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Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Maturity Date 12/19/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Revolver Reference Rate and Spread E + 5.00% Maturity Date 6/12/20312026-03-310001959604ck0001959604:IncentiveFeeBasedOnIncomeMembersrt:MinimumMember2026-01-012026-03-310001959604Portfolio Company Pearl Acquisition Buyer, Inc. Investment Type First Lien Revolver2025-12-310001959604Portfolio Company InhabitIQ, Inc. 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Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322025-12-310001959604us-gaap:FairValueInputsLevel1Member2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Revolver Reference Rate and Spread E + 5.00% Maturity Date 6/12/20312025-12-310001959604ck0001959604:HealthCareEquipmentSuppliesMember2026-03-310001959604ck0001959604:CommonStockClassIShareMemberck0001959604:O2026M1DividendsMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Financial Services Arax Midco, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 3/24/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 8/25/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/14/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% (includes 2.75% PIK) Maturity Date 2/2/20322026-03-310001959604Portfolio Company Signant Finance One Limited Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals Aurora Plastics, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/12/2030 One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 8/31/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Populous Global II, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322025-12-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services RCP Nats Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 3/19/20322025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:DiversifiedConsumerServicesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/14/20322026-03-310001959604Portfolio Company World Insurance Associates, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 2/2/20322026-03-310001959604Portfolio Company World Insurance Associates, LLC Investment Type First Lien Revolver2026-03-310001959604us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMemberck0001959604:MeasurementInputTransactionMultiplesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/6/2031 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Populous Global II, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322026-03-310001959604Portfolio Company Populous Global II, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Aptean, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/30/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services ManTech International Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/14/20292025-12-310001959604Portfolio Company Brave Parent Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:AirFreightLogisticsMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Koala Investment Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 8/30/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Spruce Bidco II Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/30/20322025-12-310001959604Portfolio Company AGS Health BCP Holdings, Inc Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-12-310001959604ck0001959604:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Geo TopCo Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Advarra Holdings, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/15/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/15/2032 One2026-03-310001959604ck0001959604:SeniorSecuredCreditFacilityMember2025-06-012025-06-010001959604ck0001959604:OneMonthEurodollarEURIBORMember2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:MeasurementInputMarketComparablesMembersrt:MinimumMemberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604ck0001959604:InvestmentNonControlledNonAffiliatedIssuerMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Signant Finance One Limited Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 10/16/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Foreside Financial Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 9/30/20272025-12-310001959604us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2025-12-310001959604Portfolio Company AB Centers Acquisition Corporation Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 7/24/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/24/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Coding Solutions Acquisition, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 8/7/20312026-03-310001959604us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/14/20322025-12-310001959604Portfolio Company Computer Services, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments Equity Investments L.P. Interests Commercial Services & Supplies Firebird Co-Invest L.P. Investment Type L.P Interest One2026-03-310001959604us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:TradedLoanMemberck0001959604:SeniorSecuredCreditFacilityMember2026-01-012026-03-310001959604Portfolio Company Swoop Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Bracket Intermediate Holding Corp. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 10/16/20312026-03-310001959604us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Brave Parent Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 11/29/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/6/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Foreside Financial Group, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 9/30/20272025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/2029 One2026-03-310001959604ck0001959604:LPInterestMemberus-gaap:FairValueInputsLevel1Member2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Falcon Parent Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% (includes 2.75% PIK) Maturity Date 11/6/20312026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:TradingCompaniesDistributorsMember2026-03-310001959604Portfolio Company West Star Aviation Acquisition, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 7/1/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals Aurora Plastics, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/12/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 8/25/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services IG Investments Holdings, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 9/22/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/2029 One2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:WeightedAverageMemberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001959604Portfolio Company Integrity Marketing Acquisition, LLC Investment Type First Lien Revolver2025-12-310001959604us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001959604ck0001959604:AirFreightLogisticsMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/2032 One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pearl Acquisition Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Term Loan Reference Rate and Spread E + 4.50% Maturity Date 8/16/2032 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Computer Services, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/2031 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Computer Services, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312025-12-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/2/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Brilliance Technologies, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 3/11/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Capstone Acquisition Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/12/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Intermediate Holdings Inc Investment Type First Lien Revolver Reference Rate and Spread S + 5.50% Maturity Date 8/26/20322025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:MeasurementInputMarketComparablesMembersrt:MinimumMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread SN + 4.50% Maturity Date 10/15/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services USHV Management, LLC Investment Type First Lien Revolver Reference Rate and Spread P + 4.00% Maturity Date 9/8/20312025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:MaximumMemberck0001959604:ValuationTechniqueMarketApproachMemberck0001959604:MeasurementInputTransactionMultiplesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Eclipse Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/5/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Eclipse Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 9/5/20312025-12-310001959604ck0001959604:IncentiveFeeFromNetInvestmentIncomeMember2026-01-012026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:FirstLienDebtMember2025-03-310001959604ck0001959604:CommonStockClassSShareMember2025-02-280001959604Portfolio Company Denali Topco LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 One2025-12-310001959604ck0001959604:AerospaceDefenseMemberck0001959604:FirstLienDebtInvestmentsMember2025-12-310001959604Portfolio Company Brave Parent Holdings, Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Advarra Holdings, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/15/2031 One2026-03-310001959604ck0001959604:CLONotesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Eclipse Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/5/20312025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueDiscountedCashFlowsMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:CommonStockMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Aptean, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/30/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Real Chemistry Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322026-03-310001959604ck0001959604:ClassSSharesMember2025-01-012025-03-310001959604srt:ScenarioPreviouslyReportedMember2026-01-012026-03-310001959604ck0001959604:ClassSSharesMember2026-01-012026-03-310001959604Portfolio Company AGS Health BCP LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Populous Global II, LLC Investment Type First Lien Revolver2026-03-310001959604ck0001959604:ElectricalEquipmentMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 11/18/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Topco LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/26/20322026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 7/16/20292025-12-310001959604ck0001959604:ClassCDeferrableFloatingRateMember2026-01-012026-03-310001959604ck0001959604:CommonStockClassIShareMemberck0001959604:O2025M3DividendsMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Machinery Harvey Tool Company, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/6/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Falcon Parent Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/6/20312026-03-310001959604Portfolio Company Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Revolver One2026-03-310001959604us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-03-310001959604ck0001959604:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310001959604Portfolio Company Aurora Plastics, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604us-gaap:SubsequentEventMemberck0001959604:ClassA2SeniorSecuredFloatingRateMember2026-04-022026-04-020001959604Portfolio Company Wrench Group, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-3100019596042025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Netwrix Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/20292026-03-310001959604srt:MaximumMember2026-01-012026-03-310001959604Portfolio Company Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Maturity Date 11/18/20312025-12-310001959604Portfolio Company Trystar, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Edition Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Redwood Services, LP Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 6/16/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Spruce Bidco II Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 1/30/20322025-12-310001959604Portfolio Company AGS Health BCP LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance World Insurance Associates, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 4/3/20302025-12-310001959604Portfolio Company IG Investments Holdings, LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Bluefin Holding, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 9/12/2029, One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Advarra Holdings, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/15/2031 One2025-12-310001959604Portfolio Company Wildcat Topco, Inc Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Food Products Nellson Nutraceutical, LLC Investment Type First Lien Revolver Reference Rate and Spread P + 4.75% Maturity Date 4/17/20312026-03-310001959604us-gaap:FairValueInputsLevel2Memberck0001959604:FirstLienDebtMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/15/2032 Three2026-03-310001959604Portfolio Company PPW Aero Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:CommonStockClassSShareMemberck0001959604:O2025M2DividendsMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Aptean, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/30/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Hercules Borrower LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/15/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Galway Borrower LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/29/20282026-03-310001959604us-gaap:CommonStockMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/6/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Falcon Parent Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/6/20312025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:HealthCareTechnologyMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Aptean, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/30/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Syndigo LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 9/2/20322026-03-310001959604Portfolio Company Polyphase Elevator Holding Co Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 7/23/20312026-03-310001959604ck0001959604:ProfessionalServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Term Loan Reference Rate and Spread E + 4.75% Maturity Date 8/16/20322025-12-310001959604ck0001959604:AirFreightLogisticsMemberus-gaap:EquitySecuritiesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 Two2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Future US Bidco, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 12/11/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 8/6/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services USHV Management, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/8/20322025-12-310001959604ck0001959604:IncentiveFeeBasedOnIncomeMembersrt:MaximumMember2026-01-012026-03-310001959604Portfolio Company Coding Solutions Acquisition, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:ClassDSharesMembersrt:MaximumMember2025-09-220001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Solis Mammography Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 5/29/20302025-12-310001959604Portfolio Company Foreside Financial Group, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:SeniorSecuredCreditFacilityMemberck0001959604:IncreasesAfterTwoSeventyDaysMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software OneSource Virtual Inc Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 1/31/20332026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Advarra Holdings, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/15/20312026-03-310001959604ck0001959604:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software GS AcquisitionCo, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 5/25/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Redwood Services, LP Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 6/16/20322026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:FinancialServicesSectorMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 8/16/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Computer Services, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312026-03-310001959604Portfolio Company Lobos Parent, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:LPInterestMemberus-gaap:FairValueInputsLevel2Member2025-12-310001959604us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 8/31/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/2029 Two2026-03-310001959604ck0001959604:CommonStockClassDShareMember2025-01-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Vensure Employer Services Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/29/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Hotels, Restaurants & Leisure Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.50% Maturity Date 7/29/20312025-12-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-01-012025-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:PharmaceuticalsBiotechnologyLifeSciencesMember2025-12-310001959604Portfolio Company Real Chemistry Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:CommonStockClassIShareMemberck0001959604:O2025M2DividendsMember2025-01-012025-03-310001959604ck0001959604:ClassCDeferrableFloatingRateMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Capstone Acquisition Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/12/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies The Hiller Companies, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 6/20/20302025-12-310001959604us-gaap:RealEstateSectorMember2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMember2025-12-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-12-310001959604Portfolio Company Victors Purchaser, LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Titan BW Borrower L.P. Investment Type First Lien Revolver2025-12-310001959604ck0001959604:CommonClassIMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance HIG Operations Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP Holdings, Inc Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322025-12-310001959604Portfolio Company DeLorean Purchaser, Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP Holdings, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322026-03-310001959604Portfolio Company Harvey Tool Company, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Bluefin Holding, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 9/12/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Any Hour LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/23/20302025-12-310001959604ck0001959604:O2026M1DividendsMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Geo TopCo Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 10/15/20312025-12-310001959604Portfolio Company Vessco Midco Holdings, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Saturn Borrower Inc Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Maturity Date 11/10/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 9/26/2031 One2026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-12-310001959604Portfolio Company Denali Intermediate Holdings Inc Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/2/2031 One2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:CommonStockMembersrt:MaximumMember2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:LifeSciencesToolsServicesMember2026-03-310001959604Portfolio Company Titan BW Borrower L.P. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:FairValueInputsLevel2Member2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Solis Mammography Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 5/31/20322025-12-310001959604Portfolio Company Syndigo LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals Aurora Plastics, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/12/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services KL Stockton Intermediate II, LLC Investment Type First Lien Term Loan Reference Rate and Spread 13.00% PIK Maturity Date 23/5/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Zeppelin Holdco II, LP Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Geo TopCo Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Foreside Financial Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 9/30/20272026-03-310001959604Portfolio Company Falcon Parent Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/20312026-03-310001959604Portfolio Company Perkinelmer U.S. LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Nellson Nutraceutical, LLC Investment Type First Lien Revolver2026-03-310001959604ck0001959604:CommonStockClassSShareMember2025-01-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Real Chemistry Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322025-12-310001959604Portfolio Company Koala Investment Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% (includes 2.75% PIK) Maturity Date 2/2/20322025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:RealEstateSectorMember2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:ChemicalsSectorMember2026-03-310001959604us-gaap:SubsequentEventMemberck0001959604:ClassBSeniorSecuredFloatingRateMember2026-04-022026-04-020001959604Non-Controlled/Non-Affiliated Portfolio Company Investments Equity Investments Common Stock Air Freight & Logistics Red Griffin TopCo, LLC Investment Type Common Stock2025-12-310001959604Portfolio Company Sapphire Software Buyer, Inc. Investment Type First Lien Revolver2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:MeasurementInputMarketComparablesMemberus-gaap:CommonStockMembersrt:MaximumMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Spruce Bidco II Inc. Investment Type First Lien Term Loan Reference Rate and Spread C + 4.75% Maturity Date 1/30/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services ManTech International Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/14/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Wildcat Topco, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Quantum Health, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/22/20272026-03-310001959604ck0001959604:O2025M3DividendsMember2025-01-012025-03-310001959604Portfolio Company Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 8/25/20282026-03-310001959604Portfolio Company AVSC Holding Corp. Investment Type First Lien Revolver2025-12-310001959604us-gaap:BaseRateMemberck0001959604:SeniorSecuredCreditFacilityMemberck0001959604:Non-TradedLoanMember2026-01-012026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2025-03-310001959604Portfolio Company Blackbird Purchaser, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/2032 Three2025-12-310001959604ck0001959604:ClassISharesMember2026-01-012026-03-310001959604ck0001959604:MachineryMember2026-03-310001959604ck0001959604:InvestmentNonControlledNonAffiliatedIssuerMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Topco LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/26/20322025-12-310001959604ck0001959604:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:LoanTwoMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services USHV Management, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/8/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance SG Acquisition, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 4/3/20302026-03-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Revolver2025-12-310001959604Portfolio Company AGS Health BCP LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Tau Buyer, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 2/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/16/20322026-03-310001959604Portfolio Company Populous Global II, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Any Hour LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/23/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Vacation Rental Brands, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 5/6/20312025-12-310001959604Portfolio Company Wrench Group, LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Aptean, Inc. Investment Type First Lien Revolver2025-12-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMembersrt:MaximumMemberck0001959604:MeasurementInputTransactionMultiplesMember2025-12-310001959604Portfolio Company Atlas US Finco, Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 8/25/20282026-03-310001959604us-gaap:SubsequentEventMember2026-04-020001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Wrench Group, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 9/3/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/2031 One2025-12-310001959604Portfolio Company Geo TopCo Corporation Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software InhabitIQ, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 1/12/20322026-03-310001959604Portfolio Company Polyphase Elevator Holding Co Investment Type First Lien Revolver2025-12-310001959604ck0001959604:FirstLienSecuredDebtMember2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:FirstLienDebtMember2025-12-310001959604Portfolio Company Aurora Plastics, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Real Estate Management & Development Atlas US Finco, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 12/11/20282025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/27/20322026-03-310001959604Portfolio Company Blackbird Purchaser, Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance World Insurance Associates, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 4/3/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Petvet Care Centers, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 6.00% Maturity Date 11/15/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Wildcat Topco, Inc Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312026-03-310001959604ck0001959604:HotelsRestaurantsLeisureMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 7/23/2031 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.) Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/29/2030 One2026-03-310001959604ck0001959604:ChemicalsMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Wrench Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 9/3/20322026-03-310001959604Portfolio Company Victors Purchaser, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company HighLevel Inc Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Coding Solutions Acquisition, Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Topco LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/26/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 8/6/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Zenith AcquisitionCo, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 1/13/20332026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Zeppelin Holdco II, LP Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/2/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Tau Buyer, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 2/2/20322025-12-310001959604us-gaap:HealthcareSectorMemberck0001959604:FirstLienDebtInvestmentsMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies NRO Holdings III Corp. Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 7/15/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Zeppelin Holdco II, LP Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 8/2/20322025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:ElectricalEquipmentMember2026-03-310001959604ck0001959604:CommonClassSMemberus-gaap:SubsequentEventMemberck0001959604:O2026M4DividendsMember2026-04-240001959604Portfolio Company USHV Management, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:ElectricalEquipmentMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Redwood Services, LP Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 6/16/20322025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:FirstLienDebtMember2026-03-310001959604us-gaap:PreferredStockMember2026-03-310001959604us-gaap:FairValueInputsLevel2Member2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/16/2032 Two2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services ManTech International Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/14/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/15/20282025-12-310001959604ck0001959604:CommonStockClassDShareMember2026-01-012026-03-310001959604ck0001959604:FinancialServicesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software GS AcquisitionCo, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/25/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/20312026-03-310001959604Portfolio Company Trystar, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:PrimeRateMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Blackbird Purchaser, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.75% Maturity Date 12/19/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Brilliance Technologies, Inc. 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Investment Type First Lien Term Loan Reference Rate and Spread T + 5.00% Maturity Date 1/30/20322025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:CommonStockMember2026-03-310001959604us-gaap:SubsequentEventMember2026-04-010001959604Portfolio Company ICR, LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services RCP Nats Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 3/19/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology DeLorean Purchaser, Inc. 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Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 7/26/20322026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:TradingCompaniesDistributorsMember2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance HIG Operations Holdings, Inc. 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Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 5/25/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Tau Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 2/2/20322025-12-310001959604ck0001959604:CommonStockClassDShareMember2025-03-310001959604ck0001959604:CommonStockClassSShareMember2026-03-310001959604Portfolio Company Vessco Midco Holdings, LLC Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Redwood Services Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 6/15/2029 One2025-12-310001959604us-gaap:HealthcareSectorMemberck0001959604:FirstLienDebtInvestmentsMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Spotless Brands, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 7/25/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Real Estate Management & Development Atlas US Finco, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/10/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Tau Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% (includes 2.50% PIK) Maturity Date 2/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Capstone Acquisition Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/12/20292026-03-310001959604ck0001959604:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:LoanOneMember2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:FoodProductsMember2026-03-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan One2026-03-310001959604Portfolio Company Eclipse Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Zeppelin Holdco II, LP Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance HIG Operations Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 7/2/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Swoop Intermediate III, Inc. 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Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/30/20312026-03-310001959604Portfolio Company Flexera Software LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors PT Intermediate Holdings III, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 4/9/20302026-03-310001959604ck0001959604:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:LoanTwoMember2025-12-310001959604us-gaap:RevolvingCreditFacilityMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Syndigo LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/2/20322026-03-310001959604Portfolio Company InhabitIQ, Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Food Products Nellson Nutraceutical, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Maturity Date 4/17/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Coding Solutions Acquisition, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 8/7/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Galway Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/29/2028 Two2026-03-310001959604ck0001959604:ClassSSharesMember2026-03-310001959604ck0001959604:HealthCareProvidersServicesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense West Star Aviation Acquisition, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 5/20/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Galway Borrower LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 9/29/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance HIG Operations Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/2031 One2025-12-310001959604Portfolio Company Populous Global II, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Advarra Holdings, Inc Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/15/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Future Bidco Limited Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 12/11/20312026-03-310001959604ck0001959604:AirFreightLogisticsMemberus-gaap:EquitySecuritiesMember2025-12-310001959604ck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001959604:FirstLienDebtMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/15/20322026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:AirFreightLogisticsMember2026-03-310001959604Portfolio Company Swoop Intermediate III, Inc. Investment Type First Lien Revolver2026-03-310001959604ck0001959604:LifeSciencesToolsServicesMember2025-12-3100019596042026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/6/2031 One2025-12-310001959604us-gaap:SubsequentEventMemberck0001959604:ClassA2SeniorSecuredFloatingRateMember2026-04-020001959604us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 7/16/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/2/2031 One2025-12-310001959604ck0001959604:LifeSciencesToolsServicesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Redwood Services Group, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 6/15/20292025-12-310001959604Portfolio Company Netwrix Corporation Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 Two2025-12-310001959604Portfolio Company Real Chemistry Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:LoanOneMemberck0001959604:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Future US Bidco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.50% Maturity Date 12/11/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Perkinelmer U.S. LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 3/13/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance World Insurance Associates, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 4/3/20302025-12-310001959604ck0001959604:LoanOneMemberck0001959604:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-03-310001959604Portfolio Company Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan One2026-03-310001959604ck0001959604:ClassSSharesMembersrt:MaximumMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Populous Global II, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 7/20/20292026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:CommercialAndIndustrialSectorMember2025-12-310001959604Portfolio Company Lobos Parent, Inc. Investment Type First Lien Revolver One2025-12-310001959604Portfolio Company Falcon Parent Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-3100019596042025-01-012025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/2/2031 Two2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Advarra Holdings, Inc Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/15/20312025-12-310001959604Portfolio Company IG Investments Holdings, LLC Investment Type First Lien Revolver2025-12-310001959604ck0001959604:IncentiveFeeFromNetInvestmentIncomeMember2025-01-012025-03-310001959604Portfolio Company Computer Services, Inc. Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Any Hour LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.75% (includes 3.25% PIK) Maturity Date 5/23/20302026-03-310001959604ck0001959604:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:LoanTwoMember2025-12-310001959604Portfolio Company Harvey Tool Company, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies NRO Holdings III Corp. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/15/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Titan BW Borrower L.P. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/26/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Perkinelmer U.S. LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 3/13/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Vacation Rental Brands, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/6/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software OneSource Virtual Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/31/20332026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics SEKO Global Logistics Network, LLC Investment Type First Lien Term Loan, Last-out Reference Rate and Spread S + 7.00% (includes 5.00% PIK) Maturity Date 5/27/20302026-03-310001959604Portfolio Company MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Revolver One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/1/20312026-03-310001959604ck0001959604:ClassBSeniorSecuredMember2025-03-200001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Tau Buyer, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% (includes 2.50% PIK) Maturity Date 2/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 One2025-12-310001959604ck0001959604:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-03-310001959604Total Unfunded Portfolio Company Commitments2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:WeightedAverageMemberck0001959604:MeasurementInputTransactionMultiplesMemberck0001959604:ValuationTechniqueMarketApproachMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments Equity Investments L.P. Interests Commercial Services & Supplies Firebird Co-Invest L.P. Investment Type L.P Interest One2025-12-310001959604Portfolio Company Apex Service Partners, LLC Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Portfolio Company World Insurance Associates, LLC Investment Type First Lien Revolver2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:InsuranceSectorMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Financial Services Arax Midco, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 4/11/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Populous Global II, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 4/11/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Wrench Group, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 9/3/20312025-12-310001959604ck0001959604:CommonStockClassDShareMember2026-01-310001959604ck0001959604:CLONotesMember2025-03-200001959604ck0001959604:CommonStockClassIShareMember2026-02-280001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/24/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/2/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services USHV Management, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/8/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Redwood Services, LP Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 6/16/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 11/18/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2026-03-310001959604Portfolio Company Polyphase Elevator Holding Co Investment Type First Lien Revolver2026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMemberck0001959604:MeasurementInputTransactionMultiplesMember2025-12-310001959604Portfolio Company DeLorean Purchaser, Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies The Hiller Companies, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/20/20302025-12-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Vacation Rental Brands, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/6/20322025-12-310001959604ck0001959604:PharmaceuticalsBiotechnologyLifeSciencesMember2025-12-310001959604Portfolio Company Galway Borrower LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Future Bidco Limited Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 12/11/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics SEKO Global Logistics Network, LLC Investment Type First Lien Term Loan, Last-out Reference Rate and Spread S + 7.00% (includes 5.00% PIK) Maturity Date 5/27/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense PPW Aero Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 9/30/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/6/20312026-03-310001959604Portfolio Company The Hiller Companies, LLC Investment Type First Lien Revolver2025-12-310001959604us-gaap:FairValueInputsLevel3Member2025-03-310001959604ck0001959604:ClassASeniorSecuredFloatingRateMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Redwood Services, LP Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 6/16/20322025-12-310001959604Portfolio Company Edition Holdings, Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services RCP Nats Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 3/19/2032 One2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:MinimumMemberck0001959604:MeasurementInputTransactionMultiplesMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Perkinelmer U.S. LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 3/13/2029 One2025-12-310001959604Portfolio Company OneSource Virtual Inc Investment Type First Lien Revolver2026-03-310001959604ck0001959604:CommonStockClassDShareMember2026-02-280001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services RCP Nats Purchaser, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 3/19/20322025-12-310001959604Portfolio Company Titan Luxco I SARL Investment Type First Lien Revolver One2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:ItServicesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/2029 Two2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology VaxCare Intermediate II LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 6/17/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Spruce Bidco II Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/30/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Zeppelin Holdco II, LP Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 7/16/2029 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals ASP Meteor Acquisition Co LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Maturity Date 9/1/20292025-12-310001959604ck0001959604:CommonClassSMember2026-05-060001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Vacation Rental Brands, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 5/6/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.) Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/29/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors PT Intermediate Holdings III, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 4/9/20302025-12-310001959604ck0001959604:ClassISharesMember2025-01-012025-03-310001959604ck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001959604:FirstLienDebtMember2026-03-310001959604Portfolio Company Geo TopCo Corporation Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Pike Corporation Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 7/16/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Polyphase Elevator Holding Co Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 11/24/20322025-12-310001959604Portfolio Company Signant Finance One Limited Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software InhabitIQ, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 1/12/20322026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMember2025-12-310001959604ck0001959604:CommonStockClassDShareMember2025-02-280001959604ck0001959604:InvestmentPortfolioMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies The Hiller Companies, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/20/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services RCP Nats Purchaser, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 3/19/20322026-03-310001959604us-gaap:SubsequentEventMemberck0001959604:ClassA1SeniorSecuredFloatingRateMember2026-04-022026-04-020001959604ck0001959604:CommonStockClassIShareMemberck0001959604:O2026M3DividendsMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Coding Solutions Acquisition, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 8/7/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance World Insurance Associates, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 4/3/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Koala Investment Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 8/30/20322025-12-310001959604ck0001959604:CLONotesMemberus-gaap:SubsequentEventMember2026-04-022026-04-020001959604Portfolio Company Future US Bidco, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001959604us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:ClassBSeniorSecuredMember2025-03-202025-03-200001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/6/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Financial Services Arax Midco, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 3/24/20322026-03-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Three2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Vacation Rental Brands, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/6/2032 One2025-12-310001959604country:US2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:MeasurementInputTransactionMultiplesMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604ck0001959604:ProfessionalServicesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Blackbird Purchaser, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.75% Maturity Date 12/19/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Term Loan Reference Rate and Spread E + 5.00% Maturity Date 6/14/20322026-03-310001959604ck0001959604:CommonStockClassSShareMember2026-01-012026-03-310001959604ck0001959604:O2026M3DividendsMember2026-01-012026-03-3100019596042026-01-012026-03-310001959604Portfolio Company Nellson Nutraceutical, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:InvestmentAdviserMember2026-01-012026-03-310001959604ck0001959604:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:LoanTwoMember2026-03-310001959604ck0001959604:InsuranceMember2026-03-310001959604ck0001959604:SeniorSecuredCreditFacilityMember2026-03-012026-03-010001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Saturn Borrower Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 6.00% Maturity Date 11/10/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services USHV Management, LLC Investment Type First Lien Revolver Reference Rate and Spread P + 4.00% Maturity Date 9/8/20312026-03-310001959604srt:MinimumMember2026-01-012026-03-310001959604us-gaap:FairValueInputsLevel3Member2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media ICR, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 3/26/20322026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:FirstLienDebtMember2026-01-012026-03-310001959604Portfolio Company Deerfield Dakota Holding, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Food Products Nellson Nutraceutical, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Maturity Date 4/17/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322025-12-310001959604ck0001959604:InvestmentAdvisoryAgreementMember2026-01-012026-03-310001959604Portfolio Company AGS Health BCP Holdings, Inc Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322026-03-310001959604country:CA2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 7/2/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/1/20312026-03-310001959604ck0001959604:CommonStockClassIShareMember2026-01-012026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Titan BW Borrower L.P. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/26/20322026-03-310001959604Portfolio Company GB Eagle Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology DeLorean Purchaser, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 12/16/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services RCP Nats Purchaser, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 3/19/20322026-03-310001959604Portfolio Company Firebird Co-Invest L.P. Investment Type L.P. Interest2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services IRI Group Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 12/1/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Rally Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 6.25% (includes 3.50% PIK) Maturity Date 7/19/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Wildcat Topco, Inc Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Signant Finance One Limited Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 10/16/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 7/16/20292026-03-310001959604Portfolio Company Spruce Bidco II Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 Two2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense PPW Aero Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread P + 4.00% Maturity Date 9/30/20312026-03-310001959604ck0001959604:InvestmentNonControlledNonAffiliatedIssuerMember2026-01-012026-03-310001959604Portfolio Company NRO Holdings III Corp. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604us-gaap:RevolvingCreditFacilityMember2024-10-152024-10-150001959604ck0001959604:CommonStockClassSShareMemberck0001959604:O2026M3DividendsMember2026-01-012026-03-310001959604ck0001959604:FoodProductsMember2025-12-310001959604Portfolio Company Petvet Care Centers, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Geo TopCo Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/20312025-12-310001959604Total Unfunded Portfolio Company Commitments2026-03-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Three2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Swoop Intermediate III, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:FoodProductsMember2025-12-310001959604Portfolio Company Victors Purchaser, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pike Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322025-12-310001959604Portfolio Company Eclipse Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:FairValueInputsLevel1Member2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services IRI Group Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 12/1/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Edition Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology DeLorean Purchaser, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/16/20312025-12-310001959604ck0001959604:SeniorSecuredCreditFacilityMember2025-01-012025-12-310001959604Portfolio Company AGS Health BCP LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Edition Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322025-12-310001959604ck0001959604:CommonClassIMemberus-gaap:SubsequentEventMemberck0001959604:O2026M4DividendsMember2026-04-240001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Signant Finance One Limited Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 10/16/20312025-12-310001959604ck0001959604:CommonStockClassSShareMember2026-02-280001959604Portfolio Company Netwrix Corporation Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.) Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/29/20302026-03-310001959604Portfolio Company HIG Operations Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 11/18/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Polyphase Elevator Holding Co Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/24/20322026-03-310001959604country:US2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:MeasurementInputMarketComparablesMembersrt:MaximumMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense West Star Aviation Acquisition, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 5/20/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/27/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Rally Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 6.25% (includes 3.50% PIK) Maturity Date 7/19/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software GS AcquisitionCo, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/25/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Brave Parent Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Maturity Date 11/29/20302026-03-310001959604Portfolio Company West Star Aviation Acquisition, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322026-03-310001959604Portfolio Company Eclipse Buyer, Inc. Investment Type First Lien Revolver2026-03-310001959604ck0001959604:ProfessionalServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001959604Portfolio Company Saturn Borrower Inc Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company Bluefin Holding, LLC Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Titan Luxco I SARL Investment Type First Lien Revolver2026-03-310001959604us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals ASP Meteor Acquisition Co LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Maturity Date 9/1/20292026-03-310001959604Portfolio Company Pearl Acquisition Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance HIG Operations Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments Equity Investments Preferred Stock Professional Services Eclipse Topco, Inc. Investment Type Preferred Stock2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Saturn Borrower Inc Investment Type First Lien Revolver Reference Rate and Spread S + 6.00% Maturity Date 11/10/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Spruce Bidco II Inc. Investment Type First Lien Term Loan Reference Rate and Spread T + 5.00% Maturity Date 1/30/20322026-03-310001959604Portfolio Company MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:CommonStockClassSShareMemberck0001959604:O2025M3DividendsMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Brilliance Technologies, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 3/11/20322026-03-310001959604Portfolio Company Wildcat Topco, Inc Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:WeightedAverageMemberck0001959604:ValuationTechniqueMarketApproachMemberck0001959604:MeasurementInputTransactionMultiplesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 Two2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:RealEstateSectorMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 9/26/20312026-03-310001959604Portfolio Company Brilliance Technologies, Inc. Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Apex Service Partners, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:InvestmentNonControlledNonAffiliatedIssuerMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Intermediate Holdings Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 8/26/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Machinery Harvey Tool Company, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/6/20322025-12-310001959604ck0001959604:ClassSSharesMembersrt:MaximumMember2025-09-220001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/2029 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services PTSH Intermediate Holdings, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 1/10/20332026-03-310001959604ck0001959604:CommonClassIMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Redwood Services Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/15/20292026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:HealthCareEquipmentSuppliesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.) Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 11/29/20302026-03-310001959604us-gaap:PreferredStockMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals Aurora Plastics, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/12/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pike Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Edition Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Future US Bidco, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 12/11/20312025-12-310001959604Portfolio Company Bluefin Holding, LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Perkinelmer U.S. LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 3/13/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Netwrix Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/16/2032 One2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:InsuranceSectorMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Swoop Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322025-12-310001959604Portfolio Company Redwood Services, LP Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Food Products Nellson Nutraceutical, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.75% Maturity Date 4/17/20312025-12-310001959604Portfolio Company USHV Management, LLC Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:CommonClassIMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Wrench Group, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 9/3/20322025-12-310001959604ck0001959604:SeniorSecuredCreditFacilityMember2026-01-012026-03-310001959604ck0001959604:LPInterestMember2025-12-310001959604Portfolio Company Advarra Holdings, Inc Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:CommonStockMember2025-12-310001959604us-gaap:FairValueInputsLevel1Memberck0001959604:FirstLienDebtMember2026-03-310001959604Portfolio Company National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services IRI Group Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 12/1/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals Aurora Plastics, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/12/2030 One2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:MediaMember2026-03-310001959604Portfolio Company Aptean, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604srt:MinimumMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Term Loan Reference Rate and Spread E + 5.00% Maturity Date 6/14/20322025-12-310001959604ck0001959604:SeniorSecuredCreditFacilityMember2026-03-310001959604ck0001959604:SoftwareMemberck0001959604:FirstLienDebtInvestmentsMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services USHV Management, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/8/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Hotels, Restaurants & Leisure Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 7/29/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/27/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Blackbird Purchaser, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.75% Maturity Date 12/19/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Perkinelmer U.S. LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 3/13/2029 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Petvet Care Centers, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 6.00% Maturity Date 11/15/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software HighLevel Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 2/23/20332026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Real Chemistry Intermediate III, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322026-03-310001959604ck0001959604:SeniorCreditFacilityMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.75% (includes 2.75% PIK) Maturity Date 9/13/20322025-12-310001959604Portfolio Company Swoop Intermediate III, Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Brilliance Technologies, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% (includes 2.75% PIK) Maturity Date 3/11/20322026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001959604:FirstLienDebtMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Real Chemistry Intermediate III, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322026-03-310001959604Portfolio Company NRO Holdings III Corp. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance SG Acquisition, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 4/3/20302026-03-310001959604Portfolio Company Wildcat Topco, Inc Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pearl Acquisition Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:WeightedAverageMemberck0001959604:MeasurementInputMarketComparablesMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:FirstLienDebtMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Eclipse Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/5/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services AVSC Holding Corp. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 12/5/20312026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 8/16/20322026-03-310001959604ck0001959604:LPInterestMemberus-gaap:FairValueInputsLevel1Member2026-03-310001959604Portfolio Company Blackbird Purchaser, Inc. Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Nellson Nutraceutical, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Machinery Harvey Tool Company, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/6/20322026-03-310001959604Portfolio Company Atlas US Finco, Inc. Investment Type First Lien Revolver2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:MeasurementInputMarketComparablesMembersrt:MinimumMemberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMember2026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-03-310001959604ck0001959604:CommonClassIMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Redwood Services Group, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + S + 5.00% Maturity Date 6/15/20292026-03-310001959604Portfolio Company Firebird Acquisition Corp, Inc Investment Type First Lien Revolver2026-03-310001959604Portfolio Company HIG Operations Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company The Hiller Companies, LLC Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:CommonStockMembersrt:MaximumMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Coding Solutions Acquisition, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 8/7/20312025-12-310001959604Portfolio Company Eclipse Buyer, Inc. Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Any Hour LLC Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Sapphire Software Buyer, Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies NRO Holdings III Corp. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/15/20312026-03-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Wildcat Topco, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312025-12-310001959604us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:ClassASeniorSecuredMember2025-03-202025-03-200001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Netwrix Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Bluefin Holding, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 9/12/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/6/20312026-03-310001959604Portfolio Company Signant Finance One Limited Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company Perkinelmer U.S. LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001959604Portfolio Company Denali Intermediate Holdings Inc Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Firebird Co-Invest L.P. Investment Type L.P. Interest2026-03-310001959604Portfolio Company PPW Aero Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:CommonStockClassSShareMember2026-01-310001959604Portfolio Company Lobos Parent, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:ItServicesMember2026-03-310001959604country:CA2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Vacation Rental Brands, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/6/2032 One2026-03-310001959604ck0001959604:ClassCSeniorSecuredMember2025-03-200001959604Portfolio Company Koala Investment Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company The Hiller Companies, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:CommonClassSMember2026-01-012026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-12-310001959604ck0001959604:O2026M2DividendsMemberck0001959604:CommonStockClassSShareMember2026-01-012026-03-310001959604Portfolio Company AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.) Investment Type First Lien Revolver2026-03-310001959604us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:SeniorSecuredCreditFacilityMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/2031 One2025-12-310001959604ck0001959604:CommonStockClassIShareMember2026-01-310001959604Portfolio Company Redwood Services Group, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments Equity Investments L.P Interests Commercial Services & Supplies Firebird Co-Invest L.P Investment Type L.P Interest2025-12-310001959604ck0001959604:CLONotesMemberus-gaap:SubsequentEventMember2026-04-020001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Zenith AcquisitionCo, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 1/13/20332026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Geo TopCo Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 10/15/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Zeppelin Holdco II, LP Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 8/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software GS AcquisitionCo, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/25/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322025-12-310001959604ck0001959604:CommonClassSMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Real Chemistry Intermediate III, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322025-12-310001959604Portfolio Company Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Revolver2025-12-310001959604ck0001959604:HealthCareTechnologyMember2026-03-310001959604Portfolio Company Vessco Midco Holdings, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 11/18/20312025-12-310001959604us-gaap:CommonStockMemberck0001959604:CommonClassIMemberus-gaap:SubsequentEventMember2026-05-062026-05-060001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services IG Investments Holdings, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/22/20282026-03-310001959604Portfolio Company Pearl Acquisition Buyer, Inc. Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Titan Luxco I SARL Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Galway Borrower LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electrical Equipment Trystar, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/6/2031 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Galway Borrower LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/29/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Brave Parent Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 11/29/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments Equity Investments Common Stock Air Freight & Logistics Red Griffin TopCo, LLC Investment Type Common Stock2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pearl Acquisition Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology VaxCare Intermediate II LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 6/17/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/20292025-12-310001959604Portfolio Company Galway Borrower LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company RCP Nats Purchaser, LLC Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Flexera Software LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies The Hiller Companies, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 6/20/20302025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMember2024-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322026-03-310001959604Portfolio Company Computer Services, Inc. Investment Type First Lien Delayed Draw Term Loan One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Brilliance Technologies, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 3/11/20322025-12-310001959604ck0001959604:CommonClassSMember2024-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Real Estate Management & Development Atlas US Finco, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 12/11/20282026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:HotelsRestaurantsLeisureMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Vacation Rental Brands, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/6/2032 Two2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Bracket Intermediate Holding Corp. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 10/16/20312025-12-310001959604Portfolio Company Pearl Acquisition Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pike Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322025-12-310001959604Portfolio Company Redwood Services, LP Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/15/20282026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001959604:FirstLienDebtMember2025-12-310001959604ck0001959604:CommonClassSMember2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:HealthCareEquipmentSuppliesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 11/16/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software GS AcquisitionCo, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/25/2028 One2025-12-310001959604Portfolio Company USHV Management, LLC Investment Type First Lien Revolver2026-03-310001959604ck0001959604:InvestmentAdviserMember2025-01-012025-03-310001959604Portfolio Company Wrench Group, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:SubsequentEventMemberck0001959604:O2026M4DividendsMember2026-04-242026-04-240001959604Portfolio Company Tau Buyer, LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:MeasurementInputMarketComparablesMembersrt:MaximumMemberck0001959604:ValuationTechniqueMarketApproachMember2026-03-310001959604ck0001959604:AerospaceDefenseMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Titan BW Borrower L.P. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.38% (includes 2.88% PIK) Maturity Date 7/26/20322026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:FinancialServicesSectorMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/29/20302025-12-310001959604ck0001959604:LPInterestMemberus-gaap:FairValueInputsLevel2Member2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense West Star Aviation Acquisition, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 5/20/20322025-12-310001959604ck0001959604:ClassSSharesMember2025-03-310001959604Portfolio Company Apex Service Partners, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604us-gaap:CommonStockMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software InhabitIQ, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 1/12/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/15/2028 One2026-03-310001959604ck0001959604:CommonClassDMember2026-03-310001959604Portfolio Company AGS Health BCP Holdings, Inc Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Quantum Health, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/22/20272025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Zenith AcquisitionCo, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 1/13/20332026-03-310001959604Portfolio Company PPV Intermediate Holdings, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Solis Mammography Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 5/31/20322026-03-310001959604ck0001959604:AirFreightLogisticsMember2026-03-310001959604Portfolio Company Vacation Rental Brands, LLC Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Portfolio Company Titan Luxco I SARL Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:ElectronicEquipmentInstrumentsComponentsMember2026-03-310001959604Portfolio Company IRI Group Holdings, Inc. Investment Type First Lien Revolver2026-03-310001959604Portfolio Company GS AcquisitionCo, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:InvestmentNonControlledNonAffiliatedIssuerMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Redwood Services Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/15/2029 Two2026-03-310001959604Portfolio Company Tau Buyer, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies NRO Holdings III Corp. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/15/20312025-12-310001959604us-gaap:FairValueInputsLevel3Member2024-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Brave Parent Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 11/29/20302026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:MeasurementInputMarketComparablesMemberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMembersrt:MaximumMember2026-03-310001959604Portfolio Company National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-3100019596042025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Koala Investment Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/30/20322025-12-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMemberck0001959604:MeasurementInputTransactionMultiplesMemberck0001959604:ValuationTechniqueMarketApproachMember2026-03-310001959604Portfolio Company Koala Investment Holdings, Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.75% (includes 2.75% PIK) Maturity Date 9/13/20322026-03-310001959604Portfolio Company Harvey Tool Company, LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Food Products Les Aliments Multibar Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.75% Maturity Date 4/17/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Syndigo LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/2/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pike Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322026-03-310001959604ck0001959604:CommonClassSMember2025-01-012025-03-310001959604us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:CommonStockMemberck0001959604:MeasurementInputTransactionMultiplesMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001959604:FirstLienDebtMember2025-12-310001959604Portfolio Company MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Two2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/20292025-12-310001959604Portfolio Company Denali Topco LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services KL Stockton Intermediate II, LLC Investment Type First Lien Term Loan Reference Rate and Spread 13.00% PIK Maturity Date 5/23/20312025-12-310001959604us-gaap:CommonStockMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense West Star Aviation Acquisition, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 5/20/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Tau Buyer, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 2/2/20322025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:PreferredStockMember2026-03-310001959604Portfolio Company Lobos Parent, Inc. Investment Type First Lien Revolver One2026-03-310001959604ck0001959604:IncreasesAfterOneFiftyDaysMemberck0001959604:SeniorSecuredCreditFacilityMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Edition Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322026-03-310001959604Portfolio Company Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Koala Investment Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Maturity Date 8/30/20322026-03-310001959604Portfolio Company Tau Buyer, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Wrench Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 9/3/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/2031 Three2025-12-310001959604us-gaap:BaseRateMemberck0001959604:TradedLoanMemberck0001959604:SeniorSecuredCreditFacilityMember2026-01-012026-03-310001959604us-gaap:RevolvingCreditFacilityMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 8/25/20282025-12-310001959604Portfolio Company Arax Midco, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company Nellson Nutraceutical, LLC Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Arax Midco, LLC Investment Type First Lien Revolver2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:AerospaceDefenseMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Zeppelin Holdco II, LP Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/2/20322025-12-310001959604ck0001959604:ElectronicEquipmentInstrumentsComponentsMember2025-12-310001959604ck0001959604:SeniorSecuredCreditFacilityMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Galway Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/29/2028 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Barbri Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 4/30/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals Aurora Plastics, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/12/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense West Star Aviation Acquisition, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 5/20/20322026-03-310001959604Portfolio Company AB Centers Acquisition Corporation Investment Type First Lien Revolver2025-12-310001959604us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMemberck0001959604:MeasurementInputTransactionMultiplesMember2025-12-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Revolver2026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMembersrt:MaximumMemberck0001959604:MeasurementInputTransactionMultiplesMemberck0001959604:ValuationTechniqueMarketApproachMember2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:CommercialAndIndustrialSectorMember2026-03-310001959604ck0001959604:ClassDSharesMember2026-03-310001959604Portfolio Company Spruce Bidco II Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/2031 One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software InhabitIQ, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 1/12/20322025-12-310001959604ck0001959604:JefferiesCreditMember2025-03-200001959604Portfolio Company Denali Topco LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:ElectronicEquipmentInstrumentsComponentsMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments Equity Investments L.P Interests Commercial Services & Supplies Firebird Co-Invest L.P Investment Type L.P Interest2026-03-310001959604Portfolio Company Real Chemistry Intermediate III, Inc. Investment Type First Lien Revolver2026-03-310001959604us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001959604:ValuationTechniqueDiscountedCashFlowsMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:CommonStockMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/29/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Swoop Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/2031 One2025-12-310001959604Portfolio Company Solis Mammography Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/15/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Real Estate Management & Development Atlas US Finco, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/10/20292025-12-310001959604Portfolio Company PPW Aero Buyer, Inc. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pearl Acquisition Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322025-12-310001959604Portfolio Company Aptean, Inc. Investment Type First Lien Revolver2026-03-310001959604us-gaap:SubsequentEventMemberck0001959604:TwoThousandTwentySixSubordinatedNotesMember2026-04-020001959604us-gaap:BaseRateMemberck0001959604:SeniorSecuredCreditFacilityMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Redwood Services Group, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/15/2029 One2026-03-310001959604ck0001959604:DiversifiedConsumerServicesMember2026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Financial Services Arax Midco, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 4/11/20292025-12-310001959604ck0001959604:CommonStockClassIShareMemberck0001959604:O2025M1DividendsMember2025-01-012025-03-310001959604Portfolio Company AB Centers Acquisition Corporation Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company Redwood Services, LP Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 One2026-03-310001959604us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2026-03-310001959604Portfolio Company Titan BW Borrower L.P. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Real Chemistry Intermediate III, Inc. Investment Type First Lien Revolver2025-12-310001959604ck0001959604:ClassBSeniorSecuredFloatingRateMember2026-01-012026-03-310001959604Portfolio Company Wrench Group, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Any Hour LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.75% (includes 3.25% PIK) Maturity Date 5/23/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Hotels, Restaurants & Leisure Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Revolver Reference Rate and Spread P + 4.50% Maturity Date 7/29/20312025-12-310001959604ck0001959604:CommonStockClassIShareMemberck0001959604:O2026M2DividendsMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Eclipse Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 9/5/20312026-03-310001959604ck0001959604:CommonStockClassSShareMember2025-12-310001959604ck0001959604:LPInterestMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/2031 Two2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP Holdings, Inc Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322025-12-310001959604Portfolio Company Carr, Riggs and Ingram Capital, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance World Insurance Associates, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 4/3/20302026-03-310001959604ck0001959604:IncentiveFeeBasedOnIncomeMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 7/20/20292025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001959604:FirstLienDebtMember2026-03-310001959604Portfolio Company Spotless Brands, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Solis Mammography Buyer, Inc. 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Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 6.25% (includes 3.50% PIK) Maturity Date 7/19/20292025-12-310001959604ck0001959604:CommercialServicesSuppliesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 Two2026-03-310001959604Portfolio Company HIG Operations Holdings, Inc. 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Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/1/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors PT Intermediate Holdings III, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 4/9/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Wrench Group, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 9/3/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Blackbird Purchaser, Inc. 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Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312025-12-310001959604Portfolio Company Conservice Midco LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/2031 Three2026-03-310001959604ck0001959604:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:LoanOneMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Syndigo LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 9/2/20322025-12-310001959604ck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMembersrt:MaximumMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Solis Mammography Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 5/29/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Galway Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/29/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Aptean, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 1/30/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/2031 Four2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322025-12-310001959604Portfolio Company HIG Operations Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Aptean, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 1/30/20312025-12-310001959604Portfolio Company PPV Intermediate Holdings, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:CommonClassIMember2024-12-310001959604ck0001959604:CommonStockClassSShareMember2025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Sapphire Software Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/30/20312025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:FirstLienDebtMember2024-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media ICR, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 3/26/20322026-03-310001959604ck0001959604:ClassASeniorSecuredFloatingRateMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/20292026-03-310001959604ck0001959604:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-03-310001959604ck0001959604:SoftwareMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 2/2/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Galway Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/29/2028 One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Financial Services Arax Midco, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 3/24/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Spruce Bidco II Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 1/30/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/2029 Two2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 6/14/20322026-03-310001959604Portfolio Company ManTech International Corporation Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Polyphase Elevator Holding Co Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 11/24/20322026-03-310001959604Portfolio Company Chartwell Cumming Holding Corporation Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Hotels, Restaurants & Leisure Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.50% Maturity Date 7/29/20312026-03-310001959604Portfolio Company Pike Corporation Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Petvet Care Centers, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 6.00% Maturity Date 11/15/20302026-03-310001959604Portfolio Company Denali Topco LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Sapphire Software Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 9/30/20312026-03-310001959604Portfolio Company Swoop Intermediate III, Inc. Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company Vensure Employer Services In Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:CLONotesMember2025-12-310001959604us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2025-12-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Two2025-12-310001959604Portfolio Company Edition Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Vacation Rental Brands, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company AGS Health BCP Holdings, Inc Investment Type First Lien Revolver2026-03-310001959604ck0001959604:CommonStockClassDShareMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 7/16/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/1/20312025-12-310001959604us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001959604ck0001959604:ProfessionalServicesMember2025-12-310001959604ck0001959604:CommonClassSMember2025-03-310001959604Portfolio Company Zeppelin Holdco II, LP Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pearl Acquisition Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322026-03-310001959604Portfolio Company Chartwell Cumming Holding Corporation Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Titan Luxco I SARL Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 9/13/20322026-03-310001959604Portfolio Company Spotless Brands, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Future US Bidco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.50% Maturity Date 12/11/20312026-03-310001959604ck0001959604:LPInterestMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/24/20302026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Saturn Borrower Inc Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Maturity Date 11/10/20282026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Pike Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322026-03-310001959604Portfolio Company Edition Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Edition Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 12/20/20322026-03-310001959604Portfolio Company SG Acquisition, Inc. Investment Type First Lien Revolver2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberck0001959604:FirstLienDebtMember2026-03-310001959604Portfolio Company Dwyer Instruments, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Populous Global II, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 4/11/20312026-03-310001959604Portfolio Company Deerfield Dakota Holding, LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Pike Corporation Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Food Products Nellson Nutraceutical, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.75% Maturity Date 4/17/20312025-12-310001959604Portfolio Company Pike Corporation Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 11/16/20292026-03-310001959604ck0001959604:SoftwareMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Intermediate Holdings Inc Investment Type First Lien Revolver Reference Rate and Spread S + 5.50% Maturity Date 8/26/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology VaxCare Intermediate II LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/17/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 11/29/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Koala Investment Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/30/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Hercules Borrower LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/15/2028 One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services IG Investments Holdings, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 9/22/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense PPW Aero Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/30/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Saturn Borrower Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 6.00% Maturity Date 11/10/20282025-12-310001959604Portfolio Company IRI Group Holdings, Inc. Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 9/26/2031 One2025-12-310001959604ck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:PreferredStockMember2025-12-310001959604Portfolio Company Harvey Tool Company, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Wellness AcquisitionCo, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 1/22/20292026-03-310001959604ck0001959604:ItServicesMember2025-12-310001959604Portfolio Company National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Geo TopCo Corporation Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Polyphase Elevator Holding Co Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/24/20322026-03-310001959604Portfolio Company Arax Midco, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Titan BW Borrower L.P. Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 7/26/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Computer Services, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312026-03-310001959604Portfolio Company VaxCare Intermediate II LLC Investment Type First Lien Revolver2026-03-310001959604ck0001959604:CommonStockClassSShareMemberck0001959604:O2025M1DividendsMember2025-01-012025-03-310001959604Portfolio Company AVSC Holding Corp. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services IRI Group Holdings, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.25% Maturity Date 12/1/20282025-12-310001959604country:GB2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 8/25/20282025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:HotelsRestaurantsLeisureMember2026-03-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense Titan BW Borrower L.P. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.38% (includes 2.88% PIK) Maturity Date 7/26/20322025-12-310001959604Portfolio Company Victors Purchaser, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Chartwell Cumming Holding Corporation Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 11/16/2029 One2025-12-310001959604us-gaap:FairValueInputsLevel2Memberck0001959604:FirstLienDebtMember2026-03-310001959604ck0001959604:MediaMember2025-12-310001959604Portfolio Company Zenith AcquisitionCo, LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company Vacation Rental Brands, LLC Investment Type First Lien Revolver2026-03-310001959604ck0001959604:CommonClassDMember2026-05-060001959604us-gaap:PreferredStockMember2026-03-310001959604ck0001959604:FirstLienSecuredDebtMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Intermediate Holdings Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 8/26/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 7/23/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 Two2025-12-310001959604ck0001959604:O2026M2DividendsMember2026-01-012026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Insurance HIG Operations Holdings, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 6/11/20312026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:PharmaceuticalsBiotechnologyLifeSciencesMember2026-03-310001959604ck0001959604:InvestmentAdviserMember2025-01-012025-12-310001959604Portfolio Company Firebird Acquisition Corp, Inc Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense West Star Aviation Acquisition, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 5/20/20322026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:ProfessionalServicesMember2026-03-310001959604Portfolio Company Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Two2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Rally Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 6.25% (includes 3.50% PIK) Maturity Date 7/19/20292025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Conservice Midco LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 2/25/20332026-03-310001959604Portfolio Company RCP Nats Purchaser, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:WeightedAverageMemberck0001959604:MeasurementInputMarketComparablesMemberck0001959604:ValuationTechniqueMarketApproachMember2026-03-310001959604Portfolio Company Geo TopCo Corporation Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/24/2031 One2026-03-310001959604ck0001959604:TwentyThousandAndTwentyFiveSecuredLongTermDebtMember2026-03-310001959604ck0001959604:CommonClassIMember2025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Air Freight & Logistics Capstone Acquisition Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/12/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Foreside Financial Group, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 9/30/20272026-03-310001959604ck0001959604:InvestmentNonControlledNonAffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMembersrt:MinimumMemberck0001959604:ValuationTechniqueMarketApproachMemberck0001959604:MeasurementInputTransactionMultiplesMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/15/2032 Two2026-03-310001959604Portfolio Company Syndigo LLC Investment Type First Lien Revolver2026-03-310001959604Portfolio Company GS AcquisitionCo, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company InhabitIQ, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Portfolio Company Petvet Care Centers, LLC Investment Type First Lien Revolver2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Any Hour LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.75% (includes 3.25% PIK) Maturity Date 5/23/20302026-03-310001959604Portfolio Company Zeppelin Holdco II, LP Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604ck0001959604:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310001959604us-gaap:FairValueInputsLevel3Member2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Financial Services SitusAMC Holdings Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 5/14/20312026-03-310001959604Portfolio Company Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Media Swoop Intermediate III, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322026-03-310001959604ck0001959604:HotelsRestaurantsLeisureMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 2/2/20322026-03-310001959604ck0001959604:MediaMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Chemicals ASP Meteor Acquisition Co LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 6.00% Maturity Date 9/1/20292026-03-310001959604Portfolio Company Firebird Acquisition Corp, Inc Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Brave Parent Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 11/29/20302025-12-310001959604Portfolio Company Chartwell Cumming Holding Corporation Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 9/26/20312025-12-310001959604ck0001959604:O2025M1DividendsMember2025-01-012025-03-310001959604ck0001959604:FinancialServicesMember2025-12-310001959604ck0001959604:TradingCompaniesDistributorsMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Hotels, Restaurants & Leisure Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.50% Maturity Date 7/29/20312026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberus-gaap:ChemicalsSectorMember2025-12-310001959604Portfolio Company Solis Mammography Buyer, Inc. Investment Type First Lien Revolver2025-12-310001959604ck0001959604:ClassASeniorSecuredMember2025-03-200001959604Portfolio Company Blackbird Purchaser, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology VaxCare Intermediate II LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 6/17/20322026-03-310001959604us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2026-01-012026-03-310001959604Portfolio Company West Star Aviation Acquisition, LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/24/2030 One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software MS Buyer, Inc. (fka CB Buyer, Inc.) Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 7/1/20312026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services AB Centers Acquisition Corporation Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/2/2031 Two2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 10/15/20322025-12-310001959604ck0001959604:O2025M2DividendsMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies NRO Holdings III Corp. Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 7/15/20302025-12-310001959604ck0001959604:CommonStockClassSShareMemberck0001959604:O2026M1DividendsMember2026-01-012026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:MediaMember2025-12-310001959604Portfolio Company Coding Solutions Acquisition, Inc. Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Populous Global II, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 4/12/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors PT Intermediate Holdings III, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% (includes 1.75% PIK) Maturity Date 4/9/20302025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Flexera Software LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/16/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread SN + 4.50% Maturity Date 10/15/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 7/23/2031 Two2025-12-310001959604ck0001959604:ElectronicEquipmentInstrumentsComponentsMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/2032 Two2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software GS AcquisitionCo, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/25/2028 One2026-03-310001959604Portfolio Company Trystar, LLC Investment Type First Lien Revolver2026-03-310001959604country:GB2025-12-310001959604ck0001959604:CommonStockClassIShareMember2025-01-012025-03-310001959604ck0001959604:ClassBSeniorSecuredFloatingRateMember2026-03-310001959604ck0001959604:ElectricalEquipmentMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP Holdings, Inc Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322025-12-310001959604ck0001959604:SeniorCreditFacilityMember2026-03-310001959604Portfolio Company InhabitIQ, Inc. Investment Type First Lien Revolver2026-03-310001959604ck0001959604:AerospaceDefenseMember2025-12-310001959604Portfolio Company Kona Buyer, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:DiversifiedConsumerServicesMember2026-03-310001959604us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001959604:MeasurementInputMarketComparablesMemberus-gaap:CommonStockMemberck0001959604:ValuationTechniqueMarketApproachMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software InhabitIQ, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 1/12/20322026-03-310001959604Portfolio Company SG Acquisition, Inc. Investment Type First Lien Revolver2025-12-310001959604ck0001959604:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember2026-03-310001959604us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001959604:ClassCSeniorSecuredMember2025-03-202025-03-200001959604ck0001959604:HealthCareProvidersServicesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Computer Services, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 11/17/2031 One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology AGS Health BCP LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 8/2/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software GS AcquisitionCo, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.25% Maturity Date 5/25/20282025-12-310001959604ck0001959604:IncreasesAfterSixtyDaysMemberck0001959604:SeniorSecuredCreditFacilityMember2026-01-012026-03-310001959604us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2026-03-310001959604ck0001959604:DiversifiedConsumerServicesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Polyphase Elevator Holding Co Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/24/20322025-12-310001959604Portfolio Company Firebird Acquisition Corp, Inc Investment Type First Lien Revolver2025-12-310001959604Portfolio Company Zeppelin Holdco II, LP Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Any Hour LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 5/23/20302025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001959604:FirstLienDebtMember2025-12-310001959604Portfolio Company Trystar, LLC Investment Type First Lien Revolver2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.25% Maturity Date 9/13/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Lobos Parent, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 9/27/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Hotels, Restaurants & Leisure Cooper's Hawk Intermediate Holding,LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.50% Maturity Date 7/29/20312026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:LifeSciencesToolsServicesMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Topco LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/26/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Equipment & Supplies Spruce Bidco II Inc. Investment Type First Lien Term Loan Reference Rate and Spread C + 4.75% Maturity Date 1/30/20322026-03-310001959604Portfolio Company Vessco Midco Holdings, LLC Investment Type First Lien Delayed Draw Term Loan One2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Victors Purchaser, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services RCP Nats Purchaser, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 3/19/20322025-12-310001959604Portfolio Company West Star Aviation Acquisition, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Portfolio Company USHV Management, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Vessco Midco Holdings, LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.50% Maturity Date 7/24/20312025-12-310001959604ck0001959604:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Topco LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 8/26/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/20322025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies Polyphase Elevator Holding Co Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/24/20322025-12-310001959604ck0001959604:ValuationTechniqueYieldAnalysisMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:PreferredStockMembersrt:MaximumMember2025-12-310001959604Portfolio Company GS AcquisitionCo, Inc. Investment Type First Lien Delayed Draw Term Loan One2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Maturity Date 10/15/20322025-12-310001959604Portfolio Company Any Hour LLC Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Trading Companies & Distributors Blackbird Purchaser, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Maturity Date 12/19/20302026-03-310001959604Portfolio Company Titan Luxco I SARL Investment Type First Lien Revolver One2025-12-310001959604Portfolio Company NRO Holdings III Corp. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense PPW Aero Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/30/20312025-12-310001959604ck0001959604:CommonStockClassIShareMember2025-02-280001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services AVSC Holding Corp. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 12/5/20312025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Technology DeLorean Purchaser, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 12/16/20312026-03-310001959604Portfolio Company Any Hour LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604ck0001959604:ItServicesMember2026-03-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMemberck0001959604:MeasurementInputTransactionMultiplesMembersrt:MaximumMemberck0001959604:ValuationTechniqueMarketApproachMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Software Bluefin Holding, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.25% Maturity Date 9/12/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Spotless Brands, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 7/25/20282025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments IT Services Saturn Borrower Inc Investment Type First Lien Revolver Reference Rate and Spread S + 6.00% Maturity Date 11/10/20282026-03-310001959604Portfolio Company Titan BW Borrower L.P. Investment Type First Lien Revolver2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Health Care Providers & Services Solis Mammography Buyer, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 5/31/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 10/24/20302025-12-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:HealthCareTechnologyMember2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services Redwood Services, LP Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.25% Maturity Date 6/16/20322026-03-310001959604ck0001959604:FirstLienDebtInvestmentsMemberck0001959604:MachineryMember2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Professional Services Denali Topco LLC Investment Type First Lien Revolver Reference Rate and Spread S + 4.75% Maturity Date 8/26/20322026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Commercial Services & Supplies NRO Holdings III Corp. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Maturity Date 7/15/20312025-12-310001959604Portfolio Company Tau Buyer, LLC Investment Type First Lien Delayed Draw Term Loan2026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Diversified Consumer Services National Express Wash Parent Intermediate Holdco, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 7/16/20292026-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Falcon Parent Holdings, Inc. Investment Type First Lien Term Loan Reference Rate and Spread S + 5.00% Maturity Date 11/6/20312025-12-310001959604Portfolio Company World Insurance Associates, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604us-gaap:FairValueInputsLevel3Member2025-01-012025-03-310001959604ck0001959604:CommonStockClassIShareMember2025-12-310001959604ck0001959604:CommonStockClassDShareMember2025-01-012025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Life Sciences Tools & Services Titan Luxco I SARL Investment Type First Lien Revolver Reference Rate and Spread S + 5.00% Maturity Date 6/12/20312025-12-310001959604us-gaap:FairValueInputsLevel3Memberck0001959604:LPInterestMember2025-03-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Aerospace & Defense PPW Aero Buyer, Inc. Investment Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Maturity Date 9/30/20312026-03-310001959604Portfolio Company Vacation Rental Brands, LLC Investment Type First Lien Delayed Draw Term Loan2025-12-310001959604Non-Controlled/Non-Affiliated Portfolio Company Investments First Lien Debt Investments Machinery Harvey Tool Company, LLC Investment Type First Lien Term Loan Reference Rate and Spread S + 4.75% Maturity Date 8/6/20322025-12-310001959604Portfolio Company Lobos Parent, Inc. Investment Type First Lien Revolver2025-12-310001959604ck0001959604:LPInterestMember2026-03-31ck0001959604:Segmentiso4217:EURxbrli:pureiso4217:JPYiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:GBPiso4217:USD

 

.85n

ROC

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended March 31, 2026

OR

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

For the transition period from ___ to ___

Commission File Number: 814-01684

 

Jefferies Credit Partners BDC Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland	92-1852483
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
520 Madison Avenue, 12th Floor New York, New York	10022
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 284-3474

 

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: None

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered

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, 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 Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 6, 2026 was 55,842,845, 6,143, and 0 of Class I, Class S and Class D shares of common stock, respectively. Common stock outstanding excludes May 1, 2026 subscriptions since the issuance price is not yet finalized at the date of this filing.

 

 

 

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Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statement of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	2
	Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	3
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2025	18
	Notes to Consolidated Financial Statements (Unaudited)	29
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	61
Item 4.	Controls and Procedures	62
PART II.	OTHER INFORMATION	63
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 3.	Defaults Upon Senior Securities	63
Item 4.	Mine Safety Disclosures	63
Item 5.	Other Information	63
Item 6.	Exhibits	64
	Signatures	65

 

 

i

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PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except for share and per share data)

 

		March 31, 2026				December 31, 2025
		(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $1,783,987 and $1,576,277, at March 31, 2026 and December 31, 2025, respectively)		$	1,780,072			$	1,574,901
Cash and cash equivalents			23,797				8,636
Restricted cash			36,013				31,481
Interest receivable			7,275				7,321
Receivable for purchases pending settlement			36,604				—
Deferred financing costs			7,887				7,157
Deferred offering costs			96				190
Due from Investment Adviser			674				555
Prepaid expenses and other assets			300				528
Total assets		$	1,892,718			$	1,630,769
Liabilities
Debt, net of debt issuance costs of $1,928 and $2,090, at March 31, 2026 and December 31, 2025, respectively		$	1,038,060			$	919,149
Subscriptions received in advance			13,062				12,504
Distributions payable			6,049				5,504
Interest payable			11,886				10,510
Management fees payable			2,308				2,038
Income based incentive fees payable			2,346				2,223
Due to Investment Adviser			1,027				511
Accrued expenses and other liabilities			2,301				1,330
Total liabilities		$	1,077,039			$	953,769
Commitments and contingencies (Note 9)
Total net assets		$	815,679			$	677,000
Net Assets
Common shares, par value $0.001 (56,735,669 and 46,924,095, shares issued and outstanding, at March 31, 2026 and December 31, 2025, respectively)		$	57			$	47
Additional paid-in capital			823,431				682,413
Accumulated distributed earnings (losses)			(7,809	)			(5,460	)
Total net assets		$	815,679			$	677,000
Net Asset Value Per Share (1)
Class I Shares:
Net assets		$	815,591			$	677,000
Common shares outstanding ($0.001 par value, 600,000,000 and 600,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively)			56,729,573				46,924,095
Net asset value per share		$	14.38			$	14.43
Class S Shares:
Net assets		$	88			$	—
Common shares outstanding ($0.001 par value, 200,000,000 and 200,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively)			6,095				—
Net asset value per share		$	14.38			$	—
Class D Shares:
Net assets		$	—			$	—
Common shares outstanding ($0.001 par value, 200,000,000 and 200,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively)			—				—
Net asset value per share		$	—			$	—

 

(1)

There were no Class D shares outstanding as of March 31, 2026. There were no Class S or Class D shares outstanding as of December 31, 2025.

See accompanying notes to consolidated financial statements

 

1

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Statement of Operations (Unaudited)

(In thousands, except for share and per share data)

 

		Three months ended March 31,
		2026				2025
Investment Income
Non-controlled/non-affiliated investments
Interest income		$	36,003			$	19,964
Payment-in-kind interest income			1,181				454
Other income			696				665
Total investment income			37,880				21,083
Operating Expenses
Interest and other financing expenses			15,245				8,752
Management fees			2,308				1,158
Income-based incentive fees			2,346				1,208
Reimbursable expenses to Adviser			511				—
Other general and administrative expenses			1,561				1,508
Total expenses before fee waiver and expense support			21,971				12,626
Expense support			(1,563	)			(1,508	)
Net expenses			20,408				11,118
Net investment income			17,472				9,965
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)
Net realized gain (loss):
Non-controlled/non-affiliated investments			199				435
Net realized gain (loss)			199				435
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(2,539	)			(1,661	)
Net change in unrealized appreciation (depreciation)			(2,539	)			(1,661	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)			(2,340	)			(1,226	)
Net Increase in Net Assets Resulting from Operations		$	15,132			$	8,739
Class I Shares:
Net Increase in Net Assets Per Share Resulting from Operations - Basic and Diluted (Note 8)		$	0.31			$	0.34
Weighted Average Common Stock Outstanding - Basic and Diluted (Note 8)			49,039,634				25,631,994
Class S Shares:
Net Increase in Net Assets Per Share Resulting from Operations - Basic and Diluted (Note 8)		$	0.05			$	—
Weighted Average Common Stock Outstanding - Basic and Diluted (Note 8)			5,899				—

See accompanying notes to consolidated financial statements

 

2

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Statement of Changes in Net Assets (Unaudited)

(In thousands, except for share and per share data)

 

		Three months ended March 31,
		2026				2025
Net Increase (Decrease) in Net Assets Resulting from Operations
Net investment income		$	17,472			$	9,965
Net realized gains (losses)			199				435
Net change in unrealized appreciation (depreciation)			(2,539	)			(1,661	)
Net increase in net assets resulting from operations			15,132				8,739
Distributions to Shareholders (1)
Class I			(17,480	)			(9,918	)
Class S			(1	)			—
Class D			—				—
Net decrease in net assets resulting from distributions to shareholders			(17,481	)			(9,918	)
Capital Share Transactions (1)
Class I:
Issuance of common shares			140,977				36,893
Distributions reinvested			3,167				910
Repurchase of common shares, net of early repurchase deduction			(3,204	)			—
Net increase in net assets resulting from share transactions			140,940				37,803
Class S:
Issuance of common shares			88				—
Distributions reinvested			—				—
Repurchase of common shares, net of early repurchase deduction			—				—
Net increase in net assets resulting from share transactions			88				—
Class D:
Issuance of common shares			—				—
Distributions reinvested			—				—
Repurchase of common shares, net of early repurchase deduction			—				—
Net increase in net assets resulting from share transactions			—				—
Net Assets
Total increase (decrease) in net assets during the period			138,679				36,624
Net Assets, beginning of period			677,000				356,381
Net Assets at End of Period		$	815,679			$	393,005

 

(1)

There were no Class D shares outstanding for the three months ended March 31, 2026. There were no Class S or Class D shares outstanding for the three months ended March 31, 2025.

See accompanying notes to consolidated financial statements

 

3

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Statement of Cash Flows (Unaudited)

(In thousands, except for share and per share data)

 

		Three months ended March 31,
		2026				2025
Operating Activities
Net increase in net assets resulting from operations		$	15,132			$	8,739
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net realized (gains) losses on investments			(199	)			(435	)
Net change in unrealized (appreciation) depreciation on investments			2,539				1,661
Net accretion of discount and amortization of premium			(797	)			(570	)
Amortization of deferred financing costs			588				530
Amortization of debt issuance costs			168				34
Amortization of offering costs			99				58
Payment-in-kind interest and fees capitalized			(1,166	)			(403	)
Purchase of investments			(234,080	)			(129,957	)
Proceeds from sale of investments and principal repayments			28,532				26,453
Changes in assets and liabilities:
Interest receivable			46				(23	)
Receivable for purchases pending settlement			(36,604	)			—
Due from Investment Adviser			(119	)			(143	)
Prepaid expenses and other assets			228				(23	)
Management fees payable			270				766
Incentive fees payable			123				1,208
Interest payable			1,376				(3,640	)
Payable for investments purchased			—				4,755
Due to Investment Adviser			516				—
Accrued expenses and other liabilities			758				347
Net Cash Used in Operating Activities			(222,590	)			(90,643	)
Financing Activities
Issuance of debt			—				272,000
Borrowings on debt			353,500				137,500
Repayments on debt			(234,751	)			(362,355	)
Financing costs paid and deferred			(1,116	)			(199	)
Debt issuance costs paid and deferred			—				(2,225	)
Subscriptions received in advance			13,062				25,345
Proceeds from issuance of common shares			128,561				29,806
Repurchase of common shares, net of early repurchase deduction			(3,204	)			—
Distributions paid to shareholders			(13,769	)			(10,434	)
Net Cash Provided by Financing Activities			242,283				89,438
Cash and Cash Equivalents and Restricted Cash
Net increase (decrease) in cash and cash equivalents and restricted cash			19,693				(1,205	)
Cash and cash equivalents and restricted cash, beginning of period			40,117				24,109
Cash and cash equivalents and restricted cash, end of period		$	59,810			$	22,904
Supplemental Disclosure of Non-Cash Information
Cash paid for interest		$	13,112			$	11,827
Accrued but unpaid debt financing costs			219				33
Distributions payable			6,049				3,434
Accrued but unpaid debt issuance costs			90				732
Accrued but unpaid offering costs			4				—
Distributions reinvested in common shares			3,167				910

The following table presents cash and cash equivalents and restricted cash by category within the Consolidated Statements of Assets and Liabilities (in thousands):

		March 31, 2026				December 31, 2025
Cash and cash equivalents		$	23,797			$	8,636
Restricted cash			36,013				31,481
Cash and cash equivalents and restricted cash		$	59,810			$	40,117

See accompanying notes to consolidated financial statements

 

4

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Aerospace & Defense
AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.)		First Lien Term Loan		S + 4.75%		11/29/2030		$	31,368			$	31,073			$	31,054							9
AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.)		First Lien Term Loan		S + 4.75%		11/29/2030			2,726				2,699				2,699							9
AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.)		First Lien Delayed Draw Term Loan		S + 4.75%		11/29/2030			7,332				7,264				7,258							9
AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.)		First Lien Revolver		S + 4.75%		11/29/2030			294				287				287							9,23
PPW Aero Buyer, Inc.		First Lien Term Loan		S + 5.00%		9/30/2031			2,940				2,913				2,940							9
PPW Aero Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		9/30/2031			—				(48	)			—							23
PPW Aero Buyer, Inc.		First Lien Revolver		P + 4.00%		9/30/2031			74				70				73							15,23
Titan BW Borrower L.P.		First Lien Term Loan		S + 5.38% (includes 2.88% PIK)		7/26/2032			17,504				17,345				17,504							9
Titan BW Borrower L.P.		First Lien Delayed Draw Term Loan		S + 4.75%		7/26/2032			875				864				875							9,23
Titan BW Borrower L.P.		First Lien Revolver		S + 4.75%		7/26/2032			—				(4	)			—							23
West Star Aviation Acquisition, LLC		First Lien Term Loan		S + 4.50%		5/20/2032			21,762				21,614				21,762							8
West Star Aviation Acquisition, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		5/20/2032			3,504				3,476				3,504							8,23
West Star Aviation Acquisition, LLC		First Lien Revolver		S + 4.50%		5/20/2032			38				35				38							8,23
Zenith AcquisitionCo, LLC		First Lien Term Loan		S + 4.50%		1/13/2033			11,009				10,955				10,954							9
Zenith AcquisitionCo, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		1/13/2033			255				240				227							9,23
Zenith AcquisitionCo, LLC		First Lien Revolver		S + 4.50%		1/13/2033			—				(2	)			(2	)						23
													98,781				99,173				12.2	%
Air Freight & Logistics
Capstone Acquisition Holdings, Inc.		First Lien Term Loan		S + 4.50%		11/12/2029			11,524				11,371				11,495							8
Capstone Acquisition Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		11/12/2029			1,870				1,859				1,866							8
SEKO Global Logistics Network, LLC		First Lien Term Loan, Last-out		S + 7.00% (includes 5.00% PIK)		5/27/2030			4,020				3,843				4,020							9
Zeppelin Holdco II, LP		First Lien Term Loan		S + 4.75%		8/2/2032			8,795				8,714				8,751							9
Zeppelin Holdco II, LP		First Lien Delayed Draw Term Loan		S + 4.75%		8/2/2032			—				(10	)			(13	)						23
Zeppelin Holdco II, LP		First Lien Revolver		S + 4.75%		8/2/2032			—				(4	)			(2	)						23
													25,773				26,117				3.2	%
Chemicals
ASP Meteor Acquisition Co LLC		First Lien Term Loan		S + 6.00%		9/1/2029			3,960				3,855				3,921							9
ASP Meteor Acquisition Co LLC		First Lien Delayed Draw Term Loan		S + 6.00%		9/1/2029			2,883				2,795				2,854							9
Aurora Plastics, LLC		First Lien Term Loan		S + 4.75%		8/12/2030			7,316				7,092				7,206							8
Aurora Plastics, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		8/12/2030			2,303				2,172				2,268							8
Aurora Plastics, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		8/12/2030			—				(2	)			(7	)						23
													15,912				16,242				2.0	%
Commercial Services & Supplies
Firebird Acquisition Corp, Inc		First Lien Term Loan		S + 5.00% (includes 2.75% PIK)		2/2/2032			11,739				11,690				11,739							9
Firebird Acquisition Corp, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		2/2/2032			3,762				3,738				3,762							9,23
Firebird Acquisition Corp, Inc		First Lien Revolver		S + 4.50%		2/2/2032			—				(2	)			—							23
Geo TopCo Corporation		First Lien Term Loan		S + 4.50%		10/15/2031			18,407				18,252				18,407							9
Geo TopCo Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		10/15/2031			3,340				3,297				3,340							9,23
Geo TopCo Corporation		First Lien Revolver		S + 4.50%		10/15/2031			84				81				84							9,23
Hercules Borrower LLC		First Lien Term Loan		S + 4.75%		12/15/2028			4,834				4,795				4,798							9
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.75%		12/15/2028			—				(29	)			(54	)						23
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.75%		12/15/2028			—				(29	)			(54	)						23
NRO Holdings III Corp.		First Lien Term Loan		S + 5.25%		7/15/2031			488				480				483							9
NRO Holdings III Corp.		First Lien Delayed Draw Term Loan		S + 5.25%		7/15/2031			96				94				95							10,23
NRO Holdings III Corp.		First Lien Revolver		S + 5.25%		7/15/2030			27				26				26							9,23

See accompanying notes to consolidated financial statements

 

5

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Commercial Services & Supplies, continued
Pearl Acquisition Buyer, Inc.		First Lien Term Loan		S + 4.50%		12/31/2032		$	24,175			$	24,057			$	24,054							9
Pearl Acquisition Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		12/31/2032			—				(19	)			(40	)						23
Pearl Acquisition Buyer, Inc.		First Lien Revolver		S + 4.50%		12/31/2032			60				58				58							9,23
Pike Corporation		First Lien Term Loan		S + 4.50%		12/20/2032			27,859				27,724				27,720							8
Pike Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		12/20/2032			—				(15	)			(30	)						23
Pike Corporation		First Lien Revolver		S + 4.50%		12/20/2032			—				(2	)			(2	)						23
Polyphase Elevator Holding Co		First Lien Term Loan		S + 5.00%		11/24/2032			21,275				21,121				21,168							9
Polyphase Elevator Holding Co		First Lien Delayed Draw Term Loan		S + 5.00%		11/24/2032			2,560				2,548				2,543							9,23
Polyphase Elevator Holding Co		First Lien Revolver		S + 5.00%		11/24/2032			—				(3	)			(2	)						23
Populous Global II, LLC		First Lien Term Loan		S + 4.50%		4/12/2032			20,496				20,312				20,496							9
Populous Global II, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		4/12/2032			—				(12	)			—							23
Populous Global II, LLC		First Lien Revolver		S + 4.50%		4/11/2031			—				(3	)			—							23
													138,159				138,591				17.0	%
Diversified Consumer Services
Any Hour LLC		First Lien Term Loan		S + 5.75% (includes 3.25% PIK)		5/23/2030			16,233				16,051				15,664							9
Any Hour LLC		First Lien Delayed Draw Term Loan		S + 5.75% (includes 3.25% PIK)		5/23/2030			460				454				444							9
Any Hour LLC		First Lien Revolver		S + 5.75% (includes 3.25% PIK)		5/23/2030			323				319				311							9,23
Apex Service Partners, LLC		First Lien Term Loan		S + 5.00%		10/24/2030			5,703				5,654				5,703							9
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		10/24/2030			16,776				16,633				16,776							9,23
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		10/24/2030			2,092				1,995				1,906							9,23
Barbri Holdings, Inc.		First Lien Term Loan		S + 4.75%		4/30/2030			21,650				21,563				21,433							9
KL Stockton Intermediate II, LLC		First Lien Term Loan		13.00% PIK		5/23/2031			896				885				874
National Express Wash Parent Intermediate Holdco, LLC		First Lien Term Loan		S + 5.00%		7/16/2029			4,519				4,483				4,519							9
National Express Wash Parent Intermediate Holdco, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		7/16/2029			5,669				5,601				5,669							10,23
National Express Wash Parent Intermediate Holdco, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		7/16/2029			3,012				3,012				3,012							9
National Express Wash Parent Intermediate Holdco, LLC		First Lien Revolver		S + 5.00%		7/16/2029			243				241				244							10,23
PTSH Intermediate Holdings, LLC		First Lien Term Loan		S + 5.00%		1/10/2033			6,162				6,102				6,101							9
Redwood Services, LP		First Lien Term Loan		S + 4.25%		6/16/2032			10,360				10,265				10,360							9
Redwood Services, LP		First Lien Delayed Draw Term Loan		S + 4.25%		6/16/2032			1,104				1,084				1,104							9,23
Redwood Services, LP		First Lien Revolver		S + 4.25%		6/16/2032			—				(3	)			—							23
Spotless Brands, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		7/25/2028			2,027				1,994				1,946							9,23
Wrench Group, LLC		First Lien Term Loan		S + 4.75%		9/3/2032			20,607				20,413				20,556							9
Wrench Group, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		9/3/2032			—				(12	)			(7	)						23
Wrench Group, LLC		First Lien Revolver		S + 4.75%		9/3/2031			—				(3	)			(1	)						23
													116,731				116,614				14.3	%
Electrical Equipment
Trystar, LLC		First Lien Term Loan		S + 4.25%		8/6/2031			12,256				12,156				12,195							9
Trystar, LLC		First Lien Term Loan		S + 4.25%		8/6/2031			5,243				5,200				5,217							9
Trystar, LLC		First Lien Term Loan		S + 4.50%		8/6/2031			2,746				2,733				2,733							9
Trystar, LLC		First Lien Delayed Draw Term Loan		S + 4.25%		8/6/2031			6,625				6,567				6,592							9
Trystar, LLC		First Lien Delayed Draw Term Loan		S + 4.25%		8/6/2031			—				(20	)			(41	)						23
Trystar, LLC		First Lien Revolver		S + 4.25%		8/6/2031			—				(5	)			(4	)						23
Wildcat Topco, Inc		First Lien Term Loan		S + 4.50%		11/17/2031			12,869				12,759				12,869							9
Wildcat Topco, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		11/17/2031			—				(11	)			—							23
Wildcat Topco, Inc		First Lien Revolver		S + 4.50%		11/17/2031			—				(3	)			—							23
													39,376				39,561				4.9	%

See accompanying notes to consolidated financial statements

 

6

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Electronic Equipment, Instruments & Components
Dwyer Instruments, LLC		First Lien Term Loan		S + 4.75%		7/20/2029		$	2,004			$	1,986			$	2,004							9
Dwyer Instruments, LLC		First Lien Term Loan		S + 4.75%		7/20/2029			6,302				6,227				6,302							9
Dwyer Instruments, LLC		First Lien Term Loan		S + 4.75%		7/20/2029			3,147				3,123				3,147							9
Dwyer Instruments, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		7/20/2029			4,746				4,704				4,746							9
Dwyer Instruments, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		7/20/2029			7,384				7,287				7,384							9
Dwyer Instruments, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		7/20/2029			412				409				412							9
Dwyer Instruments, LLC		First Lien Revolver		S + 4.75%		7/20/2029			155				153				156							9,23
													23,889				24,151				3.0	%
Financial Services
Arax Midco, LLC		First Lien Term Loan		S + 5.25%		3/24/2032			23,657				23,539				23,539							9
Arax Midco, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		3/24/2032			—				(36	)			(73	)						23
Arax Midco, LLC		First Lien Revolver		S + 5.25%		3/24/2032			—				(2	)			(2	)						23
SitusAMC Holdings Corporation		First Lien Term Loan		S + 5.50%		5/14/2031			24,256				24,146				24,255							9
													47,647				47,719				5.9	%
Food Products
Les Aliments Multibar Inc.		First Lien Term Loan		S + 5.75%		4/17/2031			242				238				241							9,20
Nellson Nutraceutical, LLC		First Lien Term Loan		S + 5.75%		4/17/2031			3,514				3,468				3,514							9
Nellson Nutraceutical, LLC		First Lien Delayed Draw Term Loan		S + 5.75%		4/17/2031			—				(2	)			—							23
Nellson Nutraceutical, LLC		First Lien Revolver		P + 4.75%		4/17/2031			86				83				86							15,23
													3,787				3,841				0.5	%
Health Care Equipment & Supplies
Perkinelmer U.S. LLC		First Lien Term Loan		S + 4.75%		3/13/2029			3,547				3,531				3,529							8
Perkinelmer U.S. LLC		First Lien Term Loan		S + 4.75%		3/13/2029			19,397				19,021				19,300							8
Perkinelmer U.S. LLC		First Lien Delayed Draw Term Loan		S + 4.75%		3/13/2029			—				(27	)			(63	)						23
Spruce Bidco II Inc.		First Lien Term Loan		C + 4.75%		1/30/2032			CAD 525				358				378							11
Spruce Bidco II Inc.		First Lien Term Loan		S + 4.75%		1/30/2032			21,758				21,472				21,758							10
Spruce Bidco II Inc.		First Lien Term Loan		T + 5.00%		1/30/2032			JPY 56,161				358				354							17
Spruce Bidco II Inc.		First Lien Revolver		S + 4.75%		1/30/2032			81				76				81							10,23
													44,789				45,337				5.6	%
Health Care Providers & Services
AB Centers Acquisition Corporation		First Lien Term Loan		S + 5.25%		7/2/2031			18,963				18,732				18,868							8
AB Centers Acquisition Corporation		First Lien Term Loan		S + 5.25%		7/2/2031			4,195				4,178				4,174							8
AB Centers Acquisition Corporation		First Lien Term Loan		S + 5.25%		7/2/2031			1,496				1,486				1,489							8
AB Centers Acquisition Corporation		First Lien Delayed Draw Term Loan		S + 5.25%		7/2/2031			1,713				1,680				1,695							8,23
AB Centers Acquisition Corporation		First Lien Revolver		S + 5.25%		7/2/2031			—				(6	)			(3	)						23
Coding Solutions Acquisition, Inc.		First Lien Term Loan		S + 5.00%		8/7/2031			27,428				27,158				27,153							8
Coding Solutions Acquisition, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		8/7/2031			—				(5	)			(11	)						23
Coding Solutions Acquisition, Inc.		First Lien Revolver		S + 5.00%		8/7/2031			—				(4	)			(4	)						23
Petvet Care Centers, LLC		First Lien Term Loan		S + 6.00%		11/15/2030			21,762				21,436				20,185							8
Petvet Care Centers, LLC		First Lien Revolver		S + 6.00%		11/15/2029			70				65				44							8,23
PPV Intermediate Holdings, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		8/31/2029			7,032				6,940				6,942							9,23
Quantum Health, Inc.		First Lien Term Loan		S + 4.75%		12/22/2027			13,946				13,847				13,876							9
RCP Nats Purchaser, LLC		First Lien Term Loan		S + 5.00%		3/19/2032			3,146				3,118				3,114							9
RCP Nats Purchaser, LLC		First Lien Term Loan		S + 5.00%		3/19/2032			1,439				1,425				1,425							9
RCP Nats Purchaser, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		3/19/2032			379				374				373							9,23
RCP Nats Purchaser, LLC		First Lien Revolver		S + 5.00%		3/19/2032			—				(1	)			(1	)						23

See accompanying notes to consolidated financial statements

 

7

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Health Care Providers & Services, continued
Solis Mammography Buyer, Inc.		First Lien Term Loan		S + 5.00%		5/31/2032		$	13,105			$	12,986			$	13,105							9
Solis Mammography Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		5/31/2032			—				(8	)			—							23
Solis Mammography Buyer, Inc.		First Lien Revolver		S + 5.00%		5/29/2030			—				(3	)			—							23
USHV Management, LLC		First Lien Term Loan		S + 5.00%		9/8/2032			8,996				8,911				8,996							9
USHV Management, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		9/8/2032			165				160				165							9,23
USHV Management, LLC		First Lien Revolver		P + 4.00%		9/8/2031			94				90				94							15,23
													122,559				121,679				14.9	%
Health Care Technology
AGS Health BCP Holdings, Inc		First Lien Term Loan		S + 4.50%		8/2/2032			8,970				8,949				8,971							9
AGS Health BCP Holdings, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		8/2/2032			—				(3	)			—							23
AGS Health BCP Holdings, Inc		First Lien Revolver		S + 4.50%		8/2/2032			—				(1	)			—							23
AGS Health BCP LLC		First Lien Term Loan		S + 4.50%		8/2/2032			4,713				4,702				4,713							9
AGS Health BCP LLC		First Lien Delayed Draw Term Loan		S + 4.50%		8/2/2032			—				(2	)			—							23
AGS Health BCP LLC		First Lien Revolver		S + 4.50%		8/2/2032			—				—				—							23
Brilliance Technologies, Inc.		First Lien Term Loan		S + 5.00% (includes 2.75% PIK)		3/11/2032			8,885				8,846				8,885							8
Brilliance Technologies, Inc.		First Lien Delayed Draw Term Loan		S + 5.00% (includes 2.75% PIK)		3/11/2032			14,216				14,153				14,216							8
Brilliance Technologies, Inc.		First Lien Revolver		S + 4.50%		3/11/2032			—				(1	)			—							23
DeLorean Purchaser, Inc.		First Lien Term Loan		S + 4.75%		12/16/2031			17,825				17,594				17,557							9
DeLorean Purchaser, Inc.		First Lien Revolver		S + 4.75%		12/16/2031			—				(4	)			(5	)						23
Kona Buyer, LLC		First Lien Term Loan		S + 4.50%		7/23/2031			13,479				13,370				13,345							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			791				784				783							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			223				221				221							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			6,107				6,077				6,045							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			4,036				4,016				3,996							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			—				(15	)			(61	)						23
Kona Buyer, LLC		First Lien Revolver		S + 4.50%		7/23/2031			—				(3	)			(4	)						23
Kona Buyer, LLC		First Lien Revolver		S + 4.50%		7/23/2031			—				(2	)			(4	)						23
VaxCare Intermediate II LLC		First Lien Term Loan		S + 4.25%		6/17/2032			10,630				10,533				10,577							9
VaxCare Intermediate II LLC		First Lien Revolver		S + 4.25%		6/17/2032			—				(3	)			(2	)						23
													89,211				89,233				10.9	%
Hotels, Restaurants & Leisure
Cooper's Hawk Intermediate Holding,LLC		First Lien Term Loan		S + 5.50%		7/29/2031			17,822				17,578				17,644							9
Cooper's Hawk Intermediate Holding,LLC		First Lien Delayed Draw Term Loan		S + 5.50%		7/29/2031			—				(9	)			(15	)						23
Cooper's Hawk Intermediate Holding,LLC		First Lien Revolver		S + 5.50%		7/29/2031			—				(5	)			(4	)						23
													17,564				17,625				2.2	%
Insurance
Galway Borrower LLC		First Lien Term Loan		S + 4.50%		9/29/2028			12,848				12,765				12,784							9
Galway Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.50%		9/29/2028			3,998				3,968				3,978							9
Galway Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.50%		9/29/2028			242				240				241							9
Galway Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.50%		9/29/2028			—				(29	)			(60	)						23
Galway Borrower LLC		First Lien Revolver		S + 4.50%		9/29/2028			132				130				130							9,23
HIG Operations Holdings, Inc.		First Lien Term Loan		S + 4.50%		6/11/2031			19,647				19,375				19,500							8
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		6/11/2031			—				—				(18	)						23
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		6/11/2031			—				(18	)			(39	)						23

 

See accompanying notes to consolidated financial statements

 

8

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Insurance, continued
Integrity Marketing Acquisition, LLC		First Lien Term Loan		S + 5.00%		8/25/2028		$	17,825			$	17,708			$	17,825							9
Integrity Marketing Acquisition, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		8/25/2028			—				(7	)			—							23
Integrity Marketing Acquisition, LLC		First Lien Revolver		S + 5.00%		8/25/2028			—				(2	)			—							23
Koala Investment Holdings, Inc.		First Lien Term Loan		S + 4.25%		8/30/2032			14,435				14,299				14,363							9
Koala Investment Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.25%		8/30/2032			—				(10	)			(14	)						23
Koala Investment Holdings, Inc.		First Lien Revolver		S + 4.25%		8/30/2032			—				(3	)			(2	)						23
SG Acquisition, Inc.		First Lien Term Loan		S + 4.75%		4/3/2030			24,011				23,968				24,011							9
SG Acquisition, Inc.		First Lien Revolver		S + 4.75%		4/3/2030			—				(2	)			—							23
World Insurance Associates, LLC		First Lien Term Loan		S + 5.00%		4/3/2030			10,878				10,878				10,878							9
World Insurance Associates, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		4/3/2030			3,179				3,161				3,179							9,23
World Insurance Associates, LLC		First Lien Revolver		S + 5.00%		4/3/2030			—				—				—							23
													106,421				106,756				13.1	%
IT Services
ManTech International Corporation		First Lien Term Loan		S + 4.50%		9/14/2029			3,298				3,298				3,298							9
ManTech International Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		9/14/2029			46				45				45							9
Redwood Services Group, LLC		First Lien Term Loan		S + 5.00%		6/15/2029			12,598				12,392				12,598							9
Redwood Services Group, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		6/15/2029			3,106				3,055				3,106							9
Redwood Services Group, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		6/15/2029			10,326				10,183				10,326							9
Redwood Services Group, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		6/15/2029			—				(13	)			(28	)						23
Saturn Borrower Inc		First Lien Term Loan		S + 6.00%		11/10/2028			5,305				5,247				5,252							9
Saturn Borrower Inc		First Lien Delayed Draw Term Loan		S + 6.00%		11/10/2028			—				(10	)			(19	)						23
Saturn Borrower Inc		First Lien Revolver		S + 6.00%		11/10/2028			95				91				91							9,23
Tau Buyer, LLC		First Lien Term Loan		S + 5.00% (includes 2.50% PIK)		2/2/2032			13,640				13,522				13,641							9
Tau Buyer, LLC		First Lien Delayed Draw Term Loan		S + 5.00% (includes 2.50% PIK)		2/2/2032			3,131				3,096				3,131							9,23
Tau Buyer, LLC		First Lien Revolver		S + 4.50%		2/2/2032			117				114				117							9,23
Vensure Employer Services Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		9/29/2031			7,454				7,271				7,159							9,23
Victors Purchaser, LLC		First Lien Term Loan		S + 4.50%		12/23/2032			8,537				8,516				8,494							9
Victors Purchaser, LLC		First Lien Term Loan		S + 4.50%		12/23/2032			21,141				20,964				21,035							9
Victors Purchaser, LLC		First Lien Term Loan		S + 4.50%		12/23/2032			30				30				30							9
Victors Purchaser, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		12/23/2032			—				(14	)			(22	)						23
Victors Purchaser, LLC		First Lien Revolver		S + 4.50%		12/23/2032			—				(5	)			(4	)						23
Wellness AcquisitionCo, Inc.		First Lien Term Loan		S + 4.75%		1/22/2029			4,035				4,016				4,015							9
													91,798				92,265				11.3	%
Life Sciences Tools & Services
Advarra Holdings, Inc		First Lien Term Loan		S + 4.50%		9/15/2031			24,781				24,678				24,657							8
Advarra Holdings, Inc		First Lien Term Loan		S + 4.50%		9/15/2031			4,616				4,594				4,593							8
Advarra Holdings, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		9/15/2031			—				(2	)			(6	)						23
Bracket Intermediate Holding Corp.		First Lien Term Loan		S + 4.75%		10/16/2031			23,834				23,607				23,655							9
Packaging Coordinators Midco, Inc.		First Lien Term Loan		S + 5.00%		10/15/2032			15,358				15,274				15,358							9
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		10/15/2032			—				2				—							23
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		10/15/2032			—				(7	)			—							23
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		10/15/2032			—				—				—							23
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		SN + 5.00%		10/15/2032		£	274				358				364							16
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		10/15/2032			186				186				186							9,23
Packaging Coordinators Midco, Inc.		First Lien Revolver		S + 5.00%		10/15/2032			—				(4	)			—							23

 

See accompanying notes to consolidated financial statements

 

9

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Life Sciences Tools & Services, continued
Signant Finance One Limited		First Lien Term Loan		S + 4.75%		10/16/2031		$	11,510			$	11,401			$	11,424							9,21
Signant Finance One Limited		First Lien Delayed Draw Term Loan		S + 4.75%		10/16/2031			—				(30	)			(61	)						23
Signant Finance One Limited		First Lien Revolver		S + 4.75%		10/16/2031			—				(4	)			(3	)						23
Titan Luxco I SARL		First Lien Term Loan		S + 5.00%		6/14/2032			9,230				9,145				9,230							10
Titan Luxco I SARL		First Lien Term Loan		E + 5.00%		6/14/2032		€	340				390				393							14
Titan Luxco I SARL		First Lien Delayed Draw Term Loan		S + 5.00%		6/14/2032			—				(12	)			—							23
Titan Luxco I SARL		First Lien Revolver		S + 5.00%		6/12/2031			158				156				158							10,23
Titan Luxco I SARL		First Lien Revolver		E + 5.00%		6/12/2031		€	69				81				82							13,23
													89,813				90,030				11.0	%
Machinery
Harvey Tool Company, LLC		First Lien Term Loan		S + 4.50%		8/6/2032			14,122				14,122				14,122							8
Harvey Tool Company, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		8/6/2032			—				(26	)			—							23
Harvey Tool Company, LLC		First Lien Revolver		S + 4.50%		8/6/2032			—				(3	)			—							23
													14,093				14,122				1.7	%
Media
Future Bidco Limited		First Lien Term Loan		S + 5.50%		12/11/2031			399				399				397							7,21,22
Future US Bidco, Inc.		First Lien Term Loan		S + 5.50%		12/11/2031			23,031				23,031				22,939							7,22
Future US Bidco, Inc.		First Lien Delayed Draw Term Loan		S + 5.50%		12/11/2031			—				—				(28	)						22,23
ICR, LLC		First Lien Term Loan		S + 4.75%		3/26/2032			17,903				17,725				17,724							9
ICR, LLC		First Lien Revolver		S + 4.75%		3/26/2032			—				(4	)			(4	)						23
Real Chemistry Intermediate III, Inc.		First Lien Term Loan		S + 4.50%		4/12/2032			15,618				15,548				15,618							9
Real Chemistry Intermediate III, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		4/12/2032			4,651				4,625				4,651							9,23
Real Chemistry Intermediate III, Inc.		First Lien Revolver		S + 4.50%		4/12/2032			—				(2	)			—							23
Swoop Intermediate III, Inc.		First Lien Term Loan		S + 4.50%		4/12/2032			8,817				8,777				8,817							8
Swoop Intermediate III, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		4/12/2032			—				(10	)			—							23
Swoop Intermediate III, Inc.		First Lien Revolver		S + 4.50%		4/12/2032			—				(2	)			—							23
													70,087				70,114				8.6	%
Pharmaceuticals, Biotechnology & Life Sciences
Falcon Parent Holdings, Inc.		First Lien Term Loan		S + 5.50% (includes 2.75% PIK)		11/6/2031			3,779				3,761				3,741							9
Falcon Parent Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		11/6/2031			—				(27	)			(21	)						23
													3,734				3,720				0.5	%
Professional Services
AVSC Holding Corp.		First Lien Term Loan		S + 5.00%		12/5/2031			17,824				17,517				17,735							8
AVSC Holding Corp.		First Lien Revolver		S + 5.00%		12/5/2029			65				59				63							8,23
Carr, Riggs and Ingram Capital, LLC		First Lien Term Loan		S + 4.25%		11/18/2031			8,756				8,681				8,712							9
Carr, Riggs and Ingram Capital, LLC		First Lien Delayed Draw Term Loan		S + 4.25%		11/18/2031			1,452				1,426				1,429							9,23
Carr, Riggs and Ingram Capital, LLC		First Lien Revolver		S + 4.25%		11/18/2031			159				157				158							9,23
Chartwell Cumming Holding Corporation		First Lien Term Loan		S + 4.75%		11/16/2029			15,109				14,824				15,033							8
Chartwell Cumming Holding Corporation		First Lien Term Loan		S + 4.75%		11/16/2029			1,903				1,887				1,893							8
Chartwell Cumming Holding Corporation		First Lien Term Loan		S + 4.75%		11/16/2029			1,325				1,319				1,318							8
Chartwell Cumming Holding Corporation		First Lien Delayed Draw Term Loan		S + 4.75%		11/16/2029			1,003				985				998							8
Chartwell Cumming Holding Corporation		First Lien Delayed Draw Term Loan		S + 4.75%		11/16/2029			2,204				2,188				2,193							8
Chartwell Cumming Holding Corporation		First Lien Delayed Draw Term Loan		S + 4.75%		11/16/2029			—				—				(62	)						23
Chartwell Cumming Holding Corporation		First Lien Revolver		S + 4.75%		11/16/2029			—				(1	)			(1	)						23
Conservice Midco LLC		First Lien Term Loan		S + 4.50%		2/25/2033			39,908				39,710				39,709							9
Conservice Midco LLC		First Lien Revolver		S + 4.50%		2/25/2033			—				(2	)			(2	)						23

See accompanying notes to consolidated financial statements

 

 

10

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Professional Services, continued
Deerfield Dakota Holding, LLC		First Lien Term Loan		S + 5.75% (includes 2.75% PIK)		9/13/2032		$	35,920			$	35,587			$	35,650							9
Deerfield Dakota Holding, LLC		First Lien Revolver		S + 5.25%		9/13/2032			79				75				76							8,23
Denali Intermediate Holdings Inc		First Lien Term Loan		S + 5.50%		8/26/2032			19,359				19,177				19,263							8
Denali Intermediate Holdings Inc		First Lien Revolver		S + 5.50%		8/26/2032			—				(3	)			(2	)						23
Denali Topco LLC		First Lien Term Loan		S + 4.75%		8/26/2032			9,624				9,534				9,624							9
Denali Topco LLC		First Lien Delayed Draw Term Loan		S + 4.75%		8/26/2032			—				(8	)			—							23
Denali Topco LLC		First Lien Revolver		S + 4.75%		8/26/2032			—				(3	)			—							23
Eclipse Buyer, Inc.		First Lien Term Loan		S + 4.50%		9/5/2031			13,428				13,316				13,428							8
Eclipse Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		9/5/2031			—				(9	)			—							23
Eclipse Buyer, Inc.		First Lien Revolver		S + 4.50%		9/5/2031			—				(3	)			—							23
Foreside Financial Group, LLC		First Lien Term Loan		S + 5.25%		9/30/2027			1,475				1,452				1,468							9
Foreside Financial Group, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		9/30/2027			408				402				406							9
IG Investments Holdings, LLC		First Lien Term Loan		S + 5.00%		9/22/2028			14,916				14,764				14,916							9
IG Investments Holdings, LLC		First Lien Revolver		S + 5.00%		9/22/2028			—				(1	)			—							23
IRI Group Holdings, Inc.		First Lien Term Loan		S + 4.25%		12/1/2029			16,310				16,026				16,310							9
IRI Group Holdings, Inc.		First Lien Revolver		S + 4.25%		12/1/2028			—				(3	)			—							23
													199,053				200,315				24.6	%
Real Estate Management & Development
Atlas US Finco, Inc.		First Lien Term Loan		S + 4.75%		12/10/2029			15,960				15,892				15,960							9
Atlas US Finco, Inc.		First Lien Revolver		S + 4.75%		12/11/2028			—				(1	)			—							23
													15,891				15,960				2.0	%
Software
Aptean, Inc.		First Lien Term Loan		S + 4.75%		1/30/2031			20,239				20,132				20,239							9
Aptean, Inc.		First Lien Delayed Draw Term Loan		S + 4.75%		1/30/2031			—				(2	)			—							23
Aptean, Inc.		First Lien Revolver		S + 4.75%		1/30/2031			113				110				113							9,23
Bluefin Holding, LLC		First Lien Term Loan		S + 4.25%		9/12/2029			2,673				2,667				2,633							9
Bluefin Holding, LLC		First Lien Revolver		S + 4.25%		9/12/2029			—				—				(3	)						23
Brave Parent Holdings, Inc.		First Lien Term Loan		S + 4.25%		11/29/2030			22,505				22,332				22,280							8
Brave Parent Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.25%		11/29/2030			7,269				7,235				7,197							8
Brave Parent Holdings, Inc.		First Lien Revolver		S + 4.25%		11/29/2030			—				(2	)			(3	)						23
Computer Services, Inc.		First Lien Term Loan		S + 4.50%		11/17/2031			27,062				26,936				26,926							9
Computer Services, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		11/17/2031			—				(6	)			(14	)						23
Computer Services, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		11/17/2031			—				(28	)			(59	)						23
Edition Holdings, Inc.		First Lien Term Loan		S + 4.50%		12/20/2032			18,003				17,938				17,937							8
Edition Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		12/20/2032			—				(7	)			(14	)						23
Edition Holdings, Inc.		First Lien Revolver		S + 4.50%		12/20/2032			—				(1	)			(1	)						23
Flexera Software LLC		First Lien Term Loan		S + 4.50%		8/16/2032			24,458				24,400				24,274							9
Flexera Software LLC		First Lien Term Loan		E + 4.50%		8/16/2032		€	339				396				389							12
Flexera Software LLC		First Lien Term Loan		S + 4.50%		8/16/2032			7,168				7,116				7,115							9
Flexera Software LLC		First Lien Revolver		S + 4.50%		8/16/2032			—				(1	)			(3	)						23
GS AcquisitionCo, Inc.		First Lien Term Loan		S + 5.25%		5/25/2028			5,096				5,082				5,020							9
GS AcquisitionCo, Inc.		First Lien Delayed Draw Term Loan		S + 5.25%		5/25/2028			—				(27	)			(225	)						23
GS AcquisitionCo, Inc.		First Lien Delayed Draw Term Loan		S + 5.25%		5/25/2028			944				941				930							9
GS AcquisitionCo, Inc.		First Lien Revolver		S + 5.25%		5/25/2028			185				184				179							9,23
HighLevel Inc		First Lien Term Loan		S + 4.50%		2/23/2033			18,305				18,214				18,213							9
HighLevel Inc		First Lien Revolver		S + 4.50%		2/23/2033			—				(2	)			(2	)						23

See accompanying notes to consolidated financial statements

 

11

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Software, continued
InhabitIQ, Inc.		First Lien Term Loan		S + 4.50%		1/12/2032		$	11,821			$	11,770			$	11,821							8
InhabitIQ, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		1/12/2032			—				(7	)			—							23
InhabitIQ, Inc.		First Lien Revolver		S + 4.50%		1/12/2032			—				(1	)			—							23
Lobos Parent, Inc.		First Lien Term Loan		S + 4.50%		9/27/2032			11,831				11,748				11,743							9
Lobos Parent, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		9/27/2032			—				(10	)			(21	)						23
Lobos Parent, Inc.		First Lien Revolver		S + 4.50%		9/26/2031			—				(2	)			(2	)						23
Lobos Parent, Inc.		First Lien Revolver		S + 4.50%		9/26/2031			—				(1	)			(1	)						23
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Term Loan		S + 5.25%		7/1/2031			37,654				37,316				37,277							9
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Delayed Draw Term Loan		S + 5.25%		7/1/2031			3,117				3,091				3,086							9
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Revolver		S + 5.25%		7/1/2031			52				49				48							9,23
Netwrix Corporation		First Lien Term Loan		S + 4.50%		6/11/2029			19,208				18,798				19,016							9
Netwrix Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		6/11/2029			78				78				71							9,23
OneSource Virtual Inc		First Lien Term Loan		S + 4.75%		1/31/2033			7,901				7,862				7,862							9
OneSource Virtual Inc		First Lien Revolver		S + 4.75%		1/31/2033			—				(2	)			(2	)						23
Rally Buyer, Inc.		First Lien Term Loan		S + 6.25% (includes 3.50% PIK)		7/19/2029			12,721				12,613				11,767							9
Rally Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 6.25% (includes 3.50% PIK)		7/19/2029			2,908				2,879				2,690							9
Sapphire Software Buyer, Inc.		First Lien Term Loan		S + 5.00%		9/30/2031			23,543				23,349				23,190							9
Sapphire Software Buyer, Inc.		First Lien Revolver		S + 5.00%		9/30/2031			—				(3	)			(6	)						23
Syndigo LLC		First Lien Term Loan		S + 5.00%		9/2/2032			19,496				19,312				19,262							9
Syndigo LLC		First Lien Revolver		S + 5.00%		9/2/2032			94				90				89							9,23
Vacation Rental Brands, LLC		First Lien Term Loan		S + 5.25%		5/6/2032			20,869				20,679				20,660							9
Vacation Rental Brands, LLC		First Lien Term Loan		S + 5.25%		5/6/2032			4,460				4,418				4,416							9
Vacation Rental Brands, LLC		First Lien Term Loan		S + 5.25%		5/6/2032			2,693				2,667				2,666							9
Vacation Rental Brands, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		5/6/2032			—				(40	)			(95	)						23
Vacation Rental Brands, LLC		First Lien Revolver		S + 5.25%		5/6/2031			—				(4	)			(4	)						23
													330,256				328,654				40.3	%
Trading Companies & Distributors
Blackbird Purchaser, Inc.		First Lien Term Loan		S + 5.75%		12/19/2030			25,059				24,681				24,933							9
Blackbird Purchaser, Inc.		First Lien Delayed Draw Term Loan		S + 5.75%		12/19/2030			—				(27	)			(9	)						23
Blackbird Purchaser, Inc.		First Lien Revolver		S + 5.75%		12/19/2029			209				204				207							9,23
PT Intermediate Holdings III, LLC		First Lien Term Loan		S + 4.75%		4/9/2030			20,635				20,601				20,635							9
PT Intermediate Holdings III, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		4/9/2030			—				(1	)			—							23
Vessco Midco Holdings, LLC		First Lien Term Loan		S + 4.50%		7/24/2031			13,947				13,833				13,947							18
Vessco Midco Holdings, LLC		First Lien Term Loan		S + 4.50%		7/24/2031			5,459				5,433				5,459							10
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/24/2031			4,293				4,254				4,293							19,23
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/24/2031			—				(12	)			—							23
Vessco Midco Holdings, LLC		First Lien Revolver		S + 4.50%		7/24/2031			—				(3	)			—							23
													68,963				69,465				8.5	%
Total non-controlled-non-affiliated Portfolio Company debt investments (6)													1,774,287				1,777,284				217.9	%

See accompanying notes to consolidated financial statements

 

12

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
Equity Investments
Preferred Stock
Professional Services
Eclipse Topco, Inc.		Preferred Stock							72				831				855
													831				855
Common Stock
Air Freight & Logistics
Red Griffin TopCo, LLC		Common Stock							1,746				8,435				1,391
													8,435				1,391
L.P. Interests
Commercial Services & Supplies
Firebird Co-Invest L.P.		L.P. Interest							—				434				537
Firebird Co-Invest L.P.		L.P. Interest							—				—				5
													434				542
Total non-controlled-non-affiliated Portfolio Company equity investments													9,700				2,788				0.3	%
Total non-controlled-non-affiliated Portfolio Company investments												$	1,783,987			$	1,780,072				218.2	%

(1)

Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), Canadian Overnight Repo Rate Average (“CORRA” or “C”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Sterling Overnight Index Average (“SONIA” or “SN”), Tokyo Overnight Average Rate (“TONAR” or “T”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“P”)), at the borrower's option, and which reset periodically based on the terms of the loan agreement. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period.

(2)

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

(3)

These investments were valued using unobservable inputs and are considered Level 3 investments.

(4)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of March 31, 2026, all of the Company’s investments were non-controlled, non-affiliated.

(5)

Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.

(6)

All funded debt investments are income producing. As of March 31, 2026, there were no investments on non-accrual.

(7)

The interest rate on these loans is subject to overnight SOFR, which as of March 31, 2026 was 3.68%.

(8)

The interest rate on these loans is subject to 1-month SOFR, which as of March 31, 2026 was 3.66%.

(9)

The interest rate on these loans is subject to 3-month SOFR, which as of March 31, 2026 was 3.68%.

(10)

The interest rate on these loans is subject to 6-month SOFR, which as of March 31, 2026 was 3.70%.

(11)

The interest rate on these loans is subject to 3-month CORRA, which as of March 31, 2026 was 2.29%.

(12)

The interest rate on these loans is subject to 1-month EURIBOR, which as of March 31, 2026 was 1.89%.

(13)

The interest rate on these loans is subject to 3-month EURIBOR, which as of March 31, 2026 was 2.08%.

(14)

The interest rate on these loans is subject to 6-month EURIBOR, which as of March 31, 2026 was 2.48%.

(15)

The interest rate on these loans is subject to U.S. Prime Rate, which as of March 31, 2026 was 6.75%.

(16)

The interest rate on these loans is subject to SONIA, which as of March 31, 2026 was 3.73%.

(17)

The interest rate on these loans is subject to the floor which as of March 31, 2026 was 0.75%.

(18)

The interest rate on $8.1 million of principal loans is subject to 1-month SOFR, which as of March 31, 2026 was 3.66% and the interest rate on $5.8 million of principal loans is subject to 6-month SOFR, which as of March 31, 2026 was 3.70%.

See accompanying notes to consolidated financial statements

 

13

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

 

(19)

The interest rate on $1.2 million of principal loans is subject to 1-month SOFR, which as of March 31, 2026 was 3.66% and the interest rate on $3.1 million of principal loans is subject to 6-month SOFR, which as of March 31, 2026 was 3.70%.

(20)

The issuer of this investment is domiciled in Canada.

(21)

The issuer of this investment is domiciled in the United Kingdom.

(22)

These investments are first lien, second-out debt facilities.

(23)

All or a portion of the position is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. For investments in delayed draw term loans and revolvers, the cost basis is adjusted for any market discount or original issue discount received on the total balance committed. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded. See the following table for more information on the Company’s unfunded commitments.

See accompanying notes to consolidated financial statements

 

14

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

The following table is a listing of the Company’s unfunded commitments as of March 31, 2026:

Portfolio Company		Investment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
AA&D Midco, Inc. (fka GB Eagle Buyer, Inc.)		First Lien Revolver		11/29/2030		$	504			$	(5	)
AB Centers Acquisition Corporation		First Lien Delayed Draw Term Loan		7/2/2026			1,762				(9	)
AB Centers Acquisition Corporation		First Lien Revolver		7/2/2031			605				(3	)
Advarra Holdings, Inc		First Lien Delayed Draw Term Loan		9/14/2026			1,266				(6	)
AGS Health BCP Holdings, Inc		First Lien Delayed Draw Term Loan		8/2/2027			3,041				—
AGS Health BCP Holdings, Inc		First Lien Revolver		8/2/2032			247				—
AGS Health BCP LLC		First Lien Delayed Draw Term Loan		8/2/2027			1,673				—
AGS Health BCP LLC		First Lien Revolver		8/2/2032			141				—
Any Hour LLC		First Lien Revolver		5/23/2030			31				(1	)
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan		11/19/2027			16,465				(165	)
Aptean, Inc.		First Lien Delayed Draw Term Loan		2/15/2027			1,136				—
Aptean, Inc.		First Lien Revolver		1/30/2031			382				—
Arax Midco, LLC		First Lien Delayed Draw Term Loan		3/24/2028			14,583				(73	)
Arax Midco, LLC		First Lien Revolver		3/24/2032			408				(2	)
Atlas US Finco, Inc.		First Lien Revolver		12/11/2028			378				—
Aurora Plastics, LLC		First Lien Delayed Draw Term Loan		4/12/2027			522				(7	)
AVSC Holding Corp.		First Lien Revolver		12/5/2029			295				(1	)
Blackbird Purchaser, Inc.		First Lien Delayed Draw Term Loan		12/21/2026			1,851				(9	)
Blackbird Purchaser, Inc.		First Lien Revolver		12/19/2029			139				(1	)
Bluefin Holding, LLC		First Lien Revolver		9/12/2029			197				(3	)
Brave Parent Holdings, Inc.		First Lien Revolver		11/29/2030			348				(3	)
Brilliance Technologies, Inc.		First Lien Revolver		3/11/2032			256				—
Carr, Riggs and Ingram Capital, LLC		First Lien Delayed Draw Term Loan		11/18/2026			3,023				(15	)
Carr, Riggs and Ingram Capital, LLC		First Lien Revolver		11/18/2031			81				—
Chartwell Cumming Holding Corporation		First Lien Delayed Draw Term Loan		2/23/2028			12,463				(62	)
Chartwell Cumming Holding Corporation		First Lien Revolver		11/16/2029			171				(1	)
Coding Solutions Acquisition, Inc.		First Lien Delayed Draw Term Loan		8/7/2026			1,060				(11	)
Coding Solutions Acquisition, Inc.		First Lien Revolver		8/7/2031			360				(4	)
Computer Services, Inc.		First Lien Delayed Draw Term Loan		11/15/2027			2,915				(14	)
Computer Services, Inc.		First Lien Delayed Draw Term Loan		11/15/2027			11,816				(59	)
Conservice Midco LLC		First Lien Revolver		2/25/2033			399				(2	)
Cooper's Hawk Intermediate Holding,LLC		First Lien Delayed Draw Term Loan		7/29/2027			1,544				(15	)
Cooper's Hawk Intermediate Holding,LLC		First Lien Revolver		7/29/2031			388				(4	)
Deerfield Dakota Holding, LLC		First Lien Revolver		9/13/2032			315				(2	)
DeLorean Purchaser, Inc.		First Lien Revolver		12/16/2031			335				(5	)
Denali Intermediate Holdings Inc		First Lien Revolver		8/26/2032			388				(2	)
Denali Topco LLC		First Lien Delayed Draw Term Loan		8/28/2028			2,838				—
Denali Topco LLC		First Lien Revolver		8/26/2032			388				—
Dwyer Instruments, LLC		First Lien Revolver		7/20/2029			194				—
Eclipse Buyer, Inc.		First Lien Delayed Draw Term Loan		9/6/2026			2,276				—
Eclipse Buyer, Inc.		First Lien Revolver		9/5/2031			360				—
Edition Holdings, Inc		First Lien Delayed Draw Term Loan		12/20/2027			3,759				(14	)
Edition Holdings, Inc		First Lien Revolver		12/20/2032			399				(1	)
Falcon Parent Holdings, Inc.		First Lien Delayed Draw Term Loan		8/16/2027			2,121				(21	)
Firebird Acquisition Corp, Inc		First Lien Delayed Draw Term Loan		2/1/2027			2,986				—
Firebird Acquisition Corp, Inc		First Lien Revolver		2/2/2032			365				—
Firebird Co-Invest L.P.		L.P. Interest					22				5
Flexera Software LLC		First Lien Revolver		8/16/2032			388				(3	)
Future US Bidco, Inc.		First Lien Delayed Draw Term Loan		12/11/2028			6,890				(28	)
Galway Borrower LLC		First Lien Delayed Draw Term Loan		2/7/2028			12,011				(60	)
Galway Borrower LLC		First Lien Revolver		9/29/2028			216				(1	)
Geo TopCo Corporation		First Lien Delayed Draw Term Loan		10/15/2026			3,477				—
Geo TopCo Corporation		First Lien Revolver		10/15/2031			276				—

See accompanying notes to consolidated financial statements

 

15

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company		Investment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
GS AcquisitionCo, Inc.		First Lien Delayed Draw Term Loan		5/17/2027		$	14,976			$	(225	)
GS AcquisitionCo, Inc.		First Lien Revolver		5/25/2028			168				(3	)
Harvey Tool Company, LLC		First Lien Delayed Draw Term Loan		8/6/2027			6,350				—
Harvey Tool Company, LLC		First Lien Revolver		8/6/2032			352				—
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		7/16/2027			7,288				(54	)
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		9/16/2026			7,262				(54	)
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		9/30/2026			3,533				(18	)
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		12/10/2027			7,884				(39	)
HighLevel Inc		First Lien Revolver		2/23/2033			399				(2	)
ICR, LLC		First Lien Revolver		3/26/2032			399				(4	)
IG Investments Holdings, LLC		First Lien Revolver		9/22/2028			180				—
InhabitIQ, Inc.		First Lien Delayed Draw Term Loan		1/11/2027			3,309				—
InhabitIQ, Inc.		First Lien Revolver		1/12/2032			214				—
Integrity Marketing Acquisition, LLC		First Lien Delayed Draw Term Loan		8/27/2026			3,608				—
Integrity Marketing Acquisition, LLC		First Lien Revolver		8/25/2028			361				—
IRI Group Holdings, Inc.		First Lien Revolver		12/1/2028			348				—
Koala Investment Holdings, Inc.		First Lien Delayed Draw Term Loan		2/29/2028			2,783				(14	)
Koala Investment Holdings, Inc.		First Lien Revolver		8/30/2032			391				(2	)
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		2/7/2028			6,092				(61	)
Kona Buyer, LLC		First Lien Revolver		7/23/2031			411				(4	)
Kona Buyer, LLC		First Lien Revolver		7/23/2031			361				(4	)
Lobos Parent, Inc.		First Lien Delayed Draw Term Loan		9/27/2032			2,745				(21	)
Lobos Parent, Inc.		First Lien Revolver		9/26/2031			263				(2	)
Lobos Parent, Inc.		First Lien Revolver		9/26/2031			118				(1	)
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Revolver		7/1/2031			302				(3	)
National Express Wash Parent Intermediate Holdco, LLC		First Lien Delayed Draw Term Loan		3/31/2027			4,945				—
National Express Wash Parent Intermediate Holdco, LLC		First Lien Revolver		7/16/2029			122				—
Nellson Nutraceutical, LLC		First Lien Delayed Draw Term Loan		4/16/2027			276				—
Nellson Nutraceutical, LLC		First Lien Revolver		4/17/2031			157				—
Netwrix Corporation		First Lien Delayed Draw Term Loan		12/16/2026			656				(7	)
NRO Holdings III Corp.		First Lien Delayed Draw Term Loan		1/15/2027			58				(1	)
NRO Holdings III Corp.		First Lien Revolver		7/15/2030			45				—
OneSource Virtual Inc		First Lien Revolver		1/31/2033			399				(2	)
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			2,448				—
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			1,589				—
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			1,550				—
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			166				—
Packaging Coordinators Midco, Inc.		First Lien Revolver		10/15/2032			747				—
Pearl Acquisition Buyer, Inc.		First Lien Delayed Draw Term Loan		12/31/2027			7,968				(40	)
Pearl Acquisition Buyer, Inc.		First Lien Revolver		12/31/2032			339				(2	)
Perkinelmer U.S. LLC		First Lien Delayed Draw Term Loan		10/25/2027			12,656				(63	)
Petvet Care Centers, LLC		First Lien Revolver		11/15/2029			278				(20	)
Pike Corporation		First Lien Delayed Draw Term Loan		12/19/2028			6,056				(30	)
Pike Corporation		First Lien Revolver		12/20/2032			399				(2	)
Polyphase Elevator Holding Co		First Lien Delayed Draw Term Loan		11/24/2027			849				(4	)
Polyphase Elevator Holding Co		First Lien Revolver		11/24/2032			399				(2	)
Populous Global II, LLC		First Lien Delayed Draw Term Loan		4/12/2027			2,909				—
Populous Global II, LLC		First Lien Revolver		4/11/2031			376				—
PPV Intermediate Holdings, LLC		First Lien Delayed Draw Term Loan		8/7/2026			10,911				(55	)
PPW Aero Buyer, Inc.		First Lien Delayed Draw Term Loan		9/30/2027			11,409				—
PPW Aero Buyer, Inc.		First Lien Revolver		9/30/2031			308				—
PT Intermediate Holdings III, LLC		First Lien Delayed Draw Term Loan		4/8/2026			1,199				—

 

See accompanying notes to consolidated financial statements

 

16

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments (Unaudited) - Continued

March 31, 2026

(In thousands, except for share and per share data)

 

Portfolio Company		Investment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
RCP Nats Purchaser, LLC		First Lien Delayed Draw Term Loan		3/19/2027		$	253			$	(3	)
RCP Nats Purchaser, LLC		First Lien Revolver		3/19/2032			53				(1	)
Real Chemistry Intermediate III, Inc.		First Lien Delayed Draw Term Loan		10/11/2027			2,291				—
Real Chemistry Intermediate III, Inc.		First Lien Revolver		4/12/2032			376				—
Redwood Services Group, LLC		First Lien Delayed Draw Term Loan		2/11/2028			5,592				(28	)
Redwood Services, LP		First Lien Delayed Draw Term Loan		6/16/2027			2,167				—
Redwood Services, LP		First Lien Revolver		6/16/2032			386				—
Sapphire Software Buyer, Inc.		First Lien Revolver		9/30/2031			360				(6	)
Saturn Borrower Inc		First Lien Delayed Draw Term Loan		1/25/2027			1,949				(19	)
Saturn Borrower Inc		First Lien Revolver		11/10/2028			270				(3	)
SG Acquisition, Inc.		First Lien Revolver		4/3/2030			348				—
Signant Finance One Limited		First Lien Delayed Draw Term Loan		10/18/2027			8,156				(61	)
Signant Finance One Limited		First Lien Revolver		10/16/2031			403				(3	)
Solis Mammography Buyer, Inc.		First Lien Delayed Draw Term Loan		5/31/2027			1,304				—
Solis Mammography Buyer, Inc.		First Lien Revolver		5/28/2030			242				—
Spotless Brands, LLC		First Lien Delayed Draw Term Loan		3/25/2027			8,721				(65	)
Spruce Bidco II Inc.		First Lien Revolver		1/30/2032			284				—
Swoop Intermediate III, Inc.		First Lien Delayed Draw Term Loan		10/11/2027			6,223				—
Swoop Intermediate III, Inc.		First Lien Revolver		4/12/2032			376				—
Syndigo LLC		First Lien Revolver		9/2/2032			297				(4	)
Tau Buyer, LLC		First Lien Delayed Draw Term Loan		2/1/2027			1,603				—
Tau Buyer, LLC		First Lien Revolver		2/2/2032			248				—
Titan BW Borrower L.P.		First Lien Delayed Draw Term Loan		7/26/2027			585				—
Titan BW Borrower L.P.		First Lien Revolver		7/26/2032			388				—
Titan Luxco I SARL		First Lien Delayed Draw Term Loan		6/14/2027			2,619				—
Titan Luxco I SARL		First Lien Revolver		6/12/2031			33				—
Titan Luxco I SARL		First Lien Revolver		6/12/2031			112				—
Trystar, LLC		First Lien Delayed Draw Term Loan		1/6/2028			8,239				(41	)
Trystar, LLC		First Lien Revolver		8/6/2031			840				(4	)
USHV Management, LLC		First Lien Delayed Draw Term Loan		9/8/2027			870				—
USHV Management, LLC		First Lien Revolver		9/8/2031			297				—
Vacation Rental Brands, LLC		First Lien Delayed Draw Term Loan		10/15/2027			9,517				(95	)
Vacation Rental Brands, LLC		First Lien Revolver		5/6/2031			376				(4	)
VaxCare Intermediate II LLC		First Lien Revolver		6/17/2032			378				(2	)
Vensure Employer Services Inc.		First Lien Delayed Draw Term Loan		3/6/2028			22,026				(220	)
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		7/24/2026			356				—
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		5/3/2028			5,308				—
Vessco Midco Holdings, LLC		First Lien Revolver		7/24/2031			360				—
Victors Purchaser, LLC		First Lien Delayed Draw Term Loan		12/23/2027			4,444				(22	)
Victors Purchaser, LLC		First Lien Revolver		12/23/2032			843				(4	)
West Star Aviation Acquisition, LLC		First Lien Delayed Draw Term Loan		5/20/2027			1,071				—
West Star Aviation Acquisition, LLC		First Lien Revolver		5/20/2032			340				—
Wildcat Topco, Inc		First Lien Delayed Draw Term Loan		11/16/2026			2,728				—
Wildcat Topco, Inc		First Lien Revolver		11/15/2030			360				—
World Insurance Associates, LLC		First Lien Delayed Draw Term Loan		8/14/2026			2,031				—
World Insurance Associates, LLC		First Lien Revolver		4/3/2030			225				—
Wrench Group, LLC		First Lien Delayed Draw Term Loan		9/3/2027			2,817				(7	)
Wrench Group, LLC		First Lien Revolver		9/3/2031			391				(1	)
Zenith AcquisitionCo, LLC		First Lien Delayed Draw Term Loan		1/12/2029			5,250				(26	)
Zenith AcquisitionCo, LLC		First Lien Revolver		1/13/2033			399				(2	)
Zeppelin Holdco II, LP		First Lien Delayed Draw Term Loan		8/2/2027			2,693				(13	)
Zeppelin Holdco II, LP		First Lien Revolver		8/2/2032			386				(2	)
Total Unfunded Portfolio Company Commitments						$	377,949			$	(1,982	)

 

 

See accompanying notes to consolidated financial statements

 

17

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except for share and per share data)

 

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Aerospace & Defense
GB Eagle Buyer, Inc.		First Lien Term Loan		S + 4.50%		11/29/2030		$	31,447			$	31,139			$	31,132							9
GB Eagle Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		11/29/2030			—				(36	)			(73	)						23
GB Eagle Buyer, Inc.		First Lien Revolver		S + 4.50%		11/29/2030			—				(4	)			(4	)						23
PPW Aero Buyer, Inc.		First Lien Term Loan		S + 5.00%		9/30/2031			2,948				2,919				2,926							9
PPW Aero Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		9/30/2031			—				(50	)			(86	)						23
PPW Aero Buyer, Inc.		First Lien Revolver		S + 5.00%		9/30/2031			—				(4	)			(3	)						23
Titan BW Borrower L.P.		First Lien Term Loan		S + 5.38% (includes 2.88% PIK)		7/26/2032			17,419				17,255				17,419							9
Titan BW Borrower L.P.		First Lien Delayed Draw Term Loan		S + 4.75%		7/26/2032			—				(6	)			—							23
Titan BW Borrower L.P.		First Lien Revolver		S + 4.75%		7/26/2032			—				(4	)			—							23
West Star Aviation Acquisition, LLC		First Lien Term Loan		S + 4.50%		5/20/2032			21,817				21,664				21,817							8
West Star Aviation Acquisition, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		5/20/2032			2,136				2,112				2,136							8,23
West Star Aviation Acquisition, LLC		First Lien Revolver		S + 4.50%		5/20/2032			57				54				57							8,23
													75,039				75,321				11.1	%
Air Freight & Logistics
Capstone Acquisition Holdings, Inc.		First Lien Term Loan		S + 4.50%		11/12/2029			11,553				11,391				11,553							8
Capstone Acquisition Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		11/12/2029			1,875				1,863				1,875							8
Seko Global Logistics Network, LLC		First Lien Term Loan, Last-out		S + 7.00% (includes 5.00% PIK)		5/27/2030			3,913				3,729				3,913							9
Zeppelin Holdco II, LP		First Lien Term Loan		S + 4.75%		8/2/2032			8,795				8,711				8,707							9
Zeppelin Holdco II, LP		First Lien Delayed Draw Term Loan		S + 4.75%		8/2/2032			—				(10	)			(27	)						23
Zeppelin Holdco II, LP		First Lien Revolver		S + 4.75%		8/2/2032			—				(4	)			(4	)						23
													25,680				26,017				3.8	%
Chemicals
ASP Meteor Acquisition Co LLC		First Lien Term Loan		S + 6.00%		9/1/2029			3,960				3,850				3,921							9
ASP Meteor Acquisition Co LLC		First Lien Delayed Draw Term Loan		S + 6.00%		9/1/2029			2,891				2,797				2,862							9
Aurora Plastics, LLC		First Lien Term Loan		S + 4.75%		8/12/2030			7,334				7,100				7,261							8
Aurora Plastics, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		8/12/2030			2,309				2,172				2,286							8
Aurora Plastics, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		8/12/2030			—				(2	)			(5	)						23
													15,917				16,325				2.4	%
Commercial Services & Supplies
Firebird Acquisition Corp, Inc		First Lien Term Loan		S + 5.00% (includes 2.75% PIK)		2/2/2032			11,686				11,635				11,686							9
Firebird Acquisition Corp, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		2/2/2032			2,739				2,718				2,739							9,23
Firebird Acquisition Corp, Inc		First Lien Revolver		S + 4.50%		2/2/2032			—				(2	)			—							23
Geo TopCo Corporation		First Lien Term Loan		S + 4.50%		10/15/2031			18,407				18,246				18,407							9
Geo TopCo Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		10/15/2031			3,340				3,296				3,340							9,23
Geo TopCo Corporation		First Lien Revolver		S + 4.50%		10/15/2031			84				81				84							9,23
Hercules Borrower LLC		First Lien Term Loan		S + 4.75%		12/15/2028			4,846				4,804				4,798							9
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.75%		12/15/2028			—				(32	)			(73	)						23
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.75%		12/15/2028			—				(32	)			(73	)						23
The Hiller Companies, LLC		First Lien Term Loan		S + 5.00%		6/20/2030			5,454				5,411				5,454							8
The Hiller Companies, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		6/20/2030			1,351				1,335				1,331							8,23
The Hiller Companies, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		6/20/2030			1,428				1,416				1,428							8,23
The Hiller Companies, LLC		First Lien Revolver		S + 5.00%		6/20/2030			—				(3	)			—							23
NRO Holdings III Corp.		First Lien Term Loan		S + 5.25%		7/15/2031			489				481				487							9
NRO Holdings III Corp.		First Lien Delayed Draw Term Loan		S + 5.25%		7/15/2031			97				94				96							9,23
NRO Holdings III Corp.		First Lien Revolver		S + 5.25%		7/15/2030			57				56				56							8,23

See accompanying notes to consolidated financial statements

 

18

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Commercial Services & Supplies, continued
Pearl Acquisition Buyer, Inc.		First Lien Term Loan		S + 4.50%		12/31/2032		$	24,107			$	23,987			$	23,987							9
Pearl Acquisition Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		12/31/2032			—				(20	)			(40	)						23
Pearl Acquisition Buyer, Inc.		First Lien Revolver		S + 4.50%		12/31/2032			30				28				28							9,23
Pike Corporation		First Lien Term Loan		S + 4.50%		12/20/2032			27,859				27,720				27,720							9
Pike Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		12/20/2032			—				(15	)			(30	)						23
Pike Corporation		First Lien Revolver		S + 4.50%		12/20/2032			—				(2	)			(2	)						23
Polyphase Elevator Holding Co		First Lien Term Loan		S + 5.00%		11/24/2032			21,275				21,117				21,115							9
Polyphase Elevator Holding Co		First Lien Delayed Draw Term Loan		S + 5.00%		11/24/2032			1,432				1,419				1,406							9,23
Polyphase Elevator Holding Co		First Lien Revolver		S + 5.00%		11/24/2032			—				(3	)			(3	)						23
Populous Global II, LLC		First Lien Term Loan		S + 4.50%		4/12/2032			20,548				20,358				20,548							9
Populous Global II, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		4/12/2032			—				(13	)			—							23
Populous Global II, LLC		First Lien Revolver		S + 4.50%		4/11/2031			—				(3	)			—							23
													144,077				144,489				21.3	%
Diversified Consumer Services
Any Hour LLC		First Lien Term Loan		S + 5.25%		5/23/2030			16,112				15,921				15,709							9
Any Hour LLC		First Lien Delayed Draw Term Loan		S + 5.25%		5/23/2030			456				426				337							9,23
Any Hour LLC		First Lien Revolver		S + 5.25%		5/23/2030			296				292				287							9,23
Apex Service Partners, LLC		First Lien Term Loan		S + 5.00%		10/24/2030			5,717				5,666				5,717							9
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		10/24/2030			11,544				11,422				11,544							9,23
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		10/24/2030			—				(91	)			(185	)						23
Barbri Holdings, Inc.		First Lien Term Loan		S + 5.00%		4/30/2030			21,705				21,613				21,705							9
KL Stockton Intermediate II, LLC		First Lien Term Loan		13.00% PIK		5/23/2031			868				856				863
National Express Wash Parent Intermediate Holdco, LLC		First Lien Term Loan		S + 5.00%		7/16/2029			4,530				4,491				4,530							9
National Express Wash Parent Intermediate Holdco, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		7/16/2029			3,410				3,350				3,410							10,23
National Express Wash Parent Intermediate Holdco, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		7/16/2029			3,020				3,020				3,020							9
National Express Wash Parent Intermediate Holdco, LLC		First Lien Revolver		S + 5.00%		7/16/2029			61				58				61							10,23
Redwood Services, LP		First Lien Term Loan		S + 4.75%		6/16/2032			10,360				10,263				10,360							9
Redwood Services, LP		First Lien Delayed Draw Term Loan		S + 4.75%		6/16/2032			232				215				232							9,23
Redwood Services, LP		First Lien Revolver		S + 4.75%		6/16/2032			—				(4	)			—							23
Spotless Brands, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		7/25/2028			1,550				1,516				1,470							9,23
Wrench Group, LLC		First Lien Term Loan		S + 4.75%		9/3/2032			20,659				20,459				20,504							9
Wrench Group, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		9/3/2032			—				(12	)			(21	)						23
Wrench Group, LLC		First Lien Revolver		S + 4.75%		9/3/2031			—				(4	)			(3	)						23
													99,457				99,540				14.7	%
Electrical Equipment
Trystar, LLC		First Lien Term Loan		S + 4.25%		8/6/2031			13,141				13,029				13,075							9
Trystar, LLC		First Lien Term Loan		S + 4.25%		8/6/2031			5,256				5,211				5,230							9
Trystar, LLC		First Lien Delayed Draw Term Loan		S + 4.25%		8/6/2031			1,541				1,507				1,508							9,23
Trystar, LLC		First Lien Revolver		S + 4.25%		8/6/2031			—				(3	)			(2	)						23
Wildcat Topco, Inc		First Lien Term Loan		S + 4.50%		11/17/2031			12,901				12,788				12,901							9
Wildcat Topco, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		11/17/2031			—				(12	)			—							23
Wildcat Topco, Inc		First Lien Revolver		P + 3.75%		11/17/2031			—				(3	)			—							23
													32,517				32,712				4.8	%

See accompanying notes to consolidated financial statements

 

19

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Electronic Equipment, Instruments & Components
Dwyer Instruments, LLC		First Lien Term Loan		S + 4.75%		7/20/2029		$	2,009			$	1,990			$	2,009							9
Dwyer Instruments, LLC		First Lien Term Loan		S + 4.75%		7/20/2029			6,318				6,239				6,318							9
Dwyer Instruments, LLC		First Lien Term Loan		S + 4.75%		7/20/2029			3,155				3,130				3,155							9
Dwyer Instruments, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		7/20/2029			4,758				4,714				4,759							9
Dwyer Instruments, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		7/20/2029			7,403				7,300				7,403							9
Dwyer Instruments, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		7/20/2029			413				409				413							9
Dwyer Instruments, LLC		First Lien Revolver		S + 4.75%		7/20/2029			125				122				125							9,23
													23,904				24,182				3.6	%
Financial Services
Arax Midco, LLC		First Lien Term Loan		S + 5.00%		4/11/2029			6,898				6,838				6,898							9
Arax Midco, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		4/11/2029			—				(34	)			—							23
SitusAMC Holdings Corporation		First Lien Term Loan		S + 5.50%		5/14/2031			24,317				24,203				24,195							9
													31,007				31,093				4.6	%
Food Products
Les Aliments Multibar Inc.		First Lien Term Loan		S + 5.75%		4/17/2031			242				239				242							9,20
Nellson Nutraceutical, LLC		First Lien Term Loan		S + 5.75%		4/17/2031			3,523				3,475				3,523							9
Nellson Nutraceutical, LLC		First Lien Delayed Draw Term Loan		S + 5.75%		4/17/2031			—				(2	)			—							23
Nellson Nutraceutical, LLC		First Lien Revolver		S + 5.75%		4/17/2031			52				49				52							9,23
													3,761				3,817				0.6	%
Health Care Equipment & Supplies
Perkinelmer U.S. LLC		First Lien Term Loan		S + 4.75%		3/13/2029			3,547				3,530				3,529							8
Perkinelmer U.S. LLC		First Lien Term Loan		S + 4.75%		3/13/2029			19,397				18,995				19,300							8
Perkinelmer U.S. LLC		First Lien Delayed Draw Term Loan		S + 4.75%		3/13/2029			—				(30	)			(63	)						23
Spruce Bidco II Inc.		First Lien Term Loan		C + 4.75%		1/30/2032			CAD 527				359				384							11
Spruce Bidco II Inc.		First Lien Term Loan		S + 4.75%		1/30/2032			21,813				21,517				21,813							10
Spruce Bidco II Inc.		First Lien Term Loan		T + 5.00%		1/30/2032			JPY 56,303				359				359							17
Spruce Bidco II Inc.		First Lien Revolver		S + 4.75%		1/30/2032			—				(5	)			—							23
													44,725				45,322				6.7	%
Health Care Providers & Services
AB Centers Acquisition Corporation		First Lien Term Loan		S + 5.25%		7/2/2031			19,011				18,771				19,011							8
AB Centers Acquisition Corporation		First Lien Delayed Draw Term Loan		S + 5.25%		7/2/2031			1,247				1,217				1,247							8,23
AB Centers Acquisition Corporation		First Lien Revolver		S + 5.25%		7/2/2031			—				(6	)			—							23
AB Centers Acquisition Corporation		First Lien Term Loan		S + 5.25%		7/2/2031			4,206				4,188				4,206							8
AB Centers Acquisition Corporation		First Lien Term Loan		S + 5.25%		7/2/2031			1,500				1,489				1,500							8
Coding Solutions Acquisition, Inc.		First Lien Term Loan		S + 5.00%		8/7/2031			27,497				27,217				27,153							8
Coding Solutions Acquisition, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		8/7/2031			—				(5	)			(13	)						23
Coding Solutions Acquisition, Inc.		First Lien Revolver		S + 5.00%		8/7/2031			—				(4	)			(4	)						23
Petvet Care Centers, LLC		First Lien Term Loan		S + 6.00%		11/15/2030			21,818				21,478				20,073							8
Petvet Care Centers, LLC		First Lien Revolver		S + 6.00%		11/15/2029			35				30				7							8,23
PPV Intermediate Holdings, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		8/31/2029			7,049				6,952				7,005							9,23
Quantum Health, Inc.		First Lien Term Loan		S + 4.75%		12/22/2027			13,981				13,869				13,876							9
RCP Nats Purchaser, LLC		First Lien Term Loan		S + 5.00%		3/19/2032			3,154				3,125				3,154							9
RCP Nats Purchaser, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		3/19/2032			—				(3	)			—							23
RCP Nats Purchaser, LLC		First Lien Revolver		S + 5.00%		3/19/2032			—				—				—							23
Solis Mammography Buyer, Inc.		First Lien Term Loan		S + 5.00%		5/31/2032			13,004				12,883				13,004							9
Solis Mammography Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		5/31/2032			—				(10	)			—							23
Solis Mammography Buyer, Inc.		First Lien Revolver		S + 5.00%		5/29/2030			—				(3	)			—							23
USHV Management, LLC		First Lien Term Loan		S + 5.00%		9/8/2032			7,667				7,593				7,667							9
USHV Management, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		9/8/2032			818				802				818							9,23
USHV Management, LLC		First Lien Revolver		P + 4.00%		9/8/2031			63				59				62							15,23
													119,642				118,766				17.5	%

See accompanying notes to consolidated financial statements

 

20

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Health Care Technology
AGS Health BCP Holdings, Inc		First Lien Term Loan		S + 4.50%		8/2/2032		$	8,970			$	8,949			$	8,948							9
AGS Health BCP Holdings, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		8/2/2032			—				(4	)			(8	)						23
AGS Health BCP Holdings, Inc		First Lien Revolver		S + 4.50%		8/2/2032			—				(1	)			(1	)						23
AGS Health BCP LLC		First Lien Term Loan		S + 4.50%		8/2/2032			4,713				4,702				4,701							9
AGS Health BCP LLC		First Lien Delayed Draw Term Loan		S + 4.50%		8/2/2032			—				(2	)			(4	)						23
AGS Health BCP LLC		First Lien Revolver		S + 4.50%		8/2/2032			—				—				—							23
Brilliance Technologies, Inc.		First Lien Term Loan		S + 4.50%		3/11/2032			8,845				8,804				8,845							8
Brilliance Technologies, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		3/11/2032			14,151				14,086				14,151							8
Brilliance Technologies, Inc.		First Lien Revolver		S + 4.50%		3/11/2032			—				(1	)			—							23
DeLorean Purchaser, Inc.		First Lien Term Loan		S + 4.75%		12/16/2031			17,870				17,632				17,736							9
DeLorean Purchaser, Inc.		First Lien Revolver		S + 4.75%		12/16/2031			—				(4	)			(3	)						23
Kona Buyer, LLC		First Lien Term Loan		S + 4.50%		7/23/2031			13,514				13,400				13,480							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			793				786				791							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			223				221				222							9
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			—				—				(15	)						23
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			—				—				(10	)						23
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/23/2031			—				—				(15	)						23
Kona Buyer, LLC		First Lien Revolver		S + 4.50%		7/23/2031			—				(3	)			(1	)						23
Kona Buyer, LLC		First Lien Revolver		S + 4.50%		7/23/2031			—				—				(1	)						23
VaxCare Intermediate II LLC		First Lien Term Loan		S + 4.50%		6/17/2032			10,657				10,557				10,657							10
VaxCare Intermediate II LLC		First Lien Revolver		S + 4.50%		6/17/2032			—				(3	)			—							23
													79,119				79,473				11.7	%
Hotels, Restaurants & Leisure
Cooper's Hawk Intermediate Holding, LLC		First Lien Term Loan		S + 5.50%		7/29/2031			16,984				16,744				16,857							9
Cooper's Hawk Intermediate Holding, LLC		First Lien Delayed Draw Term Loan		S + 5.50%		7/29/2031			—				(15	)			(18	)						23
Cooper's Hawk Intermediate Holding, LLC		First Lien Revolver		P + 4.50%		7/29/2031			55				50				53							15,23
													16,779				16,892				2.5	%
Insurance
Galway Borrower LLC		First Lien Term Loan		S + 4.50%		9/29/2028			12,880				12,790				12,880							9
Galway Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.50%		9/29/2028			3,271				3,208				3,271							9,23
Galway Borrower LLC		First Lien Delayed Draw Term Loan		S + 4.50%		9/29/2028			242				240				242							9
Galway Borrower LLC		First Lien Revolver		S + 4.50%		9/29/2028			61				59				61							9,23
HIG Operations Holdings, Inc.		First Lien Term Loan		S + 4.50%		6/11/2031			19,697				19,414				19,598							8
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		6/11/2031			—				—				(18	)						23
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		6/11/2031			—				(19	)			(39	)						23
Integrity Marketing Acquisition, LLC		First Lien Term Loan		S + 5.00%		8/25/2028			17,871				17,742				17,871							9
Integrity Marketing Acquisition, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		8/25/2028			—				(9	)			—							23
Integrity Marketing Acquisition, LLC		First Lien Revolver		S + 5.00%		8/25/2028			—				(2	)			—							23
Koala Investment Holdings, Inc.		First Lien Term Loan		S + 4.50%		8/30/2032			14,435				14,296				14,399							9
Koala Investment Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		8/30/2032			—				(10	)			(7	)						23
Koala Investment Holdings, Inc.		First Lien Revolver		S + 4.50%		8/30/2032			—				(4	)			(1	)						23
SG Acquisition, Inc.		First Lien Term Loan		S + 4.75%		4/3/2030			24,549				24,503				24,549							9
SG Acquisition, Inc.		First Lien Revolver		S + 4.75%		4/3/2030			—				(2	)			—							23
World Insurance Associates, LLC		First Lien Term Loan		S + 5.00%		4/3/2030			10,906				10,906				10,906							9
World Insurance Associates, LLC		First Lien Delayed Draw Term Loan		S + 5.00%		4/3/2030			2,927				2,909				2,927							9,23
World Insurance Associates, LLC		First Lien Revolver		S + 5.00%		4/3/2030			—				—				—							23
													106,021				106,639				15.8	%

See accompanying notes to consolidated financial statements

 

21

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
IT Services
ManTech International Corporation		First Lien Term Loan		S + 4.50%		9/14/2029		$	3,306			$	3,306			$	3,306							9
ManTech International Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		9/14/2029			—				—				—							23
Redwood Services Group, LLC		First Lien Term Loan		S + 5.25%		6/15/2029			12,630				12,410				12,630							9
Redwood Services Group, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		6/15/2029			3,114				3,060				3,114							9
Redwood Services Group, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		6/15/2029			10,352				10,201				10,352							9
Saturn Borrower Inc		First Lien Term Loan		S + 6.00%		11/10/2028			5,319				5,256				5,292							9
Saturn Borrower Inc		First Lien Delayed Draw Term Loan		S + 6.00%		11/10/2028			—				(11	)			(10	)						23
Saturn Borrower Inc		First Lien Revolver		S + 6.00%		11/10/2028			93				88				91							9,23
Tau Buyer, LLC		First Lien Term Loan		S + 4.75%		2/2/2032			13,554				13,432				13,554							9
Tau Buyer, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		2/2/2032			3,112				3,075				3,112							9,23
Tau Buyer, LLC		First Lien Revolver		S + 4.75%		2/2/2032			58				55				58							9,23
Victors Purchaser, LLC		First Lien Term Loan		S + 4.50%		12/23/2032			8,537				8,515				8,494							9
Victors Purchaser, LLC		First Lien Term Loan		S + 4.50%		12/23/2032			21,141				20,960				21,035							9
Victors Purchaser, LLC		First Lien Term Loan		S + 4.50%		12/23/2032			30				30				30							9
Victors Purchaser, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		12/23/2032			—				(17	)			(22	)						23
Victors Purchaser, LLC		First Lien Revolver		S + 4.50%		12/23/2032			72				67				68							8,23
													80,427				81,104				12.0	%
Life Sciences Tools & Services
Advarra Holdings, Inc		First Lien Term Loan		S + 4.50%		9/15/2031			24,844				24,737				24,719							8
Advarra Holdings, Inc		First Lien Term Loan		S + 4.50%		9/15/2031			4,628				4,606				4,605							8
Advarra Holdings, Inc		First Lien Delayed Draw Term Loan		S + 4.50%		9/15/2031			—				(3	)			(6	)						23
Bracket Intermediate Holding Corp.		First Lien Term Loan		S + 4.75%		10/16/2031			23,834				23,600				23,595							9
Packaging Coordinators Midco, Inc.		First Lien Term Loan		S + 4.50%		10/15/2032			15,396				15,310				15,396							9
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		10/15/2032			—				1				—							23
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		10/15/2032			—				(7	)			—							23
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		10/15/2032			89				89				89							9,23
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		10/15/2032			—				—				—							23
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		SN + 4.50%		10/15/2032		£	274				360				365							16
Packaging Coordinators Midco, Inc.		First Lien Revolver		S + 4.50%		10/15/2032			—				(4	)			—							23
Signant Finance One Limited		First Lien Term Loan		S + 4.75%		10/16/2031			11,510				11,397				11,395							9,21
Signant Finance One Limited		First Lien Delayed Draw Term Loan		S + 4.75%		10/16/2031			—				(34	)			(82	)						23
Signant Finance One Limited		First Lien Revolver		S + 4.75%		10/16/2031			—				(4	)			(4	)						23
Titan Luxco I SARL		First Lien Term Loan		S + 5.00%		6/14/2032			9,253				9,166				9,160							10
Titan Luxco I SARL		First Lien Term Loan		E + 5.00%		6/14/2032		€	341				391				396							14
Titan Luxco I SARL		First Lien Delayed Draw Term Loan		S + 5.00%		6/14/2032			—				(12	)			(26	)						23
Titan Luxco I SARL		First Lien Revolver		S + 5.00%		6/12/2031			127				125				125							9,23
Titan Luxco I SARL		First Lien Revolver		E + 5.00%		6/12/2031		€	46				44				44							13,23
													89,762				89,771				13.3	%
Machinery
Harvey Tool Company, LLC		First Lien Term Loan		S + 4.75%		8/6/2032			14,122				14,122				14,122							8
Harvey Tool Company, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		8/6/2032			—				(31	)			—							23
Harvey Tool Company, LLC		First Lien Revolver		S + 4.75%		8/6/2032			—				(3	)			—							23
													14,088				14,122				2.1	%
Media
Future Bidco Limited		First Lien Term Loan		S + 5.50%		12/11/2031			399				399				399							7,21,22
Future US Bidco, Inc.		First Lien Term Loan		S + 5.50%		12/11/2031			23,031				23,031				23,031							7,22
Future US Bidco, Inc.		First Lien Delayed Draw Term Loan		S + 5.50%		12/11/2031			—				—				—							22,23
Real Chemistry Intermediate III, Inc.		First Lien Term Loan		S + 4.50%		4/12/2032			15,618				15,546				15,618							9
Real Chemistry Intermediate III, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		4/12/2032			3,783				3,758				3,783							9,23
Real Chemistry Intermediate III, Inc.		First Lien Revolver		S + 4.50%		4/12/2032			—				(2	)			—							23

See accompanying notes to consolidated financial statements

 

22

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Media, continued
Swoop Intermediate III, Inc.		First Lien Term Loan		S + 4.50%		4/12/2032		$	8,817			$	8,776			$	8,817							8
Swoop Intermediate III, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		4/12/2032			—				(11	)			—							23
Swoop Intermediate III, Inc.		First Lien Revolver		S + 4.50%		4/12/2032			—				(2	)			—							23
													51,495				51,648				7.6	%
Pharmaceuticals, Biotechnology & Life Sciences
Falcon Parent Holdings, Inc.		First Lien Term Loan		S + 5.00%		11/6/2031			3,762				3,744				3,743							9
Falcon Parent Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 5.00%		11/6/2031			—				(28	)			(11	)						23
													3,716				3,732				0.6	%
Professional Services
AVSC Holding Corp.		First Lien Term Loan		S + 5.00%		12/5/2031			17,869				17,552				17,825							8
AVSC Holding Corp.		First Lien Revolver		S + 5.00%		12/5/2029			—				(6	)			(1	)						23
Carr, Riggs and Ingram Capital, LLC		First Lien Term Loan		S + 4.25%		11/18/2031			8,778				8,701				8,778							9
Carr, Riggs and Ingram Capital, LLC		First Lien Delayed Draw Term Loan		S + 4.25%		11/18/2031			1,202				1,177				1,202							9,23
Carr, Riggs and Ingram Capital, LLC		First Lien Revolver		S + 4.25%		11/18/2031			—				(2	)			—							23
Chartwell Cumming Holding Corporation		First Lien Term Loan		S + 4.75%		11/16/2029			15,148				14,825				15,073							8
Chartwell Cumming Holding Corporation		First Lien Term Loan		S + 4.75%		11/16/2029			1,908				1,891				1,898							8
Chartwell Cumming Holding Corporation		First Lien Term Loan		S + 4.75%		11/16/2029			1,328				1,322				1,322							8
Chartwell Cumming Holding Corporation		First Lien Delayed Draw Term Loan		S + 4.75%		11/16/2029			1,006				985				1,001							8
Chartwell Cumming Holding Corporation		First Lien Delayed Draw Term Loan		S + 4.75%		11/16/2029			2,209				2,193				2,198							8
Chartwell Cumming Holding Corporation		First Lien Revolver		S + 4.75%		11/16/2029			—				(2	)			(1	)						23
Deerfield Dakota Holding, LLC		First Lien Term Loan		S + 5.75% (includes 2.75% PIK)		9/13/2032			35,770				35,426				35,502							9
Deerfield Dakota Holding, LLC		First Lien Revolver		S + 5.25%		9/13/2032			—				(4	)			(3	)						23
Denali Intermediate Holdings Inc		First Lien Term Loan		S + 5.50%		8/26/2032			19,408				19,220				19,214							8
Denali Intermediate Holdings Inc		First Lien Revolver		S + 5.50%		8/26/2032			—				(3	)			(4	)						23
Denali Topco LLC		First Lien Term Loan		S + 4.75%		8/26/2032			9,649				9,556				9,576							9
Denali Topco LLC		First Lien Delayed Draw Term Loan		S + 4.75%		8/26/2032			—				(8	)			(21	)						23
Denali Topco LLC		First Lien Revolver		S + 4.75%		8/26/2032			—				(4	)			(3	)						23
Eclipse Buyer, Inc.		First Lien Term Loan		S + 4.50%		9/5/2031			13,428				13,313				13,428							8
Eclipse Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		9/5/2031			—				(9	)			—							23
Eclipse Buyer, Inc.		First Lien Revolver		S + 4.50%		9/5/2031			—				(3	)			—							23
Foreside Financial Group, LLC		First Lien Term Loan		S + 5.25%		9/30/2027			1,479				1,452				1,464							9
Foreside Financial Group, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		9/30/2027			327				312				303							9,23
IG Investments Holdings, LLC		First Lien Term Loan		S + 5.00%		9/22/2028			14,954				14,789				14,954							9
IG Investments Holdings, LLC		First Lien Revolver		S + 5.00%		9/22/2028			—				(1	)			—							23
IRI Group Holdings, Inc.		First Lien Term Loan		S + 4.25%		12/1/2029			16,310				16,011				16,310							8
IRI Group Holdings, Inc.		First Lien Revolver		S + 4.25%		12/1/2028			—				(3	)			—							23
													158,680				160,015				23.6	%
Real Estate Management & Development
Atlas US Finco, Inc.		First Lien Term Loan		S + 4.75%		12/10/2029			16,001				15,929				15,961							9
Atlas US Finco, Inc.		First Lien Revolver		S + 4.75%		12/11/2028			—				(2	)			(1	)						23
													15,927				15,960				2.4	%
Software
Aptean, Inc.		First Lien Term Loan		S + 4.75%		1/30/2031			20,207				20,096				20,207							9
Aptean, Inc.		First Lien Delayed Draw Term Loan		S + 4.75%		1/30/2031			—				(3	)			—							23
Aptean, Inc.		First Lien Revolver		S + 4.75%		1/30/2031			141				139				141							8,23
Bluefin Holding, LLC		First Lien Term Loan		S + 4.25%		9/12/2029			2,673				2,667				2,673							9
Bluefin Holding, LLC		First Lien Revolver		S + 4.25%		9/12/2029			—				(1	)			—							23

See accompanying notes to consolidated financial statements

 

23

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Software, continued
Brave Parent Holdings, Inc.		First Lien Term Loan		S + 4.25%		11/29/2030		$	22,562			$	22,382			$	22,449							8
Brave Parent Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.25%		11/29/2030			—				—				(36	)						23
Brave Parent Holdings, Inc.		First Lien Revolver		S + 4.25%		11/29/2030			—				(3	)			(2	)						23
Computer Services, Inc.		First Lien Term Loan		S + 4.50%		11/17/2031			27,129				27,000				26,994							9
Computer Services, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		11/17/2031			—				(7	)			(15	)						23
Computer Services, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		11/17/2031			—				(29	)			(59	)						23
Edition Holdings, Inc.		First Lien Term Loan		S + 4.50%		12/20/2032			15,371				15,313				15,313							9
Edition Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		12/20/2032			—				(8	)			(16	)						23
Edition Holdings, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		12/20/2032			—				(4	)			(8	)						23
Edition Holdings, Inc.		First Lien Revolver		S + 4.50%		12/20/2032			—				(1	)			(1	)						23
Flexera Software LLC		First Lien Term Loan		S + 4.50%		8/16/2032			24,458				24,399				24,274							9
Flexera Software LLC		First Lien Term Loan		E + 4.75%		8/16/2032		€	339				396				396							12
Flexera Software LLC		First Lien Term Loan		S + 4.50%		8/16/2032			7,168				7,115				7,115							9
Flexera Software LLC		First Lien Revolver		S + 4.50%		8/16/2032			—				(1	)			(3	)						23
GS AcquisitionCo, Inc.		First Lien Term Loan		S + 5.25%		5/25/2028			5,110				5,094				5,059							9
GS AcquisitionCo, Inc.		First Lien Delayed Draw Term Loan		S + 5.25%		5/25/2028			—				(30	)			(150	)						23
GS AcquisitionCo, Inc.		First Lien Delayed Draw Term Loan		S + 5.25%		5/25/2028			947				942				921							9,23
GS AcquisitionCo, Inc.		First Lien Revolver		S + 5.25%		5/25/2028			130				129				127							9,23
InhabitIQ, Inc.		First Lien Term Loan		S + 4.50%		1/12/2032			11,851				11,798				11,851							8
InhabitIQ, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		1/12/2032			—				(7	)			—							23
InhabitIQ, Inc.		First Lien Revolver		S + 4.50%		1/12/2032			—				(1	)			—							23
Lobos Parent, Inc.		First Lien Term Loan		S + 4.50%		9/27/2032			11,732				11,646				11,644							9
Lobos Parent, Inc.		First Lien Delayed Draw Term Loan		S + 4.50%		9/27/2032			—				(10	)			(21	)						23
Lobos Parent, Inc.		First Lien Revolver		S + 4.50%		9/26/2031			—				(2	)			(2	)						23
Lobos Parent, Inc.		First Lien Revolver		S + 4.50%		9/26/2031			—				(1	)			(1	)						23
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Term Loan		S + 5.25%		7/1/2031			17,868				17,717				17,689							9
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Delayed Draw Term Loan		S + 5.25%		7/1/2031			195				182				164							9,23
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Revolver		S + 5.25%		7/1/2031			22				20				19							8,23
Netwrix Corporation		First Lien Term Loan		S + 4.50%		6/11/2029			19,258				18,821				19,258							9
Netwrix Corporation		First Lien Delayed Draw Term Loan		S + 4.50%		6/11/2029			78				78				78							9,23
Rally Buyer, Inc.		First Lien Term Loan		S + 6.25% (includes 3.50% PIK)		7/19/2029			12,609				12,494				11,790							9
Rally Buyer, Inc.		First Lien Delayed Draw Term Loan		S + 6.25% (includes 3.50% PIK)		7/19/2029			2,882				2,852				2,695							9
Sapphire Software Buyer, Inc.		First Lien Term Loan		S + 5.00%		9/30/2031			23,601				23,401				23,601							10
Sapphire Software Buyer, Inc.		First Lien Revolver		S + 5.00%		9/30/2031			—				(3	)			—							23
Syndigo LLC		First Lien Term Loan		S + 5.00%		9/2/2032			19,545				19,356				19,496							9
Syndigo LLC		First Lien Revolver		S + 5.00%		9/2/2032			—				(4	)			(1	)						23
Vacation Rental Brands, LLC		First Lien Term Loan		S + 5.25%		5/6/2032			18,214				18,044				18,032							9
Vacation Rental Brands, LLC		First Lien Term Loan		S + 5.25%		5/6/2032			4,471				4,428				4,427							9
Vacation Rental Brands, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		5/6/2032			—				(2	)			(5	)						23
Vacation Rental Brands, LLC		First Lien Delayed Draw Term Loan		S + 5.25%		5/6/2032			—				(51	)			(116	)						23
Vacation Rental Brands, LLC		First Lien Revolver		S + 5.25%		5/6/2031			—				(4	)			(4	)						23
													266,337				265,973				39.3	%
Trading Companies & Distributors
Blackbird Purchaser, Inc.		First Lien Term Loan		S + 5.75%		12/19/2030			25,123				24,730				25,123							9
Blackbird Purchaser, Inc.		First Lien Delayed Draw Term Loan		S + 5.75%		12/19/2030			—				(28	)			—							23
Blackbird Purchaser, Inc.		First Lien Revolver		S + 5.75%		12/19/2029			243				238				243							9,23

See accompanying notes to consolidated financial statements

 

24

---

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

Portfolio Company (5)		Investment Type		Reference Rate and Spread (1)		Maturity Date		Principal / Shares				Cost (2)				Fair Value (3)				% of Net Assets				Footnotes
Non-Controlled/Non-Affiliated Portfolio Company Investments (4)
First Lien Debt Investments
Trading Companies & Distributors, continued
PT Intermediate Holdings III, LLC		First Lien Term Loan		S + 5.00% (includes 1.75% PIK)		4/9/2030		$	20,545			$	20,509			$	20,545							9
PT Intermediate Holdings III, LLC		First Lien Delayed Draw Term Loan		S + 4.75%		4/9/2030			—				(1	)			—							23
Vessco Midco Holdings, LLC		First Lien Term Loan		S + 4.50%		7/24/2031			13,947				13,829				13,877							18
Vessco Midco Holdings, LLC		First Lien Term Loan		S + 4.50%		7/24/2031			5,459				5,433				5,432							10
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/24/2031			3,843				3,806				3,820							19,23
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		S + 4.50%		7/24/2031			—				(13	)			(27	)						23
Vessco Midco Holdings, LLC		First Lien Revolver		S + 4.50%		7/24/2031			—				(3	)			(2	)						23
													68,500				69,011				10.2	%
Total non-controlled-non-affiliated Portfolio Company debt investments (6)													1,566,577				1,571,924				232.2	%
Equity Investments
Preferred Stock
Professional Services
Eclipse Topco, Inc.		Preferred Stock							72				831				846
													831				846
Common Stock
Air Freight & Logistics
Red Griffin TopCo, LLC		Common Stock							1,746				8,435				1,598
													8,435				1,598
L.P. Interests
Commercial Services & Supplies
Firebird Co-Invest L.P.		L.P. Interest							—				434				528
Firebird Co-Invest L.P.		L.P. Interest							—				—				5
													434				533
Total non-controlled-non-affiliated Portfolio Company equity investments													9,700				2,977				0.4	%
Total non-controlled-non-affiliated Portfolio Company investments												$	1,576,277			$	1,574,901				232.6	%

 

(1)

Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), Canadian Overnight Repo Rate Average (“CORRA” or “C”), Euro Interbank Offered Rate (“EURIBOR” or “E”), Sterling Overnight Index Average (“SONIA” or “SN”), Tokyo Overnight Average Rate (“TONAR” or “T”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“P”)), at the borrower's option, and which reset periodically based on the terms of the loan agreement. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period.

(2)

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

(3)

These investments were valued using unobservable inputs and are considered Level 3 investments.

(4)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, all of the Company’s investments were non-controlled, non-affiliated.

(5)

Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.

(6)

All funded debt investments are income producing. As of December 31, 2025, there were no investments on non-accrual.

(7)

The interest rate on these loans is subject to overnight SOFR, which as of December 31, 2025 was 3.87%.

(8)

The interest rate on these loans is subject to 1-month SOFR, which as of December 31, 2025 was 3.69%.

(9)

The interest rate on these loans is subject to 3-month SOFR, which as of December 31, 2025 was 3.65%.

(10)

The interest rate on these loans is subject to 6-month SOFR, which as of December 31, 2025 was 3.57%.

(11)

The interest rate on these loans is subject to 3-month CORRA, which as of December 31, 2025 was 2.26%.

(12)

The interest rate on these loans is subject to 1-month EURIBOR, which as of December 31, 2025 was 1.94%.

(13)

The interest rate on these loans is subject to 3-month EURIBOR, which as of December 31, 2025 was 2.03%.

(14)

The interest rate on these loans is subject to 6-month EURIBOR, which as of December 31, 2025 was 2.11%.

(15)

The interest rate on these loans is subject to U.S. Prime Rate, which as of December 31, 2025 was 6.75%.

(16)

The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.

(17)

The interest rate on these loans is subject to the floor which as of December 31, 2025 was 0.75%.

(18)

The interest rate on $8.1 million of principal loans is subject to 1-month SOFR, which as of December 31, 2025 was 3.69% and the interest rate on $5.8 million of principal loans is subject to 6-month SOFR, which as of December 31, 2025 was 3.57%.

 

See accompanying notes to consolidated financial statements

 

25

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

(19)

The interest rate on $1.2 million of principal loans is subject to 1-month SOFR, which as of December 31, 2025 was 3.69% and the interest rate on $2.6 million of principal loans is subject to 6-month SOFR, which as of December 31, 2025 was 3.57%.

(20)

The issuer of this investment is domiciled in Canada.

(21)

The issuer of this investment is domiciled in the United Kingdom.

(22)

These investments are first lien, second-out debt facilities.

(23)

All or a portion of the position is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. For investments in delayed draw term loans and revolvers, the cost basis is adjusted for any market discount or original issue discount received on the total balance committed. As a result, the purchase of commitments not fully funded may result in a negative cost and fair value until funded. See below for more information on the Company’s unfunded commitments.

The following table is a listing of the Company’s unfunded commitments as of December 31, 2025:

 

Portfolio Company		Investment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
AB Centers Acquisition Corporation		First Lien Delayed Draw Term Loan		7/2/2026		$	2,233			$	—
AB Centers Acquisition Corporation		First Lien Revolver		7/2/2031			605				—
Advarra Holdings, Inc		First Lien Delayed Draw Term Loan		9/14/2026			1,266				(6	)
AGS Health BCP Holdings, Inc		First Lien Delayed Draw Term Loan		8/2/2027			3,041				(8	)
AGS Health BCP Holdings, Inc		First Lien Revolver		8/2/2032			247				(1	)
AGS Health BCP LLC		First Lien Delayed Draw Term Loan		8/2/2027			1,673				(4	)
AGS Health BCP LLC		First Lien Revolver		8/2/2032			141				—
Any Hour LLC		First Lien Delayed Draw Term Loan		5/23/2026			4,313				(108	)
Any Hour LLC		First Lien Revolver		5/23/2030			56				(1	)
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan		4/29/2027			5,256				—
Apex Service Partners, LLC		First Lien Delayed Draw Term Loan		11/19/2027			18,557				(186	)
Aptean, Inc.		First Lien Delayed Draw Term Loan		2/15/2027			1,219				—
Aptean, Inc.		First Lien Revolver		1/30/2031			353				—
Arax Midco, LLC		First Lien Delayed Draw Term Loan		11/30/2026			7,993				—
Atlas US Finco, Inc.		First Lien Revolver		12/11/2028			378				(1	)
Aurora Plastics, LLC		First Lien Delayed Draw Term Loan		4/12/2027			522				(5	)
AVSC Holding Corp.		First Lien Revolver		12/5/2029			360				(1	)
Blackbird Purchaser, Inc.		First Lien Delayed Draw Term Loan		12/21/2026			1,851				—
Blackbird Purchaser, Inc.		First Lien Revolver		12/19/2029			104				—
Bluefin Holding, LLC		First Lien Revolver		9/12/2029			197				—
Brave Parent Holdings, Inc.		First Lien Delayed Draw Term Loan		10/19/2026			7,270				(36	)
Brave Parent Holdings, Inc.		First Lien Revolver		11/29/2030			348				(2	)
Brilliance Technologies, Inc.		First Lien Revolver		3/11/2032			256				—
Carr, Riggs and Ingram Capital, LLC		First Lien Delayed Draw Term Loan		11/18/2026			3,276				—
Carr, Riggs and Ingram Capital, LLC		First Lien Revolver		11/18/2031			240				—
Chartwell Cumming Holding Corporation		First Lien Revolver		11/16/2029			171				(1	)
Coding Solutions Acquisition, Inc.		First Lien Delayed Draw Term Loan		8/7/2026			1,060				(13	)
Coding Solutions Acquisition, Inc.		First Lien Revolver		8/7/2031			360				(5	)
Computer Services, Inc.		First Lien Delayed Draw Term Loan		11/15/2027			2,915				(15	)
Computer Services, Inc.		First Lien Delayed Draw Term Loan		11/15/2027			11,816				(59	)
Cooper's Hawk Intermediate Holding,LLC		First Lien Delayed Draw Term Loan		7/29/2027			2,426				(18	)
Cooper's Hawk Intermediate Holding,LLC		First Lien Revolver		7/29/2031			333				(2	)
Deerfield Dakota Holding, LLC		First Lien Revolver		9/13/2032			394				(3	)
DeLorean Purchaser, Inc.		First Lien Revolver		12/16/2031			335				(3	)
Denali Intermediate Holdings Inc		First Lien Revolver		8/26/2032			388				(4	)
Denali Topco LLC		First Lien Delayed Draw Term Loan		8/28/2028			2,838				(21	)
Denali Topco LLC		First Lien Revolver		8/26/2032			388				(3	)
Dwyer Instruments, LLC		First Lien Revolver		7/20/2029			224				—
Eclipse Buyer, Inc.		First Lien Delayed Draw Term Loan		9/6/2026			2,276				—
Eclipse Buyer, Inc.		First Lien Revolver		9/5/2031			360				—
Edition Holdings, Inc.		First Lien Delayed Draw Term Loan		12/20/2027			4,167				(16	)
Edition Holdings, Inc.		First Lien Delayed Draw Term Loan		12/20/2027			2,224				(8	)
Edition Holdings, Inc.		First Lien Revolver		12/20/2032			399				(2	)
Falcon Parent Holdings, Inc.		First Lien Delayed Draw Term Loan		8/16/2027			2,121				(11	)
Firebird Acquisition Corp, Inc		First Lien Delayed Draw Term Loan		2/1/2027			4,017				—
Firebird Acquisition Corp, Inc		First Lien Revolver		2/2/2032			365				—
Firebird Co-Invest L.P.		L.P. Interest					22				5
Flexera Software LLC		First Lien Revolver		8/16/2032			388				(3	)
Foreside Financial Group, LLC		First Lien Delayed Draw Term Loan		3/13/2026			2,022				(20	)
Future US Bidco, Inc.		First Lien Delayed Draw Term Loan		12/11/2028			6,890				—
Galway Borrower LLC		First Lien Delayed Draw Term Loan		2/6/2026			12,748				—
Galway Borrower LLC		First Lien Revolver		9/29/2028			287				—
GB Eagle Buyer, Inc.		First Lien Delayed Draw Term Loan		11/12/2027			7,332				(73	)
GB Eagle Buyer, Inc.		First Lien Revolver		11/29/2030			399				(4	)
Geo TopCo Corporation		First Lien Delayed Draw Term Loan		10/15/2026			3,477				—
Geo TopCo Corporation		First Lien Revolver		10/15/2031			276				—

See accompanying notes to consolidated financial statements

 

26

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

 

Portfolio Company		Investment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
GS AcquisitionCo, Inc.		First Lien Delayed Draw Term Loan		3/26/2026		$	1,601			$	(16	)
GS AcquisitionCo, Inc.		First Lien Delayed Draw Term Loan		5/17/2027			14,976				(150	)
GS AcquisitionCo, Inc.		First Lien Revolver		5/25/2028			222				(2	)
Harvey Tool Company, LLC		First Lien Delayed Draw Term Loan		8/6/2027			6,350				—
Harvey Tool Company, LLC		First Lien Revolver		8/6/2032			352				—
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		7/16/2027			7,288				(73	)
Hercules Borrower LLC		First Lien Delayed Draw Term Loan		9/16/2026			7,262				(73	)
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		9/30/2026			3,533				(18	)
HIG Operations Holdings, Inc.		First Lien Delayed Draw Term Loan		12/10/2027			7,884				(39	)
The Hiller Companies, LLC		First Lien Delayed Draw Term Loan		6/22/2026			81				—
The Hiller Companies, LLC		First Lien Delayed Draw Term Loan		7/19/2027			644				(6	)
The Hiller Companies, LLC		First Lien Revolver		6/20/2030			352				—
IG Investments Holdings, LLC		First Lien Revolver		9/22/2028			180				—
InhabitIQ, Inc.		First Lien Delayed Draw Term Loan		1/11/2027			3,309				—
InhabitIQ, Inc.		First Lien Revolver		1/12/2032			214				—
Integrity Marketing Acquisition, LLC		First Lien Delayed Draw Term Loan		8/27/2026			3,608				—
Integrity Marketing Acquisition, LLC		First Lien Revolver		8/25/2028			361				—
IRI Group Holdings, Inc.		First Lien Revolver		12/1/2028			348				—
Koala Investment Holdings, Inc.		First Lien Delayed Draw Term Loan		2/29/2028			2,783				(7	)
Koala Investment Holdings, Inc.		First Lien Revolver		8/30/2032			391				(1	)
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		2/5/2026			6,107				(15	)
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		2/7/2028			6,092				(15	)
Kona Buyer, LLC		First Lien Delayed Draw Term Loan		2/5/2026			4,036				(10	)
Kona Buyer, LLC		First Lien Revolver		7/23/2031			411				(1	)
Kona Buyer, LLC		First Lien Revolver		7/23/2031			361				(1	)
Lobos Parent, Inc.		First Lien Delayed Draw Term Loan		9/26/2028			2,844				(21	)
Lobos Parent, Inc.		First Lien Revolver		9/26/2031			263				(2	)
Lobos Parent, Inc.		First Lien Revolver		9/26/2031			118				(1	)
ManTech International Corporation		First Lien Delayed Draw Term Loan		2/13/2026			91				—
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Delayed Draw Term Loan		7/1/2026			2,922				(29	)
MS Buyer, Inc. (fka CB Buyer, Inc.)		First Lien Revolver		7/1/2031			331				(3	)
National Express Wash Parent Intermediate Holdco, LLC		First Lien Delayed Draw Term Loan		3/31/2027			7,227				—
National Express Wash Parent Intermediate Holdco, LLC		First Lien Revolver		7/16/2029			304				—
Nellson Nutraceutical, LLC		First Lien Delayed Draw Term Loan		4/16/2027			276				—
Nellson Nutraceutical, LLC		First Lien Revolver		4/17/2031			191				—
Netwrix Corporation		First Lien Delayed Draw Term Loan		12/16/2026			656				—
NRO Holdings III Corp.		First Lien Delayed Draw Term Loan		1/15/2027			58				—
NRO Holdings III Corp.		First Lien Revolver		7/15/2030			16				—
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			2,448				—
Packaging Coordinators Midco, Inc.		First Lien Revolver		10/15/2032			747				—
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			1,589				—
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			1,550				—
Packaging Coordinators Midco, Inc.		First Lien Delayed Draw Term Loan		10/15/2027			264				—
Pearl Acquisition Buyer, Inc.		First Lien Delayed Draw Term Loan		12/31/2027			8,036				(40	)
Pearl Acquisition Buyer, Inc.		First Lien Revolver		12/31/2032			369				(2	)
Perkinelmer U.S. LLC		First Lien Delayed Draw Term Loan		10/25/2027			12,656				(63	)
Petvet Care Centers, LLC		First Lien Revolver		11/15/2029			313				(25	)
Pike Corporation		First Lien Delayed Draw Term Loan		12/19/2028			6,056				(30	)
Pike Corporation		First Lien Revolver		12/20/2032			399				(2	)
Polyphase Elevator Holding Co		First Lien Delayed Draw Term Loan		11/24/2027			1,977				(15	)
Polyphase Elevator Holding Co		First Lien Revolver		11/24/2032			399				(3	)
Populous Global II, LLC		First Lien Delayed Draw Term Loan		4/12/2027			2,909				—
Populous Global II, LLC		First Lien Revolver		4/11/2031			376				—
PPV Intermediate Holdings, LLC		First Lien Delayed Draw Term Loan		8/7/2026			10,911				(27	)
PPW Aero Buyer, Inc.		First Lien Delayed Draw Term Loan		9/30/2027			11,409				(86	)
PPW Aero Buyer, Inc.		First Lien Revolver		9/30/2031			381				(3	)
PT Intermediate Holdings III, LLC		First Lien Delayed Draw Term Loan		4/8/2026			1,199				—

See accompanying notes to consolidated financial statements

 

27

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JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Schedule of Investments - Continued

December 31, 2025

(In thousands, except for share and per share data)

 

Portfolio Company		Investment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
RCP Nats Purchaser, LLC		First Lien Delayed Draw Term Loan		3/19/2027		$	632			$	—
RCP Nats Purchaser, LLC		First Lien Revolver		3/19/2032			53				—
Real Chemistry Intermediate III, Inc.		First Lien Delayed Draw Term Loan		10/11/2027			3,158				—
Real Chemistry Intermediate III, Inc.		First Lien Revolver		4/12/2032			376				—
Redwood Services, LP		First Lien Delayed Draw Term Loan		6/16/2027			3,040				—
Redwood Services, LP		First Lien Revolver		6/16/2032			386				—
Sapphire Software Buyer, Inc.		First Lien Revolver		9/30/2031			360				—
Saturn Borrower Inc		First Lien Delayed Draw Term Loan		1/25/2027			1,949				(10	)
Saturn Borrower Inc		First Lien Revolver		11/10/2028			273				(1	)
SG Acquisition, Inc.		First Lien Revolver		4/3/2030			348				—
Signant Finance One Limited		First Lien Delayed Draw Term Loan		10/18/2027			8,156				(82	)
Signant Finance One Limited		First Lien Revolver		10/16/2031			403				(4	)
Solis Mammography Buyer, Inc.		First Lien Delayed Draw Term Loan		5/31/2027			1,438				—
Solis Mammography Buyer, Inc.		First Lien Revolver		5/28/2030			242				—
Spotless Brands, LLC		First Lien Delayed Draw Term Loan		3/25/2027			9,199				(69	)
Spruce Bidco II Inc.		First Lien Revolver		1/30/2032			365				—
Swoop Intermediate III, Inc.		First Lien Delayed Draw Term Loan		10/11/2027			6,223				—
Swoop Intermediate III, Inc.		First Lien Revolver		4/12/2032			376				—
Syndigo LLC		First Lien Revolver		9/2/2032			391				(1	)
Tau Buyer, LLC		First Lien Delayed Draw Term Loan		2/1/2027			1,603				—
Tau Buyer, LLC		First Lien Revolver		2/2/2032			307				—
Titan BW Borrower L.P.		First Lien Delayed Draw Term Loan		7/26/2027			1,462				—
Titan BW Borrower L.P.		First Lien Revolver		7/26/2032			388				—
Titan Luxco I SARL		First Lien Delayed Draw Term Loan		6/14/2027			2,619				(26	)
Titan Luxco I SARL		First Lien Revolver		6/12/2031			70				(1	)
Titan Luxco I SARL		First Lien Revolver		6/12/2031			143				(1	)
Trystar, LLC		First Lien Delayed Draw Term Loan		9/10/2026			5,088				(25	)
Trystar, LLC		First Lien Revolver		9/10/2031			360				(2	)
USHV Management, LLC		First Lien Delayed Draw Term Loan		9/8/2027			1,546				—
USHV Management, LLC		First Lien Revolver		9/8/2031			328				—
Vacation Rental Brands, LLC		First Lien Delayed Draw Term Loan		5/6/2027			565				(6	)
Vacation Rental Brands, LLC		First Lien Delayed Draw Term Loan		10/15/2027			11,655				(117	)
Vacation Rental Brands, LLC		First Lien Revolver		5/6/2031			376				(4	)
VaxCare Intermediate II LLC		First Lien Revolver		6/17/2032			378				—
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		7/24/2026			806				(4	)
Vessco Midco Holdings, LLC		First Lien Delayed Draw Term Loan		5/3/2028			5,308				(27	)
Vessco Midco Holdings, LLC		First Lien Revolver		7/24/2031			360				(2	)
Victors Purchaser, LLC		First Lien Delayed Draw Term Loan		12/23/2027			4,444				(22	)
Victors Purchaser, LLC		First Lien Revolver		12/23/2032			771				(4	)
West Star Aviation Acquisition, LLC		First Lien Delayed Draw Term Loan		5/20/2027			2,447				—
West Star Aviation Acquisition, LLC		First Lien Revolver		5/20/2032			321				—
Wildcat Topco, Inc		First Lien Delayed Draw Term Loan		11/16/2026			2,728				—
Wildcat Topco, Inc		First Lien Revolver		11/15/2030			360				—
World Insurance Associates, LLC		First Lien Delayed Draw Term Loan		8/14/2026			2,285				—
World Insurance Associates, LLC		First Lien Revolver		4/3/2030			225				—
Wrench Group, LLC		First Lien Delayed Draw Term Loan		9/3/2027			2,817				(21	)
Wrench Group, LLC		First Lien Revolver		9/3/2031			391				(3	)
Zeppelin Holdco II, LP		First Lien Delayed Draw Term Loan		8/2/2027			2,693				(27	)
Zeppelin Holdco II, LP		First Lien Revolver		8/2/2032			386				(4	)
Total Unfunded Portfolio Company Commitments						$	383,802			$	(1,880	)

See accompanying notes to consolidated financial statements

 

28

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JEFFERIES CREDIT PARTNERS BDC INC.

Notes to Consolidated Financial Statements

Note 1. Organization

Organization

Jefferies Credit Partners BDC Inc. (the “Company,” “we,” “our” or “us”) was formed as a Maryland corporation on August 10, 2022. The Company is a private, perpetually offered, externally managed, 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”). The Company has elected to be treated, and expects to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Our fiscal year ends on December 31.

Our investment objective is to generate both current income and capital appreciation by investing primarily in senior secured loans to U.S. companies in the upper middle market. We generally use the term “upper middle market” to refer to large companies with annual earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” greater than $75 million.

Jefferies Credit Management LLC (the “Investment Adviser”), an investment adviser that is registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), is our investment adviser. The Investment Adviser, subject to the overall supervision of our board of directors (the “Board of Directors” or the “Board”), will manage our day-to-day operations and provide investment advisory and management services to the Company.

Note 2. Summary of Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. In the opinion of management, all adjustments considered necessary for the fair statement of the consolidated financial statements for the interim period presented, have been included. These financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”).

Use of Estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our Portfolio Companies and any other parameters used in determining these estimates could cause actual results to differ materially.

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 consolidated financial statements include the accounts of the Company as well as its wholly-owned subsidiaries.

 

We consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. We determined that Jefferies Credit Partners BDC CLO I Ltd. (the “CLO”) is a VIE and the Company is the primary beneficiary of the CLO. As such, the CLO is consolidated by the Company.

All intercompany balances and transactions have been eliminated.

Cash and Cash Equivalents and Restricted Cash

Cash equivalents include highly liquid investments, including money market funds, not held for resale with original maturities of three months or less. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Restricted cash represents the amount of principal and interest collections received as well as amounts in reserve as collateral held for the Senior Secured Credit Facility (as defined in Note 6 to the consolidated financial statements) that are held at JCP BDC SPV I LLC (the “SPV”) and the amount of principal and interest collections received as well as amounts in reserve held at the CLO.

 

29

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Cash and cash equivalents and restricted cash are carried at cost, which approximates fair value. Cash and cash equivalents held as of March 31, 2026 and December 31, 2025 was $23.8 million and $8.6 million, respectively. Restricted cash held as of March 31, 2026 and December 31, 2025 was $36.0 million and $31.5 million, respectively.

Investments Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company applies ASC Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement, not an entity specific measurement. For some assets and liabilities, observable market transactions or market information might be available data. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities.

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

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 type of financial instruments in this category includes 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.

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

Investment Valuation Process

The Board of Directors has designated the Investment Adviser as its “Valuation Designee” pursuant to Rule 2a-5 under the Investment Company Act, and in that role, the Investment Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Company’s Board of Directors. Even though the Company’s Board of Directors designated the Company’s Investment Adviser as “Valuation Designee,” the Company’s Board of Directors continues to be responsible for overseeing the processes for determining fair valuation.

The majority of our investments fall within Level 3 of the fair value hierarchy, and as such, there is not a readily available market value for most of the investments in our portfolio, and we value such investments at fair value as determined in good faith by the Valuation Designee under the direction of the Board of Directors using a documented valuation policy, described below, and a consistently applied valuation process. The factors that may be taken into account in pricing the investments at fair value include, as relevant, the nature and realizable value of any collateral, the Portfolio Company’s ability to make payments and its earnings and discounted cash flow, and the markets in which the Portfolio Company does business, comparison to publicly traded securities and other relevant factors. Available current market data are considered such as applicable market yields and multiples of publicly traded securities, comparison of financial ratios of peer companies, and changes in the interest rate environment and the credit markets that may affect the price at which similar investments would trade in their principal market, and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event to corroborate or revise its valuation.

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 adopted by our Board of Directors contemplate a multi-step valuation process each quarter, as described below:

 

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(1)

Our quarterly valuation process begins with each Portfolio Company or investment being initially valued by the investment professionals of our Investment Adviser, the Valuation Designee, responsible for the Portfolio Company or investment;

(2)

We engage independent valuation firms (the “Independent Valuation Adviser”) 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 Adviser independently values such investments using quantitative and qualitative information provided by the investment professionals of our Investment Adviser as well as any market quotations obtained from independent pricing services, brokers, dealers or market dealers. The Independent Valuation Adviser also provides analyses to support their valuation methodology and calculations. The Independent Valuation Adviser provides an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Adviser defines fair value in accordance with ASC 820 and utilizes valuation techniques including the market approach, the income approach or both;

(3)

The Independent Valuation Adviser’s preliminary valuations are reviewed by our Investment Adviser, in its capacity as the Valuation Designee. The Independent Valuation Adviser’s ranges are compared to our Investment Adviser’s valuations to ensure our Investment Adviser’s valuations are reasonable;

(4)

The Valuation Designee determines the valuations of our investments in good faith, within the meaning of the Investment Company Act, based on the input of the Independent Valuation Adviser, and provides the valuation determinations to the Audit Committee of the Board of Directors;

(5)

The Audit Committee of our Board of Directors reviews valuation information provided by the Valuation Designee and the Independent Valuation Adviser. The Audit Committee then will discuss such valuation determinations; and

(6)

Our Board of Directors further discusses the valuation determinations of the Valuation Designee, based on the input of the Independent Valuation Adviser.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

Interest Income

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

PIK Income

The Company may have loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Company’s statement of operations. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash. During the three months ended March 31, 2026 and 2025, PIK income earned was $1.2 million and $0.5 million, respectively.

Dividend Income

Dividend income on preferred equity securities are 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. To the extent a preferred equity security contains PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity security. PIK dividends added to the principal balance are generally collected upon redemption of the equity. Dividend Income is recorded in Other income in our Consolidated Statements of Operations.

 

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Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication and commitment fees as well as fees for managerial assistance rendered by the Company to the Portfolio Companies. Such fees are recognized as income when earned or the services are rendered. Fee Income is recorded in Other income in our Consolidated Statements of Operations.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2026 and December 31, 2025, there were no loans placed on non-accrual status.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, Board of Directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Organization Costs

Costs associated with the organization of the Company were expensed as incurred. These expenses consisted primarily of legal fees and other costs of organizing the Company.

Offering Costs

Costs associated with the offering of the Company’s shares are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized on a straight-line basis over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous offering.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing costs and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Administration Agreement

On October 27, 2023, the Company entered into an administration agreement (the “Administration Agreement”), under which Alter Domus (US) LLC (the “Administrator”) is responsible for providing various accounting and administrative services to us. In particular, pursuant to the Administration Agreement, the Administrator is responsible for providing or overseeing the performance of required administrative services and professional services rendered by others, which includes (but is not limited to), accounting, legal, compliance, operations, technology and investor relations, and preparation of financial reports provided to the Company’s stockholders and filed with the SEC.

Distributions

Distributions to common stockholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors and will depend on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time.

Share Repurchases

In connection with the Company’s share repurchase programs, the cost of shares repurchased is charged to net assets on the trade date. During the three months ended March 31, 2026, the Company repurchased 219,733 Class I common shares for an aggregate of $3.2 million pursuant to the terms of a tender offer made during the period. There were no share repurchases during the three months ended March 31, 2025.

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) intends to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income

 

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tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders may include return of capital, however, the exact amount cannot be determined until we file Form 1099s. The character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to Additional paid-in capital on the Consolidated Statements of Assets and Liabilities.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income for the calendar year and 98.2% of our capital gain net income for the 1-year period ending on October 31 in that calendar year, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distributions would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non-RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how unrecognized tax benefits should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. The Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

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 net asset value of that class in relation to the net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Segment Reporting

In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. Our Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). While the Company lends to and separately evaluates the performance of each portfolio company in which it invests across various industries, the CODM evaluates and monitors performance of the business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, documentation, loan and compliance administration in addition to administrative functions of human resources, legal, finance and information technology. See Note 11 to the consolidated financial statements for additional information.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

On September 25, 2023, the Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) between the Company and the Investment Adviser. The Investment Adviser, subject to the overall supervision of the Board of Directors, manages our day-to-day operations and provides investment advisory and management services to the Company. The Investment Adviser is an indirect subsidiary of Jefferies Finance LLC (“JFIN”), a Delaware limited liability company, and a registered investment adviser under the Advisers Act. JFIN is a joint venture between (i) Jefferies Financial Group Inc. (a publicly traded company and the parent company for Jefferies LLC (“Jefferies”), a global securities and investment banking firm), and (ii) Massachusetts Mutual Life Insurance Company. The Investment Adviser, together with JFIN and its subsidiaries are referred to herein collectively as “Jefferies Finance.”

 

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The Investment Advisory Agreement is effective for an initial two-year term and thereafter will continue for successive annual periods provided that such continuance is specifically approved annually by a majority of the Board of Directors or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent directors. The Board of Directors approved the continuance of the Investment Advisory Agreement for an additional one year period through September 25, 2026. The Investment Advisory Agreement may, on 60 days’ written notice to the other party, be terminated in its entirety at any time without the payment of any penalty, by our Board of Directors, or by vote of a majority of our outstanding voting securities, on the one hand, or by the Investment Adviser, on the other hand. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the Investment Company Act and related SEC guidance and interpretations.

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

Management Fee

The management fee will be payable quarterly in arrears at an annual rate of 1.25% of our net assets. The management fee will be calculated based on the average value of our net assets at the end of the most recently completed calendar quarter. Net assets means the Company’s total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP.

Incentive Fee

The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

(1) Incentive Fee Based on Income

The portion of the incentive fee that is based on a percentage of our 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 our net assets at the end of the immediate 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 we receive from Portfolio Companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under our Administration Agreement with our Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding shares of preferred stock, but excluding the incentive fee and any stockholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have 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. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.75% per quarter (7.00% annualized).

We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our 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 our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.75% per quarter (7.00% annualized);

•

100% of the dollar amount of our 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 2.00% (8.00% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 2.00%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 12.50% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 2.00% in any calendar quarter; and

•

12.50% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 2.00% (8.00% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.50% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Investment Adviser.

These calculations are prorated for any period of less than three months and adjusted for any shares issued or repurchased during the relevant quarter.

(2) 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 quarter in arrears. The amount payable equals:

•

12.50% 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 U.S. 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. We 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 we were to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

 

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The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. For the avoidance of doubt, the incentive fee will be calculated net of our expenses before fee waivers and expense support. For the three months ended March 31, 2026, the Company recognized $2.3 million of management fees, and $2.3 million of incentive fees. For the three months ended March 31, 2025, the Company recognized $1.2 million of management fees, and $1.2 million of incentive fees before the impact of waived fees. As of March 31, 2026 and December 31, 2025, management fees payable were $2.3 million and $2.0 million, respectively. As of March 31, 2026 and December 31, 2025, incentive fees payable were $2.3 million and $2.2 million.

Expense Support and Conditional Reimbursement Agreement

On December 6, 2023, the Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser (i) has agreed to pay a portion of the Company’s Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 1.00% (on an annualized basis) of the Company’s net asset value (“NAV”), and (ii) may elect to pay an additional portion of the Company’s expenses from time to time (each such payment, a “Voluntary Expense Payment”, and together with (i), “Expense Payments”). “Other Operating Expenses” means the Company’s total organizational and offering expenses, including the organizational and offering expenses in connection with the formation of the Company and the initial closing of the private offering that were incurred prior to the commencement of operations, and all other costs and expenses relating to the Company’s operations and transactions, excluding the management fee and the incentive fee, interest, fees and other expenses of financings, taxes, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Company’s business.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to in the Expense Support Agreement 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 under the Expense Support Agreement are referred to as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in Portfolio Companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar month will equal the lesser of (i) the Excess Operating Funds in such month and (ii) the aggregate amount of all Expense Payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month that have not been previously reimbursed by the Company to the Investment Adviser; provided that the Investment Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Expense Support Agreement.

No Reimbursement Payment for any month shall be made if the Company’s Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% (on an annualized basis, or 0.0833% monthly) of the Company’s NAV.

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.

During the three months ended March 31, 2026, the Investment Adviser provided $1.6 million of expense support, including $1.6 million of Voluntary Expense Payments for the three months ended March 31, 2026. During the three months ended March 31, 2025, the Investment Adviser provided $1.5 million of expense support, including $0.9 million of Voluntary Expense Payments for the three months ended March 31, 2025.

As of March 31, 2026 and December 31, 2025, the Company recorded an obligation to make a Reimbursement Payment of $0.5 million and $0.5 million under the Expense Support Agreement. The cumulative amount incurred from the commencement of operations subject to future potential reimbursement is $15.4 million.

Either the Company or the Investment Adviser may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by us to the Investment Adviser will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

Co-Investment Exemptive Relief

Together with the Investment Adviser, we received an exemptive order from the SEC that permits us to participate in co-investment transactions with certain affiliates of the Investment Adviser and certain funds managed and controlled by the Investment Adviser and its affiliates in transactions that involve the negotiation of certain terms of the securities or loans to be purchased (in addition to price-related terms), subject to certain terms and conditions. Co-investment transactions involving the negotiation of only price-related terms will be entered into in reliance on SEC staff no-action letters. We intend to co-invest, from time to time, with other Accounts (as defined below) (including co-investment or other vehicles in which the Investment Adviser or its personnel invest and that co-invest with such other Accounts) in portfolio investments that are suitable for both the Company and such other Accounts. “Accounts” means Jefferies Finance’s own accounts, accounts of Jefferies Finance’s clients, including separately managed accounts (or separate accounts), pooled investment vehicles and collateralized loan obligations that are sponsored, managed or advised by Jefferies Finance or other Affiliate Investment Advisers (as defined below). “Affiliate Investment Advisers” means Accounts advised by our Investment Adviser or investment advisers that are affiliated with us. Even if the Company and such other Accounts invest in the same securities, conflicts of interest may still arise. For example, it is possible that as a result of legal, tax, political, regulatory, accounting or other considerations, the terms of such investment (including with respect to price and timing) for the Company and/or such other Accounts may not be the same. Additionally, the Company and/or such other Accounts may have different expected termination dates and/or investment objectives (including target return profiles) and the Investment Adviser, as a result, may have conflicting goals with respect to the price and timing of disposition opportunities.

 

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Multi-Class Exemptive Relief

Together with the Investment Adviser, we received an exemptive order (the “Multi-Class Order”) from the SEC to permit us to issue multiple classes of shares with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees. Under the terms of the Multi-Class Order, we offer three separate classes of shares designated as Class S Shares, Class D Shares, and Class I Shares. Each class of shares is subject to different fees and expenses. We may offer additional classes of shares in the future.

Distribution and Servicing Plan

On May 14, 2025, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the intermediary manager (the “Intermediary Manager”) with respect to the Class S, Class D and Class I common shares on an annualized basis as a percentage of the Company’s net asset value for such class.

		Shareholder Servicing and/or Distribution Fee as a % of Net Asset Value
Class S Shares			0.85	%
Class D Shares			0.25	%
Class I Shares			—

The shareholder servicing and/or distribution fees are paid monthly in arrears, calculated using the net asset value of the applicable class as of the beginning of the first calendar day of the month and subject to Financial Industry Regulatory Authority, Inc. and other limitations on underwriting compensation.

The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate net asset value for all of the outstanding shares of each such class, it reduces the net asset value with respect to all shares of each such class, including shares issued under the Company’s dividend reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase and are similar to commissions.

For the three months ended March 31, 2026, the Company accrued less than $0.1 million distribution and shareholder servicing fees attributable to Class S shares and Class D shares.

Dealer Manager Agreement

On September 22, 2025, the Company entered into a dealer manager agreement (the “Dealer Manager Agreement”) among the Company, the Investment Adviser, and Ultimus Fund Distributors, LLC (the “Distributor”). Pursuant to the Dealer Manager Agreement, no upfront transaction fee will be paid with respect to Class I shares, Class S shares or Class D shares, however, if shareholders purchase Class S shares or Class D shares through certain financial intermediaries, they may directly charge shareholders transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.50% cap on NAV for Class S shares and a 1.50% cap on NAV for Class D shares.

The Dealer Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”).

The Dealer Manager Agreement may be terminated at any time, without the payment of any penalty, by the Company or the Distributor with 60 days’ written notice. The Dealer Manager Agreement will automatically terminate in the event of its assignment, as defined in the Investment Company Act.

Placement Agreement

On October 19, 2023, the Company entered into a placement agreement (as amended on April 25, 2024, the “Placement Agreement”) among the Company, the Investment Adviser, Jefferies Credit Partners LLC (“JCP”), the parent company of the Investment Adviser, and Jefferies (the “Placement Agent”), pursuant to which the Investment Adviser engaged Jefferies as the placement agent for the sale of the Company’s shares of common stock. The Placement Agent agreed to use its reasonable best efforts to solicit purchasers for shares of the Company’s common stock, subject to the terms and conditions set forth in the Placement Agreement. Any fees or expenses payable to the Placement Agent under the Placement Agreement are the sole responsibility of JCP or the Investment Adviser, as applicable. The Company and the Investment Adviser have each jointly and severally agreed to indemnify the Placement Agent under the Placement Agreement subject to the terms and conditions thereunder. The Placement Agreement also contains representations, warranties and other provisions customary for transactions of this nature.

Distribution Agreement

On September 8, 2025, the Company entered into an agreement (the “Distribution Agreement”) among the Company, the Investment Adviser, and MML Investors Services, LLC (“MML”), pursuant to which the Investment Adviser engaged MML as a placement agent for the sale of the Company’s

 

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shares of common stock. MML agreed to use its reasonable best efforts to solicit purchasers for shares of the Company’s common stock, subject to the terms and conditions set forth in the Distribution Agreement. The Company has agreed to indemnify MML under the Placement Agreement subject to the terms and conditions thereunder. The Distribution Agreement also contains representations, warranties and other provisions customary for transactions of this nature.

Due to/from Investment Adviser

As of March 31, 2026 and December 31, 2025, Due from Investment Adviser was $0.7 million and $0.6 million, respectively. As of March 31, 2026 and December 31, 2025, the Company recorded an obligation to make a Reimbursement Payment of $0.5 million and $0.5 million, respectively, under the Expense Support Agreement, which is recorded in Due to Investment Adviser in our Consolidated Statements of Assets and Liabilities.

Due to Affiliates

In the normal course of business, certain of the Company’s expenses may be paid by an affiliate. These expenses are reimbursable by the Company to the affiliate. As of March 31, 2026 and December 31, 2025, expenses reimbursable to affiliates were $0.3 million and $0.2 million, respectively. Amounts reimbursable to affiliates are recorded in Accrued expenses and other liabilities in our Consolidated Statements of Assets and Liabilities.

Trademark Sub-License Agreement

We have entered into a License Agreement with JFIN, a Delaware limited liability company, that grants us a non-exclusive, non-transferable, and non-sublicensable license to the use of the trademark, service mark and trade name “Jefferies” and all variations thereof.

Note 4. Investments

The composition of the Company’s investment portfolio at cost and fair value as of March 31, 2026 was as follows (in thousands):

		Amortized Cost				% of Total Investments at Amortized Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt (1)		$	1,774,287				99.3	%		$	1,777,284				99.7	%
Common Stock			8,435				0.5	%			1,391				0.1	%
Preferred Stock			831				0.1	%			855				0.1	%
L.P. Interest			434				0.1	%			542				0.1	%
Total		$	1,783,987				100.0	%		$	1,780,072				100.0	%

(1)

First lien debt consists of first lien term loans, first lien, last-out term loans, second-out term loans, first lien delayed draw term loans and first lien revolvers.

The composition of the Company’s investment portfolio at cost and fair value as of December 31, 2025 was as follows (in thousands):

		Amortized Cost				% of Total Investments at Amortized Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt (1)		$	1,566,577				99.3	%		$	1,571,924				99.7	%
Common Stock			8,435				0.5	%			1,598				0.1	%
Preferred Stock			831				0.1	%			846				0.1	%
L.P. Interest			434				0.1	%			533				0.1	%
Total		$	1,576,277				100.0	%		$	1,574,901				100.0	%

(1)

First lien debt consists of first lien term loans, first lien, last-out term loans, second-out term loans, first lien delayed draw term loans and first lien revolvers.

 

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The industry composition of investments as of March 31, 2026 at amortized cost and fair value was as follows (in thousands):

		March 31, 2026
		Investments at Amortized Cost				% of Investments at Amortized Cost				Investments at Fair Value				% of Investments at Fair Value
Software		$	330,256				18.5	%		$	328,654				18.5	%
Professional Services			199,884				11.2	%			201,170				11.3	%
Commercial Services & Supplies			138,593				7.8	%			139,133				7.8	%
Health Care Providers & Services			122,559				6.9	%			121,679				6.8	%
Diversified Consumer Services			116,731				6.6	%			116,614				6.6	%
Insurance			106,421				6.0	%			106,756				6.0	%
Aerospace & Defense			98,781				5.5	%			99,173				5.6	%
IT Services			91,798				5.1	%			92,265				5.2	%
Life Sciences Tools & Services			89,813				5.0	%			90,030				5.1	%
Health Care Technology			89,211				5.0	%			89,233				5.0	%
Media			70,087				3.9	%			70,114				3.9	%
Trading Companies & Distributors			68,963				3.9	%			69,465				3.9	%
Financial Services			47,647				2.7	%			47,719				2.7	%
Health Care Equipment & Supplies			44,789				2.5	%			45,337				2.5	%
Electrical Equipment			39,376				2.2	%			39,561				2.2	%
Air Freight & Logistics			34,208				1.9	%			27,508				1.5	%
Electronic Equipment, Instruments & Components			23,889				1.3	%			24,151				1.4	%
Hotels, Restaurants & Leisure			17,564				1.0	%			17,625				1.0	%
Chemicals			15,912				0.9	%			16,242				0.9	%
Real Estate Management & Development			15,891				0.9	%			15,960				0.9	%
Machinery			14,093				0.8	%			14,122				0.8	%
Food Products			3,787				0.2	%			3,841				0.2	%
Pharmaceuticals, Biotechnology & Life Sciences			3,734				0.2	%			3,720				0.2	%
Total		$	1,783,987				100.0	%		$	1,780,072				100.0	%

The industry composition of investments as of December 31, 2025 at amortized cost and fair value was as follows (in thousands):

		December 31, 2025
		Investments at Amortized Cost				% of Investments at Amortized Cost				Investments at Fair Value				% of Investments at Fair Value
Software		$	266,337				16.9	%		$	265,973				16.9	%
Professional Services			159,511				10.1	%			160,861				10.2	%
Commercial Services & Supplies			144,511				9.2	%			145,022				9.2	%
Health Care Providers & Services			119,642				7.6	%			118,766				7.5	%
Insurance			106,021				6.7	%			106,639				6.8	%
Diversified Consumer Services			99,457				6.3	%			99,540				6.3	%
Life Sciences Tools & Services			89,762				5.7	%			89,771				5.7	%
IT Services			80,427				5.1	%			81,104				5.1	%
Health Care Technology			79,119				5.0	%			79,473				5.1	%
Aerospace & Defense			75,039				4.8	%			75,321				4.8	%
Trading Companies & Distributors			68,500				4.3	%			69,011				4.4	%
Media			51,495				3.3	%			51,648				3.3	%
Health Care Equipment & Supplies			44,725				2.8	%			45,322				2.9	%
Air Freight & Logistics			34,115				2.2	%			27,615				1.8	%
Electrical Equipment			32,517				2.1	%			32,712				2.1	%
Financial Services			31,007				2.0	%			31,093				2.0	%
Electronic Equipment, Instruments & Components			23,904				1.5	%			24,182				1.5	%
Hotels, Restaurants & Leisure			16,779				1.1	%			16,892				1.1	%
Real Estate Management & Development			15,927				1.0	%			15,960				1.0	%
Chemicals			15,917				1.0	%			16,325				1.0	%
Machinery			14,088				0.9	%			14,122				0.9	%
Food Products			3,761				0.2	%			3,817				0.2	%
Pharmaceuticals, Biotechnology & Life Sciences			3,716				0.2	%			3,732				0.2	%
Total		$	1,576,277				100.0	%		$	1,574,901				100.0	%

 

 

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The geographic composition of investments as of March 31, 2026 at cost and fair value was as follows (in thousands):

		March 31, 2026
		Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
United States		$	1,771,949			$	1,768,010				99.2	%			216.7	%
United Kingdom			11,800				11,821				0.7	%			1.4	%
Canada			238				241				0.1	%			0.1	%
Total		$	1,783,987			$	1,780,072				100.0	%			218.2	%

The geographic composition of investments as of December 31, 2025 at cost and fair value was as follows (in thousands):

		December 31, 2025
		Amortized Cost				Fair Value				% of Total Investments at Fair Value				Fair Value as % of Net Assets
United States		$	1,564,242			$	1,562,865				99.2	%			230.8	%
United Kingdom			11,796				11,794				0.7	%			1.7	%
Canada			239				242				0.1	%			0.1	%
Total		$	1,576,277			$	1,574,901				100.0	%			232.6	%

As of March 31, 2026 and December 31, 2025, there were no investments in the portfolio on non-accrual status.

As of March 31, 2026 and December 31, 2025, on a fair value basis, 99.9% and 99.9% of debt investments, respectively, bore interest at a variable rate that may be determined by reference to either the SOFR or an alternative base rate.

Note 5. Fair Value Measurements

The following table presents the fair value of investments as of March 31, 2026, disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820 (in thousands):

		Fair Value Measurements
		Level 1				Level 2				Level 3				Total
First Lien Debt (1)		$	—			$	—			$	1,777,284			$	1,777,284
Common Stock			—				—				1,391				1,391
Preferred Stock			—				—				855				855
L.P. Interest			—				—				542				542
Total		$	—			$	—			$	1,780,072			$	1,780,072

(1)

First lien debt consists of first lien term loans, first lien, last-out term loans, second-out term loans, first lien delayed draw term loans and first lien revolvers.

The following table presents the fair value of investments as of December 31, 2025, disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820 (in thousands):

		Fair Value Measurements
		Level 1				Level 2				Level 3				Total
First Lien Debt (1)		$	—			$	—			$	1,571,924			$	1,571,924
Common Stock			—				—				1,598				1,598
Preferred Stock			—				—				846				846
L.P. Interest			—				—				533				533
Total		$	—			$	—			$	1,574,901			$	1,574,901

(1)

First lien debt consists of first lien term loans, first lien, last-out term loans, second-out term loans, first lien delayed draw term loans and first lien revolvers.

 

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The following tables present change for the three months ended March 31, 2026 in the fair value of investments for which Level 3 inputs were used to determine fair value (in thousands):

		Three months ended March 31, 2026
		First Lien Debt					Preferred Stock				Common Stock				L.P. Interest				Total
Fair value, beginning of period		$	1,571,924				$	846			$	1,598			$	533			$	1,574,901
Purchases of investments			234,080					—				—				—				234,080
Proceeds from principal repayments and sales of investments			(28,532	)				—				—				—				(28,532	)
Accretion of discount/amortization of premium			797					—				—				—				797
Payment-in-kind interest and fees capitalized			1,166					—				—				—				1,166
Net realized gain (loss) on investments			199					—				—				—				199
Net change in unrealized appreciation (depreciation)			(2,350	)				9				(207	)			9				(2,539	)
Fair value, end of period		$	1,777,284				$	855			$	1,391			$	542			$	1,780,072
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2026		$	(2,235	)			$	9			$	(207	)		$	9			$	(2,424	)

 

 

The following tables present change for the three months ended March 31, 2025 in the fair value of investments for which Level 3 inputs were used to determine fair value (in thousands):

		Three months ended March 31, 2025
		First Lien Debt					Preferred Stock				Common Stock				L.P. Interest				Total
Fair value, beginning of period		$	769,665				$	706			$	8,000			$	—			$	778,371
Purchases of investments			129,523					—				—				434				129,957
Proceeds from principal repayments and sales of investments			(26,453	)				—				—				—				(26,453	)
Accretion of discount/amortization of premium			570					—				—				—				570
Payment-in-kind interest and fees capitalized			403					—				—				—				403
Net realized gain (loss) on investments			435					—				—				—				435
Net change in unrealized appreciation (depreciation)			(1,111	)				43				(571	)			(22	)			(1,661	)
Fair value, end of period		$	873,032				$	749			$	7,429			$	412			$	881,622
Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2025		$	(683	)			$	43			$	(571	)		$	(22	)		$	(1,233	)

 

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026 and 2025, there were no transfers into or out of Level 3.

 

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The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

March 31, 2026

Range

Fair Value (in thousands)

Valuation Technique

Unobservable Input

Low

High

Weighted Average (1)

Investments in First Lien Debt

$

1,777,284

Yield analysis

Discount rate

5.2%

13.3%

8.6%

Investments in Common Stock

1,391

Market approach

Transaction multiples

12.2x

12.2x

12.2x

Market approach

Market comparables

12.3x

12.3x

12.3x

Discounted cash flows

Discount rate

15.7%

15.7%

15.7%

Investments in Preferred Stock

855

Yield analysis

Discount rate

9.4%

9.4%

9.4%

Investments in L.P. Interest

542

Market approach

Transaction multiples

14.9x

14.9x

14.9x

Market approach

Market comparables

18.7x

18.7x

18.7x

Discounted cash flows

Discount rate

14.8%

14.8%

14.8%

$

1,780,072

(1)

Weighted averages are calculated based on fair value of investments.

December 31, 2025

Range

Fair Value (in thousands)

Valuation Technique

Unobservable Input

Low

High

Weighted Average (1)

Investments in First Lien Debt

$

1,571,924

Yield analysis

Discount rate

4.9%

12.5%

8.3%

Investments in Common Stock

1,598

Market approach

Transaction multiples

12.2x

12.2x

12.2x

Market approach

Market comparables

13.5x

13.5x

13.5x

Discounted cash flows

Discount rate

15.6%

15.6%

15.6%

Investments in Preferred Stock

846

Yield analysis

Discount rate

9.4%

9.4%

9.4%

Investments in L.P. Interest

533

Market approach

Transaction multiples

14.9x

14.9x

14.9x

Market approach

Market comparables

17.6x

17.6x

17.6x

Discounted cash flows

Discount rate

15.3%

15.3%

15.3%

$

1,574,901

(1)

Weighted averages are calculated based on fair value of investments.

The significant unobservable input used in the yield analysis and discounted cash flows is the discount rate based on comparable market yields. Significant increases or decreases in discount rates would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, in the fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized appreciation or depreciation reflected in the valuations currently assigned.

 

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Note 6. Debt

In accordance with the Investment Company Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Company’s asset coverage was 178.6% and 173.7%, respectively.

The Company’s outstanding debt obligations as of March 31, 2026 were as follows (in thousands):

		March 31, 2026
		Aggregate Principal Committed				Outstanding Principal				Carrying Value				Fair Value (1)				Unused Portion (2)				Amount Available (3)
Senior Secured Credit Facility		$	800,000			$	765,988			$	765,988			$	754,498			$	34,012			$	25,613
Revolving Credit Facility			125,000				2,000				2,000				2,000				123,000				123,000
2025 CLO Notes (4)			272,000				272,000				270,072				269,960				—				—
Total Debt Obligations		$	1,197,000			$	1,039,988			$	1,038,060			$	1,026,458			$	157,012			$	148,613

(1)

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026.

(2)

The unused portion is the amount upon which commitment fees, if any, are based.

(3)

The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(4)

The carrying value of the Company’s 2025 CLO Notes are presented net of unamortized debt issuance costs of $1.9 million as of March 31, 2026.

The Company’s outstanding debt obligations as of December 31, 2025 were as follows (in thousands):

		December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Carrying Value				Fair Value (1)				Unused Portion (2)				Amount Available (3)
Senior Secured Credit Facility		$	700,000			$	599,239			$	599,239			$	591,749			$	100,761			$	100,761
Revolving Credit Facility			125,000				50,000				50,000				50,000				75,000				75,000
2025 CLO Notes (4)			272,000				272,000				269,910				271,320				—				—
Total Debt Obligations		$	1,097,000			$	921,239			$	919,149			$	913,069			$	175,761			$	175,761

(1)

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2025.

(2)

The unused portion is the amount upon which commitment fees, if any, are based.

(3)

The amount available reflects any limitations related to each respective credit facility’s borrowing base.

(4)

The carrying value of the Company’s 2025 CLO Notes are presented net of unamortized debt issuance costs of $2.1 million as of December 31, 2025.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three months ended March 31, 2026 and 2025 (in thousands):

		Three months ended March 31,
		2026				2025
Average debt outstanding		$	1,009,310			$	493,150
Maximum amount of debt outstanding		$	1,105,988			$	536,959
Weighted average annualized interest cost (1)			6.33	%			7.00	%
Annualized amortized debt issuance cost			0.27	%			0.33	%
Total annualized interest cost			6.60	%			7.33	%
Weighted average SOFR rate			3.67	%			4.31	%

(1)

Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Credit Facility and Revolving Credit Facility. Commitment fees for the three months ended March 31, 2026 were $0.2 million. Commitment fees for the three months ended March 31, 2025 were $0.3 million.

The components of interest expense for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

		Three months ended March 31,
		2026				2025
Borrowing interest expense		$	14,315			$	7,886
Facility undrawn and unused fees			174				302
Amortization of financing costs and debt issuance costs			756				564
Total interest expense		$	15,245			$	8,752

Senior Secured Credit Facility

On December 7, 2023, the Company’s wholly owned, consolidated subsidiary, JCP BDC SPV I LLC (the “SPV”), entered into a loan and security agreement (the “Senior Secured Credit Facility”), with the SPV as borrower, JPMorgan Chase Bank, National Association, as the administrative agent,

 

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the lenders from time to time parties thereto (the “Lenders”), the Company as the portfolio manager, and The Bank of New York Mellon Trust Company, National Association, as the collateral administrator, the collateral agent and securities intermediary.

The aggregate lender commitments under the Senior Secured Credit Facility were decreased to $400 million upon completion of the 2025 Debt Securitization (as defined below) with scheduled increases of $100.0 million on June 1, 2025, September 1, 2025, December 31, 2025, and March 1, 2026 to a maximum facility amount under the Credit Agreement of $800.0 million on March 1, 2026. The Senior Secured Credit Facility matures on December 7, 2029, unless there is an earlier termination or an acceleration following an event of default. In connection with the Senior Secured Credit Facility, the Company has also entered into an equity commitment letter with the SPV, for the benefit of the Lenders, pursuant to which the Company may be required to contribute cash proceeds to the SPV upon the occurrence of a “Market Value Event” or an “Event of Default.”

Borrowings under the Senior Secured Credit Facility bear interest at Term SOFR or a Base Rate, in each case, plus an applicable margin equal to 2.15% for borrowings that reference Term SOFR and 1.15% for borrowings that reference the Base Rate. The Company will also pay a fee of 0.50% on average daily undrawn amounts under the Senior Secured Credit Facility for the first 6 months from the 2025 Debt Securitization (as defined below) and 0.65% thereafter. In addition, under the Senior Secured Credit Facility, the Company is required to utilize a minimum amount of the financing commitments (such amount, the “Minimum Utilization Amount”), with unused amounts below such Minimum Utilization Amount accruing a fee.

On January 13, 2026, the SPV entered into an amended and restated loan and security agreement (the “Amended Senior Secured Credit Facility”), among the SPV, as borrower, the Company, as portfolio manager, JPMorgan Chase Bank, National Association, as administrative agent, The Bank of New York Mellon Trust Company, National Association, as collateral agent, collateral administrator and securities intermediary, and each of the financial institutions party thereto, which amends and restates, in its entirety, the Senior Secured Credit Facility.

The Amended Senior Secured Credit Facility amends the Senior Secured Credit Facility by providing for, among other things, (i) additional capacity for the SPV to use broadly syndicated loans as borrowing collateral, subject to a concentration limit that only 25% of the aggregate borrowing collateral may consist of broadly syndicated loans, and (ii) the extension of advances based on such broadly syndicated loans as borrowing collateral, which are subject to a lower advance rate than loans based on non-broadly syndicated loans. Additionally, the Amended Senior Secured Credit Facility provides that the financing commitment will be temporarily decreased immediately upon the occurrence of any permitted securitization.

The aggregate lender commitments under the Amended Senior Secured Credit Facility increased by $100.0 million on March 1, 2026 and, upon completion of any permitted securitization, will be decreased to $500 million with scheduled increases of $100.0 million on the date that is sixty (60) days after the date of such permitted securitization, $100.0 million on the date that is one hundred fifty (150) days after the date of such permitted securitization, and $100.0 million on the date that is two hundred seventy (270) days after the date of such permitted securitization.

Borrowings under the Amended Senior Secured Credit Facility will either be (i) non-traded asset advances based on borrowing collateral of non-broadly syndicated loans or (ii) traded loan advances based on borrowing collateral of broadly syndicated loans. Non-traded asset advances will bear interest at Term SOFR or a Base Rate, in each case, plus an applicable margin equal to 2.15% for borrowings that reference Term SOFR and 1.15% for borrowings that reference the Base Rate. Traded loan advances bear interest at Term SOFR or a Base Rate, in each case, plus an applicable margin equal to 1.50% for borrowings that reference Term SOFR and 0.50% for borrowings that reference the Base Rate.

The Senior Secured Credit Facility is secured by all of the SPV’s assets. The SPV’s assets and liabilities are not available to satisfy debts and obligations of Jefferies Credit Partners BDC Inc. Assets and liabilities of the SPV as of March 31, 2026 and December 31, 2025 are as follows (in thousands):

		March 31, 2026				December 31, 2025
Assets
Investments at fair value		$	1,296,087			$	1,122,696
Restricted cash			27,324				22,159
Interest receivable			4,921				5,094
Receivable for investments purchased			36,604				-
Deferred financing costs			7,399				6,728
Prepaid expenses and other assets			21				60
Total assets		$	1,372,356			$	1,156,737
Liabilities
Debt		$	765,988			$	599,239
Interest payable			9,227				7,580
Accrued expenses and other liabilities			65				56
Total liabilities		$	775,280			$	606,875

 

Both the SPV and the Company have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Senior Secured Credit Facility.

Revolving Credit Facility

On October 15, 2024, the Company entered into a credit agreement (the “Revolving Credit Facility”), by and among the Company, as borrower, CIBC Bank USA, as the administrative agent, arranger and initial issuing lender, and the financial institutions party thereto, as lenders.

The Revolving Credit Facility provides for borrowings in U.S. dollars in an initial aggregate amount of up to $125 million. On October 10, 2025, the stated termination date of the Revolving Credit Facility was extended to October 10, 2026, which may be extended for an additional period of up to one year subject to the consent of the administrative agent and extending lenders.

 

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Borrowings under the Revolving Credit Facility bear interest at either term 1-Month SOFR plus 2.25% or the Prime Rate (as defined in the Revolving Credit Facility agreement) plus 1.70%. The Company will also pay a non-use fee of 0.50% on the average daily unused amount of the commitments under the Revolving Credit Facility.

The Company’s obligations under the Revolving Credit Facility are secured by the Company’s right to call capital from certain of its investors, its right to receive capital contributions from certain of its investors, the bank account into which such capital contributions are funded and all proceeds of any and all of the foregoing.

The Company made certain representations and warranties and must comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of the Revolving Credit Facility.

Debt Securitizations

On March 20, 2025 (the “Closing Date”), Jefferies Credit Partners BDC CLO I Ltd. (the “Issuer”), an indirect, wholly owned, consolidated subsidiary of the Company, completed a $403.2 million term debt securitization (the “2025 Debt Securitization”), consisting of three tranches of secured notes and subordinated notes.

The notes offered in the 2025 Debt Securitization consist of $232.0 million of AAA Class A Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.55% (the “Class A Notes”), $40.0 million of AA Class B Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.80% (the “Class B Notes”) and $32.0 million of A Class C Secured Deferrable Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 2.25% (the “Class C Notes”, and together with the Class A Notes and the Class B Notes, the “2025 CLO Secured Notes”). Additionally, on the Closing Date, the Issuer issued $99.2 million of Subordinated Notes due 2037 (the “2025 Subordinated Notes”), which do not bear interest. The 2025 CLO Secured Notes together with the 2025 CLO Subordinated Notes are collectively referred to as the “2025 CLO Notes.” The 2025 CLO Notes offered in the 2025 Debt Securitization are backed by a diversified portfolio of loans. On the Closing Date, the Company acquired the Class C Notes and the 2025 Subordinated Notes. The 2025 CLO Notes are scheduled to mature on April 25, 2037.

The following table presents information on the 2025 Debt Securitization:

		March 31, 2026
		Principal Outstanding				Type		Interest Rate		Credit Rating
Class A Notes		$	232,000			Senior Secured Floating Rate		S + 1.55%		AAA
Class B Notes			40,000			Senior Secured Floating Rate		S + 1.80%		AA
Class C Notes (1)			32,000			Secured Deferrable Floating Rate		S + 2.25%		A
Total Secured Notes		$	304,000
Subordinated Notes (1)			99,200					None		Not rated
Total Notes		$	403,200

(1)

The Company retained all of the 2025 Class C Notes and 2025 Subordinated Notes issued in the 2025 Debt Securitization which are eliminated in consolidation.

The 2025 CLO Secured Notes are secured by all of the CLO’s assets. The CLO’s assets and liabilities are not available to satisfy debts and obligations of Jefferies Credit Partners BDC Inc. Assets and liabilities of the CLO as of March 31, 2026 and December 31, 2025 are as follows (in thousands):

		March 31, 2026				December 31, 2025
Assets
Investments at fair value		$	397,274			$	397,674
Restricted cash			8,689				9,322
Interest receivable			1,686				1,729
Deferred financing costs			193				—
Prepaid expenses and other assets			35				35
Total assets		$	407,877			$	408,760
Liabilities
Debt, net of debt issuance costs of $1,928 and $2,090, at March 31, 2026 and December 31, 2025, respectively (1)		$	270,072			$	269,910
Interest payable			2,581				2,715
Accrued expenses and other liabilities			392				171
Total liabilities		$	273,045			$	272,796

(1)

Excludes the 2025 Class C Notes and 2025 Subordinated Notes which are eliminated in consolidation.

 

As part of the CLO transaction, the SPV sold and transferred certain loans to the Issuer for the purchase price set forth in a loan sale agreement. Such loans constituted the initial portfolio of assets securing the 2025 CLO Secured Notes. In connection with such sale and transfer, the SPV made customary representations, warranties and covenants to the Issuer.

The Investment Adviser serves as portfolio manager for the Issuer under a portfolio management agreement and has agreed to irrevocably waive all fees payable to it so long as it is the portfolio manager under the portfolio management agreement.

 

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Note 7. Net Assets

The Company is authorized to issue 600,000,000 shares of Class I common stock, par value $0.001 per share, 200,000,000 shares of Class S common stock, par value $0.001 per share, 200,000,000 shares of Class D common stock, par value $0.001 per share, and 100,000,000 shares of preferred stock, par value $0.001 per share.

Shares of our common stock will be issued by us on a continuous basis at a price per share generally equal to our next calculated NAV per share.

The following tables summarize the total shares issued and proceeds received for the three months ended March 31, 2026 and 2025 (in thousands, except share amounts):

		Three months ended March 31, 2026
		Shares				Amount
Class I:
Proceeds from shares sold			9,805,624			$	140,977
Distributions reinvested			219,587				3,167
Share repurchases, net of early repurchase deduction			(219,733	)			(3,204	)
Total			9,805,478			$	140,940
Class S:
Proceeds from shares sold			6,095			$	88
Distributions reinvested			—				—
Share repurchases, net of early repurchase deduction			—				—
Total			6,095			$	88

 

		Three months ended March 31, 2025
		Shares				Amount
Class I:
Proceeds from shares sold			2,531,743			$	36,893
Distributions reinvested			61,643				910
Share repurchases, net of early repurchase deduction			—				—
Total			2,593,386			$	37,803

 

There were no Class D shares outstanding for the three months ended March 31, 2026. There were no Class S or Class D shares outstanding for the three months ended March 31, 2025.

Net Asset Value per Share and Offering Price

The Company determines NAV for its common shares as of the last day of each calendar month. Shares are issued at an offering price equivalent to the most recent NAV per share available, which will be the prior calendar day NAV per share. The following tables summarize each month-end NAV per share during the three months ended March 31, 2026 and 2025:

		NAV Per Share (1)
For the Month Ended		Class I				Class S				Class D
January 31, 2026		$	14.42			$	—			$	—
February 28, 2026		$	14.44			$	—			$	—
March 31, 2026		$	14.38			$	14.38			$	—

 

		NAV Per Share (1)
For the Month Ended		Class I				Class S				Class D
January 31, 2025		$	14.58			$	—			$	—
February 28, 2025		$	14.57			$	—			$	—
March 31, 2025		$	14.55			$	—			$	—

 

There were no Class D shares outstanding for the three months ended March 31, 2026. There were no Class S or Class D shares outstanding for the three months ended March 31, 2025.

 

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Distributions

The Board authorizes and declares distribution amounts per share. The following tables present distributions that were declared during the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):

 

						Class I								Class S
Declaration Date		Record Date		Payment Date		Per Share				Amount				Per Share (1)				Amount
January 29, 2026		January 30, 2026		February 17, 2026		$	0.1250			$	6,002			$	—			$	—
February 27, 2026		February 27, 2026		March 16, 2026			0.1117				5,429				—				—
March 26, 2026		March 26, 2026		April 16, 2026			0.1224				6,049				0.1120				1
						$	0.3591			$	17,480			$	0.1120			$	1

(1)

Class S distribution per share amounts are presented net of shareholder servicing and/or distribution fees.

 

						Class I								Class S
Declaration Date		Record Date		Payment Date		Per Share				Amount				Per Share				Amount
January 30, 2025		January 31, 2025		February 14, 2025		$	0.1314			$	3,275			$	—			$	—
February 26, 2025		February 28, 2025		March 17, 2025			0.1263				3,209				—				—
March 27, 2025		March 27, 2025		April 15, 2025			0.1288				3,434				—				—
						$	0.3865			$	9,918			$	—			$	—

 

There were no Class D shares outstanding for the three months ended March 31, 2026. There were no Class S or Class D shares outstanding for the three months ended March 31, 2025.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends or other distributions authorized by the Board of Directors and declared by the Company on behalf of stockholders who affirmatively elect to reinvest their dividends or other distributions in our common stock (with 100% and 50% election options). As a result, if the Board of Directors authorizes, and we declare, a cash dividend or other distribution, then stockholders who have opted to participate in our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. Of the total distributions paid during the three months ended March 31, 2026, $3.2 million was reinvested by stockholders. Of the total distributions paid during the three months ended March 31, 2025, $0.9 million was reinvested by stockholders.

Share Repurchase Program

At the discretion of our Board of Directors, the Company has commenced a share repurchase program in which it intends to repurchase the Company’s common shares in an amount up to 5% of the Company’s NAV, calculated as of the prior calendar quarter. The Board of Directors may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board of Directors suspend the share repurchase program, the Board of Directors will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends 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 by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers promptly after the tender offer window terminates using a purchase price equal to the NAV per share as of the valuation date in the tender offer, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

If a repurchase offer is oversubscribed by shareholders who tender common shares, the Company will repurchase a pro rata portion of the common shares tendered by each shareholder based on the aggregate net asset value of the tendered shares by each shareholder.

During the three months ended March 31, 2026, the Company repurchased 219,733 Class I common shares for an aggregate of $3.2 million. There were no share repurchases during the three months ended March 31, 2025.

 

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Note 8. Net Increase in Net Assets Per Share

The following sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):

		Three months ended March 31,
		2026				2025
Class I Shares:
Net increase in net assets resulting from operations		$	15,132			$	8,739
Weighted average common stock outstanding			49,039,634				25,631,994
Net increase in net assets per share resulting from operations - basic and diluted		$	0.31			$	0.34
Class S Shares:
Net increase in net assets resulting from operations (1)		$	—			$	—
Weighted average common stock outstanding (2)			5,899				—
Net increase in net assets per share resulting from operations - basic and diluted		$	0.05			$	—

(1)

Net increase in net assets attributable to Class S common stockholders was less than $0.1 million for the three months ended March 31, 2026.

(2)

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

Diluted net increase in net assets per share resulting from operations is equal to basic net increase in net assets per share resulting from operations because there were no common stock equivalents outstanding during the period presented.

Note 9. Commitments and 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 Company has commitments to fund various revolving and first lien senior secured delayed draw term loans. As of March 31, 2026 and December 31, 2025, the total unfunded commitments were $377.9 million and $383.8 million, respectively.

The Company has entered into an equity commitment letter with the SPV, in connection with the Company’s Senior Secured Credit Facility. See Note 6 to the consolidated financial statements for additional information.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2026, management is not aware of any pending or threatened material litigation.

 

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Note 10. Financial Highlights

The following are the financial highlights for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):

		Three months ended March 31, 2026
		Class I				Class S (8)
Per Share Data:
Net asset value at beginning of period		$	14.43			$	—
Initial issuance of Class S shares (8)			—				14.44
Results of operations:
Net investment income (1)			0.36				0.11
Net realized gains (losses) and unrealized appreciation (depreciation) (2)			(0.05	)			(0.06	)
Net increase (decrease) in net assets resulting from operations			0.31				0.05
Distributions declared (3)
Distributions from net investment income			(0.36	)			(0.11	)
Net (decrease) in net assets resulting from distributions			(0.36	)			(0.11	)
Net asset value at end of period		$	14.38			$	14.38
Total return based on net asset value (4)			2.2	%			0.4	%
Shares outstanding, end of period			56,729,573				6,095
Weighted average shares outstanding			49,039,634				5,899
Ratio/Supplemental Data:
Net assets at end of period		$	815,591			$	88
Annualized ratio of net expenses to average net assets (5)			11.0	%			12.1	%
Annualized ratio of net expenses before voluntary waivers to average net assets (5)(6)			11.7	%			13.4	%
Annualized ratio of net investment income to average net assets (5)			9.8	%			9.0	%
Portfolio turnover rate (7)			1.4	%			1.4	%
Asset coverage ratio, end of period			178.6	%			178.6	%
Capital Commitments Data:
Capital commitments, end of period		$	1,129,053			$	88,000
Funded capital commitments, end of period		$	816,823			$	88,000
% of capital commitments funded			72.3	%			100.0	%

 

 

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		Three months ended March 31, 2025
		Class I				Class S
Per Share Data:
Net asset value at beginning of period		$	14.60			$	—
Results of operations:
Net investment income (1)			0.39				—
Net realized gains (losses) and unrealized appreciation (depreciation) (2)			(0.05	)			—
Net increase (decrease) in net assets resulting from operations			0.34				—
Distributions declared (3)
Distributions from net investment income			(0.39	)			—
Net (decrease) in net assets resulting from distributions			(0.39	)			-
Net asset value at end of period		$	14.55			$	-
Total return based on net asset value (4)			2.4	%			0.0	%
Shares outstanding, end of period			27,006,545				—
Weighted average shares outstanding			25,631,994				—
Ratio/Supplemental Data:
Net assets at end of period		$	393,005			$	—
Annualized ratio of net expenses to average net assets (5)			12.0	%			0.0	%
Annualized ratio of net expenses before voluntary waivers to average net assets (5)(6)			13.1	%			0.0	%
Annualized ratio of net investment income to average net assets (5)			10.4	%			0.0	%
Portfolio turnover rate (7)			2.8	%			0.0	%
Asset coverage ratio, end of period			180.9	%			0.0	%
Capital Commitments Data:
Capital commitments, end of period		$	834,106			$	—
Funded capital commitments, end of period		$	391,862			$	—
% of capital commitments funded			47.0	%			0.0	%

(1)

The per share data was derived by using the weighted average shares outstanding during the period.

(2)

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

(3)

The per share data for distributions was derived using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).

(4)

Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)

Net expenses include interest expense and all other company operating expenses. Amounts are annualized with the exception of certain non-recurring income and expenses. Operating expenses may vary in the future based on the amount of capital raised and other unpredictable variables.

(6)

Voluntary waivers include expense support, management fees and incentive fees.

(7)

The turnover rate is derived by dividing the lesser of Cash paid for purchases of new investments or proceeds received for investments fully repaid during the period by the average fair value of investments during the period.

(8)

The date of the first sale of Class S shares was March 2, 2026.

 

There were no Class D shares outstanding for the three months ended March 31, 2026. There were no Class S or Class D shares outstanding for the three months ended March 31, 2025.

Note 11. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation by investing primarily in senior secured loans to U.S. companies in the upper middle market. The CODM uses our consolidated net investment income and net increase (decrease) in net assets resulting from operations as reported in the Consolidated Statements of Operations to assess the Company’s performance. Net Investment Income is comprised of consolidated total investment income and consolidated total net operating expenses, which are considered the key segment measures of profit or loss received by the CODM. In addition to other factors and metrics, the CODM utilizes net investment income as a key metric in determining distributions to be paid to the Company’s stockholders. As the Company’s operations comprise 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.

Note 12. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in the consolidated financial statements other than those disclosed below.

April and May 2026 Subscriptions

 

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The Company received $21.2 million ($13.1 million of which was received prior to March 31, 2026 and is recorded in Subscriptions received in advance in our Consolidated Statements of Assets and Liabilities) of proceeds relating to the issuance of Class I common stock for subscriptions effective April 1, 2026 and May 1, 2026.

2026 Debt Securitization

On April 2, 2026 (the “April Closing Date”), Jefferies Credit Partners BDC CLO II Ltd. (the “Issuer”), an indirect, wholly owned, consolidated subsidiary of the Company, completed a $404.3 million term debt securitization (the “2026 Debt Securitization”), consisting of three tranches of secured notes and subordinated notes.

The notes offered in the 2026 Debt Securitization consist of $232.0 million of AAA Class A-1 Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.50% (the “2026 Class A-1 Notes”), $16.0 million of AAA Class A-2 Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.80% (the “2026 Class A-2 Notes”) and $15.0 million of AA Class B Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.90% (the “2026 Class B Notes”, and together with the Class A-1 Notes and the Class A-2 Notes, the “2026 CLO Secured Notes”). Additionally, on the April Closing Date, the Issuer issued $141.3 million of Subordinated Notes due 2038 (the “2026 Subordinated Notes”), which do not bear interest. The 2026 CLO Secured Notes together with the 2026 CLO Subordinated Notes are collectively referred to as the “2026 CLO Notes.” The 2026 CLO Notes offered in the 2026 Debt Securitization are backed by a diversified portfolio of loans. On the April Closing Date, the Company acquired the 2026 Subordinated Notes. The Company received net proceeds of $256.7 million from the 2026 CLO Notes were used in combination with cash on hand to repay $275.7 million of outstanding principal on the Senior Secured Credit Facility.

Under the terms of a master loan sale agreement and a loan sale agreement, in each case, entered into upon the April Closing Date (collectively, the “Loan Sale Agreements”), which provide for the sale of assets on the April Closing Date as well as future sales from the Company or the SPV to the Issuer, the SPV sold and/or contributed to the Issuer all of its ownership interest in a portfolio of loans and participations for the purchase price and other consideration set forth in the applicable Loan Sale Agreement. On and after the April Closing Date, additional loans may be sold by the Company or the SPV to the Issuer in accordance with the applicable Loan Sale Agreement. Following these transfers, the Issuer, and not the Company or the SPV, holds all of the ownership interests in such portfolio company investments and participations. The Company and/or the SPV made customary representations, warranties and covenants in the Loan Sale Agreements.

Amendment to Senior Secured Credit Facility

On April 16, 2026, the SPV entered into an amendment to the Amended Senior Secured Credit Facility that changed the terms for the permitted securitization that occurred on April 2, 2026 (the “April 2026 Permitted Securitization”). The amendment amended (i) the first financing commitment scheduled increase date to be April 16, 2026, (ii) the second financing commitment scheduled increase date to be one hundred fifty (150) days after the April 2026 Permitted Securitization and (iii) the third financing commitment scheduled increase date to be two hundred seventy (270) days after the April 2026 Permitted Securitization.

Share Repurchase Program

On April 1, 2026, the Company commenced a tender offer to purchase common shares in an amount up to 5.0% of the Company’s NAV as of December 31, 2025 tendered by shareholders by 11:59 p.m., Eastern Time, on April 29, 2026 and not withdrawn. On or about May 6, 2026, the Company repurchased 1,820,427 Class I common shares for an aggregate of $26.1 million pursuant to the terms of the tender offer, which represents 3.87% of the net asset value as of December 31, 2025.

April 2026 Distributions

On April 24, 2026 the Company’s Board of Directors declared a distribution of $0.1192 per Class I share and $0.1088 per Class S share, which is payable on May 18, 2026 to shareholders of record as of the close of business on April 30, 2026.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” This discussion contains forward-looking statements, which relate to future events, our future performance or financial condition and involves numerous risks, uncertainties and other factors outside of our control including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and elsewhere in this report. Actual results could differ materially from those implied or expressed in any forward-looking statements.

This report contains forward-looking statements that involve substantial risks and uncertainties, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Statements that contain these words should be read carefully because they discuss Jefferies Credit Partners BDC Inc. (the “Company,” “we,” “our,” or “us”) 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. The 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, debt investments in our portfolio companies (the “Portfolio Companies”), each of which is a borrower or with which we have some other form of investment.

The following factors are among those that may cause actual results to differ materially from our forward-looking statements in this report:

•

changes in economic, industry, or political conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation;

•

our future operating results;

•

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 prospective Portfolio Companies to achieve their objectives;

•

any bankruptcy, insolvency or restructuring of a Portfolio Company;

•

the relative and absolute performance of Jefferies Credit Management LLC (the “Investment Adviser”);

•

our actual and future financings and investments;

•

our use of financial leverage;

•

the potential need for liquidity in the portfolio;

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

the timing and amount of cash flows, distributions and dividends, if any, from investments in our Portfolio Companies;

•

changes in interest rates, including the Secured Overnight Financing Rate (“SOFR”);

•

changes to the fair value of our investments;

•

the impact of future acquisitions and divestitures at the Portfolio Companies in which we invest;

•

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

•

the tax status of the enterprises in which we may invest;

•

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

•

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 equity and capital markets;

•

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

 

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•

impact of terrorism and armed conflicts around the world on the global economy (including the war in Ukraine and Russia and conflict in the Middle East).

Overview

We are a private, perpetually offered, externally managed, non-diversified, closed-end management investment company, which has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We are externally managed by the Investment Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Investment Adviser is registered as an investment adviser with the Securities and Exchange Commission (“SEC”). We have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

We have entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Investment Adviser, under which we have agreed to pay the Investment Adviser a management fee as well as an incentive fee based on our investment performance. We have entered into an administration agreement (the “Administration Agreement”) with Alter Domus (US) LLC (the “Administrator”), under which we pay the Administrator fees for its services in addition to reimbursing the Administrator for all reasonable expenses.

Our investment objective is to generate both current income and capital appreciation by investing primarily in senior secured loans to U.S. companies in the upper middle market. We generally use the term “upper middle market” to refer to large companies with annual earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,” greater than $75 million. However, we may from time to time invest in smaller companies. We focus on companies backed by private equity sponsors and our capital is typically used by companies to support business growth, acquisitions, leveraged buyouts, refinancing or recapitalizations, and other related activity.

Investments

We focus primarily on senior secured first lien loans of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the expected return on new investments, the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make.

Revenues

We primarily generate revenues in the form of interest income from the debt securities we hold. We may also generate revenue from dividends and capital appreciation on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. The debt we invest in will typically not be rated by any rating agency, but if it were, it is likely that such debt would be below investment grade. In addition, we may also generate revenue in the form of commitment, loan origination, structuring or diligence fees. Certain of these fees may be capitalized and amortized as additional interest income over the life of the related loan.

Expenses

Our primary operating expenses include the payment of the management fee and the incentive fee (each of which is described below) to our Investment Adviser, legal and professional fees, interest, fees and other expenses of financings and other operating and overhead related expenses. The management fee and incentive fees compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses relating to our operations and transactions, including:

(i)		our operational, offering and organizational expenses, subject to the preceding paragraph;
(ii)		fees and expenses, including travel expenses (up to an amount equal to the first-class air travel equivalent), incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including, without limitation, 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;
(iii)		interest, fees and other expenses payable on financings, if any, incurred by us;
(iv)		fees and expenses incurred by us in connection with membership in investment company organizations;
(v)		commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees), but shall not include any placement or similar fees incurred in connection with the sale of shares of our common stock;
(vi)		fees and expenses associated with calculating our net asset value (“NAV”), including the costs and expenses of independent valuation firms (the “Independent Valuation Adviser”);
(vii)		legal, auditing or accounting expenses;
(viii)		taxes or governmental fees;
(ix)		the fees and expenses of our Administrator, transfer agent and/or sub-transfer agent;

 

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(x)		the cost of preparing stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of the shares;
(xi)		the expenses of, and fees for, registering or qualifying common stock for sale, and maintaining our registration;
(xii)		the fees and expenses of our independent directors;
(xiii)		the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our organizational documents insofar as they govern agreements with any such custodian;
(xiv)		the cost of preparing and distributing reports, proxy statements, tender offer documents, and notices to holders of our equity interests, the SEC and other regulatory authorities;
(xv)		insurance premiums and fidelity bond costs;
(xvi)		costs of holding stockholder meetings;
(xvii)		listing fees, if any;
(xviii)		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;
(xix)		expenses incurred by the Investment Adviser payable to third parties, including agents, consultants, attorneys or other advisors, relating to or associated with monitoring our financial and legal affairs, providing administrative services, monitoring or administering investments;
(xx)		expenses relating to the issue, repurchase and transfer of shares of common stock to the extent not borne by the relevant transferring stockholder and/or assignees;
(xxi)		costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to us, including in each case services with respect to the proposed purchase or sale of securities by us that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated, including broken deal fees);
(xxii)		costs of amending, restating or modifying our charter, our amended and restated bylaws, the Investment Advisory Agreement or related documents of us or related entities;
(xxiii)		fees, costs, and expenses incurred in connection with the termination, liquidation or dissolution of us or related entities; and
(xxiv)		all other properly and reasonably chargeable expenses incurred by us or the Investment Adviser in connection with administering our business.

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

From time to time, our Investment Adviser, our Administrator, or their affiliates may pay third-party providers of goods or services. We will reimburse the Investment Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf.

Expense Support and Conditional Reimbursement Agreement

We have entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Investment Adviser. For additional information see Note 3 of the consolidated financial statements.

 

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Portfolio and Investment Activity

Our portfolio and investment activity during the three months ended March 31, 2026 and 2025 is presented below (information at amortized cost unless otherwise indicated) (dollars in thousands):

		Three months ended March 31,
		2026				2025
Total investments, beginning of period		$	1,576,277			$	773,069
New investments purchased			234,080				129,957
Net accretion of discount on investments			797				570
Payment-in-kind interest and fees capitalized			1,166				403
Net realized gain (loss) on investments			199				435
Investments repaid			(28,532	)			(26,453	)
Total investments, end of period		$	1,783,987			$	877,981
Portfolio Companies at beginning of period			96				50
Number of new Portfolio Companies			8				10
Number of exited Portfolio Companies			(1	)			(2	)
Portfolio Companies at end of period			103				58

Our portfolio composition and weighted average yields as of March 31, 2026 and December 31, 2025 was as follows (dollars in millions):

		March 31, 2026				December 31, 2025
Weighted average yield on debt investments, at amortized cost (1)			9.0	%			9.1	%
Weighted average yield on debt investments, at fair value (1)			9.1	%			9.1	%
Weighted average EBITDA (2)		$	233			$	226
Weighted average loan-to-value (“LTV”) (3)			40	%			39	%
Percentage of first lien secured debt portfolio investments, at fair value			99.7	%			99.7	%
Percentage of debt investments bearing a floating rate, at fair value			100.0	%			99.9	%

(1)

Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or amortized cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2)

Includes all private debt investments for which fair value is determined by the Investment Adviser. Figures are derived from the financial statements most recently obtained by the Investment Adviser. Weighted average EBITDA is weighted based on the fair value of our total applicable private debt investments.

(3)

Includes all private debt investments for which fair value is determined by the Investment Adviser. Figures are derived from the financial statements most recently obtained by the Investment Adviser. LTV is calculated as first lien net debt divided by estimated enterprise value. Weighted average LTV is based on the fair value of the total applicable private debt investments.

As of March 31, 2026 and December 31, 2025, there were no investments on non-accrual status.

Critical Accounting Estimates

Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements.

Our critical accounting estimates should be read in conjunction with our risk factors described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 and as described in Note 2 of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

Fair Value Measurements

We apply Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 820, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

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

 

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higher degree of market price observability and a lesser degree of judgment applied in determining fair value. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities.

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

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 type of financial instruments in this category includes 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.

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

The Company’s board of directors (the “Board of Directors” or the “Board”) has designated the Investment Adviser as its “Valuation Designee” pursuant to Rule 2a-5 under the Investment Company Act, and in that role, the Investment Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Company’s Board of Directors. Even though the Company’s Board of Directors designated the Company’s Investment Adviser as “Valuation Designee,” the Company’s Board of Directors continues to be responsible for overseeing the processes for determining fair valuation.

The majority of our investments are expected to fall within Level 3 of the fair value hierarchy. We do not expect that there will be readily available market values for most of the investments which will be in our portfolio, and we will value such investments at fair value as determined in good faith by the Valuation Designee under the direction of the Board of Directors using a documented valuation policy, described below, and a consistently applied valuation process. The factors that may be taken into account in pricing the investments at fair value include, as relevant, the nature and realizable value of any collateral, the Portfolio Company’s ability to make payments and its earnings and discounted cash flow, and the markets in which the Portfolio Company does business, comparison to publicly traded securities and other relevant factors. Available current market data are considered such as applicable market yields and multiples of publicly traded securities, comparison of financial ratios of peer companies, and changes in the interest rate environment and the credit markets that may affect the price at which similar investments would trade in their principal market, and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event to corroborate or revise its valuation.

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 adopted by our Board of Directors contemplate a multi-step valuation process each quarter, as described below:

(1)

Our quarterly valuation process begins with each Portfolio Company or investment being initially valued by the investment professionals of our Investment Adviser, the Valuation Designee, responsible for the Portfolio Company or investment;

(2)

We engage independent valuation firms (the “Independent Valuation Adviser”) 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 Adviser independently values such investments using quantitative and qualitative information provided by the investment professionals of our Investment Adviser as well as any market quotations obtained from independent pricing services, brokers, dealers or market dealers. The Independent Valuation Adviser also provides analyses to support their valuation methodology and calculations. The Independent Valuation Adviser provides an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Adviser defines fair value in accordance with ASC 820 and utilizes valuation techniques including the market approach, the income approach or both;

(3)

The Independent Valuation Adviser’s preliminary valuations are reviewed by our Investment Adviser, in its capacity as the Valuation Designee. The Independent Valuation Adviser’s ranges are compared to our Investment Adviser’s valuations to ensure our Investment Adviser’s valuations are reasonable;

(4)

The Valuation Designee determines the valuations of our investments in good faith, within the meaning of the Investment Company Act, based on the input of the Independent Valuation Adviser, and provides the valuation determinations to the Audit Committee of the Board of Directors;

(5)

The Audit Committee of our Board of Directors reviews valuation information provided by the Valuation Designee and the Independent Valuation Adviser. The Audit Committee then will discuss such valuation determinations; and

(6)

Our Board of Directors further discusses the valuation determinations of the Valuation Designee, based on the input of the Independent Valuation Adviser.

We do not intend to issue common stock at a purchase price below the then-current NAV per share, except as permitted by Section 23 under the Investment Company Act.

 

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When our NAV is determined other than on a quarter-end (such as in connection with issuances of common stock on dates occurring mid-quarter), it is determined by our Investment Adviser, acting under delegated authority from, and subject to the supervision of, our Board of Directors and in accordance with procedures adopted by our Board of Directors.

Rule 2a-5 under the Investment Company Act was recently adopted by the SEC and establishes requirements for appointing a “valuation designee” and determining fair value in good faith for purposes of the Investment Company Act. Our valuation procedures comply with the new rule’s requirements.

Results of Operations

Operating results for the three months ended March 31, 2026 and 2025 was as follows (in thousands):

		Three months ended March 31,
		2026				2025
Total investment income		$	37,880			$	21,083
Net expenses			20,408				11,118
Net investment income			17,472				9,965
Net realized gain (loss)			199				435
Net change in unrealized appreciation (depreciation)			(2,539	)			(1,661	)
Net increase in net assets resulting from operations		$	15,132			$	8,739

Net increase in net assets resulting 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 on the investment portfolio. As a result, comparisons of net increase in net assets resulting from operations may not be meaningful.

Investment Income

Investment income, was as follows (in thousands):

		Three months ended March 31,
		2026				2025
Interest income		$	36,003			$	19,964
Payment-in-kind interest income			1,181				454
Other income			696				665
Total investment income		$	37,880			$	21,083

For the three months ended March 31, 2026 and 2025, total investment income was $37.9 million and $21.1 million, respectively, all primarily driven by our deployment of capital and the increased balance of our investments. The size of our investment portfolio at fair value increased to $1.8 billion at March 31, 2026 from $881.6 million at March 31, 2025.

Expenses

Expenses were as follows (in thousands):

		Three months ended March 31,
		2026				2025
Interest and other financing expenses		$	15,245			$	8,752
Management fees			2,308				1,158
Income-based incentive fees			2,346				1,208
Reimbursable expenses to Adviser			511				—
Other general and administrative expenses			1,561				1,508
Total expenses before fee waiver and expense support			21,971				12,626
Expense support			(1,563	)			(1,508	)
Net expenses		$	20,408			$	11,118

For the three months ended March 31, 2026 and 2025, net expenses were $20.4 million and $11.1 million, respectively, all primarily attributable to interest and other financing expenses, partially offset by expense support reimbursement from our Investment Adviser.

 

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Interest and other financing expenses

For the three months ended March 31, 2026 and 2025, total interest expense (including unused fees and amortization of deferred financing and debt issuance costs) of $15.2 million and $8.8 million, respectively was driven by $1.0 billion and $493.2 million, respectively, of average debt outstanding.

Management fees

For the three months ended March 31, 2026 and 2025, management fees were $2.3 million and $1.2 million, respectively. Management fees are incurred at annual rate of 1.25% of the average value of our net assets at the end of the most recently completed calendar quarter.

Incentive fees

For the three months ended March 31, 2026 and 2025, total incentive fees were $2.3 million and $1.2 million, respectively.

Reimbursable expenses to Adviser

During the three months ended March 31, 2026, the Company recorded an obligation to make a Reimbursement Payment of $0.5 million under the Expense Support and Conditional Reimbursement Agreement. During the three months ended March 31, 2025, no such obligation existed.

Expense support

For the three months ended March 31, 2026 and 2025, the Company received $1.6 million and $1.5 million, respectively, in expense support from the Investment Adviser. Such expenses may be subject to reimbursement from the Company in the future.

Net Realized Gain (Loss)

For the three months ended March 31, 2026, we had $0.2 million of realized gains (losses) on investments. For the three months ended March 31, 2025, we had $0.4 million of realized gains (losses) on investments.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation (depreciation) was comprised of the following (in thousands):

		Three months ended March 31,
		2026				2025
Non-controlled/non-affiliated investments
Net unrealized appreciation (depreciation)		$	(2,539	)		$	(1,661	)

For the three months ended March 31, 2026 and 2025, we recognized gross unrealized appreciation on investments of $1.7 million and $1.0 million, respectively, and gross unrealized depreciation on investments of $4.2 million and $2.7 million, respectively, resulting in net change in unrealized appreciation (depreciation) of $(2.5) million and $(1.7) million, respectively on investments.

Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through our continuous offering of common stock and debt offerings, our credit facilities (as discussed in Note 6 to the consolidated financial statements), as well as from cash flows from operations, investment sales of liquid assets and receipt of investment principal and interest.

As of March 31, 2026, we had one Senior Secured Credit Facility outstanding with a maximum available amount of $800 million and a Revolving Credit Facility with a maximum available amount of $125 million. We may enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations and unsecured debt. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the Investment Company Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness is at least 150%.

We believe that our current cash and cash equivalents on hand, our available borrowing capacity under our credit facilities, and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the next 12 months.

Cash Equivalents

Cash equivalents include highly liquid investments, including money market funds, not held for resale with original maturities of three months or less.

Restricted Cash

Restricted cash includes the amount of principal and interest collections received as well as amounts in reserve as collateral held for the Senior Secured Credit Facility that are all held at JCP BDC SPV I LLC and the amount of principal and interest collections received as well as amounts in reserve held at Jefferies Credit Partners BDC CLO I Ltd.

 

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Debt

As of March 31, 2026, we had an aggregate principal amount of $1.0 billion of debt outstanding. The Senior Secured Credit Facility matures on December 7, 2029, unless there is an earlier termination or an acceleration following an event of default. Availability under the Revolving Credit Facility will terminate on the earlier of October 10, 2026, which may be extended for an additional period of up to one year subject to the consent of the administrative agent and extending lenders, and the date of termination of the revolving commitments thereunder. The 2025 CLO Notes (as defined in Note 6 to the consolidated financial statements) are scheduled to mature on April 25, 2037.

 

See Note 6 to the consolidated financial statements for information on the Company’s debt.

Net Assets

See Note 7 to the consolidated financial statements for information on the Company’s common stock and related capital activities.

Distributions

The Board authorizes and declares distribution amounts per share. The following tables present distributions that were declared during the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):

 

						Class I								Class S
Declaration Date		Record Date		Payment Date		Per Share				Amount				Per Share (1)				Amount
January 29, 2026		January 30, 2026		February 17, 2026		$	0.1250			$	6,002			$	—			$	—
February 27, 2026		February 27, 2026		March 16, 2026			0.1117				5,429				—				—
March 26, 2026		March 26, 2026		April 16, 2026			0.1224				6,049				0.1120				1
						$	0.3591			$	17,480			$	0.1120			$	1

 

						Class I								Class S
Declaration Date		Record Date		Payment Date		Per Share				Amount				Per Share				Amount
January 30, 2025		January 31, 2025		February 14, 2025		$	0.1314			$	3,275			$	—			$	—
February 26, 2025		February 28, 2025		March 17, 2025			0.1263				3,209				—				—
March 27, 2025		March 27, 2025		April 15, 2025			0.1288				3,434				—				—
						$	0.3865			$	9,918			$	—			$	—

The Company adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends or other distributions authorized by the Board of Directors and declared by the Company on behalf of stockholders who affirmatively elect to reinvest their dividends or other distributions in our common stock (with 100% and 50% election options). As a result, if the Board of Directors authorizes, and we declare, a cash dividend or other distribution, then stockholders who have elected to participate in our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash dividend or other distribution. Of the total distributions paid during the three months ended March 31, 2026, $3.2 million was reinvested by stockholders. Of the total distributions paid during the three months ended March 31, 2025, $0.9 million was reinvested by stockholders.

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investments.

Share Repurchase Program

At the discretion of our Board of Directors, the Company has commenced a share repurchase program in which it intends to repurchase the Company’s common shares in an amount up to 5% of the Company’s NAV, calculated as of the prior calendar quarter. The Board of Directors may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board of Directors suspend the share repurchase program, the Board of Directors will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends 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 by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers shortly after the tender offer window terminates using a purchase price equal to the NAV per share as of the valuation date in the tender offer, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

 

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If a repurchase offer is oversubscribed by shareholders who tender common shares, the Company will repurchase a pro rata portion of the common shares tendered by each shareholder based on the aggregate net asset value of the tendered shares by each shareholder.

During the three months ended March 31, 2026, the Company repurchased 219,733 Class I common shares for an aggregate of $3.2 million. There were no share repurchases during the three months ended March 31, 2025.

Equity

The Company is authorized to issue 600,000,000 shares of Class I common stock, par value $0.001 per share, 200,000,000 shares of Class S common stock, par value $0.001 per share, 200,000,000 shares of Class D common stock, par value $0.001 per share, and 100,000,000 shares of preferred stock, par value $0.001 per share.

Shares of our common stock will be issued by us on a continuous basis at a price per share generally equal to our next calculated NAV per share.

The following table summarizes the total shares issued and proceeds received for the three months ended March 31, 2026 and 2025 (in thousands, except share amounts):

		Three months ended March 31, 2026
		Shares				Amount
Class I:
Proceeds from shares sold			9,805,624			$	140,977
Distributions reinvested			219,587				3,167
Share repurchases, net of early repurchase deduction			(219,733	)			(3,204	)
Total			9,805,478			$	140,940
Class S:
Proceeds from shares sold			6,095			$	88
Distributions reinvested			—				—
Share repurchases, net of early repurchase deduction			—				—
Total			6,095			$	88

 

		Three months ended March 31, 2025
		Shares				Amount
Class I:
Proceeds from shares sold			2,531,743			$	36,893
Distributions reinvested			61,643				910
Share repurchases, net of early repurchase deduction			—				—
Total			2,593,386			$	37,803

There were no Class D shares outstanding for the three months ended March 31, 2026. There were no Class S or Class D shares outstanding for the three months ended March 31, 2025.

Contractual Obligations

We have entered into the Investment Advisory Agreement with the Investment Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. We have also entered into the Expense Support Agreement with the Investment Adviser to provide us with support with respect to certain expenses and subject to reimbursement. Payments for investment advisory services under the Investment Advisory Agreement and reimbursements under the Administration Agreement and support and reimbursements under the Expense Support Agreement are described in Note 2 and Note 3 to the consolidated financial statements.

We have also entered into an equity commitment letter with our wholly owned, consolidated subsidiary, JCP BDC SPV I LLC, in connection with the Company’s Senior Secured Credit Facility. See Note 6 to the consolidated financial statements for additional information.

Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business 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.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2026, management is not aware of any pending or threatened litigation.

Related-Party Transactions

We entered into a number of business relationships with affiliated or related parties, including the following:

•

Investment Advisory Agreement

 

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•

Expense Support Agreement

•

Co-Investment Exemptive Relief

•

Multi-Class Exemptive Relief

•

Placement Agreement

•

Distribution Agreement

•

Due to/from Investment Adviser

•

Trademark Sub-License Agreement

See Note 3 to the consolidated financial statements for additional information.

Recent Developments

See Note 12 to the consolidated financial statements for a summary of recent developments.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, the conflicts in the Middle East and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility could materially impact our market risks, including those listed below. For additional information concerning potential impact on our business and our operating results, see “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value based on, among other things, the input of our management and audit committee and the independent valuation firm that has been engaged at the direction of our Board of Directors to assist in the valuation of each portfolio investment without a readily available market quotation. The Board of Directors has designated the Investment Adviser as its “Valuation Designee” pursuant to Rule 2a-5 under the Investment Company Act, and in that role, the Investment Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Company’s Board of Directors. Even though the Company’s Board of Directors designated the Company’s Investment Adviser as “Valuation Designee,” the Company’s Board of Directors continues to be responsible for overseeing the processes for determining fair valuation.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized appreciation or depreciation reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” and “—Fair Value Measurements” as well as Notes 2 and 5 to our consolidated financial statements, for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund, and continue to expect to fund, a portion of our investments with borrowings, our net investment income is, and is expected to continue to be, affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be 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, on a fair value basis, 99.9% of our debt portfolio investments bore interest at variable rates and typically have durations of one to six months after which they reset to current market interest rates, and substantially all are subject to certain floors. Our Senior Secured Credit Facility bears interest at a Term SOFR or a Base Rate, in each case plus an applicable margin equal to 2.15% for borrowings that reference Term SOFR and 1.15% for borrowings that reference the Base Rate. Our Revolving Credit Facility bears interest at a Term SOFR or a Base Rate, in each case plus an applicable margin equal to 2.25% for borrowings that reference Term SOFR and 1.70% for borrowings that reference the Base Rate. The 2025 CLO Notes Class A Notes (as defined in Note 6 to the consolidated financial statements) bear interest at the three-month SOFR plus 1.55% and the 2025 CLO Notes Class B Notes (as defined in Note 6 to the consolidated financial statements) bear interest at the three-month SOFR plus 1.80%.

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 that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of March 31, 2026, assuming no changes in our investment and borrowing structure (in thousands):

Basis Point Change		Interest Income				Interest Expense				Net Income
Up 200 basis points		$	35,796			$	(20,800	)		$	14,996
Up 100 basis points			17,898				(10,400	)			7,498
Up 50 basis points			8,949				(5,200	)			3,749
Down 50 basis points			(8,949	)			5,200				(3,749	)
Down 100 basis points			(17,898	)			10,400				(7,498	)
Down 200 basis points			(35,796	)			20,800				(14,996	)

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the Investment Company Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

 

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Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives.

We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

(b) Changes in Internal Controls Over Financial Reporting

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material pending 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.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. There are no material changes to our risk factors, as
disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

The Company’s unregistered sales of equity securities to third party investors for the quarter ended March 31, 2026 were previously disclosed in its Current Reports on Form 8-K.

For the three months ended March 31, 2026, the Company repurchased 219,733 Class I common shares for an aggregate of $3.2 million (net of Early Repurchases Deduction) pursuant to a tender offer that commenced on January 2, 2026, to repurchase up to 5.0% of the Company’s outstanding shares of common stock.

The following table sets forth information regarding repurchases of common shares pursuant to the Company’s share repurchase program for the three months ended March 31, 2026:

Repurchase Deadline Request		Total Number of Shares Repurchased (all classes)				Percentage of Outstanding Shares Repurchased (1)				Price Paid Per Share				Repurchase Pricing Date		Amount Repurchased (all classes) (2)(3)				Maximum Number of Shares that may yet be Purchased under the Repurchase Plan (4)
January 30, 2026			219,733				0.47	%		$	14.43			December 31, 2025		$	3,204				—

(1)

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

(2)

Amount shown net of Early Repurchase Deduction.

(3)

Amount includes direct costs of less than $0.1 million.

(4)

All repurchase requests were satisfied in full.

For additional information on our share repurchases, see “Item 1. Financial Statements—Notes to Consolidated Financial Statements— Note 7. Net Assets.”

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On May 13, 2026, the Board of Directors of the Company approved the following executive officer updates:

•

Ryan Schindele was appointed to replace Daniel Rapino III as Chief Accounting Officer (principal accounting officer) of the Company and will continue to serve as Chief Financial Officer (principal financial officer) of the Company

•

Daniel Rapino III was appointed to replace E. Joseph Hess as Chief Operating Officer (principal operating officer) of the Company

 

E. Joseph Hess will remain with the Adviser in the capacity as a Senior Advisor.

 

Biographical information regarding Mr. Schindele and Mr. Rapino is set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and such information is incorporated by reference herein. Each of Mr. Schindele and Mr. Rapino was not appointed to his respective new role pursuant to any arrangement or understanding with any other person, has no family relationships with any director or executive officer of the Company, and there are no transactions involving Mr. Schindele or Mr. Rapino that would be required to be reported under Item 404(a) of Regulation S-K.

 

Additionally, the foregoing executive updates were not due to any disagreement with the Company, its management, or the Company’s Board of Directors.

 

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Item 6. Exhibits.

 

Exhibit Number		Description
3.1		Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10, filed on August 11, 2023).
3.2		Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to the Company’s Registration Statement on Form 10, filed on October 3, 2023).
3.3		Articles of Amendment (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on May 23, 2025).
3.4		Class S Articles Supplementary (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on May 23, 2025).
3.5		Class D Articles Supplementary (incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K, filed on May 23, 2025).
3.6		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.4 to Amendment No. 1 to the Company’s Registration Statement on Form 10, filed on October 3, 2023).
4.2		Indenture, dated April 2, 2026, by and between Jefferies Credit Partners BDC CLO II LTD. and Jefferies Credit Partners BDC CLO II LLC, as co-issuers and U.S. Bank Trust Company, National Association as trustee.
10.1		Amended and Restated Loan and Security Agreement, dated as of January 13, 2026, by and among JCP BDC SPV I LLC, Jefferies Credit Partners BDC Inc., the lenders parties thereto, JPMorgan Chase Bank, National Association and The Bank of New York Mellon Trust Company, National Association (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on January 20, 2026).
10.2		Master Loan Sale Agreement, dated as of April 2, 2026, among Jefferies Credit Partners BDC Inc. and JCP BDC SPV I LLC as sellers and Jefferies Credit Partners BDC CLO II LTD. as purchaser.
10.3		Sale Agreement, dated as of April 2, 2026, among JCP BDC SPV I LLC as seller and Jefferies Credit Partners BDC CLO II LTD. as purchaser.
31.1		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

 

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SIGNATURES

Pursuant to the requirements 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.

 

		Jefferies Credit Partners BDC Inc.
Date: May 13, 2026		By:	/s/ Jason Kennedy
			Jason Kennedy
			Chief Executive Officer and President
			(Principal Executive Officer)
Date: May 13, 2026		By:	/s/ Ryan Schindele
			Ryan Schindele
			Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

 

 

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