			2,000		(9)
Diameter Capital CLO 13, Ltd. - Class E	Financial Services	8.33%	S + 4.60%	11/26/25	01/20/39			13,000			13,000			13,000		(9)
Madison Park Funding LXX, Ltd. - Class D	Financial Services	7.03%	S + 2.80%	08/04/25	09/04/38			30,000			30,000			30,252		(9)
Madison Park Funding LXX, Ltd. - Class E	Financial Services	9.23%	S + 5.00%	08/04/25	09/04/38			20,000			20,000			19,822		(9)
Octagon 78, Ltd. - Class D	Financial Services	6.91%	S + 2.80%	07/14/25	10/20/38			31,250			31,250			31,397		(9)
Octagon 78, Ltd. - Class E	Financial Services	9.11%	S + 5.00%	07/14/25	10/20/38			20,000			20,000			19,852		(9)
Total Structured Finance Obligation – Debt											171,830			172,100
Total Cayman Islands										$	171,830		$	172,100

 

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

 

27

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Table of Contents

 

 

 

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
France - 1.1%
1st Lien/Senior Secured Debt - 1.1%
Financière N (dba Nemera)	Health Care Equipment & Supplies	7.02%	E + 5.00%	03/14/25	05/07/32	EUR		11,428		$	12,799		$	13,296		(7) (8) (9)
Financière N (dba Nemera)	Health Care Equipment & Supplies	7.02%	E + 5.00%	03/14/25	05/07/32	EUR		5,357			2,584			2,602		(7) (8) (9) (10)
Financière N (dba Nemera)	Health Care Equipment & Supplies	8.67%	S + 5.00%	04/11/25	05/07/32			3,171			3,142			3,139		(7) (8) (9)
Algae BidCo (dba Solabia Group)	Pharmaceuticals	6.80%	E + 4.75%	05/30/25	10/29/32	EUR		11,676			13,494			13,584		(7) (9)
Algae BidCo (dba Solabia Group)	Pharmaceuticals		E + 4.75%	05/30/25	10/29/32	EUR		2,848			(89	)		(34	)	(7) (9) (10)
Seven BidCo (dba Septeo)	Software	6.57%	E + 4.50%	08/01/25	08/27/32	EUR		51,173			59,539			59,838		(7) (8) (9)
Seven BidCo (dba Septeo)	Software		E + 4.50%	11/20/25	08/27/32	EUR		18,286			(171	)		(107	)	(7) (8) (9) (10)
Seven BidCo (dba Septeo)	Software		E + 4.50%	08/01/25	08/27/32	EUR		8,823			(49	)		(52	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											91,249			92,266
2nd Lien/Senior Secured Debt - 0.0%
Algae PikCo (dba Solabia Group)	Pharmaceuticals	9.13%	E + 7.00%	05/30/25	10/31/33	EUR		2,964			3,282			3,440		(7) (9)
Total 2nd Lien/Senior Secured Debt											3,282			3,440
Total France										$	94,531		$	95,706
India - 0.2%
1st Lien/Senior Secured Debt - 0.2%
AGS Health BCP LLC (dba AGS Health)	Health Care Technology	8.32%	S + 4.50%		08/02/32			12,918		$	12,887		$	12,886		(7) (8) (9)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%		08/02/32			4,583			(5	)		(12	)	(7) (8) (9) (10)
AGS Health BCP LLC (dba AGS Health)	Health Care Technology		S + 4.50%		08/02/32			1,667			(4	)		(4	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											12,878			12,870
Total India										$	12,878		$	12,870
Italy - 0.4%
1st Lien/Senior Secured Debt - 0.3%
Optima S.P.A	Consumer Staples Distribution & Retail		E + 5.50%	05/22/25	05/01/32	EUR		44,000			—			—		(7) (9) (10)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software	7.04%	E + 5.00%	04/15/25	04/11/32	EUR		15,749			17,925			18,138		(7) (8) (9)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software	7.05%	E + 5.00%	06/25/25	06/24/32	EUR		9,224			10,482			10,624		(7) (8) (9)
INK (BC) BIDCO S.R.L. (dba Namirial)	Software		E + 7.50%	04/15/25	04/11/32	EUR		4,500			(56	)		(106	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											28,351			28,656
2nd Lien/Senior Secured Debt - 0.1%
INK (BC) FINCO S.R.L. (dba Namirial)	Software	10.33%	E + 8.25% PIK	04/15/25	04/11/33	EUR		3,375		$	3,840		$	3,887		(7) (8) (9)
INK (BC) FINCO S.R.L. (dba Namirial)	Software	10.26%	E + 8.25% PIK	06/25/25	06/24/33	EUR		2,025			2,301			2,332		(7) (8) (9)
Total 2nd Lien/Senior Secured Debt											6,141			6,219
Total Italy										$	34,492		$	34,875
Luxembourg - 0.2%
1st Lien/Senior Secured Debt - 0.2%
Netrisk Group Luxco 4 S.à r.l.	Insurance	7.27%	E + 5.25%	11/15/25	02/05/32	EUR		13,200		$	13,421		$	15,280		(7) (8) (9)
Netrisk Group Luxco 4 S.à r.l.	Insurance		E + 5.25%	11/15/25	02/05/32	EUR		2,400			(21	)		(42	)	(7) (8) (9) (10)
Netrisk Group Luxco 4 S.à r.l.	Insurance	7.27%	E + 5.25%	11/15/25	02/05/32	EUR		1,000			354			189		(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											13,754			15,427
Total Luxembourg										$	13,754		$	15,427
Netherlands - 0.0%
1st Lien/Senior Secured Debt - 0.0%
Unit4 Group Holding B.V.	Software		E + 4.50%		12/18/32	EUR		82,979		$	—		$	—		(7) (9) (10)
Unit4 Group Holding B.V.	Software		E + 4.50%		12/18/32	EUR		10,372			—			—		(7) (9) (10)
Unit4 Group Holding B.V.	Software		E + 4.50%		12/18/32	EUR		7,779			—			—		(7) (9) (10)
Total 1st Lien/Senior Secured Debt											—			—
Total Netherlands										$	—		$	—

 

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

 

28

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Sweden - 1.0%
1st Lien/Senior Secured Debt - 1.0%
OMEGA II AB (dba Fortnox)	Software	6.12%	STIBOR + 4.25%		06/17/32	SEK		139,883		$	14,386		$	15,118		(7) (8) (9)
OMEGA II AB (dba Fortnox)	Software		STIBOR + 4.25%		06/17/32	SEK		37,895			10			(21	)	(7) (8) (9) (10)
Runner Bidco AB (dba nShift)	Software	6.87%	STIBOR + 5.00%		08/21/30	SEK		302,827			31,679			32,728		(7) (8) (9)
Runner Bidco AB (dba nShift)	Software	9.14%	N + 5.00%		08/21/30	NOK		99,288			9,767			9,801		(7) (8) (9)
Runner Bidco AB (dba nShift)	Software	7.02%	E + 5.00%		08/21/30	EUR		24,822			28,752			28,806		(7) (8) (9)
Runner Bidco AB (dba nShift)	Software		E + 5.00%		08/21/30	EUR		12,411			(101	)		(91	)	(7) (8) (9) (10)
Total 1st Lien/Senior Secured Debt											84,493			86,341
Total Sweden										$	84,493		$	86,341
Switzerland - 0.6%
1st Lien/Last-Out Unitranche (11) - 0.6%
Esperanto BidCo AG (dba BSI Software)	Software	5.75%	SARON + 5.75%		09/27/31	CHF		24,087		$	29,796		$	29,953		(7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	5.75%	SARON + 5.75%		09/27/31	CHF		9,074			10,559			11,284		(7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	7.77%	E + 5.75%		09/27/31	EUR		6,929			7,526			8,021		(7) (8) (9)
Esperanto BidCo AG (dba BSI Software)	Software	5.75%	SARON + 5.75%		09/27/31	CHF		2,561			2,981			3,185		(7) (8) (9)
Total 1st Lien/Last-Out Unitranche											50,862			52,443
Total Switzerland										$	50,862		$	52,443
United Arab Emirates - 0.0%
1st Lien/Senior Secured Debt - 0.0%
GEMS Topco Limited (dba GEMS Education)	Diversified Consumer Services		S + 4.25%	11/15/25	11/15/28			30,000		$	—		$	—		(7) (9) (10)
GEMS Topco Limited (dba GEMS Education)	Diversified Consumer Services		S + 11.50% PIK	11/15/25	11/15/28			30,000			—			—		(7) (9) (10)
Total 1st Lien/Senior Secured Debt											—			—
Total United Arab Emirates										$	—		$	—
United Kingdom - 4.7%
1st Lien/Senior Secured Debt - 4.4%
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.47%	SN + 7.50% (Incl. 0.50% PIK)		07/25/28	GBP		14,539		$	18,951		$	19,010		(8) (9)
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.47%	SN + 7.50% (Incl. 0.50% PIK)		07/25/28	GBP		8,583			11,138			11,222		(8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	8.93%	B + 5.25%	10/04/24	10/06/31	AUD		16,301			10,890			10,878		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.19%	B + 5.25%	09/13/24	10/06/31	GBP		15,214			13,958			14,452		(7) (8) (9) (10)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	7.51%	C + 5.25%	09/13/24	10/06/31	CAD		14,958			10,822			10,898		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	11.72%	SN + 8.00% PIK	09/13/24	10/04/32	GBP		14,127			18,277			18,662		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.10%	S + 5.25%	09/13/24	10/06/31			9,635			9,468			9,635		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	11.72%	SN + 8.00% PIK	09/13/24	10/04/32	GBP		8,348			10,801			11,027		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.22%	SN + 5.25%	09/13/24	10/06/31	GBP		8,266			10,661			11,142		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.22%	SN + 5.25%	09/13/24	10/06/31	GBP		5,984			7,717			8,066		(7) (8) (9)
Solar Holdings Bidco Limited (dba SLR Consulting)	Professional Services	9.10%	S + 5.25%	09/13/24	10/06/31			4,665			4,585			4,666		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software	6.77%	E + 4.75%	04/08/25	04/16/32	EUR		59,423			66,953			69,136		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software	8.42%	S + 4.75%	04/08/25	04/16/32			56,779			56,255			56,211		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software	8.42%	S + 4.75%	04/08/25	04/16/32			34,997			34,673			34,647		(7) (8) (9)
Consilio Midco Limited (dba Cyncly)	Software		S + 4.75%	04/08/25	04/16/32			19,808			(192	)		(198	)	(7) (8) (9) (10)
Consilio Midco Limited (dba Cyncly)	Software		S + 4.75%	04/08/25	04/16/32			13,205			—			(132	)	(7) (8) (9) (10)
SI Swan UK Bidco Limited (dba Sapiens International)	Software	8.59%	S + 4.75%		12/16/32			91,320			90,870			90,863		(7) (9)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%		12/16/32			15,836			(39	)		(40	)	(7) (9) (10)
SI Swan UK Bidco Limited (dba Sapiens International)	Software		S + 4.75%		06/17/26			13,724			—			—		(7) (9) (10)
Total 1st Lien/Senior Secured Debt											375,788			380,145
2nd Lien/Senior Secured Debt - 0.3%
Consilio IntermediateCo Limited (dba Cyncly)	Software	11.23%	S + 7.50% PIK	04/08/25	04/14/33			15,385		$	15,182		$	15,154		(7) (8) (9)
Consilio IntermediateCo Limited (dba Cyncly)	Software	9.60%	E + 7.50% PIK	04/08/25	04/14/33	EUR		10,393			11,674			12,061		(7) (8) (9)
Consilio IntermediateCo Limited (dba Cyncly)	Software	11.82%	S + 7.50% PIK	04/08/25	04/14/33			6,620			17			(82	)	(7) (8) (9) (10)
Total 2nd Lien/Senior Secured Debt											26,873			27,133
Total United Kingdom										$	402,661		$	407,278

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

29

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
United States - 163.3%
1st Lien/Senior Secured Debt - 159.7%
Bleriot US Bidco Inc.	Aerospace & Defense	6.17%	S + 2.50%	10/31/30	$		24,050		$	24,080		$	24,160
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.13%	S + 5.25% (incl. 1.50% PIK)	01/09/30			42,380			41,610			41,533		(7) (8)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.13%	S + 5.25% (incl. 1.50% PIK)	01/09/30			5,784			5,725			5,668		(7) (8)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	8.85%	S + 5.00% (incl. 1.50% PIK)	01/09/28			5,670			776			737		(7) (8) (10)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	9.12%	S + 5.25% (incl. 1.50% PIK)	01/09/30			2,583			2,557			2,532		(7) (8)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	8.94%	S + 5.00% (incl. 1.50% PIK)	01/09/30			1,465			1,456			1,436		(7) (8)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense	8.67%	S + 5.00%	09/30/31			24,203			23,986			24,082		(7) (8)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense		S + 5.00%	09/30/31			9,775			(47	)		(49	)	(7) (8) (10)
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)	Aerospace & Defense		S + 5.00%	09/30/31			5,755			(55	)		(29	)	(7) (8) (10)
Propulsion (BC) Finco S.a.r.l.	Aerospace & Defense	6.17%	S + 2.50%	09/14/29			12,938			13,005			12,993		(9)
VisionSafe Holdings, Inc.	Aerospace & Defense	9.39%	S + 5.50%	04/19/30			11,171			11,000			10,948		(7) (8)
VisionSafe Holdings, Inc.	Aerospace & Defense		S + 5.50%	04/19/30			1,763			(27	)		(35	)	(7) (8) (10)
eShipping, LLC	Air Freight & Logistics	8.19%	S + 4.50%	12/23/32			124,944			124,321			124,319		(7)
eShipping, LLC	Air Freight & Logistics		S + 4.50%	12/23/32			47,149			(117	)		(118	)	(7) (10)
eShipping, LLC	Air Freight & Logistics	8.19%	S + 4.50%	12/23/32			15,248			1,830			1,830		(7) (10)
eShipping, LLC	Air Freight & Logistics		S + 4.50%	12/23/32			8,326			(41	)		(42	)	(7) (10)
Rand Parent, LLC	Air Freight & Logistics	6.67%	S + 3.00%	03/18/30			3,235			3,232			3,241
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics	8.42%	S + 4.75%	08/02/32			112,223			111,151			111,101		(7)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			34,354			(162	)		(172	)	(7) (10)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	07/30/32			13,369			(126	)		(134	)	(7) (10)
Zeppelin US Buyer Inc. (dba Global Critical Logistics)	Air Freight & Logistics		S + 4.75%	08/02/32			3,808			(36	)		(38	)	(7) (10)
Clarios Global LP	Automobile Components	6.47%	S + 2.75%	01/28/32			16,434			16,361			16,495
Clarios Global LP	Automobile Components	6.22%	S + 2.50%	05/06/30			9,026			9,065			9,027
Dealer Tire Financial, LLC	Automobile Components	6.72%	S + 3.00%	07/02/31			5,173			5,162			5,167
DexKo Global Inc.	Automobile Components	7.58%	S + 3.75%	10/04/28			1,935			1,917			1,918		(9)
Mavis Tire Express Services Corp.	Automobile Components	6.72%	S + 3.00%	05/04/28			9,890			9,912			9,922		(12)
American Builders & Contractors Supply Co., Inc.	Building Products	5.47%	S + 1.75%	01/31/31			29,695			29,781			29,796
Chamberlain Group Inc	Building Products	6.47%	S + 2.75%	09/08/32			22,625			22,655			22,658
Icebox Holdco III, Inc.	Building Products	6.92%	S + 3.25%	12/22/31			21,659			21,713			21,822
MI Windows and Doors, LLC	Building Products	6.47%	S + 2.75%	03/28/31			14,261			14,374			14,257
Potters Industries, LLC	Building Products		S + 2.50%	12/09/32			2,900			2,898			2,911		(12)
Quikrete Holdings, Inc.	Building Products	5.97%	S + 2.25%	03/19/29			27,620			27,685			27,712
Quikrete Holdings, Inc.	Building Products	5.97%	S + 2.25%	04/14/31			7,938			7,949			7,958
Quikrete Holdings, Inc.	Building Products	5.97%	S + 2.25%	02/10/32			3,114			3,088			3,123
Standard Industries, Inc.	Building Products	5.48%	S + 1.75%	09/22/28			28,001			28,087			28,094		(12)
Tecta America Corp.	Building Products	6.47%	S + 2.75%	02/18/32			2,686			2,700			2,694		(12)
White Cap Buyer LLC	Building Products	6.97%	S + 3.25%	10/19/29			14,879			14,848			14,936
Cube Industrials Buyer Inc	Capital Goods	6.85%	S + 3.00%	10/17/31			21,210			21,271			21,333
AAP Buyer Inc.	Chemicals	6.47%	S + 2.75%	09/09/31			7,128			7,167			7,150
Albaugh, LLC	Chemicals	7.47%	S + 3.75%	04/06/29			2,211			2,208			2,163
Formulations Parent Corporation (dba Chase Corp)	Chemicals	7.93%	S + 4.00%	04/09/32			99,750			97,913			99,376
Illuminate Buyer, LLC	Chemicals	6.22%	S + 2.50%	12/31/29			32,231			32,260			32,242
INEOS Quattro Holdings UK Ltd	Chemicals	7.97%	S + 4.25%	10/07/31			1,894			1,894			1,255		(9)
Innophos, Inc.	Chemicals	8.08%	S + 4.25%	03/16/29			11,837			11,822			11,541
Olympus Water US Holding Corporation	Chemicals	6.67%	S + 3.00%	06/20/31			16,379			16,352			16,221
Olympus Water US Holding Corporation	Chemicals		S + 3.00%	11/03/32			2,000			2,000			1,986		(12)

 

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

 

30

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Paint Intermediate III, LLC	Chemicals		S + 3.00%	10/09/31	$		1,421		$	1,418		$	1,427		(12)
SCIH Salt Holdings, Inc.	Chemicals	6.52%	S + 2.75%	01/31/29			5,175			5,204			5,183		(12)
Sparta U.S. HoldCo LLC	Chemicals	6.86%	S + 3.00%	08/02/30			12,052			12,043			11,941
W.R. Grace & Co.-Conn.	Chemicals	6.69%	S + 3.00%	08/19/32			8,479			8,445			8,471
AlixPartners, LLP	Commercial Services & Supplies	5.72%	S + 2.00%	08/12/32			31,875			31,947			31,909
Allied Universal Holdco LLC	Commercial Services & Supplies	6.97%	S + 3.25%	08/20/32			11,322			11,338			11,373
Amentum Government Services Holdings LLC	Commercial Services & Supplies	5.72%	S + 2.00%	09/29/31			2,951			2,954			2,955		(9)
BEP Intermediate Holdco LLC (dba Buyers Edge)	Commercial Services & Supplies	6.47%	S + 2.75%	04/25/31			7,637			7,695			7,694
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.32%	S + 6.50%	08/01/29			14,915			14,726			14,840		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	9.57%	S + 5.75%	08/01/29			5,555			5,482			5,388		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	9.57%	S + 5.75%	08/01/29			4,745			1,223			1,121		(7) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.32%	S + 6.50%	08/01/29			4,532			4,467			4,509		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.32%	S + 6.50%	08/01/29			3,476			1,324			1,353		(7) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.32%	S + 6.50%	08/01/29			2,249			2,219			2,237		(7) (8)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies		S + 6.50%	08/01/29			1,671			(12	)		(50	)	(7) (8) (10)
Buckeye Acquiror LLC (dba Superior Environmental Solutions)	Commercial Services & Supplies	10.32%	S + 6.50%	08/01/29			750			739			746		(7) (8)
Edko, LLC	Commercial Services & Supplies	8.42%	S + 4.75%	10/02/31			37,125			36,766			36,754		(7)
Edko, LLC	Commercial Services & Supplies		S + 4.75%	10/02/31			13,200			(63	)		(66	)	(7) (10)
Edko, LLC	Commercial Services & Supplies		S + 4.75%	10/02/31			6,600			(63	)		(66	)	(7) (10)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.44%	S + 4.75%	09/24/31			13,646			13,490			13,509		(7) (8)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.55%	S + 4.75%	09/24/31			7,817			2,447			2,462		(7) (8) (10)
EnviroSmart, LLC (dba ES Integrated)	Commercial Services & Supplies	8.74%	S + 4.75%	09/24/31			3,909			735			743		(7) (8) (10)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.47%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			146,063			144,766			144,603		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.47%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			59,814			22,914			22,720		(7) (8) (10)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.47%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			47,837			47,408			47,359		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	8.47%	S + 4.75% (Incl. 2.00% PIK)	03/04/32			42,858			42,459			42,430		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies	10.47%	S + 6.75% (Incl. 2.00% PIK)	03/04/32			33,979			33,639			33,639		(7) (8)
Frontline Road Safety Operations, LLC	Commercial Services & Supplies		S + 4.75% (Incl. 2.00% PIK)	03/04/32			24,528			(218	)		(245	)	(7) (8) (10)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	8.42%	S + 4.75%	12/17/32			162,005			161,500			161,497		(7)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	8.42%	S + 4.75%	12/17/32			46,646			46,394			46,392		(7)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 4.75%	12/17/32			30,599			(105	)		(106	)	(7) (10)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	8.42%	S + 4.75%	12/17/32			28,713			28,415			28,413		(7)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	8.44%	S + 4.75%	12/17/32			11,962			2,088			2,088		(7) (10)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies		S + 4.75%	12/17/32			8,556			(51	)		(51	)	(7) (10)
Kene Acquisition, Inc. (dba Entrust)	Commercial Services & Supplies	8.44%	S + 4.75%	12/17/32			4,371			745			745		(7) (10)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	9.23%	S + 5.50% (Incl. 2.75% PIK)	08/22/31			100,463			98,380			99,207		(7) (8)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	8.73%	S + 5.00%	08/22/30			11,500			3,569			3,594		(7) (8) (10)
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)	Commercial Services & Supplies	8.73%	S + 5.00%	08/22/31			5,729			4,661			4,680		(7) (8) (10)
Madison IAQ LLC	Commercial Services & Supplies	6.70%	S + 2.50%	06/21/28			21,050			21,101			21,140
Madison IAQ LLC	Commercial Services & Supplies	6.64%	S + 2.75%	11/08/32			5,566			5,525			5,597
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.02%	S + 6.25% (Incl. 2.75% PIK)	12/05/31			12,629			12,466			12,439		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.22%	SN + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		5,351			6,731			7,104		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	8.28%	E + 6.25% (Incl. 2.75% PIK)	12/05/31	EUR		4,780			4,999			5,533		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies	10.15%	SN + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		1,346			1,793			1,787		(7) (8) (9)
Orthrus Limited (dba Ocorian)	Commercial Services & Supplies		SN + 6.25% (Incl. 2.75% PIK)	12/05/31	GBP		1,084			103			(22	)	(7) (8) (9) (10)

 

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

 

31

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Saber Parent Holdings Corp. (dba Service Logic)	Commercial Services & Supplies	8.21%	S + 4.50%	12/16/32	$		93,525		$	93,060		$	93,057		(7)
Saber Parent Holdings Corp. (dba Service Logic)	Commercial Services & Supplies		S + 4.50%	12/16/32			25,800			(64	)		(64	)	(7) (10)
Saber Parent Holdings Corp. (dba Service Logic)	Commercial Services & Supplies		S + 4.50%	12/16/32			12,900			(64	)		(64	)	(7) (10)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.85%	S + 5.25% (Incl. 2.88% PIK)	12/15/31			108,721			107,787			108,177		(7) (8)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.61%	S + 4.75%	12/15/31			34,537			4,234			4,231		(7) (8) (10)
TEI Intermediate LLC (dba Triumvirate Environmental)	Commercial Services & Supplies	8.62%	S + 4.75%	12/15/31			14,678			3,932			3,985		(7) (8) (10)
Thevelia (US), LLC	Commercial Services & Supplies	6.67%	S + 3.00%	06/18/29			3,483			3,499			3,492		(9)
USA DeBusk, LLC	Commercial Services & Supplies	9.00%	S + 5.25%	04/30/31			107,087			105,896			106,551		(7) (8)
USA DeBusk, LLC	Commercial Services & Supplies	9.12%	S + 5.25%	04/30/31			32,072			4,952			5,006		(7) (8) (10)
USA DeBusk, LLC	Commercial Services & Supplies	9.06%	S + 5.25%	04/30/30			12,047			11,717			11,786		(7) (8) (10)
USA DeBusk, LLC	Commercial Services & Supplies		S + 5.25%	04/30/30			6,522			(44	)		(33	)	(7) (8) (10)
Vaco Holdings, LLC	Commercial Services & Supplies	8.82%	S + 5.00%	01/22/29			2,032			2,000			1,650
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	9.72%	S + 6.00%	05/01/29			115,510			114,837			113,777		(7) (8)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies	9.72%	S + 6.00%	05/01/29			12,105			7,357			7,254		(7) (8) (10)
Valet Waste Holdings, Inc. (dba Valet Living)	Commercial Services & Supplies		S + 6.00%	05/01/29			8,151			(93	)		(122	)	(7) (8) (10)
Wand NewCo 3, Inc.	Commercial Services & Supplies	6.22%	S + 2.50%	01/30/31			11,027			11,075			11,033
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies	8.51%	S + 4.75%	08/05/32			18,981			18,809			18,791		(7) (8)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies		S + 4.75%	08/05/32			5,796			(27	)		(58	)	(7) (8) (10)
Wildcat Solutions Holdings, LLC (dba O6 Environmental)	Commercial Services & Supplies		S + 4.75%	08/05/32			5,071			(48	)		(51	)	(7) (8) (10)
Brown Group Holding, LLC	Construction & Engineering	6.56%	S + 2.75%	07/01/31			14,667			14,699			14,732
Brown Group Holding, LLC	Construction & Engineering	6.22%	S + 2.50%	07/01/31			10,758			10,766			10,807
Chromalloy Corporation	Construction & Engineering	7.23%	S + 3.25%	03/27/31			19,809			19,698			19,908
DG Investment Intermediate Holdings 2, Inc.	Construction & Engineering	7.47%	S + 3.75%	07/09/32			8,596			8,621			8,596
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.40%	S + 4.50%	10/15/31			38,313			37,981			38,121		(7) (8)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.29%	S + 4.50%	10/15/31			14,190			6,862			6,882		(7) (8) (10)
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)	Construction & Engineering	8.32%	S + 4.50%	10/15/31			5,321			1,197			1,215		(7) (8) (10)
KKR Apple Bidco, LLC	Construction & Engineering	6.22%	S + 2.50%	09/23/31			28,270			28,253			28,408
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.62%	S + 5.00%	10/24/30			48,113			47,812			47,873		(7) (8) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering	8.60%	B + 5.00%	10/24/30	AUD		47,597			31,240			31,605		(7) (8) (9)
Sonar Acquisitionco, Inc. (dba SimPRO)	Construction & Engineering		S + 5.00%	10/24/30			4,811			(34	)		(24	)	(7) (8) (9) (10)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.17%	S + 4.50%	08/29/31			27,955			27,836			27,815		(7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering	8.17%	S + 4.50%	08/29/31			9,125			9,067			9,079		(7) (8)
Superman Holdings, LLC (dba Foundation Software)	Construction & Engineering		S + 4.50%	08/29/31			4,070			(17	)		(20	)	(7) (8) (10)
TRC Companies LLC	Construction & Engineering	6.72%	S + 3.00%	12/08/28			21,224			21,307			21,270
Smyrna Ready Mix Concrete, LLC	Construction Materials	6.72%	S + 3.00%	04/02/29			4,987			5,000			5,012
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail	9.67%	S + 6.00%	10/04/30			70,828			69,502			69,234		(7) (8)
Blast Bidco Inc. (dba Bazooka Candy Brands)	Consumer Staples Distribution & Retail		S + 6.00%	10/05/29			8,410			(139	)		(189	)	(7) (8) (10)
IRB Holding Corp.	Consumer Staples Distribution & Retail	6.22%	S + 2.50%	12/15/27			10,879			10,887			10,900
Berlin Packaging LLC	Containers & Packaging	7.11%	S + 3.25%	06/07/31			9,900			9,930			9,919		(12)
Charter Next Generation, Inc.	Containers & Packaging	6.50%	S + 2.75%	11/29/30			45,396			45,373			45,461		(12)
Clydesdale Acquisition Holdings, Inc.	Containers & Packaging	6.89%	S + 3.18%	04/13/29			14,488			14,485			14,490
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging	9.15%	S + 5.25%	11/01/30			74,231			73,290			73,118		(7) (8)
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)	Containers & Packaging		S + 5.25%	11/01/30			8,719			(106	)		(131	)	(7) (8) (10)

 

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

 

32

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Precision Concepts Parent Inc.	Containers & Packaging	8.57%	S + 4.75%	08/02/32	$		7,841		$	7,772		$	7,763		(7) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.59%	S + 4.75%	08/02/32			5,726			5,670			5,669		(7) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.59%	S + 4.75%	08/02/32			3,884			3,846			3,845		(7) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.57%	S + 4.75%	08/02/32			3,423			3,392			3,388		(7) (8)
Precision Concepts Parent Inc.	Containers & Packaging	8.59%	S + 4.75%	08/02/32			3,162			276			275		(7) (8) (10)
Pregis TopCo Corporation	Containers & Packaging	7.72%	S + 4.00%	02/01/29			14,890			14,957			15,004
Proampac PG Borrower LLC	Containers & Packaging	7.89%	S + 4.00%	09/15/28			16,945			17,019			16,954
TricorBraun Holdings, Inc.	Containers & Packaging	6.97%	S + 3.25%	03/03/31			9,057			9,024			8,746
Trident TPI Holdings, Inc.	Containers & Packaging	7.42%	S + 3.75%	09/15/28			7,475			7,554			7,166
BCPE Empire Holdings, Inc.	Distributors	6.97%	S + 3.25%	12/11/30			5,145			5,158			5,083
CD&R Hydra Buyer Inc.	Distributors	7.82%	S + 4.00%	03/25/31			13,376			13,472			13,359
DFS Holding Company, Inc.	Distributors	11.17%	S + 7.50% (Incl. 5.00% PIK)	01/31/29			44,155			43,256			41,947		(8)
DFS Holding Company, Inc.	Distributors	11.17%	S + 7.50% (Incl. 5.00% PIK)	01/31/29			3,236			3,171			3,074		(8)
Fluid-Flow Products, Inc.	Distributors	6.97%	S + 3.25%	03/31/28			20,142			20,209			20,208		(12)
Veritiv Corporation	Distributors	7.67%	S + 4.00%	12/02/30			5,615			5,595			5,608
Windsor Holdings III, LLC	Distributors	6.47%	S + 2.75%	08/01/30			15,510			15,510			15,533
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	9.67%	S + 6.00%	04/26/29			24,233			23,851			23,566		(7) (8) (13)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	9.89%	S + 6.00%	04/26/29			11,390			5,144			5,017		(7) (8) (10) (13)
ABC Investment Holdco Inc. (dba ABC Plumbing)	Diversified Consumer Services	9.81%	S + 6.00%	04/26/29			2,278			2,172			2,147		(7) (8) (10) (13)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	8.69%	S + 5.00%	06/06/31			116,794			116,176			116,210		(7) (8)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			56,751			(260	)		(284	)	(7) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services		S + 5.00%	06/06/31			11,693			(90	)		(58	)	(7) (8) (10)
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)	Diversified Consumer Services	8.68%	S + 5.00%	06/06/31			10,010			5,381			5,563		(7) (8) (10)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services	8.82%	S + 5.00%	11/01/28			50,881			49,488			50,626		(8)
CST Holding Company (dba Intoxalock)	Diversified Consumer Services		S + 5.00%	11/01/28			4,949			(127	)		(25	)	(8) (10)
Curriculum Associates, LLC	Diversified Consumer Services	8.47%	S + 4.75%	05/07/32			257,069			255,592			255,784		(7)
Curriculum Associates, LLC	Diversified Consumer Services	8.49%	S + 4.75%	05/07/32			168,784			100,485			100,426		(7) (10)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.25%	12/21/29			8,386			(84	)		(84	)	(7) (8) (10)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.01%	S + 5.25%	12/21/29			6,217			5,667			5,720		(7) (8) (10)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			5,075			5,048			5,024		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			1,645			1,637			1,629		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			553			550			547		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			549			546			544		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services	9.07%	S + 5.25%	12/21/29			545			543			540		(7) (8)
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		S + 5.25%	12/21/29			270			(3	)		(3	)	(7) (8) (10)
Genuine Financial Holdings, LLC	Diversified Consumer Services	6.97%	S + 3.25%	09/27/30			12,890			12,875			10,812
Pre-Paid Legal Services, Inc.	Diversified Consumer Services	6.97%	S + 3.25%	12/15/28			5,929			5,959			5,722
Southeast Mechanical, LLC	Diversified Consumer Services	9.83%	S + 6.00%	07/06/27			15,341			3,625			3,611		(8) (10) (13)
Southeast Mechanical, LLC	Diversified Consumer Services	9.83%	S + 6.00%	07/06/27			3,378			3,368			3,352		(8) (13)
Southeast Mechanical, LLC	Diversified Consumer Services	9.83%	S + 6.00%	07/06/27			2,370			2,364			2,352		(8) (13)
Southeast Mechanical, LLC	Diversified Consumer Services		S + 6.00%	07/06/27			600			(4	)		(4	)	(8) (10) (13)
Splash Car Wash, Inc.	Diversified Consumer Services	8.67%	S + 5.00%	03/17/32			26,464			26,294			26,265		(7) (8)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/31			4,125			(27	)		(31	)	(7) (8) (10)
Splash Car Wash, Inc.	Diversified Consumer Services		S + 5.00%	03/17/32			2,640			(22	)		(20	)	(7) (8) (10)

 

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

 

33

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Spotless Brands, LLC	Diversified Consumer Services	8.86%	S + 5.00%	07/25/28	$		60,141		$	8,335		$	7,334		(7) (8) (10)
Spotless Brands, LLC	Diversified Consumer Services	9.62%	S + 5.75%	07/25/28			42,239			42,282			42,028		(7) (8)
Spotless Brands, LLC	Diversified Consumer Services	9.62%	S + 5.75%	07/25/28			6,549			6,555			6,516		(7) (8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	8.96%	S + 5.00%	05/01/31			59,402			58,946			58,808		(7) (8)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services	8.90%	S + 5.00%	05/01/31			15,608			11,106			11,058		(7) (8) (10)
Sunshine Cadence HoldCo, LLC (dba Cadence Education)	Diversified Consumer Services		S + 5.00%	05/01/30			9,154			(70	)		(92	)	(7) (8) (10)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.07%	S + 6.25%	08/15/30			25,930			25,516			25,800		(7) (8)
VASA Fitness Buyer, Inc.	Diversified Consumer Services	10.08%	S + 6.25%	08/15/30			11,063			4,066			4,106		(7) (8) (10)
VASA Fitness Buyer, Inc.	Diversified Consumer Services		S + 6.25%	08/15/30			1,368			(19	)		(7	)	(7) (8) (10)
Citadel Securities LP	Diversified Financial Services	5.67%	S + 2.00%	10/31/31			35,353			35,417			35,525		(12)
Lightning Power LLC	Electric Utilities	5.97%	S + 2.25%	08/18/31			14,133			14,221			14,192		(12)
Pike Corporation	Electric Utilities	8.20%	S + 4.50%	12/20/32			209,202			209,202			209,202		(7)
Pike Corporation	Electric Utilities		S + 4.50%	12/20/32			45,479			—			—		(7) (10)
Pike Corporation	Electric Utilities		S + 4.50%	12/20/32			30,319			—			—		(7) (10)
LSF12 Crown US Commercial Bidco LLC	Electrical Equipment	7.37%	S + 3.50%	12/02/31			24,854			24,989			24,986
Nvent Electric Public Limited Company	Electrical Equipment	6.84%	S + 3.00%	01/30/32			14,168			14,216			14,252
Spectris PLC	Electrical Equipment	6.58%	S + 2.75%	09/30/32			8,500			8,535			8,532		(12)
Trystar, LLC	Electrical Equipment	8.09%	S + 4.25%	08/06/31			24,865			24,655			24,616		(7) (8)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			15,486			—			—		(7) (10)
Trystar, LLC	Electrical Equipment	8.09%	S + 4.25%	08/06/31			12,543			2,850			2,790		(7) (8) (10)
Trystar, LLC	Electrical Equipment		S + 4.25%	08/06/31			10,409			(51	)		(83	)	(7) (8) (10)
Trystar, LLC	Electrical Equipment	8.09%	S + 4.25%	08/06/31			9,946			9,861			9,847		(7) (8)
Trystar, LLC	Electrical Equipment		S + 4.50%	08/06/31			5,162			—			—		(7) (10)
GIP Pilot Acquisition Partners LP	Energy Equipment & Services	5.94%	S + 2.00%	10/04/30			28,353			28,451			28,384
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)	Energy Equipment & Services	8.17%	S + 4.50%	12/31/32			214,170			213,100			213,099		(7)
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)	Energy Equipment & Services		S + 4.50%	12/31/32			71,390			(178	)		(178	)	(7) (10)
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)	Energy Equipment & Services	8.17%	S + 4.50%	12/31/32			26,940			1,886			1,886		(7) (10)
WhiteWater DBR HoldCo, LLC	Energy Equipment & Services	5.94%	S + 2.25%	03/03/31			28,359			28,495			28,501		(12)
Whitewater Whistler Holdings, LLC	Energy Equipment & Services	5.44%	S + 1.75%	02/15/30			27,869			27,914			27,753		(12)
Arcis Golf LLC	Entertainment	6.47%	S + 2.75%	11/24/28			21,629			21,744			21,656
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment	9.79%	S + 6.00%	12/31/27			3,302			3,301			3,286		(8)
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)	Entertainment		S + 6.00%	12/31/27			367			(2	)		(2	)	(8) (10)
EOC Borrower, LLC	Entertainment	6.72%	S + 3.00%	03/24/32			5,661			5,703			5,686
Fender Musical Instruments Corporation	Entertainment	7.82%	S + 4.00%	12/01/28			2,763			2,743			2,487
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.67%	S + 5.00%	12/06/29			52,254			51,920			51,993		(7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.67%	S + 5.00%	12/06/29			7,744			7,686			7,705		(7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			6,959			(46	)		(35	)	(7) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.77%	S + 5.00%	12/06/29			5,968			2,623			2,638		(7) (8) (10)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services	8.73%	S + 5.00%	12/06/29			2,279			2,250			2,267		(7) (8)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Financial Services		S + 5.00%	12/06/29			1,461			(6	)		(7	)	(7) (8) (10)
AllSpring Buyer, LLC	Financial Services	6.69%	S + 3.00%	11/01/30			16,956			16,962			17,036
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services	8.34%	S + 4.50%	07/30/32			39,595			39,244			39,199		(7) (8)
BCTO Bluebill Buyer, Inc. (dba Ren)	Financial Services		S + 4.50%	07/30/32			4,949			(46	)		(49	)	(7) (8) (10)
Bottomline Technologies, Inc.	Financial Services	8.17%	S + 4.50%	05/14/29			76,795			76,795			76,795		(7) (8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.83%	S + 6.00%	01/25/28			6,228			6,196			6,181		(8)
BSI3 Menu Buyer, Inc (dba Kydia)	Financial Services	9.83%	S + 6.00%	01/25/28			249			39			40		(8) (10)

 

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

 

34

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Celero Commerce LLC	Financial Services	8.70%	S + 5.00%		02/28/31	$		104,838		$	104,139		$	104,052		(7) (8)
Celero Commerce LLC	Financial Services	8.60%	S + 5.00%		02/28/31			24,962			2,848			2,742		(7) (8) (10)
Celero Commerce LLC	Financial Services		S + 5.00%		02/28/31			8,321			(54	)		(62	)	(7) (8) (10)
Computer Services, Inc.	Financial Services	8.17%	S + 4.50%		11/17/31			210,261			210,232			210,231		(7)
Computer Services, Inc.	Financial Services		S + 4.50%		11/17/31			21,460			(52	)		(54	)	(7) (10)
Computer Services, Inc.	Financial Services		S + 4.50%		11/17/31			13,333			(32	)		(33	)	(7) (10)
Coretrust Purchasing Group LLC	Financial Services	8.72%	S + 5.00%		10/01/29			62,430			61,323			62,118		(8)
Coretrust Purchasing Group LLC	Financial Services		S + 5.00%		10/01/29			7,459			(106	)		(37	)	(8) (10)
Coretrust Purchasing Group LLC	Financial Services		S + 5.00%		10/01/29			2,609			(12	)		(13	)	(8) (10)
DRW Holdings, LLC	Financial Services	7.22%	S + 3.50%		06/26/31			10,614			10,621			10,442
Edelman Financial Center, LLC	Financial Services	6.72%	S + 3.00%		04/07/28			24,031			24,097			24,134		(12)
Eisner Advisory Group LLC	Financial Services	7.72%	S + 4.00%		02/28/31			18,166			18,291			18,268		(12)
Focus Financial Partners, LLC	Financial Services	6.22%	S + 2.50%		09/15/31			21,222			21,212			21,253
Franklin Square Holdings, L.P.	Financial Services	5.97%	S + 2.25%		04/25/31			28,467			28,588			27,613
Fullsteam Operations LLC	Financial Services	9.11%	S + 5.25%		08/08/31			177,307			175,664			175,534		(7) (8)
Fullsteam Operations LLC	Financial Services		S + 5.25%		08/08/31			59,102			(277	)		(591	)	(7) (8) (10)
Fullsteam Operations LLC	Financial Services		S + 5.25%		08/08/31			19,701			(185	)		(197	)	(7) (8) (10)
HighTower Holdings LLC	Financial Services	6.65%	S + 2.75%		02/03/32			7,456			7,483			7,461
Jane Street Group, LLC	Financial Services	5.82%	S + 2.00%		12/15/31			23,884			23,655			23,754
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.17%	S + 7.50% (Incl. 4.50% PIK)		06/01/28			6,416			5,909			5,838		(8)
MerchantWise Solutions, LLC (dba HungerRush)	Financial Services	11.17%	S + 7.50% (Incl. 4.50% PIK)		06/01/28			1,347			1,241			1,226		(8)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services	9.22%	S + 5.50%		09/26/30			35,726			35,410			35,369		(7) (8) (9)
Newtek Merchant Solutions, LLC (dba NewtekOne)	Financial Services		S + 5.50%		09/26/30			1,990			(19	)		(20	)	(7) (8) (9) (10)
NEXUS Buyer LLC	Financial Services	7.22%	S + 3.50%		07/31/31			5,143			5,142			5,066
Priority Holdings, LLC (dba Priority Payment)	Financial Services	7.47%	S + 3.75%		07/30/32			182,319			181,748			178,627		(9)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services	8.97%	S + 5.25%		02/24/31			43,094			42,815			42,878		(7) (8)
Project Accelerate Parent, LLC (dba ABC Fitness)	Financial Services		S + 5.25%		02/24/31			6,250			(43	)		(31	)	(7) (8) (10)
Chobani, LLC	Food Products	5.97%	S + 2.25%		10/28/32			21,561			21,661			21,647
Eagle Family Foods Group LLC	Food Products	8.79%	S + 5.00%		08/12/30			182,022			180,541			180,202		(7) (8)
Eagle Family Foods Group LLC	Food Products		S + 5.00%		08/12/30			22,753			(176	)		(228	)	(7) (8) (10)
Froneri International Ltd.	Food Products	6.45%	S + 2.25%		09/30/31			804			800			803		(9)
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.)	Food Products		6.63%	10/26/25	11/03/32			120,700			—			—		(7) (9) (10)
PFI Lower Midco LLC	Food Products	7.87%	S + 4.00%		12/01/32			2,150			2,129			2,163
Rubix Foods, LLC	Food Products	8.47%	S + 4.75%		04/30/31			42,521			42,134			42,096		(7)
Rubix Foods, LLC	Food Products		S + 4.75%		04/30/31			3,300			(29	)		(33	)	(7) (10)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products	8.42%	S + 4.75%		12/11/30			105,840			104,476			104,782		(7) (8)
Tropical Bidco, LLC (dba Tropical Cheese)	Food Products		S + 4.75%		12/11/30			17,538			(218	)		(175	)	(7) (8) (10)
Kenan Advantage Group, Inc.	Ground Transportation	6.97%	S + 3.25%		01/25/29			6,569			6,576			6,502
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.32%	E + 5.25%		11/28/31	EUR		25,290			27,118			29,126		(7) (8)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies		E + 5.25%		11/28/31			15,754			(144	)		(315	)	(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	7.32%	E + 5.25%		11/28/31			12,695			9,284			9,140		(7) (8) (10)
Hamilton Thorne, Inc.	Health Care Equipment & Supplies	9.07%	S + 5.25%		11/28/31			9,309			9,145			9,123		(7) (8)
Medline Borrower, LP	Health Care Equipment & Supplies	5.47%	S + 1.75%		10/23/28			4,954			4,970			4,968		(9)
Zeus Company LLC	Health Care Equipment & Supplies	9.67%	S + 6.00% (Incl. 3.00% PIK)		02/28/31			81,386			80,175			76,503		(7) (8)
Zeus Company LLC	Health Care Equipment & Supplies	9.17%	S + 6.00% (Incl. 3.00% PIK)		02/28/31			15,093			7,327			6,618		(7) (8) (10)
Zeus Company LLC	Health Care Equipment & Supplies		S + 6.00% (Incl. 3.00% PIK)		02/28/30			11,354			(162	)		(681	)	(7) (8) (10)

 

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

 

35

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Advarra Holdings, Inc.	Health Care Providers & Services	8.22%	S + 4.50%	09/15/31	$		76,061		$	75,736		$	75,681		(7) (8)
Advarra Holdings, Inc.	Health Care Providers & Services	8.22%	S + 4.50%	09/15/31			41,370			41,193			41,163		(7) (8)
Advarra Holdings, Inc.	Health Care Providers & Services	8.22%	S + 4.50%	09/15/31			20,496			20,396			20,393		(7) (8)
Advarra Holdings, Inc.	Health Care Providers & Services		S + 4.50%	09/15/31			7,087			(15	)		(35	)	(7) (8) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services	8.72%	S + 5.00%	08/07/31			64,512			63,908			63,867		(7) (8)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			5,589			(68	)		(56	)	(7) (8) (10)
Coding Solutions Acquisition, Inc. (dba CorroHealth)	Health Care Providers & Services		S + 5.00%	08/07/31			2,487			(50	)		(25	)	(7) (8) (10)
Electron BidCo, Inc.	Health Care Providers & Services	6.22%	S + 2.50%	11/01/28			10,918			10,959			10,968
Global Medical Response, Inc.	Health Care Providers & Services	7.38%	S + 3.50%	10/01/32			12,750			12,798			12,822		(12)
Highfive Dental Holdco, LLC	Health Care Providers & Services	9.57%	S + 5.75%	06/13/28			12,655			12,491			12,529		(7) (8)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 5.75%	06/13/28			6,395			(63	)		(64	)	(7) (8) (10)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 5.75%	06/13/28			1,442			(19	)		(14	)	(7) (8) (10)
LifePoint Health, Inc.	Health Care Providers & Services	7.33%	S + 3.50%	05/19/31			3,679			3,679			3,681
Lumexa Imaging, Inc.	Health Care Providers & Services	6.70%	S + 3.00%	12/13/32			3,800			3,791			3,817
Netsmart Technologies, Inc.	Health Care Providers & Services	8.92%	S + 5.20% (Incl. 2.70% PIK)	08/25/31			183,518			181,945			181,683		(7) (8)
Netsmart Technologies, Inc.	Health Care Providers & Services	8.92%	S + 5.20% (Incl. 2.70% PIK)	08/25/31			61,676			61,374			61,059		(7) (8)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 5.20% (Incl. 2.70% PIK)	08/25/31			24,158			(206	)		(242	)	(7) (8) (10)
Netsmart Technologies, Inc.	Health Care Providers & Services		S + 5.20% (Incl. 2.70% PIK)	08/25/31			23,684			(104	)		(237	)	(7) (8) (10)
Onex TSG Intermediate Corp.	Health Care Providers & Services	7.59%	S + 3.75%	08/06/32			4,850			4,827			4,874
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	8.55%	S + 4.75%	07/09/32			275,249			271,831			272,497		(7) (8)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	8.34%	S + 4.50%	07/09/32			50,080			900			1,088		(7) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	07/09/32			31,816			(386	)		(318	)	(7) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services	8.22%	SN + 4.50%	07/09/32			25,189			24,821			24,938		(7) (8)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	07/09/32			14,594			(71	)		(146	)	(7) (8) (10)
Packaging Coordinators Midco, Inc. (dba PCI Pharma)	Health Care Providers & Services		S + 4.75%	07/09/32			14,238			—			(142	)	(7) (8) (10)
SpecialtyCare, Inc.	Health Care Providers & Services	8.99%	S + 5.00%	12/18/29			137,885			137,593			137,196		(7) (8)
SpecialtyCare, Inc.	Health Care Providers & Services		S + 5.00%	12/18/29			9,688			(33	)		(48	)	(7) (8) (10)
SpecialtyCare, Inc.	Health Care Providers & Services	8.84%	S + 5.00%	12/18/29			4,774			1,213			1,217		(7) (8) (10)
SpendMend Holdings LLC	Health Care Providers & Services	8.82%	S + 5.00%	03/01/28			3,367			3,366			3,351		(8)
SpendMend Holdings LLC	Health Care Providers & Services	8.82%	S + 5.00%	03/01/28			927			926			922		(8)
SpendMend Holdings LLC	Health Care Providers & Services	8.82%	S + 5.00%	03/01/28			456			74			74		(8) (10)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		S + 7.00% PIK	03/18/27			30,694			27,212			18,800		(7) (8) (13) (14)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	10.97%	S + 7.00% PIK	03/18/27			3,593			3,693			3,613		(7) (8) (10) (13) (15)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology	8.32%	S + 4.50%	08/02/32			24,584			24,525			24,523		(7) (8)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			8,333			(10	)		(21	)	(7) (8) (10)
AGS Health BCP Holdings, Inc. (dba AGS Health)	Health Care Technology		S + 4.50%	08/02/32			2,916			(7	)		(7	)	(7) (8) (10)
Athenahealth Group, Inc.	Health Care Technology	6.47%	S + 2.75%	02/15/29			8,478			8,470			8,487
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)	Health Care Technology	9.82%	S + 6.00%	08/28/30			215,577			211,498			211,265		(7) (8)
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)	Health Care Technology		S + 6.00%	08/28/30			8,650			(161	)		(173	)	(7) (8) (10)
Businessolver.com, Inc.	Health Care Technology	8.17%	S + 4.50%	12/03/32			25,772			25,725			25,724		(7)
Businessolver.com, Inc.	Health Care Technology		S + 4.50%	12/03/32			3,859			(10	)		(10	)	(7) (10)
Businessolver.com, Inc.	Health Care Technology		S + 4.50%	12/03/32			1,719			(9	)		(9	)	(7) (10)
Cotiviti, Inc.	Health Care Technology	6.62%	S + 2.75%	05/01/31			85,432			83,217			81,944
Cotiviti, Inc.	Health Care Technology	6.62%	S + 2.75%	03/26/32			4,987			4,840			4,779

 

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

 

36

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
eResearch Technology, Inc. (dba Clario)	Health Care Technology	8.47%	S + 4.75%	01/20/32	$		156,715		$	155,355		$	156,715		(7) (8)
eResearch Technology, Inc. (dba Clario)	Health Care Technology	8.47%	S + 4.75%	01/20/32			29,569			3,993			4,140		(7) (8) (10)
eResearch Technology, Inc. (dba Clario)	Health Care Technology	8.47%	S + 4.75%	01/20/32			26,021			25,790			26,021		(7) (8)
eResearch Technology, Inc. (dba Clario)	Health Care Technology		S + 4.75%	10/17/31			14,784			(127	)		—		(7) (8) (10)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.57%	S + 5.00%	05/11/29			3,507			3,472			3,472		(8)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology		S + 5.00%	05/11/28			400			(5	)		(4	)	(8) (10)
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)	Health Care Technology	8.99%	S + 5.00%	05/11/29			374			370			370		(8)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology	7.97%	S + 4.25%	05/19/32			96,268			95,841			95,786		(7)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			50,667			(14	)		(253	)	(7) (10)
Octane Purchaser, Inc. (dba Office Ally)	Health Care Technology		S + 4.25%	05/19/32			20,267			(93	)		(101	)	(7) (10)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	9.72%	S + 6.00%	09/30/31			48,886			48,448			48,397		(7) (8)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 6.00%	09/30/31			6,984			(67	)		(70	)	(7) (8) (10)
WebPT, Inc.	Health Care Technology	10.17%	S + 6.25%	01/18/28			3,231			3,007			2,811		(8)
WebPT, Inc.	Health Care Technology	10.26%	S + 6.25%	01/18/28			278			222			206		(8) (10)
WebPT, Inc.	Health Care Technology	10.18%	S + 6.25%	01/18/28			233			217			203		(8)
Fertitta Entertainment, LLC	Hotels, Restaurants & Leisure	6.97%	S + 3.25%	01/27/29			5,650			5,653			5,648		(12)
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)	Hotels, Restaurants & Leisure	8.42%	S + 4.75%	12/31/31			50,226			49,599			49,598		(7)
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)	Hotels, Restaurants & Leisure		S + 4.75%	12/31/31			7,930			(50	)		(50	)	(7) (10)
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)	Hotels, Restaurants & Leisure	8.42%	S + 4.75%	12/31/31			2,643			1,289			1,289		(7) (10)
Raising Cane's Restaurants, LLC	Hotels, Restaurants & Leisure	5.72%	S + 2.00%	09/18/31			20,287			20,400			20,318
Raising Cane's Restaurants, LLC	Hotels, Restaurants & Leisure	5.84%	S + 2.00%	11/03/32			925			926			927
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure	8.99%	S + 5.00%	04/14/31			19,208			18,991			18,968		(7) (8)
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure	8.94%	S + 5.00%	04/14/31			4,453			3,003			2,987		(7) (8) (10)
Supreme Fitness Group NY Holdings, LLC	Hotels, Restaurants & Leisure		S + 5.00%	04/14/31			2,228			(25	)		(28	)	(7) (8) (10)
Whatabrands LLC	Hotels, Restaurants & Leisure	6.22%	S + 2.50%	08/03/28			15,554			15,585			15,590		(12)
AI Aqua Merger Sub, Inc.	Household Durables	6.86%	S + 3.00%	07/31/28			4,135			4,137			4,143		(9)
CURiO Brands LLC	Household Products	8.92%	S + 5.25%	04/02/31			21,117			20,927			20,906		(7)
CURiO Brands LLC	Household Products		S + 5.25%	04/02/31			3,451			(15	)		(34	)	(7) (10)
CURiO Brands LLC	Household Products		S + 5.25%	04/02/31			1,725			(15	)		(17	)	(7) (10)
CPM Holdings, Inc.	Industrial Conglomerates	8.34%	S + 4.50%	09/28/28			11,324			11,187			11,255
Acrisure, LLC	Insurance	6.72%	S + 3.00%	11/06/30			20,888			20,832			20,849
Acrisure, LLC	Insurance	6.97%	S + 3.25%	06/21/32			7,381			7,392			7,378
Alliant Holdings Intermediate, LLC	Insurance	6.22%	S + 2.50%	09/19/31			25,450			25,458			25,500
AmWINS Group, Inc.	Insurance	5.97%	S + 2.25%	01/30/32			35,363			35,235			35,452
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	8.67%	S + 5.00%	07/24/31			60,239			59,805			59,938		(7) (8)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	8.67%	S + 5.00%	07/24/31			25,506			14,655			14,692		(7) (8) (10)
AQ Sunshine, Inc. (dba Relation Insurance)	Insurance	8.67%	S + 5.00%	07/24/30			4,741			1,482			1,493		(7) (8) (10)
Asurion LLC	Insurance	8.07%	S + 4.25%	08/19/28			10,154			10,189			10,167		(12)
Broadstreet Partners, Inc.	Insurance	6.47%	S + 2.75%	06/13/31			21,220			21,270			21,282
Galway Borrower LLC	Insurance	8.17%	S + 4.50%	09/29/28			44,819			44,508			44,371		(8)
Galway Borrower LLC	Insurance	8.17%	S + 4.50%	09/29/28			4,485			898			871		(8) (10)
Galway Borrower LLC	Insurance	8.19%	S + 4.50%	09/29/28			3,995			672			659		(8) (10)
Galway Borrower LLC	Insurance	8.17%	S + 4.50%	09/29/28			843			838			835		(8)
HUB International Limited	Insurance	6.12%	S + 2.25%	06/20/30			28,263			28,372			28,397

 

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

 

37

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance	8.17%	S + 4.50%	11/22/32	$		110,718		$	110,172		$	110,165		(7)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance		S + 4.50%	11/22/32			18,660			(46	)		(47	)	(7) (10)
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)	Insurance		S + 4.50%	11/22/32			16,421			(81	)		(82	)	(7) (10)
OneDigital Borrower, LLC	Insurance	6.72%	S + 3.00%	07/02/31			11,590			11,602			11,605
Sedgwick Claims Management Services, Inc.	Insurance	6.22%	S + 2.50%	07/31/31			17,907			17,974			17,959
Truist Insurance Holdings LLC	Insurance	6.42%	S + 2.75%	05/06/31			21,277			21,309			21,286		(12)
USI, Inc.	Insurance	5.92%	S + 2.25%	11/21/29			23,096			23,142			23,142
USI, Inc.	Insurance	5.92%	S + 2.25%	09/29/30			5,187			5,202			5,194
Ark Data Centers, LLC	IT Services	8.42%	S + 4.75%	11/27/30			59,783			58,762			57,990		(7) (8)
Ark Data Centers, LLC	IT Services	8.71%	S + 4.75%	11/27/30			35,167			7,725			7,033		(7) (8) (10)
Ark Data Centers, LLC	IT Services	8.72%	S + 4.75%	11/27/30			10,550			4,749			4,607		(7) (8) (10)
Boost Newco Borrower, LLC	IT Services	5.67%	S + 2.00%	01/31/31			35,661			35,837			35,683		(9)
Cloud Software Group, Inc.	IT Services	6.92%	S + 3.25%	03/21/31			14,174			14,221			14,185
Cloud Software Group, Inc.	IT Services	6.92%	S + 3.25%	08/13/32			9,875			9,902			9,881
CNT Holdings I Corp.	IT Services	6.09%	S + 2.25%	11/08/32			15,843			15,900			15,874
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	8.97%	S + 5.25%	10/02/29			38,340			37,801			38,148		(7) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	8.97%	S + 5.25%	10/02/29			22,982			22,764			22,868		(7) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services		S + 5.25%	10/02/29			13,926			(165	)		(70	)	(7) (8) (10)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services	8.97%	S + 5.25%	10/02/29			13,544			13,371			13,476		(7) (8)
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)	IT Services		S + 5.25%	10/02/29			10,118			(83	)		(51	)	(7) (8) (10)
Ingram Micro, Inc.	IT Services	5.98%	S + 2.25%	09/22/31			10,378			10,417			10,424		(9)
Kaseya Inc.	IT Services	6.72%	S + 3.00%	03/20/32			17,421			17,392			17,423		(12)
MH Sub I, LLC	IT Services	7.97%	S + 4.25%	05/03/28			2,642			2,638			2,451
Plano HoldCo Inc.	IT Services	7.17%	S + 3.50%	10/02/31			10,849			10,846			10,497
QBS Parent, Inc. (dba Quorum Software)	IT Services	8.17%	S + 4.50%	06/03/32			70,770			70,523			70,416		(7)
QBS Parent, Inc. (dba Quorum Software)	IT Services		S + 4.50%	06/03/32			17,700			(16	)		(88	)	(7) (10)
QBS Parent, Inc. (dba Quorum Software)	IT Services	8.22%	S + 4.50%	06/03/32			9,962			861			856		(7) (10)
US Signal Company, LLC	IT Services	9.37%	S + 5.50%	09/04/29			37,426			37,155			37,052		(7) (8)
US Signal Company, LLC	IT Services	9.52%	S + 5.50%	09/04/29			11,501			8,530			8,507		(7) (8) (10)
US Signal Company, LLC	IT Services		S + 5.50%	09/04/29			5,758			(45	)		(58	)	(7) (8) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.42%	S + 4.75%	01/22/29			15,044			15,007			14,968		(7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services		S + 4.75%	01/22/29			1,716			(4	)		(9	)	(7) (8) (10)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.42%	S + 4.75%	01/22/29			1,441			1,425			1,434		(7) (8)
Wellness AcquisitionCo, Inc. (dba SPINS)	IT Services	8.42%	S + 4.75%	01/22/29			1,179			1,169			1,173		(7) (8)
Alterra Mountain Company	Leisure Products	6.22%	S + 2.50%	08/17/28			12,020			12,062			12,051
Alterra Mountain Company	Leisure Products	6.22%	S + 2.50%	05/31/30			3,741			3,741			3,755
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.47%	S + 6.75%	07/18/28			30,041			29,634			29,740		(7) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.47%	S + 6.75%	07/18/28			3,889			3,832			3,850		(7) (8)
Circustrix Holdings, LLC (dba SkyZone)	Leisure Products	10.47%	S + 6.75%	07/18/28			1,970			763			768		(7) (8) (10)
Great Outdoors Group, LLC	Leisure Products	6.97%	S + 3.25%	01/23/32			4,230			4,231			4,251
GSM Holdings, Inc.	Leisure Products	8.67%	S + 5.00%	09/30/31			3,515			3,362			3,471
MajorDrive Holdings IV LLC	Leisure Products	7.93%	S + 4.00%	06/01/28			7,380			7,393			6,679
SRAM, LLC	Leisure Products	5.96%	S + 2.25%	02/27/32			14,853			14,907			14,853
WCG Intermediate Corp.	Life Sciences Tools & Services	6.72%	S + 3.00%	02/25/32			14,132			14,123			14,152		(12)
Brookfield WEC Holdings Inc.	Machinery	5.87%	S + 2.00%	01/27/31			17,008			17,046			17,031

 

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

 

38

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Dwyer Instruments, LLC	Machinery	8.42%	S + 4.75%		07/20/29	$		74,455		$	73,859		$	73,710		(8)
Dwyer Instruments, LLC	Machinery	8.42%	S + 4.75%		07/20/29			22,736			22,554			22,509		(8)
Dwyer Instruments, LLC	Machinery	8.69%	S + 4.75%		07/20/29			18,688			6,551			6,509		(8) (10)
Dwyer Instruments, LLC	Machinery	8.42%	S + 4.75%		07/20/29			14,571			14,454			14,425		(8)
Dwyer Instruments, LLC	Machinery	8.42%	S + 4.75%		07/20/29			11,062			10,976			10,951		(8)
Dwyer Instruments, LLC	Machinery	8.42%	S + 4.75%		07/20/29			7,659			7,592			7,583		(8)
Dwyer Instruments, LLC	Machinery	8.42%	S + 4.75%		07/20/29			4,055			4,022			4,014		(8)
Dwyer Instruments, LLC	Machinery	8.42%	S + 4.75%		07/20/29			1,205			1,195			1,193		(8)
Engineered Machinery Holdings, Inc.	Machinery	6.92%	S + 3.25%		11/26/32			21,169			21,229			21,285
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery	8.67%	S + 5.00%		06/30/32			28,319			28,051			28,036		(7)
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery		S + 5.00%		06/30/32			5,215			(24	)		(52	)	(7) (10)
Ideal Components Acquisition, LLC (dba Ideal Tridon)	Machinery	8.72%	S + 5.00%		06/30/32			4,345			539			536		(7) (10)
Mandrake Bidco, Inc. (dba Miratech)	Machinery	8.34%	S + 4.50%		08/20/31			36,298			36,020			36,116		(7) (8)
Mandrake Bidco, Inc. (dba Miratech)	Machinery		S + 4.50%		08/20/30			6,600			(49	)		(33	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.47%	S + 4.75%		12/02/31			170,455			168,976			168,750		(7) (8)
Paris US Holdco, Inc. (dba Precinmac)	Machinery		S + 4.75%		12/02/31			44,321			(198	)		(443	)	(7) (8) (10)
Paris US Holdco, Inc. (dba Precinmac)	Machinery	8.47%	S + 4.75%		12/02/31			22,160			1,473			1,440		(7) (8) (10)
Pro Mach Group, Inc.	Machinery	6.47%	S + 2.75%		10/15/32			14,175			14,183			14,260
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.42%	S + 4.75%		12/26/31			163,414			161,960			161,780		(7) (8)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.57%	S + 4.75%		12/26/31			42,139			10,204			10,012		(7) (8) (10)
Rotation Buyer, LLC (dba Rotating Machinery Services)	Machinery	8.43%	S + 4.75%		12/26/31			21,109			6,656			6,628		(7) (8) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.17%	S + 4.50%		07/01/31			45,179			44,711			44,727		(7) (8) (9)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	7.80%	S + 4.50%		07/01/30			12,157			3,561			3,571		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	8.17%	S + 4.50%		07/01/31			12,139			2,315			2,292		(7) (8) (9) (10)
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)	Machinery	6.52%	E + 4.50%		07/01/31	EUR		11,242			12,221			13,047		(7) (8) (9)
SPX Flow, Inc.	Machinery	6.47%	S + 2.75%		04/05/29			21,287			21,336			21,329
TK Elevator Midco GmbH	Machinery	6.95%	S + 2.75%		04/30/30			17,948			18,074			18,049		(12)
ABG Intermediate Holdings 2 LLC	Media	5.97%	S + 2.25%		12/21/28			19,789			19,891			19,801		(12)
Fleet Midco I Limited	Media	6.54%	S + 2.50%		02/21/31			2,974			2,980			2,985		(9)
Recorded Books Inc. (dba RBMedia)	Media	9.57%	S + 5.75%		09/03/30			85,090			83,443			84,239		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%		08/31/28			16,819			(272	)		(168	)	(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media	9.59%	S + 5.75%		09/03/30			9,986			9,842			9,886		(7) (8)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%		09/03/30			7,834			(138	)		(78	)	(7) (8) (10)
Recorded Books Inc. (dba RBMedia)	Media		S + 5.75%		09/03/30			3,264			(57	)		(33	)	(7) (8) (10)
Versant Media Group Inc	Media		S + 3.50%		01/30/31			8,750			8,765			8,745		(9) (12)
Arsenal AIC Parent LLC	Metals & Mining	6.47%	S + 2.75%		08/19/30			8,534			8,591			8,545
Crosby US Acquisition Corp.	Metals & Mining	7.22%	S + 3.50%		08/16/29			11,946			12,020			11,991
AL GCX Fund VIII Holdings LLC	Oil, Gas & Consumable Fuels	5.82%	S + 2.00%		01/30/32			25,764			25,775			25,732
AL GCX Holdings, LLC	Oil, Gas & Consumable Fuels	5.98%	S + 2.25%		12/17/32			25,325			25,262			25,341		(12)
AL NGPL Holdings, LLC	Oil, Gas & Consumable Fuels	6.19%	S + 2.25%		12/09/30			35,458			35,582			35,591
Buckeye Partners, L.P.	Oil, Gas & Consumable Fuels	5.47%	S + 1.75%		11/22/32			28,345			28,324			28,484
BX Frontier Member I LLC	Oil, Gas & Consumable Fuels	5.86%	5.86%	09/22/25	12/31/60			62,977			53,433			53,433		(7) (8) (9) (10)
CQP Holdco LP	Oil, Gas & Consumable Fuels	5.67%	S + 2.00%		12/31/30			35,369			35,449			35,470
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels	8.92%	S + 5.25%		06/30/31			4,318			4,257			4,253		(7) (8) (9)
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)	Oil, Gas & Consumable Fuels		S + 5.25%		06/30/31			941			(6	)		(14	)	(7) (8) (9) (10)
Kohler Energy Co LLC	Oil, Gas & Consumable Fuels	7.42%	S + 3.75%		05/01/31			18,628			18,649			18,712

 

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

 

39

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Meade Pipeline Co LLC	Oil, Gas & Consumable Fuels	5.69%	S + 2.00%	09/22/32	$		20,360		$	20,382		$	20,462
Oryx Midstream Services Permian Basin, LLC	Oil, Gas & Consumable Fuels	5.98%	S + 2.25%	10/05/28			28,269			28,364			28,378
Oxbow Carbon LLC	Oil, Gas & Consumable Fuels	7.22%	S + 3.50%	05/10/30			2,320			2,321			2,314
Prairie ECI Acquiror LP	Oil, Gas & Consumable Fuels	7.47%	S + 3.75%	08/01/29			3,813			3,812			3,832
Third Coast Infrastructure LLC	Oil, Gas & Consumable Fuels	7.47%	S + 3.75%	09/25/30			14,710			14,699			14,827
Traverse Midstream Partners LLC	Oil, Gas & Consumable Fuels	6.34%	S + 2.50%	02/16/28			23,803			23,940			23,827
VRS Buyer, Inc. (dba LiquidTech)	Oil, Gas & Consumable Fuels	7.24%	S + 3.50%	10/12/32			113,390			112,836			113,674
VRS Buyer, Inc. (dba LiquidTech)	Oil, Gas & Consumable Fuels		S + 3.50%	10/12/32			11,610			(28	)		29		(10)
Whitewater Matterhorn Holdings LLC	Oil, Gas & Consumable Fuels	5.98%	S + 2.25%	06/16/32			25,650			25,766			25,726
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.84%	S + 5.00%	09/30/30			23,827			23,309			23,470		(7) (8)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	7.07%	E + 5.00%	09/30/30	EUR		14,825			15,293			17,161		(7) (8)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals		S + 5.00%	10/01/29			4,892			(93	)		(73	)	(7) (8) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.84%	S + 5.00%	09/30/30			3,645			3,559			3,591		(7) (8)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.73%	S + 5.00%	09/30/30			3,058			2,519			2,498		(7) (8) (10)
Bamboo US BidCo LLC (dba Baxter)	Pharmaceuticals	8.83%	S + 5.00%	09/30/30			3,050			3,023			3,004		(7) (8)
Covetrus, Inc.	Pharmaceuticals	8.67%	S + 5.00%	10/13/29			2,525			2,527			2,255
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals	8.73%	S + 5.00%	12/18/31			68,292			67,231			66,756		(7) (8)
Creek Parent, Inc. (dba Catalent)	Pharmaceuticals		S + 5.00%	12/18/31			9,980			(149	)		(225	)	(7) (8) (10)
Amspec Parent, LLC	Professional Services	7.17%	S + 3.50%	12/22/31			68,171			67,904			68,171
Ankura Consulting Group, LLC	Professional Services	7.37%	S + 3.50%	12/29/31			17,959			17,946			17,516
Berkeley Research Group LLC	Professional Services	6.92%	S + 3.25%	05/01/32			16,958			16,958			16,975
Engage2Excel, Inc.	Professional Services	10.37%	S + 6.50%	07/01/29			25,657			25,347			25,016		(7) (8)
Engage2Excel, Inc.	Professional Services	10.91%	S + 6.50%	07/01/29			2,129			1,463			1,437		(7) (8) (10)
Grant Thornton Advisors LLC	Professional Services	6.72%	S + 3.00%	06/02/31			9,127			9,161			9,153		(12)
Grant Thornton Advisors LLC	Professional Services	6.47%	S + 2.75%	06/02/31			2,194			2,184			2,196
iCIMS, Inc.	Professional Services	9.61%	S + 5.75%	08/18/28			53,887			52,851			51,462		(8)
iCIMS, Inc.	Professional Services	10.11%	S + 6.25%	08/18/28			6,000			5,941			5,805		(8)
iCIMS, Inc.	Professional Services	9.59%	S + 5.75%	08/18/28			4,771			1,190			1,073		(8) (10)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.67%	S + 5.75%	11/30/27			1,965			1,964			1,955		(8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	9.69%	S + 5.75%	11/30/27			1,933			1,932			1,923		(8)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.50%	P + 4.75%	11/30/27			349			121			120		(8) (10)
PAS Parent Inc. (dba Pace Analytical)	Professional Services	8.22%	S + 4.50%	08/18/32			59,123			58,766			58,827		(7) (8)
PAS Parent Inc. (dba Pace Analytical)	Professional Services		S + 4.50%	08/18/32			31,856			(151	)		(159	)	(7) (8) (10)
PAS Parent Inc. (dba Pace Analytical)	Professional Services		S + 4.50%	08/18/31			12,725			(110	)		(64	)	(7) (8) (10)
Westwood Professional Services Inc.	Professional Services	8.17%	S + 4.50%	09/19/31			80,572			79,880			79,766		(7) (8)
Westwood Professional Services Inc.	Professional Services	8.17%	S + 4.50%	09/19/31			23,574			7,836			7,722		(7) (8) (10)
Westwood Professional Services Inc.	Professional Services		S + 4.50%	09/19/31			12,239			(100	)		(122	)	(7) (8) (10)
MRI Software LLC	Real Estate Mgmt. & Development	8.42%	S + 4.75%	02/10/28			37,850			37,815			37,660		(7)
MRI Software LLC	Real Estate Mgmt. & Development	8.42%	S + 4.75%	02/10/28			2,038			239			234		(7) (10)
MRI Software LLC	Real Estate Mgmt. & Development	8.44%	S + 4.75%	02/10/28			305			60			59		(7) (10)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.32%	S + 6.50%	07/01/27			9,386			9,340			9,292		(8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development	10.32%	S + 6.50%	07/01/27			8,903			8,859			8,814		(8)
Zarya HoldCo, Inc. (dba Eptura)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27			938			(8	)		(9	)	(8) (10)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32			64,691			63,952			63,950		(7)
Accommodations Plus Technologies LLC	Software	8.94%	S + 5.25%	05/28/32			62,916			62,198			62,195		(7)
Accommodations Plus Technologies LLC	Software		S + 5.25%	05/28/32			12,291			(119	)		(120	)	(7) (10)

 

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

 

40

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
AI Titan Parent, Inc. (dba Prometheus)	Software	8.22%	S + 4.50%	08/29/31	$		16,938		$	16,809		$	16,768		(7) (8)
AI Titan Parent, Inc. (dba Prometheus)	Software	8.32%	S + 4.50%	08/29/31			3,388			739			728		(7) (8) (10)
AI Titan Parent, Inc. (dba Prometheus)	Software		S + 4.50%	08/29/31			2,117			(18	)		(21	)	(7) (8) (10)
Apple Bidco Holdings, Inc. (dba Raptor Technologies)	Software		S + 4.50%	12/01/32			64,525			—			—		(7) (10)
Apple Bidco Holdings, Inc. (dba Raptor Technologies)	Software		S + 4.50%	12/01/32			19,302			—			—		(7) (10)
Apple Bidco Holdings, Inc. (dba Raptor Technologies)	Software		S + 4.50%	12/01/32			8,272			—			—		(7) (10)
Aptean, Inc.	Software	8.57%	S + 4.75%	01/30/31			122,325			121,571			121,713		(7) (8)
Aptean, Inc.	Software		S + 4.75%	01/30/31			12,469			(48	)		(62	)	(7) (8) (10)
Aptean, Inc.	Software	8.69%	S + 4.75%	01/30/31			8,357			2,336			2,346		(7) (8) (10)
Arches Buyer Inc.	Software	7.07%	S + 3.25%	12/06/27			7,091			7,094			7,100
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.67%	S + 5.00%	07/01/30			11,532			11,376			11,474		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.67%	S + 5.00%	07/01/30			756			751			752		(7) (8)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	8.67%	S + 5.00%	07/01/30			732			721			728		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software	7.82%	S + 4.15%	07/28/31			45,788			45,542			45,559		(7) (8)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/28/31			11,207			(48	)		(56	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30			5,443			(36	)		(27	)	(7) (8) (10)
Artifact Bidco, Inc. (dba Avetta)	Software		S + 4.15%	07/26/30			2,562			(17	)		(13	)	(7) (8) (10)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.17%	S + 4.50%	07/14/31			50,400			50,023			50,022		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.24%	S + 4.50%	07/14/31			24,000			23,745			23,820		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software	8.24%	S + 4.50%	07/14/31			12,424			12,331			12,330		(7) (8) (9)
Aurora Acquireco, Inc. (dba AuditBoard)	Software		S + 4.50%	07/14/31			9,600			(81	)		(72	)	(7) (8) (9) (10)
Avalara, Inc	Software	6.42%	S + 2.75%	03/26/32			5,661			5,689			5,681
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32			584,354			—			—		(7) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32			108,214			—			—		(7) (10)
Clearwater Analytics, LLC	Software		S + 4.50%	03/31/32			70,339			—			—		(7) (10)
CloudBees, Inc.	Software	10.83%	S + 7.00% (Incl. 2.50% PIK)	11/24/26			1,856			1,863			1,856		(8)
CloudBees, Inc.	Software	10.83%	S + 7.00% (Incl. 2.50% PIK)	11/24/26			796			799			796		(8)
Clover Holdings 2 LLC	Software	7.77%	S + 4.00%	12/09/31			7,774			7,767			7,767
ConnectWise, LLC	Software	7.43%	S + 3.50%	09/29/28			13,370			13,410			13,111
Convenient Payments Acquisition, Inc.	Software	9.73%	S + 6.00%	12/31/26			12,769			12,704			12,673		(7) (8)
Convenient Payments Acquisition, Inc.	Software	9.73%	S + 6.00%	12/31/26			1,662			1,653			1,650		(7) (8)
Convenient Payments Acquisition, Inc.	Software		S + 6.00%	12/31/26			990			(5	)		(7	)	(7) (8) (10)
Crewline Buyer, Inc. (dba New Relic)	Software	10.59%	S + 6.75%	11/08/30			72,867			71,614			72,138		(7) (8)
Crewline Buyer, Inc. (dba New Relic)	Software		S + 6.75%	11/08/30			7,326			(119	)		(73	)	(7) (8) (10)
Dawn Bidco, LLC (dba Dayforce)	Software		S + 3.00%	10/07/32			275,000			—			—		(7) (10)
Dawn Bidco, LLC (dba Dayforce)	Software		S + 2.75%	08/20/30			25,000			—			—		(7) (10)
Dawn Bidco, LLC (dba Dayforce)	Software		S + 3.00%	08/20/32			3,800			3,798			3,786		(12)
Drake Software, LLC	Software	7.92%	S + 4.25%	06/26/31			3,217			3,181			3,152
Edition Holdings, Inc. (dba Enverus)	Software	8.20%	S + 4.50%	12/20/32			39,693			39,544			39,544		(7)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32			10,761			(20	)		(20	)	(7) (10)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32			5,743			(11	)		(11	)	(7) (10)
Edition Holdings, Inc. (dba Enverus)	Software		S + 4.50%	12/20/32			4,035			(15	)		(15	)	(7) (10)
Epicor Software Corp	Software	6.22%	S + 2.50%	05/30/31			7,082			7,126			7,101
First Advantage Holdings, LLC	Software	6.47%	S + 2.75%	10/31/31			508			510			502		(9)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	9.34%	S + 5.50% (Incl. 2.00% PIK)	01/17/31			27,815			27,688			27,815		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software	8.84%	S + 5.00% (Incl. 2.00% PIK)	01/17/31			7,167			7,116			7,024		(7) (8)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31			3,839			(26	)		(10	)	(7) (8) (10)
GovDelivery Holdings, LLC (dba Granicus, Inc.)	Software		S + 5.50% (Incl. 2.00% PIK)	01/17/31			460			(6	)		(9	)	(7) (8) (10)

 

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

 

41

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Hyland Software, Inc.	Software	8.67%	S + 5.00%	09/19/30	$		93,566		$	92,522		$	93,566		(7) (8)
Hyland Software, Inc.	Software		S + 5.00%	09/19/29			4,525			(44	)		—		(7) (8) (10)
iSolved Inc	Software	6.47%	S + 2.75%	10/15/30			20,447			20,583			20,479
Javelin Buyer, Inc.	Software	6.59%	S + 2.75%	12/05/31			21,209			21,339			21,258
Jeppesen Holdings, LLC	Software	8.59%	S + 4.75%	11/01/32			226,662			225,549			225,528		(7)
Jeppesen Holdings, LLC	Software		S + 4.75%	11/01/32			11,333			(55	)		(57	)	(7) (10)
KPA Parent Holdings, Inc.	Software	8.22%	S + 4.50%	03/12/32			25,988			25,750			25,728		(7) (8)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32			3,713			(17	)		(37	)	(7) (8) (10)
KPA Parent Holdings, Inc.	Software		S + 4.50%	03/12/32			2,599			(23	)		(26	)	(7) (8) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software	9.70%	S + 6.00% (Incl. 3.25% PIK)	12/18/31			102,974			101,217			101,944		(7) (8) (9)
Kryptona Bidco US, LLC (dba Kyriba)	Software		S + 6.00% (Incl. 3.25% PIK)	12/18/31			50,044			—			—		(7) (8) (9) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software	8.06%	E + 6.00% (Incl. 3.25% PIK)	12/18/31	EUR		23,831			24,383			27,726		(7) (8) (9)
Kryptona Bidco US, LLC (dba Kyriba)	Software		S + 6.00% (Incl. 3.25% PIK)	12/18/31	EUR		10,646			—			—		(7) (8) (9) (10)
Kryptona Bidco US, LLC (dba Kyriba)	Software		S + 6.00% (Incl. 3.25% PIK)	12/18/31			10,825			(185	)		(108	)	(7) (8) (9) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software	8.17%	S + 4.50%	09/27/32			33,445			33,242			33,194		(7) (8)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/27/32			8,108			(29	)		(61	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31			4,054			(29	)		(30	)	(7) (8) (10)
Lobos Parent, Inc. (dba NEOGOV)	Software		S + 4.50%	09/26/31			1,824			(13	)		(14	)	(7) (8) (10)
Mitchell International, Inc.	Software		S + 3.25%	06/17/31			5,661			5,675			5,676		(12)
ML Holdco, LLC (dba MeridianLink)	Software	8.37%	S + 4.50%	10/25/32			100,161			99,671			99,661		(7)
ML Holdco, LLC (dba MeridianLink)	Software		S + 4.50%	10/25/32			26,057			(63	)		(65	)	(7) (10)
NC Topco, LLC (dba NContracts)	Software	8.22%	S + 4.50%	09/01/31			55,963			55,541			55,683		(7)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/01/31			15,966			(89	)		(80	)	(7) (10)
NC Topco, LLC (dba NContracts)	Software		S + 4.50%	09/01/31			6,386			(54	)		(32	)	(7) (10)
North Star Acquisitionco, LLC (dba Everway)	Software		S + 4.50%	05/03/29			275,000			—			—		(7) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.38%	N + 4.50%	05/03/29	NOK		158,670			14,959			15,662		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.27%	S + 4.50%	05/03/29			93,333			70,496			70,093		(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	S + 4.50%	05/03/29			64,211			64,037			63,890		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	S + 4.50%	05/03/29			21,262			21,260			21,156		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.28%	S + 4.50%	05/03/29			15,032			14,146			14,121		(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software		S + 4.50%	05/03/29			14,253			(45	)		(71	)	(7) (8) (9) (10)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	SN + 4.50%	05/03/29	GBP		7,240			9,265			9,710		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software	8.22%	S + 4.50%	05/03/29			1,947			1,947			1,938		(7) (8) (9)
North Star Acquisitionco, LLC (dba Everway)	Software		S + 4.50%	05/03/29			1,558			(1	)		(8	)	(7) (8) (9) (10)
One, Inc. Software Corporation	Software	8.26%	S + 4.50%	12/06/32			245,730			243,292			243,272		(7)
One, Inc. Software Corporation	Software		S + 4.50%	12/06/32			47,256			(234	)		(236	)	(7) (10)
One, Inc. Software Corporation	Software		S + 4.50%	12/06/32			18,902			(187	)		(189	)	(7) (10)
Onyx CenterSource, Inc.	Software	9.39%	S + 5.25%	12/14/29			27,127			26,692			26,856		(7) (8)
Onyx CenterSource, Inc.	Software	9.39%	S + 5.25%	12/14/29			2,055			1,884			1,898		(7) (8) (10)
Project Boost Purchaser, LLC	Software	6.61%	S + 2.75%	07/16/31			25,451			25,530			25,504
Quartz Acquireco LLC	Software	5.92%	S + 2.25%	06/28/30			24,036			24,021			23,976
Renaissance Holding Corp.	Software	7.72%	S + 4.00%	04/05/30			98,283			97,810			85,606		(7)
Runway Bidco, LLC (dba Redwood Software)	Software	8.67%	S + 5.00%	12/17/31			65,066			64,578			64,740		(7) (8)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			16,287			(81	)		(81	)	(7) (8) (10)
Runway Bidco, LLC (dba Redwood Software)	Software		S + 5.00%	12/17/31			8,144			(67	)		(41	)	(7) (8) (10)
Singlewire Software, LLC	Software	8.59%	S + 4.75%	05/10/30			47,187			46,724			46,833		(7) (8)
Singlewire Software, LLC	Software	8.42%	S + 4.75%	05/10/30			23,868			23,432			23,689		(7) (8)
Singlewire Software, LLC	Software		S + 4.75%	05/10/30			7,560			(108	)		(57	)	(7) (8) (10)

 

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

 

42

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Table of Contents

Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
Sundance Group Holdings, Inc. (dba NetDocuments)	Software		S + 4.75%	07/02/29	$		17,848		$	—		$	—		(7) (10)
Sundance Group Holdings, Inc. (dba NetDocuments)	Software		S + 4.75%	07/02/29			1,983			—			—		(7) (10)
UKG Inc.	Software	6.34%	S + 2.50%	02/10/31			21,271			21,305			21,280		(12)
Vamos Bidco, Inc. (dba VIP)	Software	8.42%	S + 4.75%	01/30/32			68,335			67,777			67,651		(7) (8)
Vamos Bidco, Inc. (dba VIP)	Software		S + 4.75%	01/30/32			28,616			(160	)		(286	)	(7) (8) (10)
Vamos Bidco, Inc. (dba VIP)	Software		S + 4.75%	01/30/32			8,585			(77	)		(86	)	(7) (8) (10)
World Wide Technology Holding Co. LLC	Software	5.72%	S + 2.00%	03/01/30			35,362			35,557			35,384
Zelis Payments Buyer, Inc.	Software	6.97%	S + 3.25%	11/26/31			4,529			4,544			4,490
Harbor Freight Tools USA, Inc.	Specialty Retail	5.97%	S + 2.25%	06/11/31			14,167			13,970			14,016
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail		S + 5.00%	06/02/31			129,542			(290	)		(1,619	)	(7) (8) (10)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.67%	S + 5.00%	06/02/31			90,147			89,581			90,147		(7) (8)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	8.69%	S + 5.00%	06/02/31			49,417			40,294			40,620		(7) (8) (10)
Summit Buyer, LLC (dba Classic Collision)	Specialty Retail	10.75%	P + 4.00%	05/31/30			11,619			2,749			2,822		(7) (8) (10)
Ahead DB Holdings, LLC	Technology Hardware & Equipment	6.17%	S + 2.50%	02/03/31			14,599			14,519			14,569
Fortress Intermediate 3, Inc	Technology Hardware & Equipment	6.78%	S + 3.00%	06/27/31			4,239			4,281			4,235
McAfee, LLC	Technology Hardware & Equipment	6.72%	S + 3.00%	03/01/29			17,813			17,827			16,383
Virtusa Corporation	Technology Hardware & Equipment	6.97%	S + 3.25%	02/15/29			10,817			10,799			10,834
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals	8.19%	S + 4.50%	12/23/32			126,118			125,803			125,803		(7)
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals	8.21%	S + 4.50%	12/23/32			18,789			1,510			1,510		(7) (10)
Victors Purchaser, LLC (dba Service Express)	Technology Hardware, Storage & Peripherals		S + 4.50%	12/23/32			9,879			(25	)		(12	)	(7) (10)
Project Alpha Intermediate Holding, Inc.	Telecommunication services	6.92%	S + 3.25%	10/26/30			7,082			7,091			7,066
AAG KP Borrower LLC (dba KUIU)	Textiles, Apparel & Luxury Goods	8.76%	S + 5.00%	12/05/31			201,504			198,260			198,221		(7)
AAG KP Borrower LLC (dba KUIU)	Textiles, Apparel & Luxury Goods		S + 5.00%	12/05/31			25,709			(381	)		(386	)	(7) (10)
AAG KP Borrower LLC (dba KUIU)	Textiles, Apparel & Luxury Goods		S + 5.00%	12/05/31			2,085			(31	)		(31	)	(7) (10)
Champ Acquisition Corporation	Textiles, Apparel & Luxury Goods	7.72%	S + 4.00%	11/25/31			15,714			15,914			15,773
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.47%	S + 5.75%	10/07/30			71,513			70,194			70,798		(7) (8)
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics)	Trading Companies & Distributors	9.47%	S + 5.75%	10/07/30			40,084			39,298			39,683		(7) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.17%	S + 5.50% (Incl. 2.25% PIK)	12/31/29			204,451			201,033			189,629		(7) (8)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	8.94%	S + 5.25%	12/31/29			23,406			2,410			1,112		(7) (8) (10)
NCWS Intermediate, Inc. (dba National Carwash Solutions)	Trading Companies & Distributors	9.17%	S + 5.50% (Incl. 2.25% PIK)	12/31/29			14,094			1,425			582		(7) (8) (10)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors	8.67%	S + 5.00% (Incl. 1.75% PIK)	04/09/30			133,677			133,345			131,671		(7) (8)
PT Intermediate Holdings III, LLC (dba Parts Town)	Trading Companies & Distributors		S + 5.00% (Incl. 1.75% PIK)	04/09/30			7,802			(21	)		(117	)	(7) (8) (10)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)	Trading Companies & Distributors		S + 5.00%	01/24/33			102,611			—			—		(7) (10)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)	Trading Companies & Distributors		S + 5.00%	01/24/33			21,602			—			—		(7) (10)
TL Sapphire Holdings, Inc. (dba SouthernCarlson)	Trading Companies & Distributors		S + 5.00%	01/24/33			18,002			—			—		(7) (10)
UFT Buyer LLC (dba United Flow Technologies)	Trading Companies & Distributors	8.27%	S + 4.50%	12/06/32			79,429			78,642			78,635		(7)
UFT Buyer LLC (dba United Flow Technologies)	Trading Companies & Distributors		S + 4.50%	12/06/32			29,148			(144	)		(146	)	(7) (10)
UFT Buyer LLC (dba United Flow Technologies)	Trading Companies & Distributors		S + 4.50%	12/06/32			10,931			(108	)		(109	)	(7) (10)
Deep Blue Operating I LLC	Water Utilities	6.59%	S + 2.75%	10/01/32			17,000			17,005			17,039
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.07%	S + 5.25%	03/31/27			5,832			2,725			2,712		(7) (8) (10)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.07%	S + 5.25%	03/31/27			5,817			5,778			5,759		(7) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.07%	S + 5.25%	03/31/27			5,817			5,778			5,759		(7) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services	9.07%	S + 5.25%	03/31/27			3,636			3,611			3,600		(7) (8)
Airwavz Solutions, Inc.	Wireless Telecommunication Services		S + 5.25%	03/31/27			729			(5	)		(7	)	(7) (8) (10)
Diamond Communications LLC	Wireless Telecommunication Services	7.72%	S + 4.00%	05/28/30			25,000			4,939			4,925		(8) (10)
Diamond Communications LLC	Wireless Telecommunication Services	7.72%	S + 4.00%	05/28/30			25,000			19,888			19,875		(8) (10)
Total 1st Lien/Senior Secured Debt										13,839,279			13,795,273

 

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

 

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Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Maturity		Par (6)			Cost			Fair Value			Footnotes
1st Lien/Last-Out Unitranche (11) - 2.8%
EDB Parent, LLC (dba Enterprise DB)	Software	10.84%	S + 7.00%	07/07/28			6,169		$	6,109		$	6,108		(8)
EDB Parent, LLC (dba Enterprise DB)	Software	10.84%	S + 7.00%	07/07/28			4,010			2,786			2,801		(8) (10)
EDB Parent, LLC (dba Enterprise DB)	Software	10.84%	S + 7.00%	07/07/28			1,493			1,478			1,478		(8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.09%	S + 6.25%	12/07/28			53,171			52,866			52,905		(7) (8)
EIP Consolidated, LLC (dba Everest Infrastructure)	Wireless Telecommunication Services	10.08%	S + 6.25%	12/07/28			31,829			30,220			30,253		(7) (8) (10)
K2 Towers II, LLC	Wireless Telecommunication Services	8.23%	S + 4.58%	05/02/29			5,092			4,816			4,791		(7) (8) (10)
K2 Towers III, LLC	Wireless Telecommunication Services	8.37%	S + 4.67%	12/06/28			54,001			44,861			44,821		(7) (10)
Octagon Towers LLC	Wireless Telecommunication Services	8.68%	S + 4.98%	09/04/28			5,742			4,732			4,732		(7) (10)
Peppertree Towers, LLC	Wireless Telecommunication Services	8.58%	S + 4.58%	05/15/29			9,001			8,194			8,194		(7) (10)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	8.74%	S + 5.03%	12/22/28			27,776			27,622			27,637		(7) (8)
Skyway Towers Intermediate LLC	Wireless Telecommunication Services	8.74%	S + 5.03%	12/22/28			20,641			1,608			1,658		(7) (8) (10)
Tarpon Towers II LLC	Wireless Telecommunication Services	8.30%	S + 4.58%	02/01/29			28,283			28,129			28,141		(7) (8)
Tarpon Towers II LLC	Wireless Telecommunication Services	8.30%	S + 4.58%	02/01/29			16,718			8,180			8,196		(7) (8) (10)
Towerco IV Holdings, LLC	Wireless Telecommunication Services	7.58%	S + 3.75%	08/31/28			25,668			23,123			23,190		(7) (8) (10)
Total 1st Lien/Last-Out Unitranche										244,724			244,905

 

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

 

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Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

Investment (1) (2)	Industry (3)	Interest Rate (4)	Reference Rate and Spread (4)	Initial Acquisition Date(5)	Maturity	Par (6)			Cost			Fair Value			Footnotes
2nd Lien/Senior Secured Debt - 0.8%
Sazerac Company, Inc.	Beverages	6.50%	S + 2.50%		07/09/32	$	24,040		$	24,151		$	24,063
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.)	Food Products		5.00%	10/26/25	11/03/32		29,300			—			—		(7) (9) (10)
Colossus Acquireco LLC	Oil, Gas & Consumable Fuels	5.41%	S + 1.75%		07/30/32		25,461			25,380			25,429
Beach Acquisition Bidco LLC	Textiles, Apparel & Luxury Goods	6.92%	S + 3.25%		09/12/32		23,650			23,846			23,813
Total 2nd Lien/Senior Secured Debt										73,377			73,305
Total United States									$	14,157,380		$	14,113,483
Total Debt Investments									$	15,636,232		$	15,612,705

 

Investment (1) (2)	Industry (3)	Effective Yield	Initial Acquisition Date(5)	Maturity	Shares(6)			Cost			Fair Value			Footnotes
Equity and Other - 0.7%
Cayman Islands - 0.6%
Structured Finance Obligation – Equity Instruments - 0.6%
Diameter Capital CLO 11, Ltd. - Subordinated Notes	Financial Services	8.85%	07/09/25	07/20/38	$	8,770		$	8,770		$	8,313		(9)
Diameter Capital CLO 13, Ltd. - Subordinated Notes	Financial Services	8.11%	11/26/25	01/20/39		7,580			7,580			7,580		(9)
Madison Park Funding LXX, Ltd. - Subordinated Notes	Financial Services	11.07%	08/04/25	09/04/38		20,090			18,624			18,051		(9)
Octagon 78, Ltd. - Subordinated Notes	Financial Services	9.00%	07/14/25	10/20/38		23,344			20,065			20,457		(9)
Total Structured Finance Obligation – Equity									55,039			54,401
Total Cayman Islands									55,039			54,401
United States - 0.1%
Common Stock - 0.1%
VisionSafe Parent, LLC	Aerospace & Defense		04/19/24			880		$	885		$	827		(7) (8) (16)
RPC ABC Investment Holdings LLC (dba ABC Plumbing)	Diversified Consumer Services		04/26/24			6,287,153			5,912			3,646		(7) (8) (13) (16)
SEM Holdings, LLC (dba Southeast Mechanical, LLC)	Diversified Consumer Services		07/06/22			400			616			574		(8) (13) (16)
Whitewater Holding Company LLC	Diversified Consumer Services		12/21/21			2,700		$	237		$	225		(8) (16)
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		03/29/24			27,194,622		$	—		$	—		(8) (13) (16)
Peppertree Towers, LLC	Wireless Telecommunication Services		12/18/25			9		$	10		$	10		(7) (16)
Total Common Stock									7,660			5,282
Preferred Stock - 0.0%
FS WhiteWater Holdings, LLC (fka Whitewater Holding Company LLC)	Diversified Consumer Services		10/02/24			221		$	36		$	37		(8) (16)
SDB HOLDCO, LLC (dba Specialty Dental Brands)	Health Care Providers & Services		03/29/24			13,194,756			3,101			—		(8) (13) (16)
CloudBees, Inc.	Software		11/24/21			134,557			2,031			2,056		(8) (16)
Total Preferred Stock									5,168			2,093
Membership Interest - 0.0%
BX Frontier Member I Holdings LLC	Oil, Gas & Consumable Fuels		09/22/25		3%			$	—		$	—		(7) (8) (9) (10) (16)
Total Membership Interest									—			—
Warrants - 0.0%
CloudBees, Inc.	Software		11/24/21			38,977		$	24		$	29		(8) (16)
Total Warrants									24			29
Total United States								$	12,852		$	7,404
Total Equity and Other								$	67,891		$	61,805
Total Investments - 181.4%								$	15,704,123		$	15,674,510
Investments in Affiliated Money Market Fund - 3.2%
United States - 3.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares						273,742,608		$	273,743		$	273,743		(17) (18)
Total United States								$	273,743		$	273,743
Total Investments in Affiliated Money Market Fund									273,743			273,743
Total Investments and Investments in Affiliated Money Market Fund - 184.6%								$	15,977,866		$	15,948,253

 

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

 

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Goldman Sachs Private Credit Corp.

Consolidated Schedule of Investments as of December 31, 2025 (continued)

(in thousands, except share and per share amounts)

 

(1)

Percentages are based on net assets.

(2)

Assets are pledged as collateral for the Revolving Credit Facilities (as defined below). See Note 6 “Debt.”

(3)

For Industry subtotal and percentage, see Note 4 “Investments.”

(4)

Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments represent 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 Euribor (“E”), SOFR including SOFR adjustment, if any, (“S”), SONIA (“SN”), NIBOR (“N”), CORRA (“C”), SARON (“SARON”), BBSW (“B”), STIBOR (“STIBOR”) 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, 2025, the rate for 6 month S was 3.57%, 3 month S was 3.65%,1 month S was 3.69%, 6 month E was 2.11%, 3 month E was 2.03%, 3 month SN was 3.73%, 3 month N was 4.07%, 3 month C was 2.26%, 1 month C was 2.26%, 6 month B was 4.12%, 3 month B was 3.74%, 1 month B was 3.55%, 3 month SARON was (0.08)%, 3 month STIBOR was 1.96% and 3 month P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.

(5)

Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities.” As of December 31, 2025, the aggregate fair value of these securities is $719,569 or 8.3% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(6)

Par amount is presented for debt investments, while the number of shares or units or percentage of membership interests owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or "USD”), unless otherwise noted as Euros (“EUR”), Great British Pounds (“GBP”), Australian Dollars (“AUD”), Swiss Franc (“CHF”), Norwegian Kroner (“NOK”), Swedish Krona (“SEK”) or Canadian Dollars (“CAD”).

(7)

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

(8)

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

(9)

The investment is not a qualifying asset under Section 55(a) of the Investment Company Act (as defined below). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, the aggregate fair value of these non-qualifying assets is $2,498,222 or 15.3% of the Company’s total assets.

(10)

Position or portion thereof is an unfunded commitment, and no interest is being earned on the unfunded portion. The unfunded commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on a loan. The negative fair value, if applicable, is the result of the capitalized discount on a loan. See Note 8 “Commitments and Contingencies.”

(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)

Position or portion thereof unsettled as of December 31, 2025.

(13)

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

(14)

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

(15)

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

(16)

Non-income producing security.

(17)

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

(18)

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

 

PIK - Payment-In-Kind

 

ADDITIONAL INFORMATION

 

Interest Rate Swaps
Counterparty	Hedged Instrument	Company Receives	Company Pays	Frequency	Maturity Date	Notional Amount			Fair Market Value			Upfront Payments / Receipts			Unrealized appreciation/ (depreciation)
Bank of America	2028 Notes	5.88%	S + 2.37%	Semiannual	04/06/28	$	400,000		$	1,000		$	—		$	1,000
Bank of America	2029 Notes	5.38%	S + 2.00%	Semiannual	12/31/28		400,000			(181	)		—			(181	)
Bank of America	2030 Notes	6.25%	S + 2.71%	Semiannual	04/06/30		600,000			1,044			—			1,044
BNP Paribas	2031 Notes	5.88%	S + 2.41%	Semiannual	12/31/30		500,000			(1,894	)		—			(1,894	)
Total Interest Rate Swaps						$	1,900,000		$	(31	)	$	—		$	(31	)

 

 

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

 

 

 

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Goldman Sachs Private Credit Corp.

Notes to the Consolidated Financial Statements

(in thousands, except share and per share amounts)

(Unaudited)

1. ORGANIZATION

Goldman Sachs Private Credit Corp. (f/k/a Goldman Sachs Loan Fund LLC and Goldman Sachs Private Credit Fund LLC) (the "Company", which term refers to either Goldman Sachs Private Credit Corp. or Goldman Sachs Private Credit Corp., together with its consolidated subsidiaries, as the context may require) is a Delaware corporation formed on March 25, 2022 that 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, 2023, and has elected to be treated as a business development company (“BDC”) under the Investment Company Act. On April 6, 2023, the Company elected to be regulated as a BDC, converted from a Delaware limited liability company into a Delaware corporation and commenced operations.

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, second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. The Company will also invest a portion of the portfolio in more liquid investments, such as broadly syndicated loans and other fixed-income securities, to provide the portfolio with additional liquidity.

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., together with GS & Co., GSAM and its other subsidiaries.

The Company is conducting an offering of the Company’s shares of common stock, including Class I shares (“Class I shares”), Class S shares (“Class S shares”) and Class D shares (“Class D shares” and, together with the Class I shares and Class S shares, the “Shares”), each par value $0.001 per share, on a continuous basis (the “Offering”). The offering and sale of common stock is exempt from registration in reliance on Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the “Securities Act”) and Regulation D and Regulation S thereunder, for offers and sales of securities that do not involve a public offering and for offers and sales of securities outside of the United States.

Prior to and including April 6, 2023 (the “Initial Issuance Date”), the per share purchase price for the Class I shares in the Offering was $25.00 per share. The initial per share purchase price was $24.93 for Class S shares, which were issued for the first time on February 1, 2026. The initial per share purchase price was $24.72 for Class D shares, which were issued for the first time on March 1, 2026. Thereafter, the purchase price per share for each class of the Company’s common stock will equal the net asset value (“NAV”) per share, as of the effective date of the applicable monthly share purchase date.

Prior to the Initial Issuance Date, the Company held stockholders’ funds received in connection with the Offering in an escrow account subject to the satisfaction of certain conditions (the “Escrow Conditions”). On the Initial Issuance Date, the Escrow Conditions were satisfied and the Company broke escrow in connection with the initial closing of the private offering of the Shares.

GS & Co. will assist the Company in conducting the Offering pursuant to agreements between the Company and GS & Co.

On December 19, 2022, the Company received a capital contribution of one thousand dollars from an affiliate of the Investment Adviser (the “Initial Member”). The Initial Member served as the sole owner of the Company’s interests until the Initial Issuance Date. In connection with the Initial Issuance Date, such equity interests were cancelled.

Merger with Goldman Sachs Middle Market Lending Corp. II

On July 11, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Goldman Sachs Middle Market Lending Corp. II (“MMLC II”) and GSAM. The Merger Agreement provided 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), MMLC II would merge with and into the Company, with the Company continuing as the surviving company (the “Merger”). On October 14, 2025, the Company completed the Merger. For further information, see Note 11 “Merger with MMLC II”.

 

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2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

 

Certain prior period information has been reclassified to the current period presentation and has no effect on the Company’s consolidated financial position or the consolidated 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 subsidiaries, GS Private Credit SPV Public I LLC (“SPV Public I”), GSCR Blocker I, LLC, GSCR Mott Street SPV LLC (“GSCR Mott Street”) and 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 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
		March 31, 2026				March 31, 2025
Prepayment premiums		$	353			$	16
Accelerated amortization of upfront loan origination fees and unamortized discounts		$	3,892			$	1,064

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 in Note 3 “Significant Agreements and Related Party Transactions”) 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.

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.

At times, Goldman Sachs, GSAM or their affiliates earn fees for transaction services provided to portfolio companies that are non-recurring and non-refundable. For certain transactions, where the Company participates as a co-lender, Goldman Sachs, GSAM or their affiliates may share a portion of the fees with the Company. For further details, see Note 3 “Significant Agreements and Related Party Transactions — Co-Investment Activity.” The fees are capitalized into the loan balance and recognized over the life of the loan when deemed yield enhancing, otherwise, they are recorded as “Other Income” when earned. For the three months ended March 31, 2026, and 2025, Goldman Sachs, GSAM or their affiliates shared a portion of fees with the Company in the amount of $7,090 and $0 which are included in Other Income in the Consolidated Statements of Operations and no amounts were capitalized into a loan balance and recognized over the life of the loan.

Collateralized loan obligation (“CLO”) equity investments, which are included in Structured Finance Obligation – Equity Instruments in the Consolidated Schedules of Investments, recognize interest income by utilizing an effective interest methodology based upon an effective yield utilizing projected cashflows, as required by ASC 325-40, Beneficial Interest in Securitized Financial Assets.

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 the applicable 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 March 31, 2026, the Company had an investment held in one portfolio company on non-accrual status, which represented 0.2% and 0.1% of the total investments (excluding investments in money market fund, if any) at amortized cost and at fair value. As of December 31, 2025, the Company had an investment held in one portfolio company on non-accrual status, which represented 0.2% and 0.1% of the total investments (excluding investments in money market fund, if any) at amortized cost and at fair value.

Investments

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

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

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

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

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Receivable/Payable From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable to or payable by the Company for transactions that have not settled as of the reporting date.

Money Market Funds

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

Cash

Cash consists of deposits held at State Street Bank and Trust Company (the “Custodian”). As of March 31, 2026 and December 31, 2025, the Company held an aggregate cash balance of $163,728 and $197,449. Foreign currency of $11,639 and $45,194 (acquisition cost of $11,781 and $45,020) is included in cash as of March 31, 2026 and December 31, 2025.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars 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 U.S. dollars 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 are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations.

Foreign security 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 more volatile than those of comparable U.S. companies or U.S. government securities.

Derivatives

The Company recognizes its derivatives at fair value. The unrealized appreciation (depreciation) on derivatives is recorded on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) and net of cash collateral received and posted in the Consolidated Statements of Assets and Liabilities when a legal right of setoff exists under an enforceable netting agreement. Any over-collateralized amounts posted or received are included in the Consolidated Statements of Assets and Liabilities as Other assets or Accrued expenses and other liabilities. Notional amounts and fair market values of derivatives are presented separately on the Consolidated Schedules of Investments.

The Company has entered into interest rate swaps to more closely align the interest rates of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans. The Company designated these interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting. Gains and losses on these interest rate swaps are included in interest and other debt expenses in the Consolidated Statements of Operations, and changes in the fair value of the hedged liabilities attributable to the risk of being hedged (i.e. interest rate risk) are reported as an adjustment to the carrying value of the liabilities in the Consolidated Statements of Assets and Liabilities and included in interest and other debt expenses in the Consolidated Statements of Operations. See Note 6 “Debt” and Note 7 “Derivatives” for further information about such fair value hedge accounting relationship.

 

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting for foreign currency forward contracts and, as such, the Company records changes in fair value of its foreign currency forward contracts in the net unrealized appreciation (depreciation) on foreign currency forward contracts in the Consolidated Statements of Operations.

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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 Other general and administrative expenses in the Consolidated Statements of Operations.

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

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2023. 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.

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

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Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate net asset value of that class in relation to the aggregate net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the 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 or distributable earnings, as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each month 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.

The Company has a voluntary distribution reinvestment plan (the “DRIP”) that provides for the automatic reinvestment of all cash distributions declared by the Board unless a stockholder elects to “opt out” of the plan. As a result, if the Board declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional Shares, rather than receiving the cash distribution. If the distribution is subject to withholding tax as described above, only the net after-tax amount will be reinvested in additional Shares. Stockholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions and, for this purpose, stockholders receiving distributions in the form of Shares will generally be treated as receiving distributions equal to the amount of cash that would have been received if the stockholders had received the distributions in cash (or the fair market value of the Shares received through the plan, if the Company issues additional Shares with a fair market value equal to or greater than net asset value). However, since the cash distributions of participants in the plan will be reinvested, those stockholders will not receive cash with which to pay any applicable taxes.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing costs and debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Company's borrowings. These aforementioned costs are amortized using the straight-line method over each instrument's term. Deferred financing costs related to a revolving credit facility (as defined below) are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Deferred debt issuance costs related to any notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs consist primarily of fees incurred in connection with the Offering, including legal, printing and other costs, as well as costs associated with the preparation of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight line basis over 12 months.

Segment Reporting

In accordance with ASC 280, Segment Reporting, the Company has determined that it operates through a single operating and reporting segment with the investment objectives to generate current income and, to a lesser extent, capital appreciation through direct origination of secured debt, unsecured debt and select equity investments. The chief operating decision maker (the “CODM”) is comprised of the Company’s chief executive officers, chief financial officer and chief operating officer. The CODM uses Net increase (decrease) in 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.

New Accounting Pronouncements

 

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

 

In November 2025, the FASB issued ASU No. 2025-09, “Hedge Accounting Improvements.” This ASU better aligns hedge accounting with the entity's risk management activities. This ASU expands on hedge accounting guidance for both financial and non-financial risk components and aligns the recognition and presentation of the effects of the hedging instruments and the hedged items in the financial statements. This ASU is effective for the Company beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the Company’s financial condition, results of operation or cash flows.

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Management Agreement

The Company entered into an Investment Management Agreement, effective as of March 20, 2023 (as amended, restated, supplemented or otherwise modified from time to time, the “Investment Management Agreement”), with the Investment Adviser.

Pursuant to the terms of the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of the Board of Directors, manages the Company’s day-to-day investment related operations and provides investment management services to the Company. The Company pays the Investment Adviser a fee for its services under the Investment Management Agreement consisting of two components: a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”).

Subject to applicable law and published SEC guidance, nothing contained in the Investment Management Agreement in any way precludes, restricts or limits the activities of the Investment Adviser or any of its respective subsidiaries or affiliated parties.

Management Fee

The Management Fee is payable monthly in arrears. The Management Fee is equal to 0.1042% (i.e., an annual rate of 1.25%) of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Management Agreement, net assets means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Investment Adviser waives a portion of its Management Fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.

For the first calendar month in which the Company had operations, net assets was measured as the beginning net assets as of the date on which the Company broke escrow. The Investment Adviser has agreed to waive the Management Fee for the first two fiscal quarters of the Company's operations, commencing on and including the date on which the Company broke escrow for the private offering of the Shares.

For the three months ended March 31, 2026 and 2025, Management Fees amounted to $29,197 and $18,202 and the Investment Adviser voluntarily agreed to waive $9,870 and $10,595. As of March 31, 2026, $13,903 remained payable.

Incentive Fee

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

i. Incentive Fee Based on Income

The portion based on the Company's income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company's net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the Management Fee and any interest expense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution and/or stockholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

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Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•

100% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”; and

•

12.5% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized).

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2026 and 2025, Incentive Fees based on income amounted to $27,762 and $16,459 and the Investment Adviser voluntarily waived $7,600 and $12,000. As of March 31, 2026, $20,162 remained payable.

ii. Incentive Fee Based on Capital Gains

The second component of the Incentive Fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

•

12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Investment Adviser if the Company was to sell the relevant investment and realize a capital gain.

The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated.

For the three months ended March 31, 2026 and 2025, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $0, 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 will also reimburse 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. Administration and Custodian fees are included in the Consolidated Statements of Operations in Other general and administrative expenses.

For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Administrator and the Custodian of $2,497 and $1,325. As of March 31, 2026, $3,981 remained payable.

Transfer Agent Fees

The Company has entered into a transfer agency agreement, with GS & Co. pursuant to which GS & Co. serves as the Company’s transfer agent (“Transfer Agent”), registrar and distribution paying agent. The Company pays the Transfer Agent fees at an annual rate of 0.05% of the average of the Company’s NAV 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 in Other general and administrative expenses.

For the three months ended March 31, 2026 and 2025, the Company incurred expenses for services provided by the Transfer Agent of $1,143 and $696. As of March 31, 2026, $1,143 remained payable.

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Affiliates

As of March 31, 2026 and December 31, 2025, affiliates of the Investment Adviser owned 19.6% and 21.6% of the Shares.

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 and Other Income
For the Three Months Ended March 31, 2026
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund - Institutional Shares		$	273,743			$	1,552,432			$	(1,482,636	)		$	—			$	—			$	343,539			$	2,806
RPC ABC Investment Holdings LLC (dba ABC Plumbing)			34,376				—				(37,079	)			—				2,703				—				—
SDB HOLDCO, LLC (dba Specialty Dental Brands)			22,413				88				(22	)			—				(4,898	)			17,581				85
SEM Holdings, LLC (dba Southeast Mechanical, LLC)			9,885				20				(15	)			—				(203	)			9,687				267
Total Non-Controlled Affiliates		$	340,417			$	1,552,540			$	(1,519,752	)		$	—			$	(2,398	)		$	370,807			$	3,158
For the Year Ended December 31, 2025
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund - Institutional Shares		$	444,718			$	8,078,788			$	(8,249,763	)		$	—			$	—			$	273,743			$	17,563
RPC ABC Investment Holdings LLC (dba ABC Plumbing)			24,851				13,475				(1,311	)			—				(2,639	)			34,376				2,648
SDB HOLDCO, LLC (dba Specialty Dental Brands)			22,379				7,774				(23	)			—				(7,717	)			22,413				1,777
SEM Holdings, LLC (dba Southeast Mechanical, LLC)			—				9,984				(15	)			—				(84	)			9,885				243
Total Non-Controlled Affiliates		$	491,948			$	8,110,021			$	(8,251,112	)		$	—			$	(10,440	)		$	340,417			$	22,231

 

 

(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 March 31, 2026 and December 31, 2025, there were $2,832 and $3,486, respectively, included within Accrued expenses and other liabilities, and $1,445 and $2,512, respectively, included within Interest and other debt expenses payable 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. Furthermore, the Relief requires that any transaction fee (as described in the Relief) received by the Investment Adviser and/or a participant in connection with a co-investment transaction will be distributed to the participants on a pro rata basis based on the amounts they invested or committed, as the case may be, in such co-investment transaction.

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Placement Agent Agreement

The Company has entered into an agreement with GS & Co. (the “Placement Agent”), pursuant to which GS & Co. will assist the Company in conducting the Offering. GS & Co. has entered into or will enter into sub-placement agreements with various sub-placement agents to assist in conducting the Offering. Stockholder servicing and/or distribution fees will be payable to the Placement Agent. The Placement Agent may also be compensated by the Investment Adviser, in its discretion, for certain services, including promotional and marketing support, stockholders servicing, operational and recordkeeping, sub-accounting, networking or administrative services. These payments are made out of the Investment Adviser’s own resources and/or assets, including from the revenues or profits derived from the advisory fees the Investment Adviser receives from the Company.

The Company pays GS & Co. a monthly stockholder servicing and/or distribution fee equal to (i) 0.85% per annum with respect to Class S shares and (ii) 0.25% per annum with respect to Class D shares, in each case, of the aggregate NAV of the applicable share class as of the beginning of the first calendar day of the applicable month. There are no stockholder servicing and/or distribution fees with respect to Class I shares. The stockholder servicing and/or distribution fee is payable monthly in arrears.

For the three months ended March 31, 2026, the Company incurred placement fees of $2 and $0 which were attributable to Class S and Class D shares, respectively. For the three months ended March 31, 2025, the Company incurred placement fees of $0 and $0 which were attributable to Class S and Class D shares, respectively. As of March 31, 2026, $2 remained payable.

Expense Support and Conditional Reimbursement Agreement

The Company entered into an expense support and conditional reimbursement agreement (the “Expense Support and Conditional Reimbursement Agreement”) with the Investment Adviser. Pursuant to the Expense Support and Conditional Reimbursement Agreement, the Investment Adviser may elect to pay certain of the Company’s expenses on its behalf (each such payment, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or distribution and/or stockholder servicing fees of the Company. Any expense payment must be paid by the Investment Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Investment Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company will pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all expense payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company will be referred to herein as a “Reimbursement Payment.”

“Available Operating Funds” means the sum of (i) the Company’s net investment company income and (ii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (ii) are not included under clause (i) above).

The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month, in which case such waived amount will remain as unreimbursed Expense Payments reimbursable in future months. The Investment Adviser has waived its right to receive such payments for the three months ended March 31, 2026 and March 31, 2025, as applicable.

The following table presents a summary of Expense Payments and the related Reimbursement Payments:

 

For the Month Ended		Expense Payments by Adviser				Reimbursement Payments to Adviser				Unreimbursed Expense Payments
For the Three Months Ended March 31, 2026
January 31, 2026		$	3,250			$	—			$	3,250
February 28, 2026			3,250				—				3,250
March 31, 2026			3,250				—				3,250
Total		$	9,750			$	—			$	9,750
For the Three Months Ended March 31, 2025
January 31, 2025		$	1,222			$	—			$	1,222
February 28, 2025			1,216				—				1,216
March 31, 2025			1,739				—				1,739
Total		$	4,177			$	—			$	4,177

For the three months ended March 31, 2026 and March 31, 2025, the Investment Adviser agreed to advance $9,750 and $4,177, which have been included within Expense support in the Consolidated Statements of Operations. As of March 31, 2026, unreimbursed Expense Payments were $59,565.

 

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4. INVESTMENTS

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

 

		March 31, 2026								December 31, 2025
Investment Type		Cost				Fair Value				Cost				Fair Value
1st Lien/Senior Secured Debt		$	15,796,172			$	15,644,882			$	15,059,143			$	15,033,160
1st Lien/Last-Out Unitranche			277,280				277,861				295,586				297,348
2nd Lien/Senior Secured Debt			365,600				365,127				109,673				110,097
Structured Finance Obligation – Debt Instruments			171,830				168,114				171,830				172,100
Structured Finance Obligation – Equity Instruments			53,705				44,554				55,039				54,401
Preferred Stock			5,488				2,173				5,168				2,093
Common Stock			7,660				5,825				7,660				5,282
Membership Interest			—				—				—				—
Warrants			25				54				24				29
Total investments		$	16,677,760			$	16,508,590			$	15,704,123			$	15,674,510

 

 

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

 

		March 31, 2026								December 31, 2025
Industry		Fair Value				Net Assets				Fair Value				Net Assets
Software			21.3	%			38.3	%			18.4	%			33.4	%
Financial Services			8.8				15.9				9.4				17.1
Commercial Services & Supplies			6.9				12.4				8.4				15.2
Health Care Providers & Services			6.1				11.0				6.1				11.1
Diversified Consumer Services			4.8				8.6				5.0				9.1
Machinery			4.2				7.6				4.5				8.2
Trading Companies & Distributors			3.8				6.9				3.3				5.9
Food Products			3.3				6.0				2.2				4.1
Insurance			3.2				5.7				3.0				5.5
Health Care Technology			3.1				5.5				4.5				8.2
Wireless Telecommunication Services			2.9				5.3				1.8				3.2
Oil, Gas & Consumable Fuels			2.8				5.1				3.4				6.1
Professional Services			2.6				4.6				2.9				5.2
IT Services			2.3				4.1				2.7				4.9
Pharmaceuticals			1.9				3.5				2.0				3.7
Chemicals			1.9				3.4				1.9				3.4
Energy Equipment & Services			1.8				3.3				1.9				3.5
Construction & Engineering			1.5				2.7				1.7				3.1
Air Freight & Logistics			1.5				2.7				1.5				2.8
Textiles, Apparel & Luxury Goods			1.5				2.6				1.5				2.7
Electric Utilities			1.4				2.5				1.4				2.6
Media			1.1				2.1				0.8				1.5
Containers & Packaging			1.0				1.9				1.4				2.4
Health Care Equipment & Supplies			1.0				1.8				1.0				1.8
Building Products			0.9				1.7				1.1				2.0
Distributors			0.9				1.7				1.0				1.8
Specialty Retail			0.9				1.6				1.0				1.7
Consumer Staples Distribution & Retail			0.8				1.5				0.5				0.9
Technology Hardware, Storage & Peripherals			0.8				1.4				0.8				1.5
Aerospace & Defense			0.8				1.3				0.8				1.4
Hotels, Restaurants & Leisure			0.7				1.2				0.7				1.3
Electrical Equipment			0.6				1.0				0.6				1.0
Leisure Products			0.5				0.9				0.5				0.9
Real Estate Mgmt. & Development			0.3				0.6				0.4				0.6
Automobile Components			0.3				0.5				0.3				0.5
Technology Hardware & Equipment			0.3				0.4				0.3				0.5
Entertainment			0.2				0.3				0.2				0.4
Biotechnology			0.2				0.3				—		(1)		—		(1)
Rail Transportation			0.2				0.3				—				—
Beverages			0.1				0.3				0.2				0.3
Capital Goods			0.1				0.2				0.1				0.2
Household Products			0.1				0.2				0.1				0.2
Diversified Financial Services			0.1				0.2				0.2				0.4
Water Utilities			0.1				0.2				0.1				0.2
Industrial Conglomerates			0.1				0.2				0.1				0.1
Life Sciences Tools & Services			0.1				0.1				0.1				0.2
Metals & Mining			0.1				0.1				0.1				0.2
Household Durables			0.1				0.1				—		(1)		0.1
Ground Transportation			—		(1)		0.1				—		(1)		0.1
Construction Materials			—		(1)		—		(1)		—		(1)		0.1
Telecommunication services			—				—				0.1				0.1
Total			100.0	%			179.9	%			100.0	%			181.4	%

 

(1)

Amount rounds to less than 0.1%.

 

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

 

Geographic		March 31, 2026				December 31, 2025
United States			89.6	%			90.1	%
United Kingdom			2.5				2.6
Australia			2.3				2.3
Canada			1.9				1.7
Cayman Islands			1.3				1.4
France			0.7				0.6
Italy			0.5				0.2
Sweden			0.5				0.6
Switzerland			0.3				0.3
Belgium			0.2				—		(1)
Luxembourg			0.1				0.1
India			0.1				0.1
Netherlands			—				—
Total			100.0	%			100.0	%

(1)

Amount rounds to less than 0.1%.

 

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

Basis of Fair Value Measurement

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

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

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

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

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

Level 2 Instruments	Valuation Techniques and Significant Inputs
Equity and Fixed Income	The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.

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Derivative Contracts

Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of March 31, 2026 and December 31, 2025. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount 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 March 31, 2026
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	12,191,035		Discounted cash flows	Discount Rate	6.4% - 20.3%	8.9%
	$	13,892		Comparable multiples	EV/EBITDA(6)	—	10.0x
1st Lien/Last-Out Unitranche	$	277,861		Discounted cash flows	Discount Rate	6.3% - 12.4%	8.5%
2nd Lien/Senior Secured Debt	$	36,432		Discounted cash flows	Discount Rate	7.9% - 11.8%	11.1%
Equity
Preferred Stock	$	359		Comparable multiples	EV/EBITDA(6)	12.3x - 13.3x	13.1x
	$	1,814		Comparable multiples	EV/Revenue	—	3.0x
Common Stock	$	5,825		Comparable multiples	EV/EBITDA(6)	9.5x - 26.0x	12.5x
Warrants	$	54		Comparable multiples	EV/Revenue	—	3.0x
As of December 31, 2025
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	8,340,684		Discounted cash flows	Discount Rate	6.4% - 17.3%	9.1%
	$	18,800		Comparable multiples	EV/EBITDA(6)	—	10.0x
1st Lien/Last-Out Unitranche	$	239,601		Discounted cash flows	Discount Rate	6.1% - 11.3%	8.6%
2nd Lien/Senior Secured Debt	$	33,352		Discounted cash flows	Discount Rate	10.9% - 11.8%	11.5%
Equity
Preferred Stock	$	37		Comparable multiples	EV/EBITDA(6)	—	13.0x
	$	2,056		Comparable multiples	EV/Revenue	—	3.9x
Common Stock	$	5,272		Comparable multiples	EV/EBITDA(6)	9.5x - 13.0x	11.6x
Warrants	$	29		Comparable multiples	EV/Revenue	—	3.9x

 

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(1)

As of March 31, 2026, included within the fair value of Level 3 assets of $13,261,554 is an amount of $734,282 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $12,505,328 or 94.4% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)

As of December 31, 2025, included within the fair value of Level 3 assets of $12,146,614 is an amount of $3,506,783 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $8,613,637 or 71.0% 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 March 31, 2026 and December 31, 2025. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases in market comparable transactions or market multiples would result in an increase in the fair value.

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

		March 31, 2026																December 31, 2025
Assets		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
1st Lien/Senior Secured Debt		$	—			$	2,959,828			$	12,685,054			$	15,644,882			$	—			$	3,228,090			$	11,805,070			$	15,033,160
1st Lien/Last-Out Unitranche			—				—				277,861				277,861				—				—				297,348				297,348
2nd Lien/Senior Secured Debt			—				74,540				290,587				365,127				—				73,305				36,792				110,097
Structured Finance Obligation – Debt Instruments			—				168,114				—				168,114				—				172,100				—				172,100
Structured Finance Obligation – Equity Instruments			—				44,554				—				44,554				—				54,401				—				54,401
Preferred Stock			—				—				2,173				2,173				—				—				2,093				2,093
Common Stock			—				—				5,825				5,825				—				—				5,282				5,282
Membership Interest			—				—				—				—				—				—				—				—
Warrants			—				—				54				54				—				—				29				29
Investments in Affiliated Money Market Fund			343,539				—				—				343,539				273,743				—				—				273,743
Unrealized appreciation on derivatives			—				—				—				—				—				2,044				—				2,044
Total Assets		$	343,539			$	3,247,036			$	13,261,554			$	16,852,129			$	273,743			$	3,529,940			$	12,146,614			$	15,950,297
Liabilities		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
Unrealized depreciation on derivatives			—				(20,923	)			—				(20,923	)			—				(2,075	)			—				(2,075	)
Total Liabilities		$	—			$	(20,923	)		$	—			$	(20,923	)		$	—			$	(2,075	)		$	—			$	(2,075	)

 

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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 Three Months Ended March 31, 2026
1st Lien/Senior Secured Debt		$	11,805,070			$	1,455,948			$	5			$	(60,431	)		$	(524,991	)		$	9,453			$	—			$	—			$	12,685,054			$	(58,435	)
1st Lien/Last-Out Unitranche			297,348				5,227				—				(1,182	)			(23,849	)			317				—				—				277,861				(1,115	)
2nd Lien/Senior Secured Debt			36,792				254,417				—				(632	)			—				10				—				—				290,587				(632	)
Preferred Stock			2,093				320				—				(240	)			—				—				—				—				2,173				(240	)
Common Stock			5,282				—				—				543				—				—				—				—				5,825				543
Warrants			29				—				—				25				—				—				—				—				54				25
Total assets		$	12,146,614			$	1,715,912			$	5			$	(61,917	)		$	(548,840	)		$	9,780			$	—			$	—			$	13,261,554			$	(59,854	)
For the Three Months Ended March 31, 2025
1st Lien/Senior Secured Debt		$	5,131,334			$	711,520			$	(2,923	)		$	202			$	(100,786	)		$	4,425			$	—			$	(59,082	)		$	5,684,690			$	(2,991	)
1st Lien/Last-Out Unitranche			261,643				4,766				—				479				—				162				—				—				267,050				479
Common Stock			5,372				—				—				(696	)			—				—				—				—				4,676				(696	)
Total assets		$	5,398,349			$	716,286			$	(2,923	)		$	(15	)		$	(100,786	)		$	4,587			$	—			$	(59,082	)		$	5,956,416			$	(3,208	)

 

(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

Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:

 

				As of
		Level		March 31, 2026				December 31, 2025
Truist Revolving Credit Facility		3		$	1,600,745			$	2,892,631
BNPP Revolving Credit Facility		3		$	1,100,000			$	850,000
MS Revolving Credit Facility		3		$	1,698,914			$	1,193,154
5.050% February 2028 Notes		2		$	690,900			$	1,193,154
5.875% May 2028 Notes		2		$	399,600			$	408,080
5.375% January 2029 Notes		2		$	649,374			$	662,640
6.250% May 2030 Notes		2		$	593,880			$	613,200
5.875% January 2031 Notes		2		$	874,260			$	502,150

 

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6. DEBT

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 March 31, 2026 and December 31, 2025, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 220% and 222%.

The Company’s outstanding debt was as follows:

 

		March 31, 2026												December 31, 2025
		Aggregate Borrowing Amount Committed				Amount Available				Carrying Value(1)				Aggregate Borrowing Amount Committed				Amount Available			Carrying Value
Truist Revolving Credit Facility(2)		$	3,275,000			$	1,669,268			$	1,600,745			$	3,275,000			$	414,054		$	2,892,631
BNPP Revolving Credit Facility(3)			1,100,000				—				1,100,000				1,100,000				250,000			850,000
MS Revolving Credit Facility(4)			2,400,000				706,190				1,698,914				2,000,000				809,048			1,193,154
5.050% February 2028 Notes			700,000				—				684,702				—				—			—
5.875% May 2028 Notes			400,000				—				394,884				400,000				—			396,958
5.375% January 2029 Notes			660,000				—				647,309				660,000				—			649,041
6.250% May 2030 Notes			600,000				—				590,535				600,000				—			594,052
5.875% January 2031 Notes			900,000				—				868,269				500,000				—			485,885
Total debt		$	10,035,000			$	2,375,458			$	7,585,358			$	8,535,000			$	1,473,102		$	7,061,721

 

(1)

The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable.

(2)

Provides, under certain circumstances, a total borrowing capacity of $3,555,000. As of March 31, 2026 and December 31, 2025, the amount available is reduced by $5,000 and $630 of outstanding letters of credit. The Company may borrow amounts in 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 March 31, 2026, the Company had outstanding borrowings denominated in USD of $619,000, in Euros of EUR 398,350, in CAD of CAD 191,425, in GBP of GBP 79,550, in AUD of AUD 348,750, in NOK of NOK 85,000 and in CHF of CHF 23,200. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $2,051,000, in Euros of EUR 298,800, in CAD of CAD 118,050, in GBP of GBP 79,550, in CHF of CHF 24,200, in AUD of AUD 386,250 and in NOK of NOK 90,000.

(3)

Provides, under certain circumstances, a total borrowing capacity of $1,100,000. The Company may borrow amounts in 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 March 31, 2026, the Company had outstanding borrowings denominated in USD of $1,100,000. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $850,000.

(4)

Provides, under certain circumstances, a total borrowing capacity of $2,400,000. The Company may borrow amounts in 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 March 31, 2026, the Company had outstanding borrowings denominated in USD of $1,489,900, in GBP of GBP 16,050 and in AUD of AUD 272,150. As of December 31, 2025, the Company had outstanding borrowings denominated in USD of $989,900, in GBP of GBP 16,050 and in AUD of AUD 272,150.

The combined weighted average interest rates of the aggregate borrowings outstanding for the three months ended March 31, 2026 and for the year ended December 31, 2025 were 5.53% and 6.00%, respectively. The combined average debt of the aggregate borrowings outstanding for the three months ended March 31, 2026 was $7,195,746 and for the year ended December 31, 2025 was $3,368,655.

Truist Revolving Credit Facility

On April 6, 2023, the Company entered into a credit facility with Truist Bank (the “Truist Revolving Credit Facility”), as administrative agent, the lenders and issuing banks party thereto. The total loans and commitments under the Truist Revolving Credit Facility are $3,275,000, of which $2,545,000 is under a multicurrency sub-facility, $580,000 is under a USD sub-facility and $150,000 is under a term loan tranche as of March 31, 2026. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total loans and commitments under the Truist Revolving Credit Facility up to $3,555,000. The Company has amended the Truist Revolving Credit Facility on numerous occasions between August 9, 2023, and December 17, 2025. See Note 12. “Subsequent Events.”

Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on June 14, 2030.

Proceeds from the Truist Revolving Credit Facility may be used for investments, working capital, expenses and general corporate purposes (including to pay distributions).

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Borrowings thereunder 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 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (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 0.90% or 0.75% (subject to certain gross borrowing base conditions). Borrowings thereunder denominated in non-USD bear interest of the applicable term benchmark rate or daily simple risk-free rate plus a margin of either 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in (i) Great British Pounds (“GBP”) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, (ii) Swiss Franc (“CHF”) only, a (0.0571)% credit adjustment spread or 0.0031% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, and (iii) Canadian Dollars (“CAD”) only, an additional 0.29547% credit adjustment spread or 0.32138% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings. 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 Truist Revolving Credit Facility may be guaranteed by certain of the Company's wholly-owned subsidiaries that are formed or acquired by the Company in the future.

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 customary covenants, including: (i) maintaining a minimum stockholders’ equity, (ii) maintaining an asset coverage ratio of at least 1.50 to 1 and (iii) restrictions on industry concentrations in the Company’s investment portfolio. As of March 31, 2026, the Company was in compliance with these covenants.

The Truist Revolving Credit Facility also includes customary representations and warranties, conditions precedent to funding of draws and events of default (including a change in control event of default trigger).

Costs of $24,901 were incurred in connection with obtaining and amending the Truist Revolving Credit Facility, which have been recorded as deferred financing costs in 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 March 31, 2026 and December 31, 2025, outstanding deferred financing costs were $17,527 and $18,554.

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

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	23,436			$	9,881
Facility fees			1,328				655
Amortization of financing costs			1,027				595
Total		$	25,791			$	11,131
Weighted average interest rate			5.04	%			5.84	%
Average outstanding balance		$	1,885,727			$	686,759

BNPP Revolving Credit Facility

On September 28, 2023, SPV Public I entered into a credit facility with BNP Paribas (the “BNPP Revolving Credit Facility”), as administrative agent, State Street Bank and Trust Company, as collateral agent, the Company, as equityholder and investment advisor, and the lenders party thereto. The Company has amended the BNPP Revolving Credit Facility on numerous occasions between May 30, 2024 and January 31, 2025. See Note 12. “Subsequent Events.”

The total principal amount of the commitments under the BNPP Revolving Credit Facility is $1,100,000. Proceeds from borrowings under the BNPP Revolving Credit Facility may be used to fund portfolio investments by SPV Public I and to make advances under delayed drawdown collateral assets where SPV Public I is a lender. Any amounts outstanding under the BNPP Revolving Credit Facility must be repaid by January 31, 2028.

Prior to April 30, 2024, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.80% per annum. From April 30, 2024 until October 30, 2024, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.735% per annum. From October 31, 2024 until January 31, 2025, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.630% per annum. From and after January 31, 2025, advances under the BNPP Revolving Credit Facility bear interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.615% per annum. After the expiration of the reinvestment period on January 31, 2027, the applicable margin on all outstanding advances will increase by 1.00% per annum.

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SPV Public I’s obligations to the lenders under the BNPP Revolving Credit Facility are secured by a first priority security interest in substantially all of SPV Public I’s portfolio investments and cash, subject to liens permitted under the BNPP Revolving Credit Facility. The obligations of SPV Public I under the BNPP Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the BNPP Revolving Credit Facility is limited to the value of the Company’s investment in SPV Public I, subject to certain indemnification obligations.

The BNPP Revolving Credit Facility also includes customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. As of March 31, 2026, the Company and SPV Public I were in compliance with these covenants.

Costs of $7,796 were incurred in connection with obtaining and amending the BNPP Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BNPP Revolving Credit Facility using the straight-line method. As of March 31, 2026 and December 31, 2025, outstanding deferred financing costs were $4,008 and $4,546.

The following table presents the summary information regarding the BNPP Revolving Credit Facility:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	14,018			$	12,792
Facility fees			195				133
Amortization of financing costs			538				514
Total		$	14,751			$	13,439
Weighted average interest rate			5.37	%			6.02	%
Average outstanding balance		$	1,058,333			$	861,111

MS Revolving Credit Facility

On August 9, 2024, GSCR Mott Street entered into a revolving credit facility (the “MS Revolving Credit Facility”) with Morgan Stanley Senior Funding, Inc., as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as transferor and servicer, and the lenders party thereto, in an initial principal amount of $1,000,000 (the “Tranche A Advances”). The Company amended the MS Revolving Credit Facility on October 24, 2024 (the “MS Facility First Amendment”). The MS Facility First Amendment, among other things, created a second tranche of commitments in the amount of $1,000,000 (the “Tranche B Advances”). The Company entered into the second amendment of the MS Revolving Credit Facility on June 12, 2025 (the “MS Facility Second Amendment”). The MS Facility Second Amendment, among other things, provided for a one year extension of the revolving period from August 8, 2027 to August 8, 2028, a one year extension of the stated maturity date from August 9, 2029 to August 9, 2030, an amended minimum utilization schedule, revisions to certain eligibility criteria and concentration limitations with respect to PIK assets, and the addition of CHF and Norwegian Krone as eligible currencies. The Company entered into the third amendment of the MS Revolving Credit Facility on July 16, 2025 (the "MS Facility Third Amendment"). The MS Facility Third Amendment provided for an amendment to the calculation of the Yield Rate, such that from and after May 9, 2025, solely with respect to minimum utilization, Yield is calculated based off of only the Applicable Margin (rather than the applicable benchmark plus the Applicable Margin) (each capitalized term, as defined in the MS Revolving Credit Facility). The MS Facility Fourth Amendment (the "MS Facility Fourth Amendment") (i) combined the two tranches of commitments and reduced the applicable margin of each respective tranche to a single applicable margin equal to (x) on and after the Fourth Amendment Date (as defined in the MS Facility Fourth Amendment) and during the revolving period, 1.80% per annum and (y) during the amortization period, 2.30% per annum and (ii) extended the period during which GSCR Mott Street may not terminate or permanently reduce the MS Revolving Credit Facility from August 9, 2025 to October 24, 2026. On January 29, 2026, GSCR Mott Street entered into the fifth amendment (the “Fifth Amendment”) to the MS Revolving Credit Facility. The Fifth Amendment, among other things, increased the total commitments under the MS Revolving Credit Facility from $2,000,000 to $2,400,000.

The total principal amount of the commitments under the MS Revolving Credit Facility is $2,400,000. Proceeds from borrowings under the MS Revolving Credit Facility may be used to, among other things, fund portfolio investments by GSCR Mott Street and to make advances under delayed drawdown collateral assets where GSCR Mott Street is a lender. Any amounts outstanding under the MS Revolving Credit Facility must be repaid by August 9, 2030.

Advances under the MS Revolving Credit Facility initially bear interest at a per annum rate equal to the benchmark in effect for the currency of the applicable advance (which in the case of U.S. dollars is 3-month Term SOFR) plus an applicable margin of (x) for the Tranche A Advances, 2.35% per annum and (y) for the Tranche B Advances, 2.15% per annum. After the expiration of a three-year reinvestment period, the applicable margin on outstanding advances will be (x) for the Tranche A Advances, 2.85% per annum and (y) for the Tranche B Advances, 2.65% per annum.

GSCR Mott Street’s obligations to the lenders under the MS Revolving Credit Facility are secured by a first priority security interest in substantially all of GSCR Mott Street’s portfolio investments and cash, subject to liens permitted under the MS Revolving Credit Facility. The obligations of GSCR Mott Street under the MS Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under

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the MS Revolving Credit Facility is limited to the value of the Company’s investment in GSCR Mott Street, subject to certain indemnification obligations.

The MS Revolving Credit Facility also includes customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. As of March 31, 2026, the Company and GSCR Mott Street were in compliance with these covenants.

Costs of $20,561 were incurred in connection with obtaining the MS Revolving Credit Facility, which have been recorded as deferred financing costs in the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the MS Revolving Credit Facility using the straight-line method. As of March 31, 2026 and December 31, 2025, outstanding deferred financing costs were $15,702 and $13,824.

The following table presents the summary information regarding the MS Revolving Credit Facility:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	22,051			$	11,485
Facility fees			1,676				1,774
Amortization of financing costs			842				773
Total		$	24,569			$	14,032
Weighted average interest rate			5.45	%			6.51	%
Average outstanding balance		$	1,639,464			$	715,000

5.050% February 2028 Notes

On February 23, 2026, the Company closed an offering of $700,000 aggregate principal amount of its 5.050% unsecured notes due 2028 (the “5.050% February 2028 Notes”). The 5.050% February 2028 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as trustee. The 5.050% February 2028 Notes bear interest at a rate of 5.050% per year, payable semi-annually, commencing on August 23, 2026. The 5.050% February 2028 Notes will mature on February 23, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 5.050% February 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 5.050% February 2028 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 5.050% February 2028 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 5.050% February 2028 Notes:

		March 31, 2026				December 31, 2025
Principal amount of debt		$	700,000			$	—
Unamortized debt issuance costs			(10,656	)			—
Cumulative hedging adjustments			(4,642	)			—
Carrying Value		$	684,702			$	—

 

The following table presents the components of interest and other debt expenses related to the 5.050% February 2028 Notes:

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	3,876			$	—
(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps			4,623				—
Hedged items			(4,642	)			—
Amortization of debt issuance costs			569				—
Total		$	4,426			$	—

5.875% May 2028 Notes

On May 6, 2025, the Company closed an offering of $400,000 aggregate principal amount of its 5.875% unsecured notes due 2028 (the "5.875% May 2028 Notes"). The 5.875% May 2028 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as trustee. The 5.875% May 2028 Notes bear interest at a rate of 5.875% per year, payable semi-annually, commencing on November 6, 2025. The 5.875% May 2028 Notes will mature on May 6, 2028 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 5.875% May 2028 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 5.875% May 2028

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Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 5.875% May 2028 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 5.875% May 2028 Notes:

 

		March 31, 2026				December 31, 2025
Principal amount of debt		$	400,000			$	400,000
Unamortized debt issuance costs			(3,653	)			(4,081	)
Cumulative hedging adjustments			(1,463	)			1,039
Carrying Value		$	394,884			$	396,958

 

The following table presents the components of interest and other debt expenses related to the 5.875% May 2028 Notes:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	6,116			$	—
(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps			2,453				—
Hedged items			(2,502	)			—
Amortization of debt issuance costs			429				—
Total		$	6,496			$	—

 

5.375% January 2029 Notes

On October 17, 2025, the Company closed an offering of $400,000 aggregate principal amount of its 5.375% unsecured notes due 2029 (the "Initial 5.375% January 2029 Notes"). The Initial 5.375% January 2029 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as trustee. The Initial 5.375% January 2029 Notes bear interest at a rate of 5.375% per year, payable semi-annually, commencing on January 31, 2026. The Initial 5.375% January 2029 Notes will mature on January 31, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the Initial 5.375% January 2029 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company's fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the Initial 5.375% January 2029 Notes in a qualifying fair value hedging relationship for which it applied hedge accounting. The carrying value of the 5.375% January 2029 Notes (as defined below) is inclusive of the adjustment for the changes in fair value of the Initial 5.375% January 2029 Notes attributable to the risk being hedged.

 

On December 16, 2025, the Company closed an additional offering of $260,000 aggregate principal amount of its 5.375% unsecured notes due 2029 (the "New 5.375% January 2029 Notes," together with the Initial 5.375% January 2029 Notes, the "5.375 January 2029 Notes"). The New 5.375% January 2029 Notes were issued as “additional notes” and have identical terms to the Initial 5.375% January 2029 Notes as mentioned above. The New 5.375% January 2029 Notes are treated as a single class of notes with the existing notes for all purposes under the indenture. In connection with the closing, the Company received $2,290 of accrued interest ("Accrued Interest") from October 17, 2025, up to, but not including, December 16, 2025, and is payable along with the interest accrued on the Initial 5.375% January 2029 Notes and New 5.375% January 2029 Notes. The Accrued Interest is reported as Interest and other debt expenses payable in the Consolidated Statements of Assets and Liabilities.

The following table presents the components of the carrying value of the 5.375% January 2029 Notes:

 

		March 31, 2026				December 31, 2025
Principal amount of debt		$	660,000			$	660,000
Unamortized debt issuance costs			(9,886	)			(10,745	)
Cumulative hedging adjustments			(2,805	)			(214	)
Carrying Value		$	647,309			$	649,041

 

The following table presents the components of interest and other debt expenses related to the 5.375% January 2029 Notes:

 

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		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	9,229			$	—
(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps			2,589				—
Hedged items			(2,591	)			—
Amortization of debt issuance costs			858				—
Total		$	10,085			$	—

6.250% May 2030 Notes

On May 6, 2025, the Company closed an offering of $600,000 aggregate principal amount of its 6.250% unsecured notes due 2030 (the "6.250% May 2030 Notes"). The 6.250% May 2030 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as trustee. The 6.250% May 2030 Notes bear interest at a rate of 6.250% per year, payable semi-annually, commencing on November 6, 2025. The 6.250% May 2030 Notes will mature on May 6, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 6.250% May 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the 6.250% May 2030 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the 6.250% May 2030 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 6.250% May 2030 Notes:

 

		March 31, 2026				December 31, 2025
Principal amount of debt		$	600,000			$	600,000
Unamortized debt issuance costs			(6,657	)			(7,057	)
Cumulative hedging adjustments			(2,808	)			1,109
Carrying Value		$	590,535			$	594,052

 

The following table presents the components of interest and other debt expenses related to the 6.250% May 2030 Notes:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	9,680			$	—
(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps			3,867				—
Hedged items			(3,917	)			—
Amortization of debt issuance costs			400				—
Total		$	10,030			$	—

5.875% January 2031 Notes

On November 24, 2025, the Company closed an offering of $500,000 aggregate principal amount of its 5.875% unsecured notes due 2031 (the "Initial 5.875% January 2031 Notes"). The Initial 5.875% January 2031 Notes were issued pursuant to an indenture between the Company and Computershare Trust Company, National Association, as trustee. The Initial 5.875% January 2031 Notes bear interest at a rate of 5.875% per year, payable semi-annually, commencing on July 31, 2026. The Initial 5.875% January 2031 Notes will mature on January 31, 2031 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the indenture.

 

In connection with the issuance of the Initial 5.875% January 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the Initial 5.875% January 2031 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the Initial 5.875% January 2031 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

On February 23, 2026, the Company closed an additional offering of $400,000 aggregate principal amount of its 5.875% unsecured notes due 2031 (the "New 5.875% January 2031 Notes," together with the Initial 5.875% January 2031 Notes, the "5.875% January 2031 Notes"). The New 5.875% January 2031 Notes were issued as “additional notes” and have identical terms to the Initial 5.875% January 2031 Notes as mentioned above. The New 5.875% January 2031 Notes are treated as a single class of notes with the existing notes for all purposes under the indenture. In connection with the closing, the Company received $5,875 of accrued interest from November 24, 2025, up to, but not including, February 23, 2026, and is payable along with the interest accrued on the Initial 5.875% January 2031 Notes and New 5.875% January 2031 Notes. The Accrued Interest is reported as Interest and other debt expenses payable in the Consolidated Statements of Assets and Liabilities.

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In connection with the issuance of the New 5.875% January 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The cash flows pertaining to the interest rate swap are settled semi-annually. The Company designated this interest rate swap and the New 5.875% January 2031 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting. The carrying value of the New 5.875% January 2031 Notes is inclusive of the adjustment for the changes in fair value of these notes attributable to the risk being hedged.

The following table presents the components of the carrying value of the 5.875% January 2031 Notes:

 

		March 31, 2026				December 31, 2025
Principal amount of debt		$	900,000			$	500,000
Unamortized debt issuance costs			(22,445	)			(12,391	)
Cumulative hedging adjustments			(9,286	)			(1,724	)
Carrying Value		$	868,269			$	485,885

 

The following table presents the components of interest and other debt expenses related to the 5.875% January 2031 Notes:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	10,069			$	—
(Gain) loss from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps			7,360				—
Hedged items			(7,562	)			—
Amortization of debt issuance costs			824				—
Total		$	10,691			$	—

Short-Term Borrowings

From time to time, the Company may engage in sale/buy-back agreements with Macquarie Bank Limited (“Macquarie”), which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each transaction (each, a “Short-Term Borrowing”) is intended to finance an underlying investment of the Company. Under each Short-Term Borrowing, the Company remains the lender of record of the relevant underlying investment for the duration of such transaction but the Company sells to Macquarie a participation interest in such underlying investment and concurrently enters into an agreement to repurchase from Macquarie the same participation interest at an agreed-upon price (which price includes the interest on such borrowing) at a future date. The future repurchase date will not be later than 90 days from the date it was sold to Macquarie (unless such 90-day date is mutually extended by the Company and Macquarie).

To secure the Company’s obligations under each Short-Term Borrowing, the Company grants to Macquarie a back-up security interest in the Company's underlying investment associated with the particular borrowing.

In accordance with ASC 860, Transfers and Servicing, the Short-Term Borrowings meet the criteria for secured borrowings. Accordingly, the investment financed by these agreements remains on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its obligation to a third party, which is reported as debt on the Company’s Consolidated Statements of Assets and Liabilities. The Company’s obligation is secured by the respective investment that is the subject of the relevant Short-Term Borrowing. Interest expense associated with the Short-Term Borrowings is reported on the Company’s Consolidated Statements of Operations within Interest and other debt expense. There were no Short-Term Borrowings outstanding as of March 31, 2026 and December 31, 2025.

7. DERIVATIVES

The Company has entered into interest rate swaps to help mitigate interest rate risk associated with the Company’s liabilities, as well as more closely align the interest rates of the Company’s fixed rate liabilities with its investment portfolio, which predominately consists of floating rate loans.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including interest rate swaps, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be in good standing and by monitoring the financial stability of those counterparties.

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The table below presents the average notional amounts, as an indicator for volume, for interest rate swaps:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Interest rate swaps		$	2,450,000			$	—

The Company’s net exposure to interest rate swaps that are subject to ISDA Master Agreements or similar agreements presented on the Consolidated Statements of Assets and Liabilities, was as follows:

 

 

March 31, 2026
		Derivative Assets								Derivative Liabilities
Counterparty		Interest rate swaps				Total				Interest rate swaps				Total				Net Derivative Asset (Liabilities)				Cash collateral netting(1)				Net Amount (2)
Bank of America, N.A.		$	—			$	—			$	(7,046	)		$	(7,046	)		$	(7,046	)		$	7,046			$	—
BNP Paribas		$	—			$	—			$	(13,877	)		$	(13,877	)		$	(13,877	)		$	13,877			$	—

 

December 31, 2025
		Derivative Assets								Derivative Liabilities
Counterparty		Interest rate swaps				Total				Interest rate swaps				Total				Net Derivative Asset (Liabilities)				Cash collateral netting(1)				Net Amount (2)
Bank of America, N.A.		$	2,044			$	2,044			$	(181	)		$	(181	)		$	1,863			$	(1,520	)		$	343
BNP Paribas		$	—			$	—			$	(1,894	)		$	(1,894	)		$	(1,894	)		$	1,894			$	—

 

(1)

Amount excludes excess cash collateral received or paid, if any.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual offset rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Hedging

The Company designated its interest rate swaps as the hedging instrument in a qualifying fair value hedging relationship for which it applies hedge accounting.

For the interest rate swaps designated in qualifying fair value hedging relationships, the gains and losses on these interest rate swaps and the changes in the fair value of the hedged liabilities attributable to the risk being hedged (i.e. interest rate risk) are included in Interest and other debt expenses in the Consolidated Statements of Operations.

The table below presents the impact to the Consolidated Statements of Operations from derivative assets and liabilities designated in a qualifying hedge accounting relationship:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Interest rate swaps		$	(20,893	)		$	—
Hedged assets			21,214				—

The table below presents the carrying value of unsecured borrowings that are designated in a qualifying fair value hedging relationship and the related cumulative hedging adjustments (increase/(decrease)) from current and prior hedging relationships included in such carrying values:

 

		March 31, 2026								December 31, 2025
		Carrying Value				Cumulative Hedging Adjustments				Carrying Value				Cumulative Hedging Adjustments
Hedged assets		$	3,185,699			$	(21,004	)		$	2,125,936			$	210

 

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8. COMMITMENTS AND CONTINGENCIES

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.

The Company may itself commit, or commit alongside one or more other Accounts, to issue standby letters of credit in connection with an investment or it may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of the Company or the Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer or its designee would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer or its designee as defined in the relevant credit agreement. As of March 31, 2026 and December 31, 2025, the Company has committed to fund letters of credit of $23,371 and $27,916 on behalf of the Accounts. As of March 31, 2026, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

		Unfunded Commitment Balances (1)
		March 31, 2026				December 31, 2025
1st Lien/Senior Secured Debt
123Dentist Inc.		$	13,448			$	17,926
AAG KP Borrower LLC (dba KUIU)			15,635				27,794
ABC Investment Holdco Inc. (dba ABC Plumbing)			7,426				6,128
Accommodations Plus Technologies LLC			12,291				12,291
Admiral Buyer, Inc. (dba Fidelity Payment Services)			11,720				11,719
Advanced Cooling Technologies, Inc.			28,320				—
Advarra Holdings, Inc.			7,087				7,087
AGS Health BCP Holdings, Inc. (dba AGS Health)			11,249				11,249
AGS Health BCP LLC (dba AGS Health)			6,250				6,250
AI Titan Parent, Inc. (dba Prometheus)			4,742				4,743
Airwavz Solutions, Inc.			3,280				3,791
Algae BidCo (dba Solabia Group)			3,292				3,347
Apple AU Finco Pty Ltd (dba Aspen Pharmacare)			120,673				—
Apple Bidco Holdings, Inc. (dba Raptor Technologies)			26,196				91,688
Aptean, Inc.			18,065				18,438
AQ Sunshine, Inc. (dba Relation Insurance)			76,345				13,911
Ark Data Centers, LLC			28,836				32,705
Artifact Bidco, Inc. (dba Avetta)			19,212				19,212
Aryeh Bidco Investment Ltd. (dba Dentalcorp)			13,406				58,420
Atwell, LLC			68,091				—
Auctane, Inc.			190,105				—
Aurora Acquireco, Inc. (dba AuditBoard)			9,600				9,600
Bamboo US BidCo LLC (dba Baxter)			4,892				5,406
BCTO Bluebill Buyer, Inc. (dba Ren)			4,949				4,949
Blast Bidco Inc. (dba Bazooka Candy Brands)			8,410				8,410
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)			8,650				8,650
BSI3 Menu Buyer, Inc (dba Kydia)			249				208
Buckeye Acquiror LLC (dba Superior Environmental Solutions)			5,459				7,258
Burgess Pigment Co.			236,564				—
Businessolver.com, Inc.			5,578				5,578
BX Frontier Member I LLC			9,544				9,544
Celero Commerce LLC			26,293				30,353
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC)			367				367
CI (Quercus) Intermediate Holdings, LLC (dba SavATree)			69,715				72,841
Circustrix Holdings, LLC (dba SkyZone)			788				1,182
Clearwater Analytics, LLC			759,363				759,363
Coding Solutions Acquisition, Inc. (dba CorroHealth)			8,076				8,076
Computer Services, Inc.			34,793				34,793
Consilio Midco Limited (dba Cyncly)			29,711				33,013
Convenient Payments Acquisition, Inc.			990				989
Coretrust Purchasing Group LLC			10,068				10,066
Corinthia Bidco Limited (dba Walkers)			119,475				—
Creek Parent, Inc. (dba Catalent)			9,980				9,980
Crewline Buyer, Inc. (dba New Relic)			7,326				7,326
CST Holding Company (dba Intoxalock)			3,464				4,949
CURiO Brands LLC			5,176				5,176
Curriculum Associates, LLC			67,513				67,513
Dayforce Bidco, LLC (dba Dayforce)			22,000				298,625
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)			32,152				—
Diamond Communications LLC			24,950				24,950

 

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(1)

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

 

 

 

 

 

		Unfunded Commitment Balances (1)
		March 31, 2026				December 31, 2025
1st Lien/Senior Secured Debt
Dwyer Instruments, LLC		$	10,377			$	11,992
Eagle Family Foods Group LLC			22,753				22,753
Edition Holdings, Inc. (dba Enverus)			63,241				20,539
Edko, LLC			19,800				19,800
Engage2Excel, Inc.			639				639
Envero Midco 2 LLC (dba Sun World)			57,172				—
EnviroSmart, LLC (dba ES Integrated)			7,055				8,403
eShipping, LLC			69,770				68,817
Financière N (dba Nemera)			3,571				3,630
Frontgrade Technologies Holdings Inc.			5,103				4,819
Frontline Road Safety Operations, LLC			53,688				61,024
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC)			9,091				9,091
Fullsteam Operations LLC			78,803				78,803
Galway Borrower LLC			24,467				6,865
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.)			11,317				11,317
GovDelivery Holdings, LLC (dba Granicus, Inc.)			4,299				4,299
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.)			21,514				24,044
Hamilton Thorne, Inc.			19,055				19,055
Highfive Dental Holdco, LLC			6,902				7,838
HighLevel, Inc.			22,942				—
Hyland Software, Inc.			4,525				4,525
iCIMS, Inc.			4,103				3,482
Ideal Components Acquisition, LLC (dba Ideal Tridon)			8,981				8,981
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.)			400				400
INK (BC) BIDCO S.R.L. (dba Namirial)			3,100				5,288
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages)			31,349				35,082
iWave Information Systems, Inc.			6,094				6,094
Jeppesen Holdings, LLC			11,333				11,333
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel)			12,911				13,087
Jupiter Refuel US Buyer, Inc. (dba 4Refuel)			941				941
KPA Parent Holdings, Inc.			6,312				6,311
Kryptona Bidco US, LLC (dba Kyriba)			10,825				72,879
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.)			5,462				8,740
Lobos Parent, Inc. (dba NEOGOV)			13,702				13,986
Mandrake Bidco, Inc. (dba Miratech)			6,600				6,600
ML Holdco, LLC (dba MeridianLink)			26,057				26,057
MRI Software LLC			1,479				2,037
NC Topco, LLC (dba NContracts)			6,386				22,352
NCWS Intermediate, Inc. (dba National Carwash Solutions)			28,772				33,087
Netrisk Group Luxco 4 S.à r.l.			3,930				3,788
Netsmart Technologies, Inc.			47,842				47,843
Newtek Merchant Solutions, LLC (dba NewtekOne)			1,990				1,990
NFM & J, L.P. (dba the Facilities Group)			198				227
North Star Acquisitionco, LLC (dba Everway)			14,871				314,420
Octane Purchaser, Inc. (dba Office Ally)			93,341				70,934
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC)			8,719				8,719
OMEGA II AB (dba Fortnox)			4,003				4,116
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings)			8,803				9,252

(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)
		March 31, 2026				December 31, 2025
1st Lien/Senior Secured Debt
One, Inc. Software Corporation			66,158				66,158
Onward AcquireCo, Inc. (dba OneStream)			232,442				—
Optima S.p.A. (dba Casa Optima)			6,433				51,192
Orthrus Limited (dba Ocorian)			1,435				1,461
Pacific Group Bidco Pty Ltd (dba Magentus)			22,515				28,685
Packaging Coordinators Midco, Inc. (dba PCI Pharma)			107,387				109,139
Paris US Holdco, Inc. (dba Precinmac)			64,819				64,819
PAS Parent Inc. (dba Pace Analytical)			44,581				44,581
PDDS Holdco, Inc. (dba Planet DDS)			6,984				6,984
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group)			93,690				96,309
Pike Corporation			75,798				75,798
PPW Aero Buyer, Inc. (dba Pursuit Aerospace)			14,418				15,530
Precision Concepts Parent Inc.			2,460				2,856
Project Accelerate Parent, LLC (dba ABC Fitness)			6,250				6,250
Prophix Software Inc. (dba Pound Bidco)			3,638				4,419
PT Intermediate Holdings III, LLC (dba Parts Town)			7,802				7,802
QBS Parent, Inc. (dba Quorum Software)			27,662				26,756
Ranch Bidco B.V. (dba Innovad)			7,903				52,481
Recorded Books Inc. (dba RBMedia)			24,971				27,916
Rocket Bidco, Inc. (dba Recochem)			12,599				18,493
Rotation Buyer, LLC (dba Rotating Machinery Services)			47,663				45,975
Rubix Foods, LLC			3,300				3,300
Runner Bidco AB (dba nShift)			14,345				14,585
Runway Bidco, LLC (dba Redwood Software)			24,431				24,431
Saber Parent Holdings Corp. (dba Service Logic)			34,916				38,700
Seven BidCo (dba Septeo)			10,198				31,859
SI Swan UK Bidco Limited (dba Sapiens International)			29,560				29,560
Singlewire Software, LLC			7,560				7,560
Sonar Acquisitionco, Inc. (dba SimPRO)			4,811				4,811
Southeast Mechanical, LLC			12,215				12,215
SpecialtyCare, Inc.			13,221				13,221
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire)			16,082				18,189
SpendMend Holdings LLC			380				380
Splash Car Wash, Inc.			18,791				6,765
Spotless Brands, LLC			48,781				51,454
Summit Buyer, LLC (dba Classic Collision)			142,107				147,136
Sundance Group Holdings, Inc. (dba NetDocuments)			1,983				19,712
Sunshine Cadence HoldCo, LLC (dba Cadence Education)			9,154				13,548
Superman Holdings, LLC (dba Foundation Software)			4,070				4,070
Supreme Fitness Group NY Holdings, LLC			3,639				3,638
TEI Intermediate LLC (dba Triumvirate Environmental)			22,622				40,754
TL Sapphire Holdings, Inc. (dba SouthernCarlson)			29,363				140,884
Tropical Bidco, LLC (dba Tropical Cheese)			17,538				17,538
Trystar, LLC			23,225				40,600
UFT Buyer LLC (dba United Flow Technologies)			35,955				40,079
Unit4 Group Holding B.V.			115,933				117,874
US Signal Company, LLC			7,053				8,637

 

(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)
		March 31, 2026				December 31, 2025
1st Lien/Senior Secured Debt
USA DeBusk, LLC			14,097				33,629
Valet Waste Holdings, Inc. (dba Valet Living)			3,459				12,820
Vamos Bidco, Inc. (dba VIP)			37,201				37,200
VASA Fitness Buyer, Inc.			4,654				8,269
Victors Purchaser, LLC (dba Service Express)			28,668				27,064
VisionSafe Holdings, Inc.			1,763				1,763
VRS Buyer, Inc. (dba LiquidTech)			5,721				11,610
WebPT, Inc.			278				36
Wellness AcquisitionCo, Inc. (dba SPINS)			1,716				1,716
Westwood Professional Services Inc.			27,856				27,855
Wildcat Solutions Holdings, LLC (dba O6 Environmental)			10,867				10,867
Zarya HoldCo, Inc. (dba Eptura)			804				938
Zeppelin US Buyer Inc. (dba Global Critical Logistics)			51,531				51,531
Zeus Company LLC			9,840				18,923
A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare)			—				193,851
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.)			—				118,890
eResearch Technology, Inc. (dba Clario)			—				40,214
GEMS Topco Limited (dba GEMS Education)			—				59,400
Kene Acquisition, Inc. (dba Entrust)			—				52,607
Onyx CenterSource, Inc.			—				137
Solar Holdings Bidco Limited (dba SLR Consulting)			—				6,055
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)			—				124
Total 1st Lien/Senior Secured Debt		$	4,823,648			$	5,222,746
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)		$	756			$	1,169
K2 Towers II, LLC			275				275
K2 Towers III, LLC			7,747				9,140
Octagon Towers LLC			1,010				1,010
Peppertree Towers, LLC			807				807
Skyway Towers Intermediate LLC			18,196				18,880
Tarpon Towers II LLC			7,650				8,438
EIP Consolidated, LLC (dba Everest Infrastructure)			—				1,417
Towerco IV Holdings, LLC			—				2,350
Total 1st Lien/Last-Out Unitranche		$	36,441			$	43,486
2nd Lien/Senior Secured Debt
Consilio IntermediateCo Limited (dba Cyncly)		$	6,603			$	6,603
Tiger Acquisition, LLC (dba Sabre Industries)			154,828				—
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.)			—				28,861
Total 2nd Lien/Senior Secured Debt		$	161,431			$	35,464
Membership Interest
BX Frontier Member I Holdings LLC		$	37,023			$	37,023
Total Membership Interest		$	37,023			$	37,023
Total		$	5,058,543			$	5,338,719

(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.

 

The Investment Adviser agreed to bear all of the Company’s expenses through the Initial Issuance Date. The Company was obligated to reimburse the Investment Adviser for such advanced expenses upon breaking escrow in connection with the initial closing of the private offering of the Shares, and the Investment Adviser requested reimbursement of these expenses paid pursuant to the Expense Support and Conditional Reimbursement Agreement.

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9. NET ASSETS

 

The Company has the authority to issue up to 1,000,000,000 Class I shares, 1,000,000,000 Class S shares, 1,000,000,000 Class D shares and 1,000,000 shares of preferred stock, each has par value $0.001 per share.

The following table summarizes transactions in Shares for the three months ended March 31, 2026.

		For the Three Months Ended March 31, 2026
		Shares				Amount
Class I
Issuance of common shares			41,706,627			$	1,039,082
Reinvestment of common stockholder distributions			2,508,651				62,427
Repurchased shares			(17,281,858	)			(425,497	)
Early repurchase deduction			—				137
Net increase (decrease)			26,933,420			$	676,149
Class S
Issuance of common shares			84,892			$	2,099
Reinvestment of common stockholder distributions			28				—		(1)
Repurchased shares			—				—
Early repurchase deduction			—				—
Net increase (decrease)			84,920			$	2,099
Class D
Issuance of common shares			12,138			$	300
Reinvestment of common stockholder distributions			—				—
Repurchased shares			—				—
Early repurchase deduction			—				—
Net increase (decrease)			12,138			$	300

 

(1)

Amount rounds to less than $1

The following table summarizes transactions in Shares for the three months ended March 31, 2025.

		For the Three Months Ended March 31, 2025
		Shares				Amount
Class I
Issuance of common shares			50,955,769			$	1,284,212
Reinvestment of common stockholder distributions			1,931,727				48,672
Repurchased shares			2,667,462				(66,979	)
Early repurchase deduction			—				8
Net increase (decrease)			55,554,958			$	1,265,913
Class S
Issuance of common shares			—			$	—
Reinvestment of common stockholder distributions			—				—
Repurchased shares			—				—
Early repurchase deduction			—				—
Net increase (decrease)			—			$	—
Class D
Issuance of common shares			—			$	—
Reinvestment of common stockholder distributions			—				—
Repurchased shares			—				—
Early repurchase deduction			—				—
Net increase (decrease)			—			$	—

Transactions in Shares

The following table summarizes the total Shares issued and proceeds related to the Offering:

		Class I								Class S								Class D
Share Issue Date		Shares Issued				Proceeds Received				Shares Issued				Proceeds Received				Shares Issued				Proceeds Received
For the Three Months Ended March 31, 2026
January 1, 2026			12,358,659			$	308,843				—			$	—				—			$	—
February 1, 2026			22,794,095				568,257				4,011				100				—				—
March 1, 2026			6,553,873				161,982				80,881				1,999				12,138				300
Total			41,706,627				1,039,082				84,892				2,099				12,138				300
For the Three Months Ended March 31, 2025
January 1, 2025			23,191,555			$	584,891				—			$	—				—			$	—
February 1, 2025			15,021,187				378,834				—				—				—				—
March 1, 2025			12,743,027				320,487				—				—				—				—
Total			50,955,769				1,284,212				—				—				—				—

 

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Distributions to Common Stockholders

The Company has adopted a DRIP that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors, unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. If an investor participates in the DRIP, the cash distributions attributable to the class of shares that the investor purchased in our primary offering will be automatically invested in additional shares of the same class. The purchase price for shares purchased under the Company's DRIP will be equal to the most recent available NAV per share for such shares at the time the distribution is payable. The following table summarizes the distributions declared on the Shares and Shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP:

 

						Class I								Class S										Class D
Date Declared		Record Date		Payment Date		Amount Per Share				Shares				Amount Per Share				Shares						Amount Per Share				Shares
For the Three Months Ended March 31, 2026
November 5, 2025		January 30, 2026		March 5, 2026		$	0.1850				790,674			$	—				—					$	—				—
February 25, 2026		February 27, 2026		April 10, 2026		$	0.1850				787,456			$	0.1708				28					$	—				—
February 25, 2026		March 31, 2026		May 5, 2026		$	0.1850				776,803			$	0.1665				208					$	0.1798				59
For the Three Months Ended March 31, 2025
November 7, 2024		January 31, 2025		February 28, 2025		$	0.2000				633,167			$	—				—			—		$	—				—
February 26, 2025		February 28, 2025		April 7, 2025		$	0.1900		(1)		653,785			$	—				—			—		$	—				—
February 26, 2025		March 31, 2025		April 28, 2025		$	0.1900				689,129			$	—				—			—		$	—				—

 

(1)

Less than $0.01 is considered capital gain distribution.

Share Repurchase Program

Subject to the discretion of the Company’s Board of Directors, the Company intends to maintain a share repurchase program, pursuant to which it intends to offer to repurchase, in each quarter, up to 5% of the Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Company’s Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Investment Company Act. All Shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase Shares in any particular quarter, the Company expects to repurchase Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Shares that have not been outstanding for at least one year will be subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Shares repurchased (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date and does not include shares received under the Company’s DRIP. The Early Repurchase Deduction may be waived by the Company in the case of repurchase requests arising from the death, divorce or qualified disability of the holders. In addition, the Company’s Shares may be sold to certain foreign feeder vehicles primarily created to hold the Company’s Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. The Company expects to conduct such offerings pursuant to available exemptions from registration under the Securities Act. For such foreign feeder vehicles and similar arrangements in certain foreign markets, the Company may not apply, in whole or in part, the Early Repurchase Deduction and may otherwise modify the Early Repurchase Deduction, with respect to such foreign feeder vehicles or underlying investors, often because of administrative or their systems limitations. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining stockholders.

The following table summarizes the share repurchases:

												Class I								Class S								Class D
Offer Date		Tender Offer Expiration Date		Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)				Purchase Price Per Share				Amount (3)				Number of Shares				Amount (3)				Number of Shares				Amount (3)				Number of Shares
For the Three Months Ended March 31, 2026
March 2, 2026		March 27, 2026			5.0	%		$	24.62			$	425,202				17,281,858			$	—				—			$	—				—
Total												$	425,202				17,281,858			$	—				—			$	—				—
For the Three Months Ended March 31, 2025
February 24, 2025		March 21, 2025			5.0	%		$	25.11			$	66,945				2,667,462			$	—				—			$	—				—
Total												$	66,945				2,667,462			$	—				—			$	—				—

 

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(1)

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

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

 

10. FINANCIAL HIGHLIGHTS

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

		For the Three Months Ended March 31, 2026
		Class I				Class S				Class D
Per Common Share Data(1):
NAV, beginning of period		$	24.99			$	24.93			$	24.72
Net investment income			0.59				0.35				0.20
Net realized and unrealized gains (losses)(2)			(0.40	)			(0.32	)			(0.12	)
Net increase in net assets from operations(2)		$	0.19			$	0.03			$	0.08
Distributions recorded:
From distributable earnings to common stockholders			(0.56	)			(0.34	)			(0.18	)
Total increase (decrease) in net assets		$	(0.37	)		$	(0.31	)		$	(0.10	)
NAV, end of period		$	24.62			$	24.62			$	24.62		(5)
Shares outstanding, end of period			372,636,362				84,920				12,138
Weighted average shares outstanding			376,981,929				46,522				12,138
Total return based on NAV(3)			0.75	%			0.12	%			0.35	%
Supplemental Data/Ratio(4):
Net assets, end of period		$	9,174,671			$	2,091			$	299
Ratio of net expenses to average net assets			7.08	%			8.09	%			7.57	%
Ratio of net expenses before voluntary waivers to average net assets			7.27	%			8.24	%			7.65	%
Ratio of net expenses (without net incentive fees and interest and other debt expenses) to average net assets			1.34	%			2.37	%			1.77	%
Ratio of interest and other debt expenses to average net assets			4.62	%			4.68	%			4.68	%
Ratio of net incentive fees to average net assets			1.12	%			1.04	%			1.12	%
Ratio of total expenses to average net assets			7.39	%			8.31	%			7.68	%
Ratio of net investment income to average net assets			8.42	%			7.40	%			7.91	%
Portfolio turnover			7	%			7	%			7	%

 

(1)

The per share data was derived by using the weighted average shares outstanding during the applicable period that the Shares were outstanding, except for distributions recorded, which reflects the actual amount per share for the applicable period. Class S and Class D were issued for the first time on February 1, 2026 and March 1, 2026, respectively.

(2)

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

(3)

Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.

(4)

Ratios are annualized, except for, as applicable, fee waivers, expense support and non-recurring fees shared from Goldman Sachs, GSAM or their affiliates. NAV used in ratios represents NAV to common stockholders.

(5)

Class D NAV per share as of March 31, 2026 rounds to $24.62 when the non-rounded net asset value is used in the calculation.

 

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		For the Three Months Ended March 31, 2025
		Class I
Per Common Share Data(1):
NAV, beginning of period		$	25.22
Net investment income			0.61
Net realized and unrealized gains (losses)(2)			(0.14	)
Net increase in net assets from operations(2)		$	0.47
Distributions recorded:
From distributable earnings to common stockholders			(0.57	)
From return of capital			(0.01	)
Total increase (decrease) in net assets		$	(0.11	)
NAV, end of period		$	25.11
Shares outstanding, end of period			244,701,031
Weighted average shares outstanding			233,194,083
Total return based on NAV(4)			1.88	%
Supplemental Data/Ratio(5):
Net assets, end of period		$	6,145,034
Ratio of net expenses to average net assets			4.85	%
Ratio of net expenses before voluntary waivers to average net assets			5.24	%
Ratio of net expenses (without net incentive fees and interest and other debt expenses) to average net assets			1.26	%
Ratio of interest and other debt expenses to average net assets			2.66	%
Ratio of net incentive fees to average net assets			0.93	%
Ratio of total expenses to average net assets			5.31	%
Ratio of net investment income to average net assets			8.37	%
Portfolio turnover			2	%

 

(1)

The per share data was derived by using the weighted average shares outstanding during the applicable period that the Shares were outstanding, except for distributions recorded, which reflects the actual amount 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 Share issuances and distributions.

(3)

Amount rounds to less than $0.01

(4)

Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.

(5)

Ratios are annualized, except for, as applicable, fee waivers and expense support. NAV used in ratios represents NAV to common stockholders.

 

There were no Class S shares or Class D shares outstanding for the three months ended March 31, 2025.

 

11. MERGER WITH MMLC II

On October 14, 2025, the Company completed its previously announced acquisition of MMLC II, pursuant to the Merger Agreement, dated as of July 11, 2025, by and among the Company, MMLC II and GSAM. Pursuant to the Merger Agreement, MMLC II merged with and into the Company, with the Company continuing as the surviving company (the “Merger”).

In accordance with the terms of the Merger Agreement, at the Effective Time (as defined in the Merger Agreement), each share of common stock, $0.001 par value per share, of MMLC II (“MMLC II Common Stock”) issued and outstanding immediately prior to the Effective Time, except for shares, if any, owned by MMLC II, the Company, or any of their respective consolidated subsidiaries, was converted into the right to receive an amount in cash equal to the NAV of MMLC II, or $18.41 per share.

As a result of the Merger, the Company paid approximately $441,182 to MMLC II’s former common stockholders.

 

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

The following table summarizes the assets and liabilities of MMLC II acquired by the Company in connection with the Merger.

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	As of October 12, 2025
	(Unaudited)
Assets acquired:
Investments at fair value	$	886,381
Cash and cash equivalents		15,012
Interest and dividends receivable		6,705
Other assets		10
Total assets acquired	$	908,108
Liabilities assumed
Debt(1)	$	450,604
Dividend payable		8,297
Transaction/merger fees and expenses payable		3,140
Accrued expenses and other liabilities(2)		4,885
Total liabilities assumed	$	466,926
Net assets acquired	$	441,182
Transaction cost		3,636
Total consideration paid		444,818

 

(1)

The Company repaid $425,604 of the Debt assumed in connection with the Merger.

(2)

Includes $1,893 of management fees payable and $1,516 of incentive fees payable.

 

 

12. 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.

 

Fourth Amendment to BNPP Revolving Credit Facility

 

On April 17, 2026, SPV Public I entered into the fourth amendment (the "Fourth Amendment") to the BNPP Revolving Credit Facility. The Fourth Amendment, among other things, (i) increased the aggregate maximum facility amount from $1,100,000 billion to $1,500,000 billion, (ii) extended the end of the period in which the Company may make borrowings under the facility from January 31, 2027 to April 17, 2028, (iii) extended the final maturity date of the facility from February 1, 2028 to April 17, 2029, and (iv) as of the first interest period following the Fourth Amendment Effective Date, reduced the margin applicable to advances from 1.615% per annum to 1.462% per annum, which applicable margin shall increase to 2.462% per annum after the expiration of the reinvestment period.

 

Issuance of 6.150% June 2031 Notes

On April 21, 2026, the Company issued $750,000 aggregate principal amount of 6.150% Notes due 2031 (the “6.150% June 2031 Notes”). The 6.150% June 2031 Notes bear interest at the rate of 6.150% per annum, payable semi-annually in arrears on June 16 and December 16 of each year, commencing on December 16, 2026, and will mature on June 16, 2031. At the Company's option, the 6.150% June 2031 Notes may be redeemed in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date.

 

In connection with the 6.150% June 2031 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. The Company designated this interest rate swap and the 6.150% June 2031 Notes in a qualifying fair value hedging relationship.

April and May Subscriptions

On April 1, 2026, the Company received $105,382 of proceeds relating to the issuance of 4,280,186 Class I shares and $1,456 of proceeds relating to the issuance of 59,118 Class S shares. Included in the aforementioned proceeds is $4,437 that the Company received from an affiliate of the Investment Adviser.

On May 1, 2026, the Company received $83,185 and $1,000 of proceeds relating to the issuance of Class I shares and Class S shares. Included in the aforementioned proceeds is $13,595 that the Company received from an affiliate of the Investment Adviser.

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Distributions

On May 6, 2026, the Board of Directors declared monthly distributions from the Company's taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:

 

Record Date		Payable Date
May 29, 2026		July 6, 2026
June 30, 2026		July 30, 2026
July 31, 2026		August 28, 2026

Seventh Amendment to Truist Revolving Credit Facility

On May 7, 2026, the Company entered into the Seventh Amendment to Senior Secured Revolving Credit Agreement, by and among the Company, as Borrower, the lenders and issuing banks party thereto and Truist Bank, as Administrative Agent (the “Seventh Amendment”). The Seventh Amendment, among other things, (i) increases the accordion feature from up to $3,555,000 in aggregate commitments to up to $4,500,000 in aggregate commitments, (ii) extends the commitment termination date from June 15, 2029 to May 7, 2030, (iii) extends the maturity date from June 14, 2030 to May 7, 2031, (iv) reduces the applicable margin to (a) with respect to any ABR Loan, 0.775% per annum; (b) with respect to any Index Rate Loan or Term Benchmark Loan, 1.775% per annum; and (c) with respect to any RFR Loan, 1.775% per annum, in each case, subject to an additional step-down in applicable margin if the Gross Borrowing Base is greater than or equal to the product of 1.60 and the Combined Debt Amount, (v) removes all credit adjustment spreads, (vi) reduces the commitment fee from 0.375% to 0.325%, and (vii) resets the minimum shareholders’ equity test. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Seventh Amendment.

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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 Private Credit Corp., Goldman Sachs Private Credit Corp. together with its consolidated subsidiaries, or, for the periods prior to our conversion from a Delaware limited liability company to a Delaware corporation, Goldman Sachs Private Credit Fund LLC, as the context may require. The terms “GSAM,” “Goldman Sachs Asset Management,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “GS Group Inc.” refers to The Goldman Sachs Group, Inc. 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 that is a non-diversified, 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, 2023. From our commencement of investment operations on April 6, 2023 through March 31, 2026, we have originated approximately $21.91 billion in aggregate principal amount of Private Credit Investments (as defined below) and related equity prior to any subsequent exits and repayments.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. Our investment strategy is consistent with that of the broader Goldman Sachs Asset Management Private Credit platform, with a focus on capital preservation and capital appreciation, and includes:

•

Leveraging Goldman Sachs Asset Management Private Credit’s position within Goldman Sachs;

•

Direct origination with borrowers;

•

Prudent investment selection with intensive due diligence and credit analysis;

•

Provision of large-sized commitments;

•

Structuring expertise with a focus on risk mitigation;

•

Rigorous portfolio management; and

•

Focus on companies with attractive business fundamentals.

Under normal circumstances, we will invest at least 80% of our total assets (which include net assets plus borrowings for investment purposes) in private credit instruments, which may include loans, notes, bonds and other corporate debt securities issued by corporate issuers (“Private Credit Investments”). If we change our 80% requirement, we will provide stockholders with at least 60 days’ notice of such change.

We primarily hold directly originated, first lien senior secured, floating rate debt of companies located primarily in the United States and, to a lesser extent, in non-U.S. jurisdictions. We may also invest, to a lesser extent, in broadly syndicated loans, second lien loans, unsecured, subordinated or payment-in-kind (“PIK”) debt, equity and debt tranches of collateralized loan obligations (“CLOs”), including CLOs that hold corporate debt, and equity and equity-like instruments, which are considered Private Credit Investments. We also invest a portion of our portfolio in more liquid investments (“Liquid Investments”), such as broadly syndicated loans and other fixed-income securities, to provide the portfolio with additional liquidity.

We invest primarily in private companies based in the United States, but we also invest, to a lesser extent, in non-U.S. based companies (subject to compliance with BDC requirements to invest at least 70% of our assets in U.S. companies). We focus our lending across a spectrum of directly sourced opportunities in companies ranging from lower middle market to large capitalization in size. We may invest in companies of any size or capitalization.

We generally lead the origination of our investments as the primary lender, and we may participate in club deals (which are generally investments made by a small group of firms). Subject to the limitations of the Investment Company Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Goldman Sachs credit funds or affiliates. We also invest alongside institutional and retail-focused private credit Accounts, which may include proprietary accounts of Goldman Sachs. For additional information, see “Item 1. Business—Allocation of Investment Opportunities—Co-Investments Alongside Goldman Sachs and Other Accounts, and the Relief” in our annual report on Form 10-K for the year ended December 31, 2025. In addition, we expect to acquire or originate revolving credit facilities from time to time in connection with our investments in other assets.

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Our investment strategy also allocates a portion of the overall portfolio to Liquid Investments to provide the portfolio with additional liquidity and to manage our payment obligations under our share repurchase program. Investment decisions related to Liquid Investments are made by the Goldman Sachs Asset Management High Yield and Bank Loan team within the Global Fixed Income and Liquidity Solutions group of Goldman Sachs Asset Management. Liquid Investments may include senior secured loans, senior secured high yield bonds, senior unsecured high yield bonds, and fixed-income ETFs and government securities. We use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. Prior to raising or investing sufficient capital, the portfolio may display a greater percentage of assets within Liquid Investments or government securities than we otherwise would expect for a fully invested portfolio.

We employ leverage as market conditions permit and at the discretion of the Investment Adviser, but we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. We intend to use leverage in the form of borrowings, including loans from financial institutions as well as the issuance of debt securities. We may also use leverage in the form of preferred shares. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. We would expect any such leverage, if incurred, to increase the total capital available for investment by us.

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

KEY COMPONENTS OF OPERATIONS

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, fee income and 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 PIK income. We expect that the principal amount of the debt investments and any accrued but unpaid interest generally will become 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 Accounts. 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, if any, 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, if any, 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. CLO equity investments recognize interest income by utilizing an effective interest methodology based upon an effective yield utilizing projected cashflows.

Expenses

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

Our Investment Adviser pays all costs incurred by it in connection with the performance of its duties under the Investment Management Agreement. Our Investment Adviser pays the compensation and expenses of all its personnel and makes available, without expense to us, the services of such of its partners, officers and employees as may duly be elected as our officers or directors, subject to their individual consent to serve and to any limitations imposed by law. Our Investment Adviser is not required to pay any of our expenses other than those specifically allocated to it, including as set forth below. In particular, but without limiting the generality of the foregoing, our Investment Adviser is not required to pay:

 

•

organization and offering expenses associated with the private offering of our Class I stock, par value $0.001 per share (“Class I shares”), Class S stock, par value $0.001 per share ("Class S shares") and, Class D stock, par value $0.001 per share ("Class D shares" and, together with the Class I shares and Class S shares, the “Shares”) (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Company’s systems and those of participating intermediaries, reasonable bona fide due diligence expenses of participating intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of GS & Co., the Company’s transfer agent (the

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“Transfer Agent”), fees to attend retail seminars sponsored by participating intermediaries, if any, and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, intermediaries, registered investment advisors or financial or other advisors, but excluding the stockholder servicing fee);

•

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;

•

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

•

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

•

brokers’ commissions;

•

fees and expenses associated with calculating our net asset value (“NAV”) (including the costs and expenses of any independent valuation firm);

•

legal, auditing or accounting expenses;

•

taxes or governmental fees;

•

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

•

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

•

the expenses of and fees for registering or qualifying our Shares for sale and of maintaining our federal and/or state registration or exemptions, and registering us as a broker or a dealer, as applicable;

•

the fees and expenses of our directors (the “Directors”) who are not affiliated with our Investment Adviser;

•

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

•

costs of holding stockholder meetings;

•

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;

•

insurance premiums; or

•

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

Our Investment Adviser is also not required to pay expenses of activities which are primarily intended to result in sales of our Shares, including all costs and expenses associated with the preparation and distribution of any private placement memorandum, subscription agreements, registration statements, prospectuses or stockholder application forms, including any amendments, restatements and/or supplements thereto.

Our Investment Adviser may impose a voluntary cap on the amount of expenses that will be borne by us on a monthly or annual basis. Any such expense cap may be increased, decreased, waived or eliminated at any time at our Investment Adviser’s sole discretion.

To the extent that expenses to be borne by us pursuant to the Investment Management Agreement are paid by our Investment Adviser, we will reimburse our Investment Adviser for such expenses, provided, however, that our Investment Adviser may elect, from time to time and in its sole discretion, to bear certain of our expenses set forth above, including organizational and other expenses.

Pursuant to the expense support and conditional reimbursement agreement, dated as of March 20, 2023 (the “Expense Support and Conditional Reimbursement Agreement”) with the Investment Adviser, the Investment Adviser may elect to pay certain of our expenses on our behalf, provided that no portion of the payment will be used to pay any interest expense or distribution and/or stockholder servicing fees of the Company. We may reimburse the Investment Adviser for such advanced expenses only if certain conditions are met. See Note 3 “Expense Support and Conditional Reimbursement Agreement” in our consolidated financial statements included in this report. Any reimbursements will not exceed actual expenses incurred by the Investment Adviser and its affiliates.

From time to time, Goldman Sachs Asset Management (in its capacity as the Investment Adviser) or its affiliates may pay third-party providers of goods or services. We will reimburse Goldman Sachs Asset Management (in its capacity as the Investment Adviser) or such affiliates thereof for any such amounts paid on our behalf. From time to time, Goldman Sachs Asset Management (in its capacity as the Investment Adviser) may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our stockholders.

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

Leverage

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares of stock senior to our common stock if our asset coverage ratio, as defined under the Investment Company Act, is at least equal to 150% immediately after each such issuance. The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150%, subject to certain approval and disclosure requirements. Our board of directors

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(the “Board of Directors” or the “Board”) and the Initial Member approved the application of the 150% asset coverage ratio to us in accordance with the requirements of the Investment Company Act. While the leverage we employ may be greater or less than these levels from time to time, we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. In addition, except in limited circumstances, while any indebtedness and senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or stock unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. A loan is presumed to be made for temporary purposes if it is repaid within 60 days and is not extended or renewed; otherwise, it is presumed not to be for temporary purposes. For a discussion of the risks associated with leverage, see “Item 1A. Risk Factors—Risks Relating to Legal and Regulatory Matters—Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective” in our annual report on Form 10-K for the year ended December 31, 2025.

We employ leverage as market conditions permit and at the discretion of the Investment Adviser, but we intend to comply with the limitations set forth in the Investment Company Act, which currently allows us to borrow up to $2 of debt for each $1 of equity. We use leverage in the form of borrowings, including loans from financial institutions as well as the issuance of debt securities. We also use leverage in the form of preferred shares. In determining whether to borrow money, we analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. We expect any such leverage, if incurred, to increase the total capital available for investment by the Company.

Our leverage may take the form of revolving or term loans from financial institutions, such as the Truist Revolving Credit Facility (as defined below), the BNPP Revolving Credit Facility (as defined below), and the MS Revolving Credit Facility (as defined below, and together with the Truist Revolving Credit Facility and the BNPP Revolving Credit Facility, collectively, the “Revolving Credit Facilities”), debt securities, such as secured or unsecured bonds, including the 5.050% February 2028 Notes, 5.875% May 2028 Notes, 5.375% January 2029 Notes, 6.250% May 2030 Notes and 5.875% January 2031 Notes (each as defined below), securitization of portions of our investment portfolio, preferred shares and/or reverse repurchase agreements (including short term participations or pledges of our directly originated debt positions). The Revolving Credit Facilities and other leverage techniques described herein allow 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.” The use of leverage magnifies returns, including losses. See “Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us” in our annual report on Form 10-K for the year ended December 31, 2025.

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 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
		March 31, 2026								December 31, 2025
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		($ in millions)
First Lien/Senior Secured Debt		$	15,796.17			$	15,644.88			$	15,059.14			$	15,033.16
First Lien/Last-Out Unitranche			277.28				277.86				295.59				297.35
Second Lien/Senior Secured Debt			365.60				365.13				109.67				110.10
Structured Finance Obligation – Debt Instruments			171.83				168.11				171.83				172.10
Structured Finance Obligation – Equity Instruments			53.70				44.56				55.04				54.40
Preferred Stock			5.49				2.17				5.17				2.09
Common Stock			7.66				5.83				7.66				5.28
Membership Interest			—				—				—				—
Warrants			0.03				0.05				0.02				0.03
Total investments		$	16,677.76			$	16,508.59			$	15,704.12			$	15,674.51

 

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

		As of
		March 31, 2026								December 31, 2025
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)			8.4	%			8.6	%			8.4	%			8.5	%
First Lien/Last-Out Unitranche(2)(3)			9.4	%			9.4	%			9.1	%			9.1	%
Second Lien/Senior Secured Debt(2)			8.2	%			8.3	%			7.7	%			7.7	%
Structured Finance Obligation – Debt Instruments(2)			7.5	%			7.8	%			7.8	%			7.8	%
Structured Finance Obligation – Equity Instruments(4)			11.2	%			14.1	%			10.7	%			10.9	%
Preferred Stock(5)			—				—				—				—
Common Stock(5)			—				—				—				—
Membership Interest(5)			—				—				—				—
Warrants(5)			—				—				—				—
Total Portfolio			8.4	%			8.6	%			8.4	%			8.5	%

 

(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 status and non-income producing investments) at amortized cost or fair value. This calculation excludes investments that are unsettled as of period-end as the interest rate associated with the investment is not known prior to the settlement date.

(3)

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

(4)

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

(5)

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

 

As of March 31, 2026, the total portfolio weighted average yield measured at amortized cost and fair value was 8.4% and 8.6%, as compared to 8.4% and 8.5% as of December 31, 2025. The increase in weighted average yield at fair value within Structured Finance Obligation – Equity Instruments was primarily due to market spreads widening.

As of March 31, 2026, the Liquid Investments portfolio weighted average yield measured at amortized cost and fair value was 6.7% and 6.8%, compared to 6.4% and 6.5% as of December 31, 2025.

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

 

		As of
		March 31, 2026				December 31, 2025
Number of portfolio companies in which we have Private Credit Investments			187				184
Number of Liquid Investments			177				182
Percentage of performing debt bearing a floating rate(1)				97.4	%			99.7	%
Percentage of performing debt bearing a fixed rate(1)(2)				2.6	%			0.3	%
Weighted average loan-to-value (“LTV”)(3)				43.9	%			42.1	%
Weighted average leverage (net debt/EBITDA)(4)			6.0x					6.0	x
Weighted average interest coverage(4)			2.0x					2.0	x
Median EBITDA(4)		$		105.40 million		$		107.31 million

 

(1)

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

(2)

Includes income producing preferred stock investments, if applicable.

(3)

Includes all Private Credit Investments for which fair value is 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. Figures are derived from the financial statements most recently validated by the Investment Adviser. LTV is calculated as net debt through each respective loan tranche divided by estimated enterprise value or value of the underlying collateral of the portfolio company. Weighted average LTV is weighted based on the fair value of the total applicable private debt investments.

(4)

Includes all Private Credit Investments for which fair value is determined by the Investment Adviser, as the Valuation Designee designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act. 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 applicable Private Credit 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. 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 applicable performing Private Credit 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 applicable Private Credit 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 March 31, 2026 and December 31, 2025, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 8.4% and 6.5% of total Private Credit Investments at fair value.

Our Investment Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine if it is meeting its respective business plan and to assess the appropriate course of action for each portfolio company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include: (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
		March 31, 2026								December 31, 2025
Investment Performance Rating		Fair Value				Percentage of Total				Fair Value				Percentage of Total
		(in millions)								(in millions)
Grade 1		$	—				0.0	%		$	68.17				0.4	%
Grade 2			16,410.90				99.4				15,584.63				99.5
Grade 3			83.80				0.5				2.91				—
Grade 4			13.89				0.1				18.80				0.1
Total Investments		$	16,508.59				100.0	%		$	15,674.51				100.0	%

The increase in investments with a Grade 3 investment performance rating was driven by investments with an aggregate fair value of $103.17 million being downgraded from a Grade 2 investment performance rating due to financial underperformance. The decrease in investments with a Grade 4 investment performance rating was primarily driven by a decrease in the aggregate fair value due to financial underperformance.

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

		As of
		March 31, 2026								December 31, 2025
		Amortized Cost				Percentage of Total				Amortized Cost				Percentage of Total
		(in millions)								(in millions)
Performing		$	16,650.55				99.8	%		$	15,676.91				99.8	%
Non-accrual			27.21				0.2				27.21				0.2
Total Investments		$	16,677.76				100.0	%		$	15,704.12				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 of our Private Credit Investments(1):

		For the Three Months Ended
		March 31, 2026				March 31, 2025
		($ in millions)
Amount of investments committed at cost:
First Lien/Senior Secured Debt		$	1,529.85			$	1,589.49
Second Lien/Senior Secured Debt			379.83				—
Preferred Stock			0.32				—
Warrants			—				1,158.13
Total		$	1,910.00			$	1,589.49
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt		$	637.23			$	90.75
First Lien/Last-Out Unitranche			23.32				—
Total		$	660.55			$	90.75
Net increase in portfolio		$	1,249.45			$	1,498.74
Number of new portfolio companies with new investment commitments			10				12
Total new investment commitment amount in new portfolio companies		$	1,456.57			$	1,486.84
Average new investment commitment amount in new portfolio companies		$	145.66			$	123.90
Number of existing portfolio companies with new investment commitments			14				4
Total new investment commitment amount in existing portfolio companies		$	453.43			$	102.65
Weighted average remaining term for new investment commitments (in years)(2)			9.0				6.6
Percentage of new debt investment commitments at floating interest rates			88.2	%			100.0	%
Percentage of new debt investment commitments at fixed interest rates(3)			11.8	%			—	%
Weighted average yield on new debt and income producing investment commitments(4)			8.6	%			9.5	%
Weighted average yield on new investment commitments(5)			8.6	%			9.5	%
Weighted average yield on debt and income producing investments sold or repaid(6)			8.2	%			8.5	%
Weighted average yield on investments sold or repaid(7)			8.2	%			8.5	%

 

(1)

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

(2)

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

(3)

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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Our net investment activity at amortized cost for Liquid Investments (excluding investments in money market funds, if any) for the three months ended March 31, 2026 and for the three months ended March 31, 2025 was $(181.48) million and $173.27 million. As of March 31, 2026 and March 31, 2025, the fair value of Liquid Investments (excluding investments in money market funds, if any) was $2,331.18 million, or 14.1% and $1,704.85 million, or 20.8% of our portfolio.

RESULTS OF OPERATIONS

Our operating results were as follows:

		For the Three Months Ended
		March 31, 2026				March 31, 2025
		($ in millions)
Total investment income		$	363.93			$	191.52
Net expenses			(143.32	)			(50.12	)
Net investment income		$	220.61			$	141.40
Net realized gain (loss) on investments			(10.93	)			(3.67	)
Net unrealized appreciation (depreciation) on investments			(139.56	)			(22.29	)
Net realized and unrealized gain (losses) on translations and transactions			(2.77	)			(6.90	)
Net realized and unrealized gains (losses)		$	(153.26	)		$	(32.86	)
Net increase in net assets from operations		$	67.35			$	108.54

Net increase 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
		March 31, 2026				March 31, 2025
		($ in millions)
Interest income		$	348.14				182.74
Dividend income			2.81				4.32
Other income			12.98				4.46
Total investment income		$	363.93			$	191.52

•

Interest income increased from $182.74 million for the three months ended March 31, 2025 to $348.14 million for the three months ended March 31, 2026. The increase was primarily driven by our deployment of capital into income producing investments.

•

Other income increased from $4.46 million for the three months ended March 31, 2025 to $12.98 million for the three months ended March 31, 2026. The increase was primarily driven by Goldman Sachs, GSAM or their affiliates sharing a portion of fees for transaction services with us. For further details, see Note 2 “Significant Accounting Policies — Revenue Recognition” in our consolidated financial statements included in this report.

Expenses

Our expenses were as follows:

		For the Three Months Ended
		March 31, 2026				March 31, 2025
		($ in millions)
Interest and other debt expenses		$	106.84			$	38.60
Management fees			29.20				18.20
Incentive fees based on income			27.76				16.46
Stockholder servicing and/or distribution fees			—		(1)		—
Professional fees			1.01				0.63
Offering costs			0.34				0.27
Directors’ fees			0.12				0.17
Other general and administrative expenses			5.27				2.57
Total expenses		$	170.54			$	76.90
Fee waivers			(17.47	)			(22.60	)
Expense support			(9.75	)			(4.18	)
Net Expenses		$	143.32			$	50.12

(1)

Amount rounds to less than $0.01

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In the table above:

 

•

Interest and other debt expenses increased from $38.60 million for the three months ended March 31, 2025 to $106.84 million for the three months ended March 31, 2026. The increase was primarily driven by an increase in the weighted average aggregate borrowings outstanding from $2,262.87 million for the three months ended March 31, 2025 to $7,195.75 million for the three months ended March 31, 2026.

•

Management Fees increased from $18.20 million for the three months ended March 31, 2025 to $29.20 million for the three months ended March 31, 2026. The increase was primarily driven by an increase in net assets. The Investment Adviser waived $10.60 million for the three months ended March 31, 2025 and $9.87 million for the three months ended March 31, 2026.

•

Incentive Fees based on income increased from $16.46 million for the three months ended March 31, 2025 to $27.76 million for the three months ended March 31, 2026. The increase was primarily driven by an increase in net investment income. The Investment Adviser waived $12.00 million for the three months ended March 31, 2025 and $7.60 million for the three months ended March 31, 2026.

•

The Investment Adviser elected to pay $9.75 million of certain of our expenses on our behalf for the three months ended March 31, 2026. For the three months ended March 31, 2025, the Investment Adviser elected to pay $4.18 million. For further details, see Note 3 “Significant Agreements and Related Party Transactions — Expense Support and Conditional Reimbursement Agreement” in our consolidated financial statements included in this report.

•

Other general and administrative expenses increased from $2.57 million for the three months ended March 31, 2025 to $5.27 million for the three months ended March 31, 2026. The increase was primarily driven by an increase in costs associated with servicing a larger investment portfolio.

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

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

		For the Three Months Ended
		March 31, 2026				March 31, 2025
		(in millions)
Kaseya Inc.		$	(0.67	)			—
Pre-Paid Legal Services, Inc.			(0.70	)			—
Quartz Acquireco LLC			(0.95	)			—
iSolved Inc			(1.19	)			—
Cotiviti, Inc.			(1.27	)			—
Project Alpha Intermediate Holding, Inc.			(1.71	)			—
Other, net			(4.44	)			(0.51	)
LSF12 Crown US Commericial Bidco LLC			—				(0.21	)
Ardonagh Midco 3 PLC			—				(2.95	)
Net realized gain (loss)		$	(10.93	)		$	(3.67	)

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

		For the Three Months Ended
		March 31, 2026				March 31, 2025
		($ in millions)
Unrealized appreciation		$	17.70			$	15.62
Unrealized depreciation			(157.26	)			(37.91	)
Net change in unrealized appreciation (depreciation) on investments		$	(139.56	)		$	(22.29	)

 

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

		For the Three Months Ended
		March 31, 2026
		($ in millions)
Portfolio Company:
DBG Consolidated Holdings Pty Ltd (dba Arrotex Pharmaceuticals)		$	6.04
Pacific Group Bidco Pty Ltd (dba Magentus)			2.84
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions)			2.06
Prestige Bidco Pty Ltd (dba Pickles Auctions)			1.61
INEOS Quattro Holdings UK Ltd			0.64
North Star Acquisitionco, LLC (dba Everway)			(3.50	)
Franklin Square Holdings, L.P.			(3.83	)
Vardiman Black Holdings, LLC (dba Specialty Dental Brands)			(4.90	)
Dayforce Bidco, LLC (dba Dayforce)			(9.29	)
Renaissance Holding Corp.			(16.18	)
Other, net(1)			(115.05	)
Total		$	(139.56	)

(1)

For the three months ended March 31, 2026, Other, net includes gross unrealized appreciation of $4.51 million and gross unrealized depreciation of $(119.56) million.

 

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2026 was primarily driven by market volatility during the period. The unrealized depreciation was further impacted by the financial underperformance of certain portfolio companies, most notably Renaissance Holding Corp. These declines were partially offset by unrealized appreciation on certain portfolio companies.

 

 

		For the Three Months Ended
		March 31, 2025
		($ in millions)
Portfolio Company:
Ardonagh Midco 3 PLC		$	3.19
Eresearch Technology, Inc. (dba Clario)			2.66
Solar Holdings Bidco Limited (dba SLR Consulting)			1.37
Formulations Parent Corporation (dba Chase Corp)			1.22
Northstar Acquisition HoldCo, LLC (dba n2y)			1.04
Packaging Coordinators Midco, Inc. (dba PCI Pharma)			(1.25	)
Ascend Performance Materials Operations, LLC			(1.28	)
Renaissance Holding Corp.			(1.70	)
Harrington Industrial Plastics, LLC			(1.84	)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)			(2.04	)
Other, net(1)			(23.66	)
Total		$	(22.29	)

(1)

For the three months ended March 31, 2025, Other, net includes gross unrealized appreciation of $6.14 million and gross unrealized depreciation of $(29.80) million.

 

Net change in unrealized appreciation (depreciation) in our investments for the three months ended March 31, 2025 was primarily driven by market volatility.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our primary use of funds is for our investments in portfolio companies, cash distributions to 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.

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We expect to generate cash primarily from the net proceeds of any future offerings of securities, 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 Revolving Credit Facilities, 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 March 31, 2026 and December 31, 2025, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes our Revolving Credit Facilities) was 220% and 222%. 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.

The following table summarizes the securities issued and proceeds related to such issuances for the periods shown below:

 

		Class I								Class S								Class D
Share Issue Date		Shares Issued				Proceeds Received ($ in millions)				Shares Issued				Proceeds Received ($ in millions)				Shares Issued				Proceeds Received ($ in millions)
For the Three Months Ended March 31, 2026
January 1, 2026			12,358,659			$	308.84				—			$	—				—			$	—
February 1, 2026			22,794,095				568.26				4,011				0.10				—				—
March 1, 2026			6,553,873				161.98				80,881				2.00				12,138				0.30
Total			41,706,627				1,039.08				84,892				2.10				12,138				0.30
For the Three Months Ended March 31, 2025
January 1, 2025			23,191,555			$	584.89				—			$	—				—			$	—
February 1, 2025			15,021,187				378.83				—				—				—				—
March 1, 2025			12,743,027				320.49				—				—				—				—
Total			50,955,769				1,284.21				—				—				—				—

Share Repurchase Program

Subject to the discretion of our Board of Directors, we intend to maintain a share repurchase program in which we intend to offer to repurchase in each quarter up to 5% of our Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The following table summarizes the share repurchases:

 

												Class I								Class S								Class D
Offer Date		Tender Offer Expiration Date		Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)				Purchase Price Per Share				Amount (3) ($ in millions)				Number of Shares				Amount (3) ($ in millions)				Number of Shares				Amount (3) ($ in millions)				Number of Shares
For the Three Months Ended March 31, 2026
March 2, 2026		March 27, 2026			5.0	%		$	24.62			$	425.20				17,281,858			$	—				—			$	—				—
Total												$	425.20				17,281,858			$	—				—			$	—				—
For the Three Months Ended March 31, 2025
February 24, 2025		March 21, 2025			5.0	%		$	25.11			$	66.95				2,667,462			$	—				—			$	—				—
Total												$	66.95				2,667,462			$	—				—			$	—				—

 

(1)

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

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan (the “DRIP”), pursuant to which we reinvest all distributions declared by the Board on behalf of our stockholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution

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or other distribution, then our stockholders who have not opted out of our DRIP will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash distribution or other distribution.

Contractual Obligations

We have entered into the Investment Management Agreement with Goldman Sachs Asset Management (in its capacity as the Investment Adviser) to provide us with investment advisory services and the Administration Agreement with State Street Bank and Trust Company (in its capacity as the administrator, the “Administrator”) to provide us with administrative services. Payments for investment advisory services under the Investment Management Agreement are described in “Item 1. Business—Investment Management Agreement” in our annual report on Form 10-K for the year ended December 31, 2025.

We may establish credit facilities in addition to the Truist Revolving Credit Facility, BNPP Revolving Credit Facility and MS Revolving Credit Facility or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure stockholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask us to comply with positive or negative covenants that could have an effect on our operations.

The following table shows our contractual obligations as of March 31, 2026:

		Payments Due by Period ($ in millions)
		Total				Less Than 1 Year				1 – 3 Years				3 – 5 Years				More Than 5 Years
Truist Revolving Credit Facility(1)		$	1,600.75			$	—			$	—			$	1,600.75			$	—
BNPP Revolving Credit Facility(2)		$	1,100.00			$	—			$	1,100.00			$	—			$	—
MS Revolving Credit Facility(3)		$	1,698.91			$	—			$	—			$	1,698.91
5.050% February 2028 Notes		$	700.00			$	—			$	700.00			$	—			$	—
5.875% May 2028 Notes		$	400.00			$	—			$	400.00			$	—			$	—
5.375% January 2029 Notes		$	660.00			$	—			$	660.00			$	—			$	—
6.250% May 2030 Notes		$	600.00			$	—			$	—			$	600.00			$	—
5.875% January 2031 Notes		$	900.00			$	—			$	—			$	900.00			$	—

 

(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 March 31, 2026, the Company had outstanding borrowings denominated in USD of $619.00 million, in Euros (“EUR”) of EUR 398.35 million, in Canadian Dollars (“CAD”) of CAD 191.43 million, in Great British Pounds (“GBP”) of GBP 79.55 million, and in Australian Dollars (“AUD”) of AUD 348.75 million.

(2)

We may borrow amounts in 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 March 31, 2026, the Company had outstanding borrowings denominated in USD of $1,100.00 million.

(3)

We may borrow amounts in 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 March 31, 2026, the Company had outstanding borrowings denominated in USD of $1,489.90 million.

 

Truist Revolving Credit Facility

On April 6, 2023, we entered into a revolving credit facility (as amended, the “Truist Revolving Credit Facility”) with Truist Bank, as administrative agent, and the lenders and issuing banks party thereto. The total loans and commitments under the Truist Revolving Credit Facility are $3,275.00 million, of which $2,545.00 million is under a multicurrency sub-facility, $580.00 million is under a USD sub-facility and $150.00 million is under a term loan tranche. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total loans and commitments under the Truist Revolving Credit Facility up to $3,555.00 million. We have amended the Truist Revolving Credit Facility on numerous occasions between August 9, 2023 and December 17, 2025. See “Recent Developments.”

Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on June 14, 2030.

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Borrowings thereunder 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 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (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 0.90% or 0.75% (subject to certain gross borrowing base conditions). Borrowings thereunder denominated in non-USD bear interest of the applicable term benchmark rate or daily simple risk-free rate plus a margin of either 1.90% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in (i) Great British Pounds ("GBP") only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, (ii) Swiss Franc (“CHF”) only, a (0.0571)% credit adjustment spread or 0.0031% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, and (iii) Canadian Dollars (“CAD”) only, an additional 0.29547% credit adjustment spread or 0.32138% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings. 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” in our consolidated financial statements included in this report.

BNPP Revolving Credit Facility

On September 28, 2023, GS Private Credit SPV Public I LLC (“SPV Public I”), a wholly-owned subsidiary of the Company, entered into a revolving credit facility (the “BNPP Revolving Credit Facility”) with BNP Paribas (“BNPP”), as administrative agent, State Street Bank and Trust Company, as collateral agent, us, as equityholder and investment advisor, and the lenders party thereto. We amended the BNPP Revolving Credit Facility on numerous occasions between May 30, 2024 and January 31, 2025. See “Recent Developments.”

The total commitments under the BNPP Revolving Credit Facility are $1,100 million. Proceeds from borrowings under the BNPP Revolving Credit Facility may be used to fund portfolio investments by SPV Public I and to make advances under delayed drawdown collateral assets where SPV Public I is a lender. Any amounts outstanding under the BNPP Revolving Credit Facility must be repaid by January 31, 2028.

Prior to April 30, 2024, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.80% per annum. From April 30, 2024 until October 30, 2024, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.735% per annum. From October 31, 2024 until January 31, 2025, advances under the BNPP Revolving Credit Facility bore interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.630% per annum. From and after January 31, 2025, advances under the BNPP Revolving Credit Facility bear interest at a per annum rate equal to 1-month or 3-month Term SOFR plus an applicable margin of 1.615% per annum. After the expiration of the reinvestment period on January 31, 2027, the applicable margin on all outstanding advances will increase by 1.00% per annum.

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

MS Revolving Credit Facility

On August 9, 2024, GSCR Mott Street SPV LLC, a wholly-owned subsidiary of the Company (“GSCR Mott Street”), entered into a revolving credit facility (the “MS Revolving Credit Facility”) with Morgan Stanley Senior Funding, Inc. (“MS”), as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as transferor and servicer, and the lenders party thereto, in an initial principal amount of $1,000.00 million (the “Tranche A Advances”). We amended the MS Revolving Credit Facility on October 24, 2024 (the “MS Facility First Amendment”), June 12, 2025 (the “MS Facility Second Amendment”), July 16, 2025 (the “MS Facility Third Amendment”), October 24, 2025 (the “MS Facility Fourth Amendment”), and January 29, 2026 (the "MS Facility Fifth Amendment").

The MS Facility First Amendment, among other things, created a second tranche of commitments in the amount of $1,000.00 million (the “Tranche B Advances”). The MS Facility Second Amendment, among other things, provided for a one year extension of the revolving period from August 8, 2027 to August 8, 2028, a one year extension of the stated maturity date from August 9, 2029 to August 9, 2030, an amended minimum utilization schedule, revisions to certain eligibility criteria and concentration limitations with respect to PIK assets, and the addition of CHF and Norwegian Krone as eligible currencies. The MS Facility Third Amendment provided for an amendment to the calculation of the Yield Rate, such that from and after May 9, 2025, solely with respect to minimum utilization, Yield is calculated based off of only the Applicable Margin (rather than the applicable benchmark plus the Applicable Margin) (each capitalized term, as defined in the MS Revolving Credit Facility). The MS Facility Fourth Amendment (i) combined the two tranches of commitments and reduced the applicable margin of each respective tranche to a single applicable margin equal to (x) on and after the Fourth Amendment Date (as defined in the MS Facility Fourth Amendment) and during the revolving period, 1.80% per annum and (y) during the amortization period, 2.30% per annum and (ii) extended the period during which GSCR Mott Street may not terminate or permanently reduce the MS Revolving Credit Facility from August 9, 2025 to October 24, 2026. The MS Facility Fifth Amendment, among other things, increased the total commitments under the MS Revolving Credit Facility to $2,400.00 million.

The total commitments under the MS Revolving Credit Facility are $2,400.00 million. Proceeds from borrowings under the MS Revolving Credit Facility may be used to, among other things, fund portfolio investments by GSCR Mott Street and to make advances under delayed

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drawdown collateral assets where GSCR Mott Street is a lender. Any amounts outstanding under the MS Revolving Credit Facility must be repaid by August 9, 2030.

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

5.050% February 2028 Notes

On February 23, 2026, we closed an offering of $700.00 million aggregate principal amount of 5.050% unsecured notes due 2028 (the “5.050% February 2028 Notes”). The 5.050% February 2028 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as trustee. The 5.050% February 2028 Notes bear interest at a rate of 5.050% per year, payable semi-annually in arrears on February 23 and August 23 of each year. The 5.050% February 2028 Notes will mature on February 23, 2028 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 5.050% February 2028 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 5.050% February 2028 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 "Significant Accounting Policies—Derivatives," Note 6 “Debt—5.050% February 2028 Notes” and Note 7 “Derivatives” to our consolidated financial statements included in this report.

5.875% May 2028 Notes

On May 6, 2025, we closed an offering of $400.00 million aggregate principal amount of 5.875% unsecured notes due 2028 (the “5.875% May 2028 Notes”). The 5.875% May 2028 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as trustee. The 5.875% May 2028 Notes bear interest at a rate of 5.875% per year, payable semi-annually in arrears on May 6 and November 6 of each year. The 5.875% May 2028 Notes will mature on May 6, 2028 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 5.875% May 2028 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 5.875% May 2028 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 "Significant Accounting Policies—Derivatives," Note 6 “Debt—5.875% May 2028 Notes” and Note 7 “Derivatives” to our consolidated financial statements included in this report.

5.375% January 2029 Notes

On October 17, 2025, we closed an offering of $400.00 million aggregate principal amount of 5.375% unsecured notes due 2029 (the "Initial 5.375% January 2029 Notes"). The Initial 5.375% January 2029 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as trustee. The Initial 5.375% January 2029 Notes bear interest at a rate of 5.375% per year, payable semi-annually in arrears on January 31 and July 31 of each year. The Initial 5.375% January 2029 Notes will mature on January 31, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the Initial 5.375% January 2029 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the Initial 5.375% January 2029 Notes in a qualifying fair value hedging relationship for which it applies hedge accounting.

On December 16, 2025, we closed an additional offering of $260.00 million aggregate principal amount of 5.375% unsecured notes due 2029 (the "New 5.375% January 2029 Notes," together with the Initial 5.375% January 2029 Notes, the "5.375% January 2029 Notes"). The New 5.375% January 2029 Notes were issued as “additional notes” and have identical terms to the Initial 5.375% January 2029 Notes as mentioned above. The New 5.375% January 2029 Notes will be treated as a single class of notes with the Initial 5.375% January 2029 Notes for all purposes under the indenture.

For further details, see Note 2 "Significant Accounting Policies—Derivatives," Note 6 “Debt—5.375% January 2029 Notes” and Note 7 “Derivatives” to our consolidated financial statements included in this report.

6.250% May 2030 Notes

On May 6, 2025, we closed an offering of $600.00 million aggregate principal amount of 6.250% unsecured notes due 2030 (the “6.250% May 2030 Notes”). The 6.250% May 2030 Notes were issued pursuant to an indenture between us and Computershare Trust Company, National Association, as trustee. The 6.250% May 2030 Notes bear interest at a rate of 6.250% per year, payable semi-annually in arrears on May 6 and November 6 of each year. The 6.250% May 2030 Notes will mature on May 6, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

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In connection with the issuance of the 6.250% May 2030 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 6.250% May 2030 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 "Significant Accounting Policies - Derivatives," Note 6 “Debt—6.250% May 2030 Notes” and Note 7 “Derivatives” to our consolidated financial statements included in this report.

5.875% January 2031 Notes

On November 24, 2025, we closed an offering of $500.00 million aggregate principal amount of its 5.875% unsecured notes due 2031 (the "Initial 5.875% January 2031 Notes"). The Initial 5.875% January 2031 Notes were issued pursuant to an indenture between us Company and Computershare Trust Company, National Association, as trustee. The Initial 5.875% January 2031 Notes bear interest at a rate of 5.875% per year, payable semi-annually in arrears on January 31 and July 31 of each year. The Initial 5.875% January 2031 Notes will mature on January 31, 2031 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the indenture.

In connection with the issuance of the 5.875% January 2031 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 5.875% January 2031 Notes in a qualifying fair value hedging relationship.

On February 23, 2026, we closed an additional offering of $400.00 million aggregate principal amount of 5.875% unsecured notes due 2031 (the "New 5.875% January 2031 Notes," together with the Initial 5.875% January 2031 Notes, the "5.875% January 2031 Notes"). The New 5.875% January 2031 Notes were issued as “additional notes” and have identical terms to the Initial 5.875% January 2031 Notes as mentioned above. The New 5.875% January 2031 Notes will be treated as a single class of notes with the Initial 5.875% January 2031 Notes for all purposes under the indenture.

In connection with the issuance of the New 5.875% January 2031 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 5.875% January 2031 Notes in a qualifying fair value hedging relationship.

For further details, see Note 2 "Significant Accounting Policies—Derivatives," Note 6 “Debt—5.875% January 2031 Notes” and Note 7 “Derivatives” to our consolidated financial statements included in this report.

Short-Term Borrowings

From time to time, we may engage in sale/buy-back agreements, which are a type of secured borrowing, with Macquarie Bank Limited ("Macquarie"). The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each transaction (each, a “Short-Term Borrowing”) is intended to finance one of our underlying investments. Under each Short-Term Borrowing, we remain the lender of record of the relevant underlying investment for the duration of such transaction but we sell to Macquarie a participation interest in such underlying investment and concurrently enter into an agreement to repurchase from Macquarie the same participation interest at an agreed-upon price (which price includes the interest on such borrowing) at a future date. The future repurchase date will not be later than not to exceed 90 days from the date the participation interest it was sold to Macquarie (unless such 90-day date is mutually extended by us and Macquarie).

For further details, see Note 6 “Debt—Short-Term Borrowings” in our consolidated financial statements included in this report.

Off-Balance Sheet Arrangements

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

We may ourselves commit, or commit alongside one or more other Accounts, to issue standby letter of credit in connection with an investment or we may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of us or such Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer or its designee would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer or its designee as defined in the relevant credit agreement. As of March 31, 2026, we have committed to fund letters of credit of $23.37 million on behalf of the Accounts. As of March 31, 2026, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:

 

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		As of				As of
		March 31, 2026				December 31, 2025
		(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt		$	4,823.65			$	5,222.75
First Lien/Last-Out Unitranche			36.44				43.49
Second Lien/Senior Secured Debt			161.43				35.46
Membership Interest			37.02				37.02
Total		$	5,058.54			$	5,338.72

HEDGING

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

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

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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

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

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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 of Director

 

Effective as of the close of business on March 31, 2026, Susan B. McGee resigned from the Board and all committees thereof

 

Fourth Amendment to BNPP Revolving Credit Facility

 

On April 17, 2026, SPV Public I entered into the fourth amendment (the "Fourth Amendment") to the BNPP Revolving Credit Facility. The Fourth Amendment, among other things, (i) increased the aggregate maximum facility amount from $1,100,000 billion to $1,500,000 billion, (ii) extended the end of the period in which we may make borrowings under the facility from January 31, 2027 to April 17, 2028, (iii) extended the final maturity date of the facility from February 1, 2028 to April 17, 2029, and (iv) as of the first interest period following the Fourth Amendment Effective Date, reduced the margin applicable to advances from 1.615% per annum to 1.462% per annum, which applicable margin shall increase to 2.462% per annum after the expiration of the reinvestment period.

 

Issuance of 6.150% June 2031 Notes

On April 21, 2026, we issued $750.00 million aggregate principal amount of 6.150% Notes due 2031 (the “6.150% June 2031 Notes”). The 6.150% June 2031 Notes bear interest at the rate of 6.150% per annum, payable semi-annually in arrears on June 16 and December 16 of each year, commencing on December 16, 2026, and will mature on June 16, 2031. At our option, the 6.150% June 2031 Notes may be redeemed in whole or in part, at any time or from time to time, prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date.

 

In connection with the 6.150% June 2031 Notes, we entered into an interest rate swap to more closely align the interest rates of our fixed rate liabilities with the investment portfolio, which predominately consists of floating rate loans. We designated this interest rate swap and the 6.150% June 2031 Notes in a qualifying fair value hedging relationship.

April and May Subscriptions

On April 1, 2026, we received $105.38 million of proceeds relating to the issuance of 4,280,186 Class I shares and $1.46 million of proceeds relating to the issuance of 59,118 Class S shares.

On May 1, 2026, we received $83.19 million and $1.00 million of proceeds relating to the issuance of Class I shares and Class S shares.

Distributions

On May 6, 2026, our Board of Directors declared monthly distributions from our taxable earnings, including net investment income. The following table summarizes the distributions declared and the dates that they are expected to be paid on or about:

 

Record Date		Payable Date
May 29, 2026		July 6, 2026
June 30, 2026		July 30, 2026
July 31, 2026		August 28, 2026

Seventh Amendment to Truist Revolving Credit Facility

 

On May 7, 2026, we entered into the Seventh Amendment to Senior Secured Revolving Credit Agreement, by and among us, as Borrower, the lenders and issuing banks party thereto and Truist Bank, as Administrative Agent (the “Seventh Amendment”). The Seventh Amendment, among other things, (i) increases the accordion feature from up to $3,555.00 million in aggregate commitments to up to $4,500.00 million in aggregate commitments, (ii) extends the commitment termination date from June 15, 2029 to May 7, 2030, (iii) extends the maturity date from

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June 14, 2030 to May 7, 2031, (iv) reduces the applicable margin to (a) with respect to any ABR Loan, 0.775% per annum; (b) with respect to any Index Rate Loan or Term Benchmark Loan, 1.775% per annum; and (c) with respect to any RFR Loan, 1.775% per annum, in each case, subject to an additional step-down in applicable margin if the Gross Borrowing Base is greater than or equal to the product of 1.60 and the Combined Debt Amount, (v) removes all credit adjustment spreads, (vi) reduces the commitment fee from 0.375% to 0.325%, and (vii) resets the minimum shareholders’ equity test. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Seventh Amendment.

 

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 March 31, 2026 and December 31, 2025 on a fair value basis, 97.4% and 100% of our performing debt investments bore interest at a floating rate. Our borrowings under the Truist Revolving Credit Facility, the BNPP Revolving Credit Facility, the MS Revolving Credit Facility and Short-Term Borrowings each bear interest at a floating rate and our 5.050% February 2028 Notes, 5.875% May 2028 Notes, 5.375% January 2029 Notes, 6.250% May 2030 Notes and 5.875% January 2031 Notes bear interest at a fixed rate. In certain cases, we have entered into interest rate swaps in an effort to help mitigate the impact of changes in market interest rates on our net asset value.

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 March 31, 2026 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 March 31, 2026 Basis Point Change		Interest Income				Interest Expense				Net Income
($ in millions)
Up 300 basis points		$	403.08			$	(175.07	)		$	228.01
Up 200 basis points			268.72				(116.71	)			152.01
Up 100 basis points			134.35				(58.36	)			75.99
Up 75 basis points			100.76				(43.77	)			56.99
Up 50 basis points			67.18				(29.18	)			38.00
Up 25 basis points			33.58				(14.59	)			18.99
Down 25 basis points			(33.52	)			14.59				(18.93	)
Down 50 basis points			(66.99	)			29.18				(37.81	)
Down 75 basis points			(100.26	)			43.77				(56.49	)
Down 100 basis points			(133.50	)			58.36				(75.14	)
Down 200 basis points			(265.96	)			116.71				(149.25	)
Down 300 basis points			(375.79	)			175.07				(200.72	)

We have and may in the future hedge against interest rate fluctuations by using standard hedging instruments such as additional interest rate swaps, 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.

We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith by the Investment Adviser, as our Valuation Designee, pursuant to procedures adopted by the Investment Adviser, as our Valuation Designee, subject to the oversight of the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Our investment strategy will also allocate a portion of the overall portfolio to Liquid Investments, such as broadly syndicated loans and other fixed-income securities, to provide the portfolio with additional liquidity and to manage our payment obligations under our share repurchase program. Investment decisions related to Liquid Investments, such as broadly syndicated loans and other fixed-income securities, will be made by the Goldman Sachs Asset Management High Yield and Bank Loan team within the Global Fixed Income and Liquidity Solutions group of Goldman Sachs Asset Management.

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).

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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 March 31, 2026. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, 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. There have been no material changes to the risk factors previously reported under Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 3, 2026. 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.

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

The following table summarizes the total securities issued and proceeds:

		Class I								Class S								Class D
Share Issue Date		Shares Issued				Proceeds Received ($ in millions)				Shares Issued				Proceeds Received ($ in millions)				Shares Issued				Proceeds Received ($ in millions)
For the Three Months Ended March 31, 2026
January 1, 2026			12,358,659			$	308.84				—			$	—				—			$	—
February 1, 2026			22,794,095				568.26				4,011				0.10				—				—
March 1, 2026			6,553,873				161.98				80,881				2.00				12,138				0.30
Total			41,706,627				1,039.08				84,892				2.10				12,138				0.30
For the Three Months Ended March 31, 2025
January 1, 2025			23,191,555			$	584.89				—			$	—				—			$	—
February 1, 2025			15,021,187				378.83				—				—				—				—
March 1, 2025			12,743,027				320.49				—				—				—				—
Total			50,955,769				1,284.21				—				—				—				—

Each of the above issuances and sales of our Shares was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) of the Securities Act and Regulation D or Regulation S under the Securities Act, as applicable. Each purchaser of the Shares was required to represent that it (i) is either an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act or, in the case of Shares sold outside the United States, not a “U.S. person” in accordance with Regulation S of the Securities Act and (ii) was acquiring the Shares for investment and not with a view to resell or distribute. We did not engage in general solicitation or advertising, and did not offer securities to the public, in connection with such issuances and sales.

Issuer Purchases of Equity Securities

Subject to the discretion of our Board of Directors, we intend to maintain a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our outstanding Shares (by number of shares) as of the close of the previous calendar quarter. Our Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interests of us and our stockholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company Act. All Shares purchased pursuant to the

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terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent we offer to repurchase Shares in any particular quarter, we expect to repurchase such Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Shares that have not been outstanding for at least one year will be subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Shares repurchased (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date and does not include Shares received under our distribution reinvestment plan. The Early Repurchase Deduction may be waived by us in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. In addition, our Shares may be sold to certain foreign feeder vehicles primarily created to hold our Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. We expect to conduct such offerings pursuant to available exemptions from registration under the Securities Act. For such foreign feeder vehicles and similar arrangements in certain foreign markets, we may not apply, in whole or in part, the Early Repurchase Deduction and may otherwise modify the Early Repurchase Deduction, with respect to such foreign feeder vehicles or underlying investors, often because of administrative or their systems limitations. The Early Repurchase Deduction will be retained by us for the benefit of our remaining stockholders.

The following table sets forth information regarding repurchases of Shares under our share repurchase program during the three months ended March 31, 2026:

 

												Class I								Class S								Class D
Offer Date		Tender Offer Expiration Date		Percentage of Outstanding Units the Company Offered to Repurchase(1)(2)				Purchase Price Per Share				Amount (3) ($ in millions)				Number of Shares				Amount (3) ($ in millions)				Number of Shares				Amount (3) ($ in millions)				Number of Shares
For the Three Months Ended March 31, 2026
March 2, 2026		March 27, 2026			5.0	%		$	24.62			$	425.20				17,281,858			$	—				—			$	—				—
Total												$	425.20				17,281,858			$	—				—			$	—				—
For the Three Months Ended March 31, 2025
February 24, 2025		March 21, 2025			5.0	%		$	25.11			$	66.95				2,667,462			$	—				—			$	—				—
Total												$	66.95				2,667,462			$	—				—			$	—				—

 

(1)

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

(2)

All repurchase requests were satisfied in full.

(3)

Amounts shown net of Early Repurchase Deduction.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On May 7, 2026, we entered into the Seventh Amendment to Senior Secured Revolving Credit Agreement, by and among us, as Borrower, the lenders and issuing banks party thereto and Truist Bank, as Administrative Agent (the “Seventh Amendment”). The Seventh Amendment, among other things, (i) increases the accordion feature from up to $3,555.00 million in aggregate commitments to up to $4,500.00 million in aggregate commitments, (ii) extends the commitment termination date from June 15, 2029 to May 7, 2030, (iii) extends the maturity date from June 14, 2030 to May 7, 2031, (iv) reduces the applicable margin to (a) with respect to any ABR Loan, 0.775% per annum; (b) with respect to any Index Rate Loan or Term Benchmark Loan, 1.775% per annum; and (c) with respect to any RFR Loan, 1.775% per annum, in each case, subject to an additional step-down in applicable margin if the Gross Borrowing Base is greater than or equal to the product of 1.60 and the Combined Debt Amount, (v) removes all credit adjustment spreads, (vi) reduces the commitment fee from 0.375% to 0.325%, and (vii) resets the minimum shareholders’ equity test. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Seventh Amendment.

 

The foregoing description is only a summary of the material provisions of the Seventh Amendment and is qualified in its entirety by reference to the full text of the Seventh Amendment filed as Exhibit 10.2 hereto and incorporated herein by reference.

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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		Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to the Company’s Registration Statement on Form 10 (File No. 000-56531), filed on May 18, 2023).
3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Form 10-Q (File No. 814-01627), filed on May 13, 2025).
4.1		Fifth Supplemental Indenture, dated as of February 23, 2026, relating to the 5.050% Notes due 2028, by and between the Company and Computershare Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 hereto) (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 814-01627), filed on February 23, 2026).
4.2		Form of 5.050% Notes due 2028 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 814-01627), filed on February 23, 2026).
4.3		Registration Rights Agreement, dated as of February 23, 2026, relating to the 5.875% Notes due 2031, by and between the Company and BofA Securities, Inc., as the representative of the Initial Purchasers (incorporated by reference to Exhibit 4.5 to the Company’s Current Report on Form 8-K (File No. 814-01627), filed on February 23, 2026).
4.4		Registration Rights Agreement, dated as of February 23, 2026, relating to the 5.050% Notes due 2028, by and between the Company and BofA Securities, Inc., as the representative of the Initial Purchasers (incorporated by reference to Exhibit 4.6 to the Company’s Current Report on Form 8-K (File No. 814-01627), filed on February 23, 2026).
10.1		Fifth Amendment to Loan and Servicing Agreement, dated as of January 29, 2026, by and among GSCR Mott Street, as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent, State Street Bank and Trust Company, as collateral agent, account bank and collateral custodian, the Company, as servicer and as transferor, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01627), filed on February 3, 2026).
10.2*		Seventh Amendment to Senior Secured Revolving Credit Agreement, dated as of May 7, 2026, by and among the Company, as Borrower, the Lenders and Issuing Banks party thereto, and Trust Bank, as Administrative Agent.
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 PRIVATE CREDIT CORP.
Date: May 12, 2026						/s/ Vivek Bantwal
						Name: Vivek Bantwal
						Title: Co-Chief Executive Officer
						(Co-Principal Executive Officer)
Date: May 12, 2026						/s/ David Miller
						Name: David Miller
						Title: Co-Chief Executive Officer
						(Co-Principal Executive Officer)

 

 

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