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Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/19/2029 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20272025-12-310001851322ck0001851322:A2030NotesMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Imprivata, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 12/01/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDFTron Systems, Inc. Commitment Type Revolver Commitment Expiration Date 07/15/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 8/29/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.15% Maturity Date 07/20/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 7/25/2029 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-01-012025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:AutomobilesSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/05/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-01-012025-12-3100018513222025-02-052025-02-050001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 2/10/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/8/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20322025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.56% Maturity Date 03/16/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 6/12/20282025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312024-01-012024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2023-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/20322025-12-310001851322ck0001851322:O2025M2AggregateDividendsMember2025-01-012025-12-310001851322ck0001851322:NotesMember2025-12-310001851322ck0001851322:SecondLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.10% Maturity Date 3/31/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 5/13/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Imprivata, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.67% Maturity Date 12/01/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/14/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Commitment Type Revolver Commitment Expiration Date 09/09/20272024-01-012024-12-310001851322us-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery AI Aqua Merger Sub, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.05% Maturity Date 07/31/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.99% Maturity Date 12/18/20252024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate & Spread S + 7.00% PIK Interest Rate 11.29% Maturity Date 7/20/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 2/16/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-12-3100018513222025-03-052025-03-050001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 05/06/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 09/14/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/28/2031 Two2025-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 8.67% Maturity Date 4/9/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/10/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.32% Maturity Date 6/9/2027 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 04/02/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UnfundedDebtSecuritiesFirstLienMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services CoreLogic, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.33% Maturity Date 6/02/20282025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateQuarterlyHurdleRateMember2025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Curia Global, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.44% Maturity Date 8/30/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 12/22/20252024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 2/1/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.10% Maturity Date 9/30/2031 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/01/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/28/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 9/22/2028 One2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/15/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 One2025-12-310001851322us-gaap:SubsequentEventMember2026-02-012026-02-010001851322Investments-non-controlled/non-affiliated Equity Investments IT Services CSC Thrive Holdings, LP (Thrive Networks) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 6/17/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/24/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 12/3/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/16/20292025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/8/2030 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/08/20272024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments IT Services CSC Thrive Holdings, LP (Thrive Networks) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-09-122023-09-120001851322Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 2/24/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Ensemble RCM, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.84% Maturity Date 8/1/20292025-12-3100018513222025-12-032025-12-030001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 1/27/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology eResearchTechnology, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.36% Maturity Date 02/04/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 10/02/20292024-12-310001851322ck0001851322:O2024M8AggregateDividendsMember2024-01-012024-12-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesD2027NotesMember2024-08-050001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/30/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/29/20262025-01-012025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.10% Maturity Date 08/05/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 4/22/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 6/15/20292024-12-310001851322us-gaap:FairValueInputsLevel2Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 8/29/2031 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 2/14/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/14/2028 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/8/2030 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 10/30/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 2/3/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 8/26/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Brown Group Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.56% Maturity Date 7/1/20312025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMemberck0001851322:FederalFundsRateMember2025-01-012025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/10/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/2029 One2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Citrin Cooperman Advisors, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 10/01/2027 One2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.75% (incl. 3.75% PIK) Interest Rate 11.19% Maturity Date 4/5/2029 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Clydesdale Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.18% Interest Rate 7.53% Maturity Date 04/13/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.57% Maturity Date 8/31/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 12/26/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.59% Maturity Date 5/05/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/9/20272025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292025-01-012025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 10/31/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 10.50% Maturity Date 11/17/20312025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2022-06-292022-06-290001851322Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.71% Maturity Date 03/04/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20252024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.59% Maturity Date 03/02/20292024-12-310001851322Investments Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.34% Maturity Date 2/3/2031 One2025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322ck0001851322:NHKeystoneMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2025-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/30/2031 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/20262025-12-310001851322us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/3/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Magenta Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.10% Maturity Date 7/27/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/20322025-01-012025-12-310001851322Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.24% Maturity Date 08/21/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 06/18/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Reorganized Mobileum Acquisition Co, LLC First Lien Debt Reference Rate and Spread S + 6.00% (incl. 5.00% PIK) Interest Rate 10.45% Maturity Date 09/11/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.33% Maturity Date 04/09/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/23/20262024-12-310001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/16/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/31/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 6/4/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 7/25/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery AI Aqua Merger Sub, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.86% Maturity Date 7/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/29/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 6/11/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 1/12/2032 Two2025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:DistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.77% Maturity Date 3/18/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/04/2027 Two2024-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Proofpoint, Inc. First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.36% Maturity Date 08/31/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2025-12-310001851322ck0001851322:NorthHavenKeystoneLLCMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 6/3/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/2029 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/29/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 04/28/20282024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/2/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 5/25/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Endure Digital, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 2/10/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:PlacementAgentAgreementMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/2027 One2024-12-310001851322ck0001851322:LongTermCapitalLossCarryforwardMember2025-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.08% Maturity Date 04/09/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 9/18/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 10/19/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Atlas Us Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/09/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/7/20282025-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-12-310001851322us-gaap:FairValueInputsLevel12And3Member2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 7/30/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20272024-12-310001851322ck0001851322:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-01-012024-12-310001851322ck0001851322:S2025M9AggregateDividendsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/6/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 08/14/2028 Three2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 4/5/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 06/29/2027 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2025-01-012025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 8/10/20262025-01-012025-12-310001851322ck0001851322:O2024M11AggregateDividendsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/28/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.14% Maturity Date 3/2/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/21/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 01/17/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/2/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20252024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272024-12-310001851322us-gaap:RetainedEarningsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 04/22/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/2029 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:AU2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/19/2027 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/15/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302024-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 02/14/2031 Two2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20282024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222024-12-310001851322us-gaap:PrimeRateMember2025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/05/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/30/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-12-310001851322ck0001851322:SlicAcquisitionMember2024-07-142024-07-140001851322Investments-non-controlled/non-affiliated Debt Investments Software Quest Software US Holdings, Inc. First Lien Debt Reference Rate and Spread P + 3.25% Interest Rate 10.75% Maturity Date 02/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/16/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/20322025-12-3100018513222024-06-012024-06-010001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262024-12-310001851322Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-01-012025-12-310001851322ck0001851322:DelayedDrawAndRevolvingSeniorSecuredLoansMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/29/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery TK Elevator US Newco, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.59% Maturity Date 04/30/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 7/16/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/2028 One2024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateAnnualizedCatchUpThresholdMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/2032 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Orion Group Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/29/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20362024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 01/22/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/2031 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 9/10/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/8/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2030 Two2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/10/20302025-12-3100018513222024-08-052024-08-0500018513222024-02-052024-02-050001851322Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 6/29/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/2030 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.72% Maturity Date 11/19/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Truist Insurance Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 5/06/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/28/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Mermaid Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.15% Maturity Date 7/03/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery TK Elevator US Newco, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.95% Maturity Date 4/30/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 4/01/2029 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/10/20272025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292025-01-012025-12-310001851322ck0001851322:S2025M1AggregateDividendsMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/2031 One2025-12-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/26/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 8/8/20312025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.77% Maturity Date 3/18/20272025-12-3100018513222025-12-012025-12-010001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.93% Maturity Date 6/15/20292025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 2/1/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-01-012025-12-310001851322ck0001851322:LifeSciencesToolsServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/2028 Two2025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread C + 5.25% Interest Rate 7.51% Maturity Date 12/28/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/15/2031 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Avalara, Inc. Commitment Type Revolver Commitment Expiration Date 10/19/20282024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/18/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20312025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate & Spread C + 4.75% Interest Rate 7.01% Maturity Date 12/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 11.17% Maturity Date 03/10/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.22% Maturity Date 8/20/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/27/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Mediaocean, LLC First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.96% Maturity Date 12/15/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.98% Maturity Date 02/23/20282024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 5.13% Maturity Date 08/10/20262024-12-310001851322ck0001851322:O2024M9AggregateDividendsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Leisure Products Recess Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.62% Maturity Date 02/20/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.57% Maturity Date 2/19/2030 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 09/29/2031One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 2/02/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 6/29/2027 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 2/27/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 6/30/2028 One2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/22/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/4/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/31/20322025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 8/25/20312024-12-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-12-310001851322us-gaap:RelatedPartyMember2023-01-012023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.49% Maturity Date 8/21/2026 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262024-01-012024-12-310001851322ck0001851322:NotesMemberus-gaap:LongMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/20302025-12-3100018513222024-04-012024-04-010001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/20302025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.25% PIK) Interest Rate 9.67% Maturity Date 11/8/2030 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 6/3/2031 One2025-12-310001851322ck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMember2023-01-012023-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/6/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Maturity Date 12/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 9/09/2032 Two2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2029Member2025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2024-12-3100018513222024-04-042024-04-040001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/26/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20272025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 03/09/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.36% Maturity Date 04/23/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 06/29/20272024-12-310001851322Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 9/22/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/25/20292024-12-310001851322us-gaap:AssetsTotalMemberck0001851322:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 8.11% Maturity Date 08/13/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272024-01-012024-12-310001851322us-gaap:SubsequentEventMember2026-01-012026-01-010001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262024-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:OtherDebtInvestmentsMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 02/19/20262024-12-310001851322us-gaap:AssetsTotalMemberus-gaap:CustomerConcentrationRiskMemberck0001851322:QualifyingAssetsMember2024-01-012024-12-310001851322Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322ck0001851322:October0320256Member2025-10-032025-10-030001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302025-12-310001851322Interest Rate Swaps2024-12-310001851322Investments Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/01/2029 One2024-12-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesD2029NotesMember2024-08-050001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20272025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262025-12-310001851322ck0001851322:InterestRateSwapSeriesC2029NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/20272025-12-310001851322us-gaap:EquitySecuritiesMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/1/20292025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/20322025-12-310001851322ck0001851322:NorthAmericanInsuranceCompanyMember2025-12-310001851322us-gaap:FairValueInputsLevel1Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262025-01-012025-12-3100018513222024-10-032024-10-030001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 6/28/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 9/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/03/2027 Two2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 08/02/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 6/3/20302025-12-310001851322us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302024-12-310001851322ck0001851322:InterestRateSwapSeriesD2029NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.38% Maturity Date 08/18/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 06/17/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 8/04/2027 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312024-01-012024-12-3100018513222025-05-012025-05-010001851322us-gaap:FairValueInputsLevel1Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 11.50% Maturity Date 07/22/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.29% Maturity Date 9/14/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/13/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 11.17% Maturity Date 03/10/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 06/29/2027 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282025-01-012025-12-310001851322ck0001851322:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/22/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 6.50% PIK) Interest Rate 11.33% Maturity Date 5/05/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.22% Maturity Date 9/23/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 2/24/20312025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:AutomobileComponentsSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20262025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Interest Rate 0.00% Maturity Date 03/12/20342025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.50% Interest Rate 11.25% Maturity Date 5/31/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/12/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 7/21/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.55% Maturity Date 12/07/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/02/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 8/26/20322025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 8/01/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 05/02/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/2028 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 7/21/2027 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/15/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/12/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282024-01-012024-12-310001851322ck0001851322:CanadianOvernightRepoRateAverageMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/1/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 09/22/2028 One2024-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Revolver Commitment Expiration Date 06/25/20292024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 05/14/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 09/29/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/17/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.49% Maturity Date 12/20/20282024-12-310001851322ck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 03/01/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/2032 One2025-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2024-01-012024-12-310001851322us-gaap:RetainedEarningsMember2023-01-012023-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 06/30/2031 One2024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Donuts, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.49% Maturity Date 12/29/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/18/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/27/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/05/20262024-01-012024-12-3100018513222025-11-012025-11-010001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 09/22/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.49% Maturity Date 12/3/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/13/20322025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/24/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 9/22/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/1/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 10.20% Maturity Date 10/25/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 08/29/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/8/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/26/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20252024-01-012024-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2024-12-310001851322Investments Diversified Consumer Services Eclipse Topco, Inc. 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Commitment Type Revolver Commitment Expiration Date 06/02/20312024-12-310001851322ck0001851322:EuroInterbankOfferedRateMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/02/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.90% Maturity Date 08/20/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/6/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272024-01-012024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMembersrt:ScenarioForecastMemberus-gaap:SecuredOvernightFinancingRateSofrMember2023-09-122026-09-120001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 6/28/20292025-12-310001851322ck0001851322:O2025M5AggregateDividendsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 2/15/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322us-gaap:SubsequentEventMember2026-01-072026-01-070001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/26/20262025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2024-12-310001851322ck0001851322:InterestRateSwapSeriesC2027NotesMember2023-12-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. 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Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 1/17/20312025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software ECI Macola Max Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 5/9/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Orion Group Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/4/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology MedAssets Software Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.43% Maturity Date 12/17/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/08/2030 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/28/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/25/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/2029 One2025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/02/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread 5.00% Interest Rate 9.33% Maturity Date 6/27/2031 Two2024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/31/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/27/20282025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Reorganized Mobileum Grandparent, LLC Investment Common Equity Acquisition Date 09/12/20242024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 08/15/2031 One2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 1/29/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 6/4/20322025-01-012025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 9/11/20282025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.43% Maturity Date 12/09/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/28/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 9/09/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 08/20/2031 One2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 9/13/2032 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/17/20262024-01-012024-12-310001851322ck0001851322:DelayedDrawAndRevolvingSeniorSecuredLoansMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/23/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/01/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/29/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.72% Maturity Date 11/19/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/16/2029 One2025-12-310001851322ck0001851322:LifeSciencesToolsServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/01/2029 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/8/20272025-01-012025-12-310001851322ck0001851322:S2025M12AggregateDividendsMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 01/22/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 6/11/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Crown Subsea Communications Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.22% Maturity Date 1/30/20312025-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberck0001851322:FederalFundsRateMember2022-06-292022-06-290001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.42% Maturity Date 12/22/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 01/17/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/05/20292024-12-310001851322ck0001851322:July320253Member2025-07-032025-07-030001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/1/2031 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LifeSciencesToolsAndServicesSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/01/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.42% Maturity Date 9/13/20322025-12-310001851322ck0001851322:ElectricalUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.46% Maturity Date 8/5/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/6/20262025-01-012025-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/3/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-3100018513222025-09-302025-09-300001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 04/07/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 6/3/20312025-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 04/23/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/05/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 9/29/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl 5.75% PIK) Interest Rate 11.08% Maturity Date 04/12/2027 Two2024-12-310001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282024-01-012024-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001851322us-gaap:AerospaceSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesC2027Member2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292024-01-012024-12-3100018513222024-11-052024-11-050001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Cambrex Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.96% Maturity Date 12/04/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312025-12-310001851322us-gaap:EquitySecuritiesMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 5/24/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322us-gaap:CashMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 9/8/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/13/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 9/4/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/05/20262024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322ck0001851322:InvestmentsInJointVenturesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Wheel Pros, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 11.38% Maturity Date 05/11/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas Us Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.63% Maturity Date 12/09/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/5/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/12/20292025-12-310001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2024-12-310001851322ck0001851322:ControlledAffiliatedIssuerMemberck0001851322:EquityInvestmentsMember2025-12-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Ensemble RCM, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.59% Maturity Date 08/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electric Utilities Kohler Energy Co, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.11% Maturity Date 05/01/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20282025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/23/20322025-01-012025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-12-310001851322ck0001851322:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Brown Group Holding, LLC First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 7.00% Maturity Date 07/01/20312024-12-310001851322Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 5/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 8.10% Maturity Date 4/24/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/12/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/13/2032 One2025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/4/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.19% Maturity Date 7/20/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 07/03/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/17/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/12/20322025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:DistributorsSectorMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:OtherSecurityInvestmentsUnsecuredDebtMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.58% Maturity Date 06/30/2027 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/13/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Two2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/20312025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/02/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/02/2028 Two2024-12-310001851322ck0001851322:DistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100018513222025-06-300001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/30/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-01-012025-12-310001851322us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262024-01-012024-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/11/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/17/20252024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 8/04/2027 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 10/13/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20272025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:NotesMember2025-09-250001851322us-gaap:EquitySecuritiesMember2025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 07/14/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/30/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.63% Maturity Date 12/02/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/26/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/26/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20262024-12-310001851322ck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/3/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 2/2/20322025-01-012025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/31/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles MajorDrive Holdings IV, LLC Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.93% Maturity Date 6/1/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 6/17/20302025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2025-12-3100018513222022-01-012022-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 8/20/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/26/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.42% Maturity Date 12/22/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/3/20302025-12-310001851322us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 8/8/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 7/20/20292025-12-310001851322ck0001851322:DebtInvestmentsMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/20312025-12-310001851322us-gaap:AerospaceSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.50% Interest Rate 11.34% Maturity Date 7/2/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 5.50% PIK) Interest Rate 11.33% Maturity Date 5/05/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/27/20292024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/19/20252024-01-012024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 8/10/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 10.20% Maturity Date 02/25/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 6/23/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 5/24/20282025-12-310001851322us-gaap:FairValueInputsLevel1Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 3/09/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pacific Dental Services, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.24% Maturity Date 3/15/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/08/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Sedgwick Claims Management Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.59% Maturity Date 7/31/20312024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 2/24/20312025-12-310001851322Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2023-01-012023-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 05/22/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/14/20282025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2026NotesMember2024-12-3100018513222025-10-012025-10-010001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/30/20312025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.26% Maturity Date 08/31/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/17/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 02/14/20312024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/2031 One2025-12-310001851322ck0001851322:IndustrialConglomeratesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.86% Maturity Date 07/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. 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Commitment Type Revolver Commitment Expiration Date 10/16/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 09/19/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272024-12-310001851322Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Gloves Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.72% Maturity Date 5/21/20322025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-01-012025-12-310001851322us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302024-01-012024-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 12/28/20292024-12-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 1/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Ascend Learning, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.72% Maturity Date 12/11/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/2031 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/15/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/25/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 6/17/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/10/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Sedgwick Claims Management Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 7/31/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Central Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.58% Maturity Date 07/06/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.32% Maturity Date 4/16/20292025-12-3100018513222024-09-302024-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 05/25/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/3020292024-12-310001851322ck0001851322:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 9/29/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20252024-12-310001851322us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 04/23/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.34% Maturity Date 03/13/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/23/2030 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20322025-12-3100018513222025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282024-01-012024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322ck0001851322:O2024M10AggregateDividendsMember2024-01-012024-12-310001851322Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Media MJH Healthcare Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.71% Maturity Date 01/28/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/23/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Commitment Type Revolver Commitment Expiration Date 09/09/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 02/01/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242024-01-012024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 3/1/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 09/08/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262025-01-012025-12-310001851322ck0001851322:ShortTermCapitalLossCarryforwardMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 7.77% Maturity Date 12/9/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Asurion, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.97% Maturity Date 9/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 10.07% Maturity Date 8/29/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Parexel International Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 12/12/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20272025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282024-12-310001851322Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 Two2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software McAfee, LLC Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.72% Maturity Date 3/1/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 6/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 01/29/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/20282025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2025-12-310001851322us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Household Durables ACProducts, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.84% Maturity Date 05/17/20282024-12-3100018513222024-12-312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/8/20302025-01-012025-12-310001851322us-gaap:ChemicalsSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-01-012025-12-3100018513222024-08-012024-08-010001851322Investments-non-controlled/non-affiliated Debt Investments Software Ivanti Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 9.12% Maturity Date 12/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/2028 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 6/12/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.75% (incl. 3.75% PIK) Interest Rate 11.19% Maturity Date 4/5/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 Two2025-12-310001851322ck0001851322:OneMonthSecuredOvernightFinancingRateSOFRMember2024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-12-310001851322ck0001851322:SterlingOvernightIndexAverageMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 09/29/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/2029 One2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 7.96% Maturity Date 12/11/20282024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2025-01-012025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/2032 One2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2025-12-3100018513222025-09-032025-09-030001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 11.50% Maturity Date 11/23/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 5/28/20322025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services MED ParentCo, LP Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.97% Maturity Date 4/15/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/29/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/23/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/12/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 07/03/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition Co Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 03/28/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 01/29/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/28/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-01-012025-12-310001851322Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 12/06/20222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 10.07% Maturity Date 8/29/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/2032 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 08/20/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services LSCS Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 3/4/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-01-012024-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/20322025-12-3100018513222024-01-012024-01-010001851322ck0001851322:O2025M4AggregateDividendsMember2025-01-012025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 8/4/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 03/28/2030 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 11/27/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/12/2032 Two2025-12-310001851322ck0001851322:InvestmentsInJointVenturesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/15/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 01/30/2031 Two2024-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/2/2026 One2025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services RSC Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 11/01/2029 One2024-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/10/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 06/24/2028 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/30/2032 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 4/26/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Mermaid Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.80% Maturity Date 07/03/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 09/08/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 11/18/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.92% Maturity Date 07/21/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/26/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.57% Maturity Date 2/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/10/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/25/20252024-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/25/20272025-01-012025-12-310001851322ck0001851322:O2025M6AggregateDividendsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/14/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 05/25/2028 Two2024-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:InvestmentFundMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition Co Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 03/28/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 9.92% Maturity Date 5/25/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 12/07/2029 One2025-12-3100018513222025-06-302025-06-300001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/21/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 8/29/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/01/20292024-12-310001851322Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/04/20252025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 1/12/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.10% Maturity Date 7/30/20322025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322us-gaap:RelatedPartyMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 9/15/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Madison IAQ, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.70% Maturity Date 6/21/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 6/3/2031 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Gainwell Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.77% Maturity Date 10/01/20272025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242024-01-012024-12-310001851322us-gaap:HealthcareSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322ck0001851322:SLICMember2024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.10% Maturity Date 8/2/2032 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 05/02/20292024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesC2029Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/2030 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LeisureProductsSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 12/22/20252024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 07/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Pro Mach Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.86% Maturity Date 08/31/20282024-12-310001851322ck0001851322:InvestmentMeasuredAtNetAssetValueMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/24/20272025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.56% Maturity Date 8/10/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20262025-01-012025-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001851322ck0001851322:InterestRateSwapSeriesA2028NotesMember2023-03-160001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 02/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/14/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 06/30/20272024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2026NotesMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 6/28/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.05% Maturity Date 06/07/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/5/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.61% Maturity Date 8/18/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/14/20262024-01-012024-12-3100018513222024-05-032024-05-030001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 6/3/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.52% Maturity Date 12/15/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.72% Maturity Date 3/1/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 02/19/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 01/29/2030 One2024-12-310001851322ck0001851322:InterestRateSwapSeriesA2026NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 11/18/20312025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-12-310001851322Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-01-012025-12-310001851322ck0001851322:DistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/08/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.42% Maturity Date 12/06/20302025-12-310001851322ck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MediaSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/6/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 6/4/20322025-12-310001851322Investments Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292024-01-012024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 06/24/20292024-12-310001851322ck0001851322:O2025M1AggregateDividendsMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/16/2028 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & EngineeringLJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 02/01/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 5/6/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition Co Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 03/28/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 7/30/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 06/11/20312025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2028NotesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 4/1/20292025-01-012025-12-3100018513222025-09-300001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/24/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 9/8/2031 One2025-12-310001851322Investments Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-01-012025-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/28/2031 One2025-12-310001851322ck0001851322:July320254Member2025-07-032025-07-030001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2023-01-012023-12-310001851322us-gaap:EquitySecuritiesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.95% Maturity Date 9/1/20272025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-08-050001851322Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/25/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Conair Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.22% Maturity Date 05/17/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.22% Maturity Date 5/30/20312025-12-310001851322us-gaap:SubsequentEventMember2026-02-242026-02-240001851322Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 8/20/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 12/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 0.00% Maturity Date 2/25/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/2029 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262024-01-012024-12-3100018513222024-03-052024-03-050001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Independent Power and Renewable Electricity Producers Lightning Power, LLC Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.97% Maturity Date 08/18/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.48% Maturity Date 12/11/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 05/26/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/01/20292024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 5.13% Maturity Date 08/10/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20272025-01-012025-12-310001851322Investments Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.30% Maturity Date 08/10/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Employbridge Holding Company Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.68% Maturity Date 1/19/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 7/2/20312025-12-310001851322ck0001851322:SeriesB2026And2028NotesMember2023-03-162023-03-160001851322us-gaap:EquitySecuritiesMember2023-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/27/20302024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/20282025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 6/28/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/24/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Entertainment Renaissance Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.36% Maturity Date 04/05/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/1/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 3/31/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/19/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/28/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/14/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20322025-12-310001851322us-gaap:AssetsTotalMemberck0001851322:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 12/29/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.31% Maturity Date 4/23/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Preferred Equity Acquisition Date 12/06/20222024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 05/24/2028 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302024-01-012024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 5/2/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/11/20312024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2026 Notes Company Receives 8.10% Company Pays S + 4.34% Maturity Date 03/16/20262024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Wheel Pros, LLC Investment Common Equity Acquisition Date 12/02/20242024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302024-01-012024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/26/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.84% Maturity Date 7/2/2029 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:TwoThousandTwentyEightNotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 02/14/2031 One2024-12-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 7/30/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.85% Maturity Date 03/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 6/15/2029 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/2029 Two2025-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Other Debt Reference Rate & Spread S + 8.00% PIK Interest Rate 12.20% Maturity Date 2/28/20302025-12-3100018513222025-09-012025-09-010001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 11.75% Maturity Date 04/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 10/31/2029 One2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100018513222025-07-012025-07-010001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 04/04/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/03/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 2/2/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/28/2030 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/03/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl.4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/20292024-12-310001851322us-gaap:AerospaceSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 07/25/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 4/01/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 1/12/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262025-01-012025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2026 Notes Company Receives 8.10% Company Pays S + 4.34% Maturity Date 03/16/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262024-12-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/10/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/30/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 07/24/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 9/30/20322025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.44% Maturity Date 10/19/20282025-12-310001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 9/22/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/1/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.09% Maturity Date 03/05/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.42% Maturity Date 03/31/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.49% Maturity Date 8/21/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/15/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 06/09/2027 One2024-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.385% Maturity Date 08/05/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/01/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 08/27/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20252024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/2032 One2025-12-310001851322Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MediaSectorMember2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.18% Maturity Date 4/10/2031 One2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:PlacementAgentAgreementMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Tidal Waste & Recycling Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 10/24/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 4/03/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/1/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 01/02/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tempo Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.61% Maturity Date 08/31/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/14/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 07/14/20282024-12-310001851322ck0001851322:O2024M6AggregateDividendsMember2024-01-012024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 3/10/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/11/20292024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 4/03/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262025-12-3100018513222024-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Medical Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.44% Maturity Date 11/1/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 6/30/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 4.08% PIK) Interest Rate 11.48% Maturity Date 01/20/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2022-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Filtration Group Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 10/21/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/2031 Two2025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 3/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/29/2030 Two2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Three2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 01/31/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/14/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/1/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.47% Maturity Date 6/24/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 6/23/2032 Three2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 3/9/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/24/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 9/09/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/17/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 07/14/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread P + 4.25% Interest Rate 11.00% Maturity Date 1/17/20312025-12-310001851322ck0001851322:InvestmentMeasuredAtNetAssetValueMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 07/29/20292024-12-310001851322us-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Spring Education Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.92% Maturity Date 10/4/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Midwest Physician Administrative Services, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.59% Maturity Date 03/12/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/14/20312024-12-3100018513222023-01-012023-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 11/19/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.34% Maturity Date 4/03/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 08/05/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.92% Maturity Date 11/21/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 07/22/20292024-12-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/9/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 09/29/2028 Two2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/4/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/20322025-12-310001851322ck0001851322:EquityInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 6/2/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/3/20322025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.92% Maturity Date 07/21/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2032 Two2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/02/2031 Three2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/6/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/17/2027 Two2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/18/20292024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateQuarterlyCatchUpThresholdMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282024-01-012024-12-310001851322ck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/14/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 08/15/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262025-01-012025-12-310001851322ck0001851322:Multi-UtilitiesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/27/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Arches Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.07% Maturity Date 12/06/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Media Aragorn Parent Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.22% Maturity Date 12/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 09/09/20272024-12-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 09/09/20252025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 06/17/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 06/17/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 01/02/2029 One2024-12-310001851322us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.47% Maturity Date 3/02/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.44% Maturity Date 09/01/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation PODS, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.28% Maturity Date 03/31/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/15/20272024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 08/05/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/20282025-12-3100018513222025-08-052025-08-050001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.52% Maturity Date 8/5/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/25/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 6/29/2027 One2025-12-3100018513222024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/20312025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery CPM Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 9/28/20282025-12-310001851322us-gaap:RelatedPartyMember2024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 8.11% Maturity Date 10/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/1/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 6/21/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services EAB Global, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 08/16/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/2026 Two2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20272024-12-310001851322ck0001851322:InterestRateSwapSeriesC2027NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 7/20/2029 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/14/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 2/1/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies TruGreen Limited Partnership Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.46% Maturity Date 11/02/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 5/05/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/20302025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312024-01-012024-12-310001851322Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/18/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 9/9/20272025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.85% Maturity Date 6/2/20282025-12-310001851322ck0001851322:InterestRateSwapSeriesB2028NotesMember2023-08-100001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 10/31/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/01/2029 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 10.75% Maturity Date 12/30/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 7/2/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesD2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cloud Software Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 03/30/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.01% Maturity Date 07/01/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/18/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/30/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272025-12-3100018513222024-09-300001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 06/01/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/3/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services EAB Global, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.72% Maturity Date 8/16/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.52% Maturity Date 8/5/2028 One2025-12-310001851322ck0001851322:CanadianOvernightRepoRateAverageMember2025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2024-12-310001851322ck0001851322:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/1/2029 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262024-01-012024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 3/1/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 8/25/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/21/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services KUEHG Corp. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.84% Maturity Date 06/12/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Veritas US, Inc. First Lien Debt Reference Rate and Spread P + 11.50% Interest Rate 19.25% Maturity Date 12/09/20292024-12-310001851322ck0001851322:O2025M3AggregateDividendsMember2025-01-012025-12-310001851322ck0001851322:InterestRateSwapSeriesD2027NotesMember2024-08-050001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/16/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/24/20302025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-01-012024-12-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/20302025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.42% Maturity Date 12/28/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/25/2029 One2025-12-310001851322Investment One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.66% Maturity Date 7/03/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.97% Maturity Date 6/29/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 6/29/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/31/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Project Ruby Ultimate Parent Corp. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.58% Maturity Date 3/10/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/20282025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292024-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 5/2/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/2031 One2025-12-310001851322ck0001851322:A2030NotesMember2024-10-012024-10-010001851322Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282024-01-012024-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 5/11/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 09/29/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/1/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 06/30/2031 Two2024-12-3100018513222024-11-012024-11-010001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/30/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services CNT Holdings I Corp. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.09% Maturity Date 11/8/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings SPV III, LLC Investment First Lien Debt Reference Rate and Spread Interest Rate 15.00% Maturity Date 12/18/20272024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 1/12/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 4/10/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.13% Maturity Date 9/08/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 06/03/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 11/18/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 8/01/2029 Two2025-12-310001851322ck0001851322:O2024M12AggregateDividendsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20272024-12-310001851322ck0001851322:NorthHavenKeystoneLLCMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/1/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Electron BidCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.11% Maturity Date 11/01/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 2/3/2031 One2025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quartz Acquireco, LLC Investment First Lien Debt Reference Rate & Spread S + 2.25% Interest Rate 5.92% Maturity Date 6/28/20302025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Date 7/01/2027 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HealthCareEquipmentAndSuppliesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/27/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 11/18/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.84% Maturity Date 02/02/20322025-12-310001851322ck0001851322:InterestRateSwapSeriesD2029NotesMember2024-08-050001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/19/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Spring Education Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.33% Maturity Date 10/04/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quartz Acquireco, LLC First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.08% Maturity Date 06/28/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20322025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/27/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services KUEHG Corp. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 6/12/20302025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.66% Maturity Date 7/03/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GI DI Cornfield Acquisition, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/23/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 One2024-12-310001851322ck0001851322:EuroInterbankOfferedRateMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Maturity Date 8/31/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 04/15/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 2/02/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Maturity Date 4/9/20302025-12-310001851322Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 7/20/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cloudera, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.21% Maturity Date 10/08/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.46% Maturity Date 8/5/20272025-01-012025-12-310001851322us-gaap:FairValueInputsLevel2Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 8/1/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 1/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/2026 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/25/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 2/14/20312025-12-310001851322us-gaap:RetainedEarningsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 07/25/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 11/27/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 02/01/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.96% Maturity Date 3/09/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/03/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 7/30/20322025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LeisureProductsSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 05/25/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-01-012024-12-310001851322ck0001851322:O2025M12AggregateDividendsMember2025-01-012025-12-310001851322Interest Rate Swaps Counterparty Royal Bank of Canada Hedged Instrument 2028 Notes Company Receives 5.38% Company Pays S + 2.06% Maturity Date 9/22/20282025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 4/14/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas Us Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.63% Maturity Date 12/09/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. 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Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.32% Maturity Date 4/16/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/2027 One2024-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/2029 One2025-12-310001851322us-gaap:LongMemberck0001851322:InterestRateSwapSeriesC2027NotesMember2023-12-010001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 8/5/20272025-12-310001851322ck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100018513222024-12-012024-12-010001851322Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. 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(Procure Analytics) Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/2028 One2025-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tempo Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 1.75% Interest Rate 5.47% Maturity Date 8/31/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.85% Maturity Date 04/24/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. 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Commitment Type Revolver Commitment Expiration Date 2/14/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 1/25/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/6/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. 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Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 3/1/20272025-01-012025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.16% Maturity Date 12/11/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2025-12-310001851322ck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/02/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.10% Maturity Date 8/2/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. 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Investment Preferred Equity Reference Rate and Spread S + 10.75% Acquisition Date 06/25/20222025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/11/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 3/9/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Endure Digital, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/24/20272025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/6/2032 One2025-12-310001851322us-gaap:SubsequentEventMember2026-01-282026-01-280001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 9/9/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/2031 Two2025-12-310001851322Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 09/15/20312024-12-310001851322Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UtilitiesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 8/26/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 9/19/20292025-12-310001851322ck0001851322:O2024M3AggregateDividendsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Magenta Buyer, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.85% Maturity Date 07/27/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/22/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread 5.00% Interest Rate 9.33% Maturity Date 6/27/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 6/12/2028 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/12/20312025-12-310001851322ck0001851322:InterestRateFloorTwoMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 5/06/2031 One2025-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberck0001851322:DebtSecuritiesFirstLienMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 1/29/2030 Two2025-12-3100018513222025-03-012025-03-010001851322ck0001851322:BankMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-3100018513222024-01-042024-01-040001851322ck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:SterlingOvernightIndexAverageMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.47% Maturity Date 6/24/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LUV Car Wash Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.74% Maturity Date 12/09/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/02/20282024-12-310001851322Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262025-12-310001851322us-gaap:FairValueInputsLevel2Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 10/02/2029 Two2024-12-310001851322us-gaap:RelatedPartyMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/02/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 6/17/20302025-12-310001851322ck0001851322:S2025M6AggregateDividendsMember2025-01-012025-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 Two2024-12-310001851322ck0001851322:O2024M2AggregateDividendsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/20282025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2026NotesMember2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/03/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262025-01-012025-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software UKG, Inc. First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.33% Maturity Date 02/10/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 1/2/2029 One2025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 8/5/20292025-12-310001851322Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/10/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/15/20242024-01-012024-12-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.86% Maturity Date 01/25/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282024-12-310001851322ck0001851322:SlicAcquisitionMember2024-07-150001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Avalara, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/20282024-12-3100018513222024-10-012024-10-010001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/02/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312025-01-012025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.56% Maturity Date 03/16/20282024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.84% Maturity Date 7/2/20292025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 04/26/20322025-12-310001851322ck0001851322:NHKeystoneMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 03/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 7/2/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 03/13/2028 Two2024-12-3100018513222024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292024-12-310001851322ck0001851322:NotesMember2025-09-250001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 9/18/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/15/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 07/24/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 6/11/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 04/22/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.86% Maturity Date 01/25/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 06/03/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pacific Dental Services, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.13% Maturity Date 03/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/10/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 06/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 7/22/20312025-12-310001851322ck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/13/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 2/1/2027 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.59% Maturity Date 08/20/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread 5.00% Interest Rate 9.33% Maturity Date 6/27/2031 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2023-08-100001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/2029 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Orion Group Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/29/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 7/30/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/11/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 6/2/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 2/1/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Berlin Packaging, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.11% Maturity Date 6/7/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/2032 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 03/13/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 02/19/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 8/1/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 1.75% Interest Rate 5.47% Maturity Date 10/23/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 4/5/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Boost Newco Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.83% Maturity Date 01/31/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/28/20302025-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/15/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 09/09/20272024-12-310001851322ck0001851322:SeriesB2026And2028NotesMember2023-08-102023-08-100001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.33% Maturity Date 04/09/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Dragon Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.42% Maturity Date 9/30/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 3/12/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Asurion, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.61% Maturity Date 9/19/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/2030 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raven Acquisition Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20262025-12-310001851322Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/2029 Two2025-12-310001851322ck0001851322:SLICMember2024-07-150001851322ck0001851322:SecondLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 7/25/20292025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2023-01-012023-12-310001851322ck0001851322:O2025M10AggregateDividendsMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/20312025-12-3100018513222025-03-312025-03-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/13/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222024-12-310001851322us-gaap:OtherDebtSecuritiesMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.29% Maturity Date 9/14/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.66% Maturity Date 7/03/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/15/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 01/31/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.42% Maturity Date 9/13/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/20322025-12-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2025-12-3100018513222025-01-042025-01-040001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:DistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/11/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 7/20/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components DG Investment Intermediate Holdings 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.22% Maturity Date 03/31/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.38% Maturity Date 07/22/20312024-12-310001851322us-gaap:FairValueInputsLevel3Member2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/08/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262024-01-012024-12-310001851322us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/28/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-12-310001851322us-gaap:ChemicalsSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Gainwell Acquisition Corp. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.43% Maturity Date 10/01/20272024-12-310001851322ck0001851322:JPMorganUSGovernmentMoneyMarketFundMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 4/23/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 4/23/2027 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/12/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.18% Maturity Date 4/10/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 10/14/2028 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/06/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 10.20% Maturity Date 10/30/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/30/20292024-01-012024-12-310001851322us-gaap:PrimeRateMember2024-01-012024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 4/26/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 07/03/2028 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 4/22/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 08/29/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 05/22/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50%Interest Rate 10.19% Maturity Date 10/19/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 06/25/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 08/05/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.49% Maturity Date 12/20/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/2028 One2024-12-310001851322us-gaap:RetainedEarningsMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Varsity Brands, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 8/26/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread SA + 5.50% Interest Rate 9.22% Maturity Date 10/30/20312025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesA2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/2/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/10/2032 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 4/22/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 4/1/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20262025-01-012025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-01-012025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:PharmaceuticalsSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.52% Maturity Date 08/31/20292024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/7/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/22/20282025-01-012025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMember2025-12-310001851322us-gaap:FairValueInputsLevel2Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.42% Maturity Date 5/02/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Red Planet Borrower, LLC First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.96% Maturity Date 10/02/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/7/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/13/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 03/09/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.22% Maturity Date 09/22/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/20282025-01-012025-12-3100018513222024-12-042024-12-040001851322Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 08/02/2030 One2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2024-12-310001851322Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-12-310001851322us-gaap:FoodAndBeverageSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Interest Rate 0.00% Maturity Date 03/12/20362025-12-310001851322ck0001851322:InterestRateFloorOneMember2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2023-12-010001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesC2027Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.42% Maturity Date 03/31/2028 One2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-01-012025-12-310001851322Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GB2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 08/13/2029 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/08/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 10/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 8/01/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services CoreLogic, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.97% Maturity Date 06/02/20282024-12-3100018513222024-09-012024-09-010001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.92% Maturity Date 07/21/2027 Two2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 8/5/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.96% Maturity Date 3/09/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 04/04/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl 5.75% PIK) Interest Rate 11.08% Maturity Date 04/12/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/24/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 08/27/2031 One2025-12-310001851322ck0001851322:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2023-01-012023-12-3100018513222024-06-300001851322Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 10/02/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 10/31/20262024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 7/25/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.95% Maturity Date 9/1/2027 One2025-12-310001851322Interest Rate Swaps2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/8/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 06/25/2029 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/24/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Electron BidCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 11/1/20282025-12-3100018513222024-07-012024-07-010001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/20302025-12-310001851322ck0001851322:InterestRateSwapSeriesB2026NotesMember2025-12-3100018513222024-07-032024-07-030001851322Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Centuri Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.96% Maturity Date 08/27/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 2/10/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. 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Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Proampac PG Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.89% Maturity Date 9/15/20282025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AirFreightAndLogisticsSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/2032 Two2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/8/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/2032 Two2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-08-050001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Athenahealth, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 02/15/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Household Durables Project Madison Safety & Flow, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.23% Maturity Date 09/26/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/25/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/2026 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/13/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 04/15/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/23/20262024-12-310001851322Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222025-01-012025-12-310001851322ck0001851322:SLICMember2024-07-140001851322Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.44% Maturity Date 6/28/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/03/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/12/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2027 Notes Company Receives 8.92% Company Pays S + 4.49% Maturity Date 03/01/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/27/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 5/28/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services HUB International Limited Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.12% Maturity Date 6/20/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/1/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/26/20272025-01-012025-12-310001851322ck0001851322:InterestRateSwapSeriesB2028NotesMember2025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001851322ck0001851322:GroundTransportationSectorMemberck0001851322:NHKeystoneMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Parexel International Corporation Investment First Lien Debt Reference Rate and Spread 3.00% Interest Rate 7.36% Maturity Date 11/15/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services AssuredPartners, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.86% Maturity Date 02/14/20312024-12-310001851322Investment Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.58% Maturity Date 09/27/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.09% Maturity Date 03/05/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.11% Maturity Date 05/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 9/11/2028 One2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2027Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2024-12-310001851322us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/10/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/16/2029 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 03/01/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-01-012025-12-310001851322Investments - non-controlled/affiliated North Haven Keystone, LLC2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 3.73% PIK) Interest Rate 10.33% Maturity Date 09/08/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 4/14/2028 One2025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMember2023-09-120001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322ck0001851322:InterestRateSwapSeriesD2027NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/04/20272024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.75% Maturity Date 3/02/20292025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:NotesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20342024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/28/2028 Two2024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262025-01-012025-12-310001851322Investments-controlled/affiliated Equity Investments Investment Fund North Haven Keystone, LLC Investment LLC Interest Acquisition Date 10/29/20252025-01-012025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/7/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Atlas Us Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/09/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 04/07/2028 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/30/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/20312025-12-310001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.24% Maturity Date 12/26/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 08/25/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 1/17/2031 One2025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 10/30/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors Avalara, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/2028 One2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/06/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Performance Health & Wellness Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.21% Maturity Date 7/12/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/23/20262024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/27/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/16/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/31/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 6/4/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/19/20292025-12-310001851322Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222024-01-012024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:JPMFundingFacilityMember2025-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 2/28/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Allied Universal Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.21% Maturity Date 05/12/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 11.30% Maturity Date 07/06/20282024-12-310001851322us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:ShortMemberck0001851322:InterestRateSwapSeriesC2029NotesMember2023-12-010001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GoTo Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.30% Maturity Date 04/28/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.08% Maturity Date 02/16/2029 One2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:UnfundedDebtSecuritiesFirstLienMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 9/8/20312025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMembersrt:ScenarioForecastMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-09-132028-09-120001851322ck0001851322:SLICMember2024-07-142024-07-140001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/05/20262024-12-310001851322ck0001851322:CapitalMarketsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Capital Markets Orion Advisor Solutions, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 7.11% Maturity Date 9/24/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 6/29/2027 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-12-310001851322Investments-controlled/affiliated Equity Investments Investment Fund North Haven Keystone, LLC Investment LLC Interest Acquisition Date 10/29/20252025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Icebox Holdco III, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.92% Maturity Date 12/22/20312025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/29/2027 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 5/11/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.55% Maturity Date 12/07/2028 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/25/2029 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Varsity Brands, Inc. First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.27% Maturity Date 08/26/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 07/14/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.92% Maturity Date 9/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/29/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/1/20272025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Boost Newco Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 2.00% Interest Rate 5.67% Maturity Date 1/31/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 3/16/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components LTI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 07/19/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 02/03/2031 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 5/05/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 07/01/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/2032 One2025-12-310001851322ck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% PIK Interest Rate 10.24% Maturity Date 06/30/20272024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/12/2031 One2025-12-310001851322ck0001851322:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/2028 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/7/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/2028 One2025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:InvestmentAdvisoryAgreementMember2021-11-042021-11-040001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.77% Maturity Date 03/02/20282024-12-310001851322us-gaap:OtherDebtSecuritiesMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/28/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 5/31/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/19/2027 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-01-012024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312025-12-310001851322ck0001851322:ConstructionAndEngineeringSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:SoftwareSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software OceanKey (U.S.) II Corp. Investment First Lien Debt Reference Rate & Spread S + 3.50% Interest Rate 7.32% Maturity Date 12/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Icebox Holdco III, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 12/22/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 07/30/2029 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Madison IAQ, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.89% Maturity Date 06/21/20282024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/28/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.55% Maturity Date 12/07/2028 Two2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 04/07/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 4/03/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Preferred Equity Acquisition Date 12/06/20222024-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.65% Maturity Date 03/18/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/01/2029 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-12-310001851322us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:JPMFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/02/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 5/06/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 10/13/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 7.15% Maturity Date 8/13/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Applied Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.33% Maturity Date 02/24/20312024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:FederalReserveBankOfNewYorkRateMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322us-gaap:RelatedPartyMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.50% Interest Rate 11.34% Maturity Date 7/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 6/11/2029 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 2/16/20292025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 2/10/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/6/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/11/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 05/15/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.59% Maturity Date 5/05/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components LTI Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.47% Maturity Date 7/29/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/3/20322025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.34% Maturity Date 04/03/20282024-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 2/28/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312025-12-310001851322ck0001851322:April320252Member2025-04-032025-04-030001851322Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Employbridge Holding Company Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.62% Maturity Date 07/19/20282024-12-3100018513222024-06-052024-06-050001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 8/11/20312025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/31/20272025-12-310001851322ck0001851322:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 8/26/20322025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:TwoThousandTwentyEightNotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/29/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 7/20/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 07/30/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282025-01-012025-12-310001851322Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-01-012024-12-3100018513222024-05-012024-05-010001851322Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-01-012025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/23/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 9/29/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TTF Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.11% Maturity Date 07/18/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/29/2030 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 6/11/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology MedAssets Software Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.77% Maturity Date 12/15/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.84% Maturity Date 10/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 10/15/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Raven Acquisition Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 11/19/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/28/20262024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2025-12-310001851322us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/23/20302025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Revolver Commitment Expiration Date 06/25/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/14/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl.4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 07/01/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Midwest Physician Administrative Services, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.93% Maturity Date 3/12/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 3/13/2029 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/7/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 07/02/2031 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/7/2028 Two2025-12-310001851322Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 12/06/20222025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 08/28/20262024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/28/2028 One2024-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesD2027Member2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BanksMember2025-12-310001851322Investments Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 8.67% Maturity Date 4/9/20302025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Avalara, Inc. Commitment Type Revolver Commitment Expiration Date 10/19/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/16/20252024-01-012024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/23/20262024-01-012024-12-310001851322ck0001851322:O2024M5AggregateDividendsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.97% Maturity Date 6/29/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 4/10/20312025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272024-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:OtherDebtInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292024-01-012024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2022-06-290001851322Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/19/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 6/15/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/23/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/2031 One2025-12-310001851322Investments Software Knockout Intermediate Holdings I, Inc. 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Commitment Type Revolver Commitment Expiration Date 7/3/20282025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors Spin Holdco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.00% Interest Rate 8.02% Maturity Date 3/4/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 06/18/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. 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Commitment Type Revolver Commitment Expiration Date 8/4/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/20322025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/28/2026 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. 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Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 11.00% Maturity Date 9/4/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/2/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/20312025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/31/20312025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberck0001851322:SeriesB2028NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Maturity Date 5/24/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 6/2/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 04/26/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 05/06/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies EnergySolutions, LLC Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.97% Maturity Date 09/20/20302025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:JPMFundingFacilityMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-12-310001851322Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.72% Maturity Date 3/1/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/29/20312024-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/19/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 09/19/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:AutomobilesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 06/30/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 04/22/20272024-12-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 09/09/20252025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 02/19/2030 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.22% Maturity Date 8/20/2027 One2025-12-310001851322ck0001851322:O2025M7AggregateDividendsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% PIK Interest Rate 9.58% Maturity Date 06/30/20272025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/2029 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/01/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 5/31/20282025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 12/29/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 01/30/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/02/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/2032 Two2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272024-12-310001851322Investment Two2025-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-12-310001851322us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 10/27/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/3/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 3/09/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/01/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/7/20282025-12-310001851322Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 06/02/20312024-12-310001851322Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 3.70% PIK) Interest Rate 9.27% Maturity Date 1/2/2029 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 06/25/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.34% Maturity Date 2/3/20312025-12-310001851322Investments - non-controlled/affiliated North Haven Keystone, LLC2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 9/15/2031 One2025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/27/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Clydesdale Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.18% Interest Rate 6.89% Maturity Date 4/13/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20262025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20292025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/22/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2028NotesMember2023-08-100001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 7/3/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 09/15/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 6/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 05/06/2030 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/16/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-01-012024-12-310001851322Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222025-12-3100018513222025-08-012025-08-010001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services CHG Healthcare Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.40% Maturity Date 09/29/20282024-12-310001851322us-gaap:RelatedPartyMembersrt:MaximumMemberck0001851322:ExpenseSupportAndConditionalReimbursementAgreementMember2025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001851322ck0001851322:TotalUnfundedCommitmentsMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles MajorDrive Holdings IV, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.59% Maturity Date 06/01/20282024-12-3100018513222024-03-312024-03-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/20312025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2023-03-1600018513222025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312025-01-012025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:PharmaceuticalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Polaris Newco, LLC First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.85% Maturity Date 06/02/20282024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:IndustrialConglomeratesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.68% Maturity Date 12/15/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/14/20252024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Tidal Waste & Recycling Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 10/24/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/17/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/4/2030 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Roper Industrial Products Investment Company, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 11/22/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312024-01-012024-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 03/28/20302024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 6/23/2032 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software McAfee, LLC First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.37% Maturity Date 03/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services RSC Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 11/01/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 2/02/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services National Mentor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.20% Maturity Date 03/02/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 06/28/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 07/24/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.86% Maturity Date 07/02/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 3/28/20302025-01-012025-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:BankSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 2/10/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.59% Maturity Date 1/29/20302025-12-3100018513222025-12-312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/24/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.08% Maturity Date 02/16/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 8/04/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272024-12-310001851322us-gaap:AssetsTotalMemberck0001851322:QualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/10/2027 Two2024-12-310001851322ck0001851322:O2025M11AggregateDividendsMember2025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312024-01-012024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 6/11/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 06/28/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 12/28/20282024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2025-12-310001851322us-gaap:FairValueInputsLevel2Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread S + 13.00% PIK Interest Rate 13.00% Maturity Date 5/23/20312025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MachinerySectorMember2025-12-310001851322ck0001851322:WellsFundingFacilityMemberck0001851322:SONIAEURIBOROrCDORMemberus-gaap:LineOfCreditMembersrt:MaximumMember2022-06-292022-06-290001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Broadstreet Partners, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 6/13/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 4/12/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.57% Maturity Date 2/19/2030 Two2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2023-01-012023-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ConsumerStaplesDistributionAndRetailMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/07/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/20302025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/31/20262025-01-012025-12-310001851322us-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/9/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/29/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/17/20262025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 02/24/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.44% Maturity Date 6/28/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 6/17/20312025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2026NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/02/2025 One2024-12-310001851322ck0001851322:O2025M9AggregateDividendsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.75% Interest Rate 6.47% Maturity Date 11/1/20302025-12-310001851322Investment Three2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:MediaSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Leisure Products Recess Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.09% Maturity Date 02/20/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 12.08% Maturity Date 4/3/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Trading Companies & Distributors White Cap Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 3.25% Interest Rate 6.97% Maturity Date 10/19/20292025-12-310001851322Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001851322Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/20302024-12-310001851322us-gaap:FairValueInputsLevel12And3Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262025-12-310001851322ck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20262025-01-012025-12-310001851322us-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberck0001851322:INGFacilityMember2022-02-012022-02-010001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 06/29/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 4/03/2030 One2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2025-12-310001851322us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/28/2031 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.58% Maturity Date 05/25/20292024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2025-12-3100018513222025-02-012025-02-010001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/05/2030 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate & Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 10.67% Maturity Date 7/30/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20282024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/11/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 08/27/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262024-01-012024-12-310001851322us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/29/20312025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.385% Maturity Date 08/05/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software PDFTron Systems, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 07/15/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 03/13/2028 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/4/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/1/20312025-12-310001851322us-gaap:CashMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.42% Maturity Date 5/02/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 9/22/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.61% Maturity Date 10/23/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252024-12-310001851322us-gaap:FairValueInputsLevel3Member2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-01-012025-12-310001851322us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Arches Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.71% Maturity Date 12/06/20272024-12-310001851322us-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2023-01-012023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Filtration Group Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.97% Maturity Date 10/21/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/2031 One2025-12-310001851322ck0001851322:WirelessTelecommunicationServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.49% Maturity Date 12/3/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/12/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 7/30/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 6.58% Maturity Date 11/22/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20282024-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:RetailSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/25/20262025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20252024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282024-01-012024-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2028 Notes Company Receives 8.88% Company Pays S + 5.30% Maturity Date 08/10/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Alliant Holdings Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.11% Maturity Date 09/19/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.37% Maturity Date 5/31/2028 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/22/2028 Two2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:BiotechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/20312024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20252024-12-310001851322Interest Rate Swaps2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/3/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/29/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312024-01-012024-12-310001851322ck0001851322:NHKeystoneMemberck0001851322:InvestmentFundMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Acrisure, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.72% Maturity Date 11/06/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/13/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 7/22/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 3.50% Interest Rate 7.37% Maturity Date 12/02/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/26/2032 One2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberck0001851322:OtherSecurityInvestmentsPreferredEquityMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 11.25% Maturity Date 09/09/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 2/14/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 06/28/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 06/30/2027 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Applied Systems, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.17% Maturity Date 2/24/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services HUB International Limited Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.37% Maturity Date 06/20/20302024-12-3100018513222025-01-012025-01-010001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.49% Maturity Date 12/26/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 03/19/2027 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 05/23/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.33% Maturity Date 12/17/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/8/20262025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/15/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Olympus Water US Holding Corporation Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 6/20/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 5/15/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/4/20272025-12-310001851322ck0001851322:O2024M4AggregateDividendsMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/14/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/31/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/27/2031 Two2025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:DebtSecuritiesFirstLienMember2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/9/20292025-12-310001851322us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.44% Maturity Date 09/01/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Journey Personal Care Corp. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.47% Maturity Date 3/1/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/29/2031 Two2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/2/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-01-012025-12-310001851322Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292024-01-012024-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:InsuranceSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-01-012024-12-310001851322ck0001851322:IndependentPowerAndRenewableElectricityProducersSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/1/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Roper Industrial Products Investment Company, LLC Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 7.08% Maturity Date 11/22/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312025-01-012025-12-310001851322Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-12-310001851322Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-01-012025-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 8/26/2032 Two2025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:AU2025-12-310001851322Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/2031 One2024-12-310001851322ck0001851322:RestrictedSecuritiesMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302024-12-310001851322Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 07/12/20212025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20272025-01-012025-12-310001851322us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 6/3/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/10/2028 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262024-12-310001851322Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/1/2031 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:A2030NotesMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Maturity Date 4/9/2030 One2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2029Member2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.58% Maturity Date 06/30/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Sophia, L.P. First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.36% Maturity Date 10/09/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & EngineeringLJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 02/01/20302024-12-310001851322Interest Rate Swaps2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 8/31/20292025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMember2024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 09/10/20302024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BanksMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Building Products LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 02/16/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/01/2029 One2024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:SoftwareSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Virtusa Corporation Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.97% Maturity Date 2/15/20292025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272024-01-012024-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2027 Notes Company Receives 6.84% Company Pays S + 3.10% Maturity Date 08/05/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2023-01-012023-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/12/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20262025-12-3100018513222024-09-052024-09-050001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GI DI Cornfield Acquisition, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Astra Acquisition Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 0.00% Maturity Date 10/25/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/04/2027 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/9/20272025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/13/20282024-01-012024-12-310001851322ck0001851322:DebtSecuritiesFirstLienMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/22/20282024-12-310001851322us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/2027 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/28/20272025-01-012025-12-310001851322us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001851322:OtherSecurityInvestmentsCommonEquityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/2/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/02/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt — non-controlled/affiliated KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/28/20312025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesD2029Member2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/10/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/20272025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 6/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.49% Maturity Date 12/26/2028 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 7/20/2029 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Medical Solutions Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.19% Maturity Date 11/01/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.59% Maturity Date 08/20/2027 One2024-12-3100018513222025-03-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.94% Maturity Date 07/20/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/03/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.84% Maturity Date 6/29/20292025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software UKG, Inc. Investment First Lien Debt Reference Rate & Spread S + 2.50% Interest Rate 6.34% Maturity Date 2/10/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242024-01-012024-12-310001851322us-gaap:RetainedEarningsMember2023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services CNT Holdings I Corp. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 8.09% Maturity Date 11/08/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.15% Maturity Date 07/20/2029 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/20312025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/01/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 7/25/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-01-012024-12-310001851322Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 05/24/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/2029 Two2025-12-3100018513222025-06-012025-06-010001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 01/30/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/2/20292025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 04/28/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/27/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/25/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 8/11/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/31/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.43% Maturity Date 12/22/20262024-12-3100018513222022-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Symplr Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.19% Maturity Date 12/22/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.23% Maturity Date 5/22/2030 One2025-12-3100018513222023-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 7/21/2027 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/4/20312025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 6/11/20272025-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:TechnologySectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.34% Maturity Date 5/11/2029 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software ECI Macola Max Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.58% Maturity Date 05/09/20302024-12-310001851322ck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 07/01/20312024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:SeriesC2029Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Interest Rate Swaps Counterparty MUFG Bank, Ltd. Hedged Instrument Series D 2029 Notes Company Receives 6.91% Company Pays S + 3.48% Maturity Date 8/5/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282024-01-012024-12-3100018513222024-06-302024-06-300001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series C 2029 Notes Company Receives 9.07% Company Pays S + 4.77% Maturity Date 03/01/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 02/01/2027 Two2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Wand NewCo 3, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.61% Maturity Date 01/30/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/31/20262024-12-310001851322ck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.34% Maturity Date 04/05/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 06/24/2029 One2024-12-310001851322Investment One2025-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRateRealizedCapitalGainsMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.10% Maturity Date 9/30/20312025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.43% Maturity Date 12/22/20252024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:InteractiveMediaAndServicesSectorMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:HouseholdDurablesSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/2032 Two2025-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ElectricalEquipmentSectorMember2024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesC2027Member2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.54% Maturity Date 7/6/2028 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262024-01-012024-12-310001851322ck0001851322:InterestRateSwapSeriesB2026NotesMember2023-08-100001851322Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/20312025-12-310001851322ck0001851322:ElectricalUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:FinancialServicesSectorMemberck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 3/13/20292025-12-310001851322us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 10.50% Maturity Date 1/30/20312025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:TextilesApparelLuxuryGoodsMember2025-12-310001851322Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/30/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/2031 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 11/18/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/19/20252024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/29/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 9/29/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/7/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/3/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/1/20272025-01-012025-12-310001851322ck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322us-gaap:EquitySecuritiesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:LifeSciencesToolsAndServicesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282024-01-012024-12-310001851322Investments - non-controlled/affiliated KWOR Acquisition, Inc2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 5/5/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/29/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/11/20262024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/08/2030 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 5/13/20322025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 7.71% Maturity Date 11/03/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.52% Maturity Date 8/5/20272025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 07/15/20242024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.15% Maturity Date 07/20/2029 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.42% Maturity Date 03/31/2028 One2024-12-310001851322Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/20302025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 01/17/2031 Two2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/14/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.19% Maturity Date 10/19/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 6/4/2032 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 9/30/20322025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292024-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesB2026NotesMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20322025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:JPMFundingFacilityMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 09/10/2030 One2024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/23/2032 Two2025-12-310001851322ck0001851322:O2025M8AggregateDividendsMember2025-01-012025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:ProfessionalServicesSectorMember2025-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:TradingCompaniesDistributorsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 08/11/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 02/03/2027 Two2024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20322025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20272024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 12/31/2032 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.34% Maturity Date 04/05/20282024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001851322:INGFacilityMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/20292024-12-310001851322Investment Three2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.54% Maturity Date 7/6/20282025-12-310001851322us-gaap:LineOfCreditMemberck0001851322:CBNAFundingFacilityMemberck0001851322:FederalFundsRateMember2023-09-122023-09-120001851322Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20322025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252024-01-012024-12-310001851322us-gaap:RetainedEarningsMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/25/20272025-12-310001851322us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/30/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 12/30/2032 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282024-01-012024-12-310001851322ck0001851322:NHKeystoneMemberus-gaap:ConsumerSectorMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 03/09/2028 Two2024-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:GB2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Packaging Coordinators Midco, Inc. Investment First Lien Debt Reference Rate and Spread 3.25% Interest Rate 7.84% Maturity Date 11/30/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 8/25/2031 One2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Media Aragorn Parent Corporation Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.34% Maturity Date 12/15/20282024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 5/6/2031 One2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312024-01-012024-12-310001851322Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series A 2028 Notes Company Receives 8.13% Company Pays S + 4.88% Maturity Date 3/16/20282025-01-012025-12-310001851322ck0001851322:NorthAmericanInsuranceCompanyMember2025-01-012025-12-310001851322Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/14/20282025-12-3100018513222025-04-012025-04-010001851322Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20282024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Endure Digital, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.40% Maturity Date 4/30/20292025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/14/20272025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:OtherDebtInvestmentsMember2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Proofpoint, Inc. Investment First Lien Debt Reference Rate & Spread S + 3.00% Interest Rate 6.67% Maturity Date 8/31/20282025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/05/20252024-12-310001851322Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Second Lien Debt Reference Rate & Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 2/28/20302025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% PIK Interest Rate 8.86% Maturity Date 08/29/2031 Two2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 6/12/2028 Two2025-12-310001851322Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-01-012025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2026NotesMember2023-03-160001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:AdministrationAgreementMember2023-01-012023-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Artera Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 2/15/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/01/20252024-01-012024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/20322025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001851322ck0001851322:WellsFundingFacilityMemberus-gaap:LineOfCreditMemberck0001851322:SONIAEURIBOROrCDORMembersrt:MinimumMember2022-06-292022-06-290001851322Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-12-310001851322ck0001851322:DebtInvestmentsMemberck0001851322:HealthCareProvidersServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/05/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 06/09/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302024-01-012024-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesD2027Member2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% (incl. 3.70% PIK) Interest Rate 9.27% Maturity Date 1/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 05/25/2028 One2024-12-3100018513222025-11-052025-11-050001851322Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.47% Maturity Date 7/22/20292025-12-310001851322us-gaap:FairValueInputsLevel1Memberck0001851322:DebtSecuritiesFirstLienMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/07/20262024-12-3100018513222021-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20252024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-01-012025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 08/28/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.38% Maturity Date 07/22/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 08/13/20292024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.01% Maturity Date 07/01/20272024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/2026 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.49% Maturity Date 12/20/20282024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Date 7/01/20272025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272024-01-012024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 11/22/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Software Cohesity Global, Inc. Investment Preferred Equity Acquisition Date 12/09/20242024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:BuildingProductsSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302025-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberck0001851322:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.38% Maturity Date 08/18/2028 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 2/23/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl 5.75% PIK) Interest Rate 11.08% Maturity Date 04/12/2027 One2024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/02/20252024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 09/06/20312024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 6/12/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 05/23/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 5/5/20282025-12-310001851322us-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:FoodProductsSectorMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/19/2029 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001851322:DebtSecuritiesFirstLienMembersrt:MaximumMember2025-12-310001851322us-gaap:SeniorNotesMemberck0001851322:SeriesA2028NotesMember2025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 12/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 02/24/2031 One2024-12-310001851322us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001851322:OtherSecurityInvestmentsOtherDebtMember2025-12-310001851322ck0001851322:EquityInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 7/25/20292025-12-310001851322ck0001851322:InterestRateSwapSeriesA2026NotesMember2023-03-160001851322Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity Date 3/9/20282025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.125% PIK) Interest Rate 9.42% Maturity Date 5/02/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Maturity Date 12/23/2032 One2025-12-310001851322us-gaap:FairValueInputsLevel3Memberck0001851322:CBNAFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/28/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 04/02/2031 One2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Machinery Conair Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.58% Maturity Date 5/17/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Maturity Date 11/17/20312025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Revolver Commitment Expiration Date 04/02/20312024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302025-01-012025-12-310001851322us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Journey Personal Care Corp. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.11% Maturity Date 03/01/20282024-12-310001851322Investments - non-controlled/affiliated North Haven Keystone, LLC2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/2028 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Wand NewCo 3, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 01/30/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 3/10/2027 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 One2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 8.11% Maturity Date 11/01/20302024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Project Ruby Ultimate Parent Corp. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 7.47% Maturity Date 03/10/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/20322025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/2029 One2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Foundever Group Investment First Lien Debt Reference Rate & Spread S + 3.75% Interest Rate 7.76% Maturity Date 08/28/20282025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 08/20/20302024-12-310001851322ck0001851322:HealthCareTechnologyMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282024-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/23/20272025-01-012025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 12/22/20272024-12-310001851322us-gaap:OtherDebtSecuritiesMemberck0001851322:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-12-310001851322ck0001851322:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0001851322:CommercialServicesAndSuppliesSectorMember2025-12-310001851322us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberck0001851322:SeriesB2028NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 05/24/20282024-12-3100018513222024-03-012024-03-010001851322ck0001851322:RestrictedSecuritiesMember2025-12-310001851322Interest Rate Swaps Counterparty SMBC Capital Markets, Inc. Hedged Instrument Series B 2026 Notes Company Receives 8.84% Company Pays S + 6.12% Maturity Date 8/10/20262025-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001851322Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262024-01-012024-12-310001851322us-gaap:RelatedPartyMemberck0001851322:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 7.65% (incl. 3.40% PIK) Interest Rate 12.11% Maturity Date 12/20/20272025-12-310001851322Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 07/15/20242024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/2031 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.23% Maturity Date 5/22/20302025-12-310001851322ck0001851322:InterestRateFloorThreeMember2025-12-310001851322Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272025-01-012025-12-310001851322ck0001851322:DebtSecuritiesSecondLienMemberck0001851322:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/25/2029 Two2025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Software Quest Software US Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.24% Maturity Date 2/1/20292025-12-310001851322Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/20292024-12-31ck0001851322:Companiesiso4217:EURxbrli:purexbrli:sharesck0001851322:Investmentiso4217:CADck0001851322:PortfolioCompanyiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDck0001851322:Componentck0001851322:Industries

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-K/A

(Amendment No.1)

 

 

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

 

For the fiscal year ended December 31, 2025

OR

 

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

 

For the transition period from _____ to _____

Commission File Number 814-01489

 

 

North Haven Private Income Fund LLC

(Exact name of registrant as specified in its charter)

 

 

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

 

1 212-761-4000

(Registrant’s telephone number, including area code)

 

 

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

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

 

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

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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

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

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

 

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

 

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

As of June 30, 2025, there was no established public market for the registrant’s limited liability company units.

The number of the registrant’s Class S Units outstanding at March 3, 2026 was 185,125,779.

Auditor Firm Id: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: New York, New York

 

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North Haven Private Income Fund LLC

 

EXPLANATORY NOTE

 

North Haven Private Income Fund LLC (the “Company”) is filing this Amendment No. 1 to the Annual Report on Form 10-K/A (the “Amendment”) solely for the purpose of correcting the signature in the Report of Independent Registered Public Accounting Firm (“Auditor Report”) included in Part II, Item 8 of the 10-K for the fiscal year ended December 31, 2025 as originally filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2026 (the “Original Filing”). Accordingly, the Company is filing this Amendment to include a corrected Auditor Report.

The error that was corrected includes the insertion of the conformed signature to the Auditor Report. The auditor’s opinion on the Company’s consolidated financial statements remained unchanged. The Auditor Report was included in the Original Filing.

Except for the aforementioned correction to the signature in the Auditor Report, this Amendment does not amend, modify or update the Original Filing in any respect. Information included in this Amendment is stated as of December 31, 2025 and does not reflect events that have occurred subsequent to the filing of the Original Filing and, accordingly, this Amendment should be read in conjunction with our Original Filing made with the SEC.

This Annual Report on Form 10-K/A consists of a cover page, this explanatory note, Item 8 (as amended) of the Annual Report on Form 10-K (including the consolidated financial statements and the corrected signature in the Auditor Report), Item 15, the signature page and the required certifications of the chief executive officer and the chief financial officer.

 

2

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Item 8 Consolidated Financial Statements and Supplementary Data

Table of Contents

 

Report of Independent Registered Public Accounting Firm	4
Consolidated Statements of Financial Condition	6
Consolidated Statements of Operations	7
Consolidated Statements of Changes in Members’ Capital	8
Consolidated Statements of Cash Flows	9
Consolidated Schedules of Investments	10
Notes to the Consolidated Financial Statements	61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the unitholders and the Board of Directors of North Haven Private Income Fund LLC

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statements of financial condition of North Haven Private Income Fund LLC and subsidiaries (the "Company"), including the consolidated schedule of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in members’ capital and cash flows for each of the three years ended December 31, 2025, financial highlights for each of the four years ended December 31, 2025 and the period from March 4, 2021 (inception) to December 31, 2021, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in members’ capital and cash flows for each of the three years ended December 31, 2025, and financial highlights for each of the four years ended December 31, 2025 and the period from March 4, 2021 (inception) to December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2025 and 2024, by correspondence with the custodian, loan agents, and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

 

Investments –Level 3 Fair Value Measurements (for first and second lien debt) — Refer to Notes 2 and 5 to the financial statements

Critical Audit Matter Description

4

---

 

The Company held first and second lien debt classified as Level 3 investments under accounting principles generally accepted in the United States of America. The valuation techniques used in estimating the fair value of these investments vary and certain significant inputs used were unobservable.

We identified the valuation of first and second lien debt Level 3 investments as a critical audit matter given the judgments involved in estimating fair value, including the selection of valuation approaches and development of unobservable inputs. This required a high degree of auditor judgment and extensive audit effort, including the need to involve fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to valuation techniques and unobservable inputs used by management to estimate the fair value of first and second lien debt Level 3 investments included the following, among others:

•

We tested the design and implementation over management’s valuation of first and second lien debt Level 3 investments, including those related to valuation techniques and significant unobservable inputs.

•

We evaluated the appropriateness of the valuation techniques used for first and second lien debt Level 3 investments and tested the related significant unobservable inputs by comparing these inputs to external sources or, as applicable, by comparing to independently developed estimates. For selected investments, we used the assistance of our fair value specialists.

•

For certain investments, we developed our own independent estimate of the fair value and compared our estimate to management’s estimate. For selected investments, we used the assistance of our fair value specialists.

 

•

We evaluated management’s ability to reasonably estimate fair value by comparing management’s historical estimates to subsequent transactions, taking into account changes in market or investment specific conditions, where applicable.

 

 

/s/Deloitte & Touche LLP

New York, NY

March 3, 2026

We have served as the Company's auditor since 2021.

 

5

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North Haven Private Income Fund LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)

 

		As of
		December 31, 2025				December 31, 2024
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $6,591,112 and $6,103,560)		$	6,504,378			$	6,079,019
Non-controlled/affiliated investments, at fair value (amortized cost of $22,923 and $0)			20,956				—
Controlled/affiliated investments, at fair value (amortized cost of $85,438 and $0)			85,276				—
Total investments, at fair value (cost of $6,699,473 and $6,103,560)		$	6,610,610			$	6,079,019
Cash and cash equivalents (restricted cash of $11,510 and $1,650)			199,865				159,788
Investments in unaffiliated money market fund (cost of $38,403 and $58,216)			38,403				58,216
Deferred financing costs			33,878				35,183
Interest and dividend receivable from non-controlled/non-affiliated investments			48,793				58,637
Interest receivable from non-controlled/affiliated investments			391				—
Interest and dividend receivable from controlled/affiliated investments			1,174				—
Receivable for investments sold/repaid			29,048				15,465
Prepaid expenses and other assets			10,958				2,196
Total assets			6,973,120				6,408,504
Liabilities
Debt (net of unamortized debt issuance costs of $12,317 and $12,828)			3,290,766				2,861,892
Payable for investments purchased			24				47,887
Payable to affiliates (Note 3)			36				583
Distributions payable			28,448				26,178
Management fees payable			3,236				7,337
Subscriptions received in advance (Note 8)			18,060				51,728
Payable for units repurchased (Note 8)			181,587				55,792
Income based incentive fee payable			4,176				8,399
Interest and financing costs payable			54,291				53,852
Accrued expenses and other liabilities			12,668				23,670
Total liabilities			3,593,292				3,137,318
Commitments and contingencies (Note 7)
Members' Capital
Units, par value $0.001 per unit (182,049,066 and 172,510,464 units issued and outstanding)			182				173
Paid-in capital in excess of par value			3,505,645				3,321,472
Total distributable earnings (loss)			(125,999	)			(50,459	)
Total Members' Capital		$	3,379,828			$	3,271,186
Total liabilities and Members' Capital		$	6,973,120			$	6,408,504
Net asset value per unit		$	18.57			$	18.96

 

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

6

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North Haven Private Income Fund LLC

Consolidated Statements of Operations

(In thousands, except unit and per unit amounts)

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Investment Income:
From non-controlled/non-affiliated investments:
Interest income		$	619,613			$	520,261			$	285,826
Payment-in-kind			19,306				14,580				4,622
Dividend income			5,565				4,814				3,758
Other income			9,953				12,673				8,564
From non-controlled/affiliated investments:
Interest income			677				—				—
Payment-in-kind income			1,042				—				—
Dividend income			200				—				—
Other income			35				—				—
From controlled/affiliated investments:
Dividend income			1,174				—				—
Total investment income			657,565				552,328				302,770
Expenses:
Interest and other financing expenses			246,365				171,312				75,673
Management fees			43,573				36,707				21,048
Income based incentive fees			47,038				42,148				25,206
Professional fees			9,598				9,303				4,291
Offering costs			—			—					18
Directors' fees			518				439				380
Administrative service fees			154				179				126
Servicing fees			28,831				24,961				14,313
General and other expenses			732				199				205
Total expenses			376,809				285,248				141,260
Expense support (Note 3)			(900	)			(2,700	)			—
Recoupment of expense support (Note 3)			—				400				—
Management fees waiver (Note 3)			(19,680	)			(2,750	)			—
Income based incentive fees waiver (Note 3)			(19,680	)			(6,350	)			(424	)
Net expenses			336,549				273,848				140,836
Net investment income before taxes			321,016				278,480				161,934
Excise tax expense			—				15				70
Net investment income after taxes			321,016				278,465				161,864
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments			(16,349	)			(26,742	)			105
Foreign currency and other transactions			61				(7	)			1
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(64,340	)			8,426				43,906
Translation of assets and liabilities in foreign currencies			173				(171	)			42
Non-controlled/affiliated investments			(1,967	)			—				—
Controlled/affiliated investments			(162	)			—				—
Net realized and unrealized gain (loss)		$	(82,584	)		$	(18,494	)		$	44,054
Net increase (decrease) in members' capital resulting from operations		$	238,432			$	259,971			$	205,918
Earnings (loss) per unit (basic and diluted)		$	1.28			$	1.66			$	2.26
Weighted average units outstanding (basic and diluted)			186,941,307				156,537,151				91,230,657

 

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

7

---

 

North Haven Private Income Fund LLC

Consolidated Statements of Changes in Members’ Capital

(In thousands, except unit and per unit amounts)

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Members' Capital at beginning of period:		$	3,271,186			$	2,304,430			$	1,266,213
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)			321,016				278,465				161,864
Net realized gain (loss)			(16,288	)			(26,749	)			106
Net change in unrealized appreciation (depreciation)			(66,296	)			8,255				43,948
Net increase (decrease) in members’ capital resulting from operations			238,432				259,971				205,918
Distributions to Unitholders from:
Distributable earnings			(312,944	)			(282,812	)			(161,416	)
Capital transactions:
Issuance of Units			461,922				1,003,740				1,021,895
Reinvestment of distributions			183,111				160,211				82,594
Repurchased Units			(461,879	)			(174,354	)			(110,774	)
Net increase in members' capital resulting from capital transactions			183,154				989,597				993,715
Total increase (decrease) in members' capital			108,642				966,756				1,038,217
Members' capital at end of period		$	3,379,828			$	3,271,186			$	2,304,430
Distributions per unit		$	1.67			$	1.81			$	1.77

 

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

8

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North Haven Private Income Fund LLC

Consolidated Statements of Cash Flows

(In thousands)

 

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations		$	238,432			$	259,971			$	205,918
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments			66,469				(8,426	)			(43,906	)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			(173	)			171				(42	)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes			3,132				882				(1,009	)
Net realized (gain) loss on investments			16,349				26,742				(105	)
Net realized (gain) loss on foreign currency and other transactions			(61	)			7				(1	)
Investments in unaffiliated money market fund, net			19,813				(58,216	)			—
Net accretion of discount and amortization of premium on investments			(25,236	)			(20,352	)			(8,909	)
Payment-in-kind interest and dividend capitalized			(25,718	)			(19,453	)			(7,987	)
Amortization of deferred financing costs			7,910				5,506				2,768
Amortization of debt issuance costs and original issuance discount on unsecured notes			5,199				3,220				1,184
Amortization of deferred offering costs			—				—				18
Purchases of investments and change in payable for investments purchased			(1,937,381	)			(2,623,841	)			(1,497,694	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			1,314,314				894,845				338,192
Acquisition of SLIC, net of cash acquired (1)			—				(519,667	)			—
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			9,844				(35,003	)			(9,326	)
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments			(391	)			—				—
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments			(1,174	)			—				—
(Increase) decrease in prepaid expenses and other assets			(4,834	)			14,678				348
(Decrease) increase in payable to affiliates			(547	)			(3,167	)			2,158
(Decrease) increase in management fees payable			(4,101	)			398				2,696
(Decrease) increase in incentive fees payable			(4,223	)			566				6,430
(Decrease) increase in interest payable			357				27,708				24,340
(Decrease) increase in accrued expenses and other liabilities			(1,422	)			(10,759	)			1,450
Net cash provided by (used in) operating activities			(323,442	)			(2,064,190	)			(983,477	)
Cash flows from financing activities:
Borrowings on debt		$	2,118,314			$	2,754,469			$	2,018,500
Repayments on debt			(1,709,000	)			(1,343,500	)			(1,828,500	)
Deferred financing costs paid			(6,522	)			(28,333	)			(8,223	)
Debt issuance costs paid			(3,996	)			(7,535	)			(9,563	)
Distributions paid			(127,563	)			(136,384	)			(70,181	)
Proceeds from issuance of Units			410,194				857,620				1,021,895
Subscriptions received in advance			18,060				51,728				109,816
Repurchases of Units			(336,085	)			(146,158	)			(103,406	)
Net cash provided by (used in) financing activities			363,402				2,001,907				1,130,338
Net increase (decrease) in cash, cash equivalents and restricted cash			39,960				(62,283	)			146,861
Effect of foreign exchange rate changes on cash			117				(173	)			5
Cash, cash equivalents and restricted cash, at beginning of period			159,788				222,244				75,378
Cash, cash equivalents and restricted cash, at end of period		$	199,865			$	159,788			$	222,244
Supplemental information and non-cash activities:
Excise tax paid		$	—			$	114			$	170
Interest expense paid		$	228,502			$	128,606			$	48,391
Distribution reinvestment paid		$	183,111			$	160,211			$	82,594
Accrued but unpaid distributions		$	28,448			$	26,178			$	18,455
Accrued but unpaid deferred financing costs		$	—			$	—			$	22
Accrued but unpaid repurchases of Units		$	181,587			$	55,792			$	27,596
Non-cash purchases of investments		$	(30,915	)		$	(36,164	)		$	—
Non-cash sales of investments		$	30,915			$	36,164			$	—
Debt assumed in purchase of reorganization (1)		$	—			$	558,073			$	—

 

(1)

On July 15, 2024, in connection with the acquisition of SL Investment Corporation, the Company acquired total assets of $1,158,037, inclusive of $1,101,382 of investments, $41,990 of cash and cash equivalents and $14,665 of other assets, net of $596,381 of assumed liabilities, inclusive of $558,073 debt assumed. See Note 12 “SLIC Acquisition.”

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

9

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

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

 

10

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

11

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

 

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

 

12

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

13

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

14

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

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

 

15

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

 

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

 

16

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

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

 

17

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

18

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

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

 

19

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

20

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate & Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)		Cost (5)		Fair Value		Percentage of Net Assets
Icebox Holdco III, Inc.		(12)		First Lien Debt		S +		3.25%		6.92%		12/22/2031		5,375		5,394		5,415		0.16
Madison IAQ, LLC		(12)		First Lien Debt		S +		2.50%		6.70%		06/21/2028		4,812		4,809		4,832		0.14
MHE Intermediate Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		9.99%		07/21/2027		7,792		7,776		7,792		0.23
MHE Intermediate Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		6.00%		9.99%		07/21/2027		6,363		6,329		6,363		0.19
MHE Intermediate Holdings, LLC		(6) (10) (18)		First Lien Debt		S +		6.00%		9.99%		07/21/2027		429		429		429		0.01
Roper Industrial Products Investment Company, LLC		(12)		First Lien Debt		S +		2.75%		6.42%		11/22/2029		3,930		3,945		3,951		0.12
TK Elevator US Newco, Inc.		(12)		First Lien Debt		S +		2.75%		6.95%		04/30/2030		7,274		7,294		7,315		0.22
																118,186		112,645		3.33
Media
Aragorn Parent Corporation				First Lien Debt		S +		3.50%		7.22%		12/15/2028		5,770		5,762		5,803		0.17
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +		4.50%		8.22%		12/23/2030		43,001		42,023		43,001		1.27
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.22%		12/23/2030		4,539		4,460		4,539		0.13
AWP Group Holdings, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.22%		12/23/2030		2,203		2,165		2,203		0.07
Vessco Midco Holdings, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.49%		07/24/2031		37,150		36,850		36,980		1.09
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.49%		07/24/2031		9,351		9,256		9,293		0.27
Vessco Midco Holdings, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.49%		07/24/2031		—		(30)		(17)		0.00
																94,724		95,999		2.84
Pharmaceuticals
Caerus US 1, Inc.		(6) (8) (9) (11) (15)		First Lien Debt		S +		5.00%		8.67%		05/25/2029		40,395		39,876		40,333		1.19
Caerus US 1, Inc.		(6) (11) (15)		First Lien Debt		S +		5.00%		8.67%		05/25/2029		5,912		5,830		5,903		0.17
Caerus US 1, Inc.		(6) (11) (15) (18)		First Lien Debt		S +		5.00%		8.67%		05/25/2029		3,443		3,394		3,437		0.10
Real Chemistry Intermediate III, Inc.		(6) (9) (12)		First Lien Debt		S +		4.50%		8.17%		04/12/2032		19,125		19,037		19,029		0.56
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.17%		04/12/2032		4,633		4,602		4,590		0.14
Real Chemistry Intermediate III, Inc.		(6) (12) (18)		First Lien Debt		S +		4.50%		8.17%		04/12/2032		—		(19)		(21)		0.00
Specialty Pharma III, Inc.		(6) (12)		First Lien Debt		P +		4.75%		11.50%		12/23/2032		3,706		3,687		3,687		0.11
Specialty Pharma III, Inc.		(6) (18)		First Lien Debt		P +		4.75%		11.50%		12/23/2032		—		(2)		(2)		0.00
																76,405		76,956		2.28
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (8) (10)		First Lien Debt		S +		6.00%		10.29%		03/10/2027		1,395		1,366		1,395		0.04
Abacus Data Holdings, Inc. (AbacusNext)		(6) (18)		First Lien Debt		S +		6.00%		10.29%		03/10/2027		—		(12)		—		0.00
Accordion Partners, LLC		(6) (11)		First Lien Debt		S +		5.00%		8.70%		11/17/2031		56,873		56,398		56,863		1.68
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		11/17/2031		8,864		8,783		8,857		0.26
Accordion Partners, LLC		(6) (11) (18)		First Lien Debt		S +		5.00%		8.70%		11/17/2031		—		(52)		—		0.00
Ascend Partner Services, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.54%		08/11/2031		1,293		1,282		1,280		0.04
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.54%		08/11/2031		2,370		2,347		2,342		0.07
Ascend Partner Services, LLC		(6) (11) (18)		First Lien Debt		S +		4.50%		8.54%		08/11/2031		—		(4)		(4)		0.00
Bridgepointe Technologies, LLC		(6) (10)		First Lien Debt		S +		5.00%		8.67%		12/31/2027		18,479		18,219		18,479		0.55
Bridgepointe Technologies, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		12/31/2027		21,190		20,902		21,190		0.63
Bullhorn, Inc.		(6) (8) (10)		First Lien Debt		S +		5.00%		8.72%		10/01/2029		3,429		3,410		3,429		0.10
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.72%		10/01/2029		4,371		4,355		4,371		0.13
Bullhorn, Inc.		(6) (10) (18)		First Lien Debt		S +		5.00%		8.72%		10/01/2029		53		52		53		0.00
Carr, Riggs and Ingram Capital, LLC		(6) (8) (12)		First Lien Debt		S +		4.25%		7.92%		11/18/2031		14,553		14,425		14,516		0.43
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%		7.92%		11/18/2031		1,993		1,958		1,975		0.06
Carr, Riggs and Ingram Capital, LLC		(6) (12) (18)		First Lien Debt		S +		4.25%		7.92%		11/18/2031		—		(29)		(8)		0.00

 

21

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

22

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

 

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

 

 

 

23

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

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

 

24

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

25

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

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

 

26

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares (4)		Cost (5)		Fair Value		Percentage of Net Assets
Electrical Equipment
Sparkstone Electrical Group		(6) (16) (17)		Common Equity								10/15/2024		1,500		150		65		0.00
Financial Services
Applitools, Inc.		(6) (15) (16) (17)		Common Equity								07/18/2025		3,880,115		2,219		1,884		0.06
Health Care Providers & Services
SDB Holdco, LLC		(6) (16) (17)		Common Equity								03/29/2024		14,561,479		—		—		0.00
Suveto Buyer, LLC		(6) (15) (16) (17)		Common Equity								11/19/2021		3,398		307		393		0.01
Vardiman Black Holdings, LLC		(6) (17)		Preferred Equity		6.00% PIK						03/29/2024		7,065,190		5,247		-		0.00
																5,554		393		0.01
Insurance Services
Amerilife Holdings, LLC		(6) (16) (17)		Common Equity								09/01/2022		9,880		273		592		0.02
Frisbee Holdings, LP (Fetch)		(6) (16) (17)		Common Equity								10/31/2022		33,276		424		1,193		0.04
Integrity Marketing Acquisition, LLC		(6) (17)		Preferred Equity		10.50%						12/21/2021		750,000		1,127		1,028		0.03
																1,824		2,813		0.08
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (16) (17)		Common Equity								09/09/2025		500		—		—		0.00
FMG Suite Holdings, LLC		(6) (17)		Preferred Equity		8.00% PIK						09/09/2025		500		513		513		0.02
																513		513		0.02
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16) (17)		Common Equity								07/12/2021		5,196		317		256		0.01
Verdantas, LLC		(6) (16) (17)		Common Equity								05/03/2024		8,848		9		13		0.00
Verdantas, LLC		(6) (17)		Preferred Equity		10.00%						05/03/2024		875,952		1,035		1,291		0.04
																1,361		1,560		0.05
Real Estate Management & Development
Pritchard Industries, LLC		(6) (16) (17)		Common Equity								10/13/2021		332,248		352		249		0.01
Software
Cohesity Global, Inc.		(17)		Preferred Equity								12/09/2024		18,617		382		382		0.01
Fullsteam Operations, LLC		(6) (16) (17)		Common Equity								11/27/2023		45,080		1,520		3,766		0.11
Knockout Intermediate Holdings I, Inc.		(6) (17)		Preferred Equity		S +	10.75%					06/25/2022		5,482		7,719		7,934		0.23
Revalize, Inc.		(6) (17)		Preferred Equity		S +	10.00%					12/14/2021		2,951		4,703		4,248		0.13
Reveal Data Solutions		(6) (16) (17)		Common Equity								08/29/2023		861,539		1,122		1,044		0.03
RSK Holdings, Inc. (Riskonnect)		(6) (17)		Preferred Equity		S +		10.50%				07/07/2022		10,679,200		17,455		17,754		0.53
																32,901		35,128		1.04
Total Equity Investments - non-controlled/non-affiliated																$60,257		$55,125		1.63%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.		(6) (16) (17) (19)		Common Equity								02/28/2025		2,785		1,069		—		0.00
KWOR Intermediate I, Inc.		(6) (17) (19)		Preferred Equity		S +		8.00% PIK				02/28/2025		2,978,848		2,979		1,927		0.06
Total Equity Investments - non-controlled/affiliated														-		4,048		1,927		0.06
Total Equity Investments																$64,305		$57,052		1.69%
Equity Investments - controlled/affiliated
Investments in Joint Ventures
North Haven Keystone, LLC		(17) (20)		LLC Interest								10/29/2025		85,438,200		85,438		85,276		2.52
Total Investments in Joint Ventures																$85,438		$85,276		2.52%
Total Portfolio Investments																$6,699,473		$6,610,610		195.59%

 

27

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

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

 

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company would be deemed to “control” one of its portfolio companies, as indicated below. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is an “affiliated person” of two of its portfolio companies, as indicated below.

(2)

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

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA (“C”) or EURIBOR (“E”) or SOFR (“S”) or SONIA (“SA”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”), each of which generally resets periodically). For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the C at 2.26%, 1-month E at 1.94%, 1-month S at 3.69%, 3-month S at 3.65%, 6-month S at 3.57%, SA at 3.73% and the P at 6.75%.

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$” or "USD”) unless otherwise noted, Euro (“€”), Great British Pound (“GBP”), or Canadian dollar (“CAD”).

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

Loan includes interest rate floor of 1.00%.

(11)

Loan includes interest rate floor of 0.75%.

(12)

Loan includes interest rate floor of 0.50%.

(13)

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

(14)

Investment was on non-accrual status as of December 31, 2025.

(15)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 6.64% of total assets as calculated in accordance with regulatory requirements.

(16)

Non-income producing security.

(17)

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

(18)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2025:

 

 

28

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
First Lien Debt — non-controlled/non-affiliated
48Forty Solutions, LLC		Revolver		11/30/2029		$1,434		$(846)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026		1,911		—
AWP Group Holdings, Inc.		Revolver		12/23/2030		2,435		—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027		600		—
Accel International Holdings, Inc.		Revolver		04/26/2032		4,216		—
Accordion Partners, LLC		Delayed Draw Term Loan		12/17/2027		2,910		(7)
Accordion Partners, LLC		Revolver		11/17/2031		6,393		—
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026		1,191		(6)
Alert Media, Inc.		Revolver		04/12/2027		3,870		(25)
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026		158		(1)
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027		5,395		(40)
Amerilife Holdings, LLC		Revolver		08/31/2028		2,248		(17)
Answer Acquisition, LLC		Revolver		06/30/2028		2,450		(240)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026		3,127		(140)
Any Hour, LLC		Revolver		05/23/2030		277		(12)
Apex Service Partners, LLC		Revolver		10/24/2029		3,883		(3)
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027		10,476		—
Apollo Acquisition, Inc.		Revolver		12/30/2030		3,927		—
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026		1,465		—
Appfire Technologies, LLC		Revolver		03/09/2028		490		—
Applitools, Inc.		Revolver		05/25/2028		1,600		(28)
Apryse Software Corp.		Revolver		06/28/2032		3,941		(31)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027		761		(1)
Aptean, Inc.		Revolver		01/30/2031		4,305		(5)
Archduke Buyer, Inc.		Revolver		12/03/2032		274		(3)
Arcoro Holdings Corp.		Revolver		03/28/2030		8,609		(148)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027		5,345		—
Artifact Bidco, Inc.		Revolver		07/26/2030		3,818		—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026		67		(1)
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027		298		(3)
Ascend Partner Services, LLC		Revolver		08/11/2031		449		(4)
Assembly Intermediate, LLC		Revolver		10/19/2027		889		—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028		482		—
Associations, Inc.		Revolver		07/03/2028		678		—
Astra Service Partners, LLC		Delayed Draw Term Loan		11/26/2027		1,480		(6)
Atlas US Finco, Inc.		Revolver		12/09/2028		4,395		—
AuditBoard, Inc.		Revolver		07/14/2031		6,514		(46)
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032		2,667		(27)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		10/08/2027		7,816		(42)
Banyan Software Holdings, LLC		Revolver		01/02/2031		3,261		—
Bottomline Technologies, Inc.		Revolver		05/15/2028		1,733		—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026		2,015		—
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026		343		—
Bullhorn, Inc.		Revolver		10/01/2029		346		—

 

29

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
CCI Buyer, Inc.		Revolver		05/13/2032		2,207		(3)
CLEO Communications Holding, LLC		Revolver		06/09/2027		5,358		—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027		5,408		(14)
COP Collisionright Parent, LLC		Revolver		01/29/2030		4,039		(10)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026		2,206		—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031		1,471		—
Caerus US 1, Inc.		Revolver		05/25/2029		929		(1)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026		5,432		(14)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031		3,400		(9)
Catalis Intermediate, Inc.		Revolver		08/04/2027		2,312		(29)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027		8,048		(20)
Cerity Partners, LLC		Revolver		07/28/2031		958		(2)
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027		4,160		(37)
Chase Intermediate, LLC		Revolver		10/30/2028		608		(5)
Cliffwater, LLC		Revolver		04/22/2032		2,036		(15)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027		4,667		—
Computer Services, Inc.		Delayed Draw Term Loan		11/15/2027		4,137		(10)
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026		3,126		(4)
Consor Intermediate II, LLC		Revolver		05/12/2031		1,130		(1)
Coupa Holdings, LLC		Delayed Draw Term Loan		06/03/2027		851		—
Coupa Holdings, LLC		Revolver		02/27/2029		651		—
Cyara AcquisitionCo, LLC		Revolver		06/28/2029		3,832		—
Cyber US Bidco, LLC		Delayed Draw Term Loan		01/02/2029		797		(4)
Cyber US Bidco, LLC		Revolver		12/30/2032		350		(4)
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027		2,425		(6)
DA Blocker Corp.		Revolver		02/10/2032		808		(2)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032		4,287		(37)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026		10,706		(7)
Diligent Corporation		Revolver		08/02/2030		5,460		(4)
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027		8,375		—
Drivecentric Holdings, LLC		Revolver		08/15/2031		4,059		—
Dwyer Instruments, Inc.		Revolver		07/20/2029		3,329		(17)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029		2,032		(1)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026		10,559		(17)
EVDR Purchaser, Inc.		Revolver		02/14/2031		5,069		(8)
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026		1,417		—
Eclipse Buyer, Inc.		Revolver		09/08/2031		719		—
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027		3,947		(10)
Emburse, Inc.		Revolver		05/28/2032		3,947		(10)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026		825		(17)
Energy Labs Holdings Corp.		Revolver		04/07/2028		1,343		(27)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027		7,418		(111)
Espresso Bidco, Inc.		Revolver		03/25/2032		3,297		(49)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026		5,154		(14)

 

30

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Essential Services Holding Corporation		Revolver		06/17/2030		1,933		(5)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026		10,196		—
Everbridge Holdings, LLC		Revolver		07/02/2031		6,708		—
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2026		12,000		(60)
Excelitas Technologies Corp.		Revolver		08/14/2028		3,095		(15)
Express Wash Acquisition Company, LLC		Revolver		04/10/2031		335		(3)
FLS Holding, Inc.		Revolver		12/17/2027		28		(4)
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027		4,868		(49)
FMG Suite Holdings, LLC		Revolver		09/09/2032		2,921		(29)
FORTIS Solutions Group, LLC		Revolver		10/15/2027		1,274		—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027		430		—
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027		2,078		—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032		1,050		—
Formstack Acquisition, Co.		Delayed Draw Term Loan		03/30/2026		15,916		(113)
Formstack Acquisition, Co.		Revolver		03/28/2030		8,938		(64)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027		542		—
Foundation Risk Partners Corp.		Revolver		10/29/2029		3,212		—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027		12,692		(133)
Fullsteam Operations, LLC		Revolver		08/08/2031		4,231		(44)
GB Eagle Buyer, Inc.		Delayed Draw Term Loan		11/12/2027		6,660		(33)
GB Eagle Buyer, Inc.		Revolver		11/29/2030		4,440		(43)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/06/2027		1,044		(3)
GC Waves Holdings, Inc.		Revolver		10/04/2030		1,723		—
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/04/2027		3,668		(32)
GPS Merger Sub, LLC		Revolver		10/02/2029		4,657		(41)
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026		2,438		—
GS AcquisitionCo, Inc.		Revolver		05/25/2028		3,348		—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026		3,235		—
Galway Borrower, LLC		Revolver		09/29/2028		2,774		—
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027		5,051		(51)
GarageCo Intermediate II, LLC		Revolver		07/30/2032		1,515		(15)
Gateway US Holdings, Inc.		Delayed Draw Term Loan		11/13/2026		1,209		(6)
Gateway US Holdings, Inc.		Revolver		09/22/2028		484		(2)
Granicus, Inc.		Delayed Draw Term Loan		07/31/2026		657		—
Granicus, Inc.		Revolver		01/17/2031		8,771		—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026		2,273		(9)
HSI Halo Acquisition, Inc.		Revolver		06/28/2030		3,031		(12)
Heartland Veterinary Partners, LLC		Delayed Draw Term Loan		11/08/2027		5,162		(31)
Heartland Veterinary Partners, LLC		Revolver		06/12/2028		1,298		—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		12/10/2027		3,228		(8)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		09/30/2026		6,151		—
High Street Buyer, Inc.		Revolver		04/16/2027		825		(2)
Hootsuite, Inc.		Revolver		05/22/2030		840		(11)
Hyland Software, Inc.		Revolver		09/19/2029		3,699		—

 

31

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
IG Investment Holdings, LLC		Revolver		09/22/2028		3,736		—
IQN Holding Corp.		Revolver		05/02/2028		337		—
Icefall Parent, Inc.		Revolver		01/25/2030		2,471		—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026		1,884		—
Imagine 360, LLC		Revolver		10/02/2028		1,166		—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027		4,784		—
Inhabitiq, Inc.		Revolver		01/12/2032		2,990		—
Inszone Mid, LLC		Delayed Draw Term Loan		07/24/2026		1,836		(5)
Inszone Mid, LLC		Delayed Draw Term Loan		10/18/2027		4,008		(19)
Inszone Mid, LLC		Revolver		11/30/2029		3,575		(9)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028		1,097		—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026		663		—
Invictus Buyer, LLC		Revolver		06/03/2031		245		—
Iris Buyer, LLC		Revolver		10/02/2029		2,883		(7)
Iris Specialty Acquisiton, LLC		Delayed Draw Term Loan		11/20/2028		4,958		(12)
Iris Specialty Acquisiton, LLC		Revolver		11/22/2032		4,363		(21)
Jeppesen Holdings, LLC		Revolver		11/01/2032		1,632		(8)
Jonathan Acquisition Company		Revolver		05/11/2029		453		(7)
KENG Acquisition, Inc.		Revolver		08/01/2029		4,053		(20)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027		3,219		—
Kodiak Buyer, LLC		Revolver		07/23/2032		2,575		—
LHS Borrower, LLC		Revolver		09/04/2031		868		(13)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/12/2027		2,885		—
LJ Avalon Holdings, LLC		Revolver		02/01/2029		1,752		—
LeadVenture, Inc.		Delayed Draw Term Loan		06/23/2027		1,200		—
LeadVenture, Inc.		Revolver		06/23/2032		717		—
LegitScript, LLC		Revolver		06/24/2028		3,750		—
Lightspeed Buyer, Inc.		Revolver		02/03/2027		279		—
LogRhythm, Inc.		Revolver		07/02/2029		682		(27)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027		1,025		(10)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031		992		(10)
MHE Intermediate Holdings, LLC		Revolver		07/21/2027		643		—
MRI Software, LLC		Revolver		02/10/2028		4,384		(12)
Magneto Components Buyco, LLC		Revolver		12/05/2029		7,930		—
ManTech International CP		Delayed Draw Term Loan		02/17/2026		936		—
ManTech International CP		Revolver		09/14/2028		4,800		—
Merative, LP		Delayed Draw Term Loan		09/30/2027		3,365		(17)
Merative, LP		Revolver		09/30/2032		2,944		(15)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027		3,466		—
Mobile Communications America, Inc.		Revolver		10/16/2029		1,761		—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026		5,429		—
Model N, Inc.		Revolver		06/27/2031		2,896		—
Montana Buyer, Inc.		Revolver		07/22/2028		3,710		—
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027		8,064		(81)

 

32

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
NDT Global Holding, Inc.		Revolver		06/04/2032		7,200		(72)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026		4,079		—
NSI Holdings, Inc.		Revolver		11/17/2031		4,079		—
Nasuni Corporation		Revolver		09/10/2030		4,490		—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029		1,579		(8)
OEConnection, LLC		Delayed Draw Term Loan		12/26/2028		876		(2)
OEConnection, LLC		Revolver		12/23/2032		231		(1)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027		2,981		(22)
Oak Purchaser, Inc.		Revolver		05/31/2028		1,763		(13)
One, Inc. Software Corporation		Delayed Draw Term Loan		12/06/2027		967		(5)
One, Inc. Software Corporation		Revolver		12/06/2032		387		(4)
Onit, Inc.		Delayed Draw Term Loan		01/27/2027		13,889		—
Onit, Inc.		Revolver		01/27/2032		4,630		—
Optimizely North America, Inc.		Revolver		10/30/2031		2,033		(41)
PDI TA Holdings, Inc.		Revolver		02/03/2031		858		(13)
PMA Parent Holdings, LLC		Revolver		01/31/2031		398		(4)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026		3,217		—
Pamlico Avant Holdings, LP		Revolver		12/31/2032		1,474		(15)
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029		9,920		—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028		394		—
PerkinElmer U.S., LLC		Delayed Draw Term Loan		10/25/2027		1,290		(3)
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027		147		—
Pound Bidco, Inc.		Revolver		02/01/2027		125		—
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026		831		—
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028		952		—
Project Accelerate Parent, LLC		Revolver		02/24/2031		3,928		—
Project Potter Buyer, LLC		Revolver		04/23/2027		885		—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027		6,526		(65)
Railpros Parent, LLC		Revolver		05/24/2032		3,263		(33)
Randy's Holdings, Inc.		Delayed Draw Term Loan		06/30/2026		850		(8)
Randy's Holdings, Inc.		Delayed Draw Term Loan		12/20/2027		2,742		(14)
Randy's Holdings, Inc.		Revolver		11/01/2029		1,842		(18)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029		2,907		—
Raven Acquisition Holdings, LLC		Delayed Draw Term Loan		11/19/2026		333		1
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027		3,868		(19)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032		4,250		(21)
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027		2,271		(11)
Revalize, Inc.		Revolver		04/16/2029		234		(12)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027		16,890		—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031		4,110		—
Riskonnect Parent, LLC		Delayed Draw Term Loan		03/01/2026		4,781		—
Riskonnect Parent, LLC		Revolver		12/07/2028		3,320		—
RoadOne IntermodaLogistics		Revolver		12/29/2028		27		(1)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026		1,926		(6)

 

33

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Routeware, Inc.		Revolver		09/18/2031		409		(1)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026		4,486		(11)
Runway Bidco, LLC		Revolver		12/17/2031		2,243		(6)
SV Newco 2, Inc.		Delayed Draw Term Loan		03/22/2028		306		—
SV Newco 2, Inc.		Revolver		06/02/2031		11,921		(16)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027		6,429		(52)
Saturn Borrower, Inc.		Revolver		11/10/2028		2,160		(17)
Securonix, Inc.		Revolver		04/05/2029		5,403		(772)
Sherlock Buyer Corp.		Revolver		12/07/2029		2,978		(94)
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027		2,142		—
Smarsh, Inc.		Revolver		02/16/2029		986		—
Sonny's Enterprises, LLC		Revolver		08/05/2027		3,331		(94)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026		2,125		(159)
Spark Buyer, LLC		Revolver		10/15/2031		701		(53)
Specialty Pharma III, Inc.		Revolver		12/23/2032		478		(2)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027		2,379		—
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027		378		—
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		04/25/2026		1,813		—
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026		500		—
Superman Holdings, LLC		Revolver		08/29/2031		3,675		—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		06/29/2026		451		(1)
Surewerx Purchaser III, Inc.		Revolver		12/28/2028		999		(2)
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026		593		(1)
Suveto Buyer, LLC		Revolver		09/09/2027		528		—
Sweep Purchaser, LLC		Revolver		06/30/2027		375		—
TA Polaris Buyer, Inc.		Delayed Draw Term Loan		12/12/2028		4,324		(11)
TA Polaris Buyer, Inc.		Revolver		12/13/2032		1,297		(7)
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027		2,440		(6)
Tamarack Intermediate, LLC		Revolver		03/12/2029		4,328		(11)
Tank Holding Corp.		Revolver		03/31/2028		1,867		(161)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027		5,200		(39)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032		4,818		(36)
Tidi Legacy Products, Inc.		Revolver		12/19/2029		2,132		—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026		2,790		—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027		709		(7)
Transit Technologies, LLC		Revolver		08/20/2030		2,591		—
Trintech, Inc.		Revolver		07/25/2029		3,934		(20)
Triple Lift, Inc.		Revolver		05/05/2028		1,714		(106)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026		326		—
Trunk Acquisition, Inc.		Revolver		02/19/2030		1,071		—
Two Six Labs, LLC		Revolver		08/20/2027		915		—
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026		6,805		—
UHY Advisors, Inc.		Revolver		11/21/2031		1,455		—
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026		1,347		(10)

 

34

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
UpStack, Inc.		Revolver		08/25/2031		638		(5)
V Global Holdings, LLC		Revolver		01/02/2029		1,300		(103)
VRC Companies, LLC		Revolver		06/29/2027		915		—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027		4,837		(36)
Vamos Bidco, Inc.		Revolver		01/30/2032		1,451		(11)
Vanco Payment Solutions, LLC		Revolver		12/01/2031		175		(2)
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026		66		(6)
Vehlo Purchaser, LLC		Revolver		05/24/2028		360		—
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026		508		—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026		830		—
Verdantas, LLC		Revolver		05/06/2030		2,406		—
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026		791		(38)
Vertex Service Partners, LLC		Revolver		11/08/2030		1,616		(30)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026		1,961		(9)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		05/03/2028		3,123		(8)
Vessco Midco Holdings, LLC		Revolver		07/24/2031		3,771		(17)
Victors Purchaser, LLC		Delayed Draw Term Loan		12/23/2027		2,281		—
Victors Purchaser, LLC		Revolver		12/23/2032		1,714		—
WIPFLI Advisory, LLC		Delayed Draw Term Loan		04/01/2028		2,656		(6)
WIPFLI Advisory, LLC		Revolver		10/01/2032		1,771		(9)
World Insurance Associates, LLC		Revolver		04/03/2030		970		—
YI, LLC		Revolver		12/03/2029		2,795		—
Zarya Intermediate, LLC		Revolver		07/01/2027		3,789		—
eShipping, LLC		Delayed Draw Term Loan		12/23/2027		1,075		(3)
eShipping, LLC		Revolver		12/23/2032		470		(2)
iCIMS, Inc.		Revolver		08/18/2028		448		(3)
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027		2,788		(28)
mPulse Mobile, Inc.		Revolver		08/26/2032		4,183		(42)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated						$853,548		$(5,775)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.		Delayed Draw Term Loan		02/28/2027		3,019		—
KWOR Acquisition, Inc.		Revolver		02/28/2030		2,214		—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated						$5,233		$—
Total Unfunded Commitments						$858,781		$(5,775)

 

 

(19)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2025 were as follows:

		Fair Value as of December 31, 2024		Gross Additions (b)		Gross Reductions (c)		Net Change in Unrealized Gains (Losses)		Net Realized Gain (Loss)		Fair Value as of December 31, 2025		Interest, Dividend and Other Income
KWOR Acquisition, Inc. (a)		$—		$22,923		$—		$(1,967)		$—		$20,956		$1,954
Total		$—		$22,923		$—		$(1,967)		$—		$20,956		$1,954

 

 

(a)

Inclusive of positions titled KWOR Intermediate I, Inc.

(b)

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

(c)

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

(20)

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

35

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

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

 

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

(a)

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

(b)

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

 

Additional Information

 

Interest Rate Swaps(a)(b)(c)
Counterparty		Hedged Instrument		Company Receives		Company Pays		Maturity Date		Notional Amount		Fair Value		Upfront Payments / Receipts		Change in Unrealized Appreciation (Depreciation)
SMBC Capital Markets, Inc.		Series A 2028 Notes		8.13%		S + 4.88%		03/16/2028		146,000		$(477)		—		$2,043
SMBC Capital Markets, Inc.		Series B 2026 Notes		8.84%		S + 6.12%		08/10/2026		107,000		(578)		—		249
SMBC Capital Markets, Inc.		Series B 2028 Notes		8.88%		S + 5.56%		08/10/2028		128,000		(365)		—		2,143
SMBC Capital Markets, Inc.		Series C 2027 Notes		8.92%		S + 4.49%		03/01/2027		136,500		1,481		—		739
SMBC Capital Markets, Inc.		Series C 2029 Notes		9.07%		S + 4.77%		03/01/2029		163,500		4,128		—		3,189
MUFG Bank, Ltd.		Series D 2027 Notes		6.84%		S + 3.46%		08/05/2027		100,000		(3)		—		856
MUFG Bank, Ltd.		Series D 2029 Notes		6.91%		S + 3.48%		08/05/2029		200,000		(148)		—		3,716
Royal Bank of Canada		2028 Notes		5.38%		S + 2.06%		09/22/2028		300,000		(514)				(514)
										1,281,000		$3,524		$—		$12,421

 

(a)

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

(b)

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

(c)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

36

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company		(6) (10)		First Lien Debt		S +	5.00%		9.43%		12/22/2026				13,378			$	13,325			$	13,378				0.41	%
Jonathan Acquisition Company		(6) (10) (19)		First Lien Debt		S +	5.00%		9.43%		12/22/2025				343				339				343				0.01
Mantech International CP		(6) (7) (8) (11)		First Lien Debt		S +	5.00%		9.59%		09/14/2029				33,491				33,159				33,491				1.02
Mantech International CP		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		09/14/2029				—				(23	)			—				0.00
Mantech International CP		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		09/14/2028				—				(40	)			—				0.00
PCX Holding Corp.		(6) (7) (10)		First Lien Debt		S +	6.25%		10.73%		04/22/2027				7,655				7,181				7,135				0.22
PCX Holding Corp.		(6) (7) (10)		First Lien Debt		S +	6.25%		10.73%		04/22/2027				8				7,233				7,185				0.22
PCX Holding Corp.		(6) (10)		First Lien Debt		S +	6.25%		10.73%		04/22/2027				793				745				739				0.02
Two Six Labs, LLC		(6) (7) (11)		First Lien Debt		S +	5.25%		9.90%		08/20/2027				24,792				24,491				24,725				0.76
Two Six Labs, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.59%		08/20/2027				1,804				1,752				1,786				0.05
Two Six Labs, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.59%		08/20/2027				—				(12	)			(0	)			0.00
																			88,150				88,780				2.71
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (7) (9) (11)		First Lien Debt		S +	5.75%		10.23%		06/11/2027				52,728				52,162				52,728				1.61
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +	6.25%		10.84%		12/29/2028				1,269				1,243				1,241				0.04
RoadOne IntermodaLogistics		(6) (10)		First Lien Debt		S +	6.25%		10.84%		12/29/2028				116				114				114				0.00
RoadOne IntermodaLogistics		(6) (10) (19)		First Lien Debt		S +	6.25%		10.84%		12/29/2028				58				53				52				0.00
																			53,572				54,135				1.65
Automobile Components
Continental Battery Company		(6) (7) (8) (10) (13)		First Lien Debt		S +	7.00% (incl. 4.08% PIK)		11.48%		01/20/2027				12,945				11,732				9,142				0.28
LTI Holdings, Inc.				First Lien Debt		S +	4.75%		9.11%		07/19/2029				2,993				2,985				2,994				0.09
Randy's Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +	5.00%		9.45%		11/01/2029				13,541				13,304				13,541				0.41
Randy's Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.45%		11/01/2029				1,266				1,216				1,266				0.04
Randy's Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.45%		11/01/2029				626				597				626				0.02
Sonny's Enterprises, LLC		(6) (7) (8) (10)		First Lien Debt		S +	5.50%		10.17%		08/05/2028				52,760				52,210				51,067				1.56
Sonny's Enterprises, LLC		(6) (10) (19)		First Lien Debt		S +	5.50%		10.17%		08/05/2028				6,018				5,901				5,726				0.18
Sonny's Enterprises, LLC		(6) (10) (19)		First Lien Debt		S +	5.50%		10.17%		08/05/2027				1,391				1,310				1,212				0.04
Spectrum Automotive Holdings Corp.		(6) (7) (11)		First Lien Debt		S +	5.25%		9.58%		06/29/2028				9,930				9,854				9,874				0.30
Spectrum Automotive Holdings Corp.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		06/29/2028				2,820				2,792				2,802				0.09
Spectrum Automotive Holdings Corp.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		06/29/2027				—				(3	)			(2	)			0.00
Wheel Pros, LLC				First Lien Debt		S +	4.50%		11.38%		05/11/2028				—				—				—				—
																			101,898				98,248				3.00
Automobiles
ARI Network Services, Inc.		(6) (7) (11)		First Lien Debt		S +	5.00%		9.36%		08/28/2026				23,947				23,820				23,840				0.73
ARI Network Services, Inc.		(6) (7) (11)		First Lien Debt		S +	5.00%		9.36%		08/28/2026				1,524				1,524				1,519				0.05
ARI Network Services, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.36%		08/28/2026				774				770				768				0.02
COP Collisionright Parent, LLC		(6) (7) (9) (10)		First Lien Debt		S +	5.50%		10.09%		01/29/2030				31,005				30,460				30,639				0.94
COP Collisionright Parent, LLC		(6) (10) (19)		First Lien Debt		S +	5.50%		10.09%		01/29/2030				9,083				8,840				8,870				0.27
COP Collisionright Parent, LLC		(6) (10) (19)		First Lien Debt		S +	5.50%		10.09%		01/29/2030				752				667				692				0.02
Drivecentric Holdings, LLC		(6) (7) (11)		First Lien Debt		S +	4.75%		9.27%		08/15/2031				30,441				30,148				30,417				0.93
Drivecentric Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.27%		08/15/2031				—				(38	)			(3	)			0.00
LeadVenture, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.36%		08/28/2026				976				959				965				0.03
MajorDrive Holdings IV, LLC		(12)		First Lien Debt		S +	4.00%		8.59%		06/01/2028				2,969				2,972				2,889				0.09

 

 

 

37

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Turbo Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +	6.00%		10.48%		12/02/2025				15,930				15,422				15,385				0.47
Turbo Buyer, Inc.		(6) (10)		First Lien Debt		S +	6.00%		10.48%		12/02/2025				2,437				2,382				2,354				0.07
Vehlo Purchaser, LLC		(6) (7) (11)		First Lien Debt		S +	5.25%		9.61%		05/24/2028				8,471				8,399				8,417				0.26
Vehlo Purchaser, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.61%		05/24/2028				2,056				1,824				1,779				0.05
Vehlo Purchaser, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.61%		05/24/2028				—				(3	)			(3	)			(0.00	)
																			128,146				128,528				3.93
Biotechnology
GraphPad Software, LLC		(6) (11)		First Lien Debt		S +	4.75%		9.08%		06/30/2031				37,557				37,379				37,557				1.15
GraphPad Software, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		06/30/2031				1,114				1,063				1,114				0.03
GraphPad Software, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		06/30/2031				—				(20	)			—				-
																			38,422				38,671				1.18
Building Products
LHS Borrower, LLC		(12)		First Lien Debt		S +	4.75%		9.21%		02/16/2029				3,423				3,353				3,259				0.10
LSF12 Crown US Commercial Bidco, LLC		(14)		First Lien Debt		S +	4.25%		8.63%		12/02/2031				3,000				3,015				2,987				0.09
Project Potter Buyer, LLC		(6) (8) (10)		First Lien Debt		S +	6.00%		10.33%		04/23/2027				10,272				10,272				10,272				0.31
Project Potter Buyer, LLC		(6) (10) (19)		First Lien Debt		S +	6.00%		10.33%		04/23/2026				—				—				—				-
																			16,640				16,518				0.50
Chemicals
Olympus Water US Holding Corporation		(12)		First Lien Debt		S +	3.00%		7.34%		06/20/2031				4,706				4,718				4,716				0.14
Tank Holding Corp.		(9) (11)		First Lien Debt		S +	6.00%		10.42%		03/31/2028				53,367				52,514				52,634				1.61
Tank Holding Corp.		(6) (11) (19)		First Lien Debt		S +	6.00%		10.42%		03/31/2028				5,107				4,963				5,079				0.16
Tank Holding Corp.		(11) (19)		First Lien Debt		S +	5.75%		10.42%		03/31/2028				—				(20	)			(37	)			(0.00	)
V Global Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +	5.75%		10.42%		12/22/2027				15,916				15,660				15,128				0.46
V Global Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.75%		10.42%		12/22/2025				1,299				1,280				1,189				0.04
																			79,115				78,709				2.41
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (7) (10)		First Lien Debt		S +	4.75%		9.24%		12/26/2028				7,255				7,255				7,255				0.22
365 Retail Markets, LLC		(6) (7) (10)		First Lien Debt		S +	4.50%		9.24%		12/26/2028				2,328				2,328				2,328				0.07
Allied Universal Holdco, LLC		(12)		First Lien Debt		S +	3.75%		8.21%		05/12/2028				6,789				6,784				6,806				0.21
Atlas Us Finco, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +	5.00%		9.63%		12/09/2029				36,465				35,762				36,465				1.11
Atlas Us Finco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +	5.00%		9.63%		12/09/2028				—				(25	)			—				-
Belfor Holdings, Inc.				First Lien Debt		S +	3.75%		8.11%		11/01/2030				1,995				2,012				2,015				0.06
BPG Holdings IV Corp.		(6) (7) (9) (11)		First Lien Debt		S +	6.00%		10.33%		07/29/2029				25,941				24,300				22,335				0.68
Consor Intermediate II, LLC		(6) (11)		First Lien Debt		S +	4.50%		8.83%		05/12/2031				5,813				5,759				5,780				0.18
Consor Intermediate II, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.83%		05/12/2031				—				(24	)			(30	)			(0.00	)
Consor Intermediate II, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.83%		05/12/2031				—				(13	)			(8	)			(0.00	)
CRCI Longhorn Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +	5.00%		9.36%		08/27/2031				8,824				8,738				8,824				0.27
CRCI Longhorn Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.36%		08/27/2031				—				(10	)			—				-
CRCI Longhorn Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.36%		08/27/2031				662				648				662				0.02
Encore Holdings, LLC		(6) (7) (11)		First Lien Debt		S +	5.25%		9.58%		11/23/2028				9,061				9,011				9,028				0.28
Encore Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		11/23/2028				18,904				18,774				18,811				0.58
Encore Holdings, LLC		(6) (19)		First Lien Debt		P +	4.00%		11.50%		11/23/2027				—				(14	)			(10	)			(0.00	)
Energy Labs Holdings Corp.		(6) (7) (9) (10)		First Lien Debt		S +	5.00%		9.46%		04/07/2028				7,963				7,888				7,868				0.24
Energy Labs Holdings Corp.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.46%		04/07/2028				1,382				1,353				1,348				0.04
Energy Labs Holdings Corp.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.46%		04/07/2028				—				(19	)			(23	)			(0.00	)

 

 

 

38

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
FLS Holding, Inc.		(6) (7) (8) (10) (15)		First Lien Debt		S +	5.25%		9.71%		12/15/2028				23,774				22,635				21,240				0.65
FLS Holding, Inc.		(6) (7) (10) (15)		First Lien Debt		S +	5.25%		9.71%		12/15/2028				5,574				5,307				4,980				0.15
FLS Holding, Inc.		(6) (10) (15) (19)		First Lien Debt		S +	5.25%		9.71%		12/17/2027				1,138				1,037				895				0.03
Ground Penetrating Radar Systems, LLC		(6) (7) (10)		First Lien Debt		S +	5.25%		9.77%		04/02/2031				14,030				13,835				14,030				0.43
Ground Penetrating Radar Systems, LLC		(6) (10) (19)		First Lien Debt		S +	5.25%		9.77%		04/02/2031				—				(36	)			—				—
Ground Penetrating Radar Systems, LLC		(6) (19)		First Lien Debt		P +	4.25%		11.75%		04/02/2031				223				199				223				0.01
Helios Service Partners, LLC		(6) (10)		First Lien Debt		S +	5.00%		9.59%		03/19/2027				12,311				12,112				12,307				0.38
Helios Service Partners, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.59%		03/19/2027				20,148				19,732				20,072				0.61
Helios Service Partners, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.59%		03/19/2027				—				(59	)			(1	)			0.00
Hercules Borrower, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.68%		12/15/2026		C$		3,167				3,025				2,963				0.09
HSI Halo Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +	5.00%		9.59%		06/30/2031				19,022				18,842				19,022				0.58
HSI Halo Acquisition, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		06/30/2031				788				767				788				0.02
HSI Halo Acquisition, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		06/28/2030				—				(28	)			—				—
Iris Buyer, LLC		(6) (7) (10) (15)		First Lien Debt		S +	6.25%		10.84%		10/02/2030				19,977				19,565				19,977				0.61
Iris Buyer, LLC		(6) (10) (19) (15)		First Lien Debt		S +	6.25%		10.84%		10/02/2030				1,884				1,834				1,884				0.06
Iris Buyer, LLC		(6) (10) (19) (15)		First Lien Debt		S +	6.25%		10.84%		10/02/2029				—				(54	)			—				—
Orion Group Holdco, LLC		(6) (19)		First Lien Debt		S +	5.00%		9.59%		03/19/2027				—				(16	)			(16	)			0.00
Procure Acquireco, Inc. (Procure Analytics)		(6) (7) (11)		First Lien Debt		S +	5.00%		9.49%		12/20/2028				15,397				15,397				15,397				0.47
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (19)		First Lien Debt		S +	4.75%		9.49%		12/20/2028				761				756				756				0.02
Procure Acquireco, Inc. (Procure Analytics)		(6) (11) (19)		First Lien Debt		S +	4.75%		9.49%		12/20/2028				—				—				—				—
Pye-Barker Fire & Safety, LLC		(6) (11)		First Lien Debt		S +	4.50%		8.83%		05/26/2031				18,135				18,135				18,135				0.55
Pye-Barker Fire & Safety, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.83%		05/26/2031				2,585				2,538				2,585				0.08
Pye-Barker Fire & Safety, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.83%		05/24/2030				314				291				314				0.01
Routeware, Inc.		(6) (7) (10)		First Lien Debt		S +	5.25%		9.60%		09/18/2031				4,773				4,726				4,773				0.15
Routeware, Inc.		(6) (10) (19)		First Lien Debt		S +	5.25%		9.60%		09/18/2031				—				(11	)			—				—
Routeware, Inc.		(6) (10) (19)		First Lien Debt		S +	5.25%		9.60%		09/18/2031				—				(5	)			—				—
Sherlock Buyer Corp.		(6) (7) (8) (10)		First Lien Debt		S +	5.75%		10.18%		12/08/2028				25,100				25,011				25,100				0.77
Sherlock Buyer Corp.		(6) (10) (19)		First Lien Debt		S +	5.75%		10.18%		12/08/2027				—				(8	)			—				—
SITEL Worldwide Corporation		(12)		First Lien Debt		S +	3.75%		8.22%		08/28/2028				4,850				4,861				3,237				0.10
Surewerx Purchaser III, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +	5.25%		9.58%		12/28/2029				4,039				3,992				4,039				0.12
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		C +	5.25%		8.42%		12/28/2029		C$		2,617				1,888				1,820				0.06
Surewerx Purchaser III, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	5.25%		9.58%		12/28/2029				—				(6	)			—				—
Surewerx Purchaser III, Inc.		(6) (11) (15)		First Lien Debt		C +	5.25%		9.58%		12/28/2028		C$		710				678				695				0.02
Sweep Midco, LLC		(6) (7) (18)		Second Lien Debt							03/12/2034				1,086				543				703				0.02
Sweep Midco, LLC		(6) (7) (18)		Second Lien Debt							03/12/2036				3,156				—				—				—
Sweep Purchaser, LLC		(6) (7) (10)		First Lien Debt		S +	5.75% PIK		10.24%		06/30/2027				3,986				3,986				3,986				0.12
Sweep Purchaser, LLC		(6) (7) (10)		First Lien Debt		S +	5.75%		10.24%		06/30/2027				2,050				2,050				2,050				0.06
Sweep Purchaser, LLC		(6) (10) (19)		First Lien Debt		S +	5.75%		10.24%		06/30/2027				—				—				—				—
Tamarack Intermediate, LLC		(6) (7) (11)		First Lien Debt		S +	5.75%		10.30%		03/13/2028				22,742				22,442				22,742				0.70
Tamarack Intermediate, LLC		(6) (11)		First Lien Debt		S +	5.75%		10.30%		03/13/2028				2,231				2,188				2,231				0.07
Tamarack Intermediate, LLC		(6) (11) (19)		First Lien Debt		S +	5.75%		10.30%		03/13/2028				—				(42	)			—				—
Tempo Acquisition, LLC		(12)		First Lien Debt		S +	2.25%		6.61%		08/31/2028				3,987				4,000				3,999				0.12
Transit Technologies, LLC		(6) (11)		First Lien Debt		S +	4.75%		9.51%		08/20/2031				12,091				11,975				12,091				0.37
Transit Technologies, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.51%		08/20/2031				—				(20	)			—				—
Transit Technologies, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.51%		08/20/2030				—				(24	)			—				—

 

39

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
TruGreen Limited Partnership		(11)		First Lien Debt		S +	4.00%		8.46%		11/02/2027				4,848				4,821				4,709				0.14
Vensure Employer Services, Inc.		(6) (7) (12)		First Lien Debt		S +	5.00%		9.33%		09/29/2031				25,909				25,660				25,909				0.79
Vensure Employer Services, Inc.		(6) (12) (19)		First Lien Debt		S +	5.00%		9.33%		09/29/2031				1,003				963				1,003				0.03
VRC Companies, LLC		(6) (7) (8) (10)		First Lien Debt		S +	5.75%		10.27%		06/29/2027				50,360				50,128				50,360				1.54
VRC Companies, LLC		(6) (10)		First Lien Debt		S +	5.75%		10.27%		06/29/2027				47,594				47,072				47,594				1.45
VRC Companies, LLC		(6) (10) (19)		First Lien Debt		S +	5.75%		10.27%		06/29/2027				—				—				—				—
																			503,189				502,046				15.35
Construction & Engineering
Arcoro Holdings Corp.		(6) (10)		First Lien Debt		S +	5.50%		9.83%		03/28/2030				57,104				56,071				56,688				1.73
Arcoro Holdings Corp.		(6) (10) (19)		First Lien Debt		S +	5.50%		9.83%		03/28/2030				—				(150	)			(63	)			0.00
Artera Services, LLC		(14)		First Lien Debt		S +	4.50%		8.83%		02/15/2031				1,995				1,978				1,975				0.06
Centuri Group, Inc.		(12)		First Lien Debt		S +	2.50%		6.96%		08/27/2028				1,897				1,896				1,904				0.06
KPSKY Acquisition, Inc.		(6) (7) (8) (11)		First Lien Debt		S +	5.50%		10.19%		10/19/2028				20,749				19,883				18,348				0.56
KPSKY Acquisition, Inc.		(6) (7) (11)		First Lien Debt		S +	5.50%		10.19%		10/19/2028				16,535				16,165				14,622				0.45
LJ Avalon Holdings, LLC		(6) (10)		First Lien Debt		S +	5.00%		9.53%		02/01/2030				2,944				2,874				2,944				0.09
LJ Avalon Holdings, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.53%		02/01/2030				1,205				1,167				1,205				0.04
LJ Avalon Holdings, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.53%		02/01/2029				—				(10	)			—				—
Superman Holdings, LLC		(6) (7) (11)		First Lien Debt		S +	4.50%		8.86%		08/29/2031				25,394				25,271				25,394				0.78
Superman Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.86%		08/29/2031				—				(20	)			—				—
Superman Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.86%		08/29/2031				—				(17	)			—				—
																			125,108				123,017				3.76
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +	5.50%		10.09%		02/03/2031				36,878				36,568				36,686				1.12
PDI TA Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		10.09%		02/03/2031				4,793				4,715				4,749				0.15
PDI TA Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		10.09%		02/03/2031				—				(32	)			(20	)			0.00
																			41,251				41,415				1.27
Containers & Packaging
Berlin Packaging, LLC				First Lien Debt		S +	3.75%		8.05%		06/07/2031				3,980				3,980				4,000				0.12
BP Purchaser, LLC		(6) (7) (8) (11)		First Lien Debt		S +	5.50%		10.16%		12/11/2028				32,716				31,266				30,341				0.93
Clydesdale Acquisition Holdings, Inc.		(12)		First Lien Debt		S +	3.18%		7.53%		04/13/2029				3,303				3,306				3,306				0.10
FORTIS Solutions Group, LLC		(6) (7) (11)		First Lien Debt		S +	5.50%		9.93%		10/13/2028				20,986				20,899				20,986				0.64
FORTIS Solutions Group, LLC		(6) (11)		First Lien Debt		S +	5.50%		9.93%		10/13/2028				1,029				970				1,029				0.03
FORTIS Solutions Group, LLC		(6) (11) (19)		First Lien Debt		S +	5.50%		9.93%		10/15/2027				630				624				630				0.02
Proampac PG Borrower, LLC		(11)		First Lien Debt		S +	4.00%		8.60%		09/15/2028				2,965				2,979				2,971				0.09
																			64,024				63,263				1.93
Distributors
48Forty Solutions, LLC		(6) (7) (9) (10)		First Lien Debt		S +	6.00% (incl. 4.00% PIK)		10.65%		11/30/2029				45,825				44,370				29,608				0.91
48Forty Solutions, LLC		(6) (10) (19)		First Lien Debt		S +	6.00% (incl. 4.00% PIK)		10.65%		11/30/2029				3,061				2,841				542				0.02
ABB Concise Optical Group, LLC		(6) (8) (11)		First Lien Debt		S +	7.50%		11.98%		02/23/2028				17,008				16,749				15,898				0.49
Avalara, Inc.		(6) (7) (9) (11)		First Lien Debt		S +	6.25%		10.58%		10/19/2028				22,421				22,158				22,421				0.69
Avalara, Inc.		(6) (19)		First Lien Debt		S +	6.25%		10.58%		10/19/2028				—				(24	)			—				—
Bradyplus Holdings, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +	5.00%		9.52%		10/31/2029				44,408				43,673				44,408				1.36
Bradyplus Holdings, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.52%		10/31/2029				281				260				281				0.01
PT Intermediate Holdings III, LLC		(6) (7) (8) (11)		First Lien Debt		S +	5.00% (incl. 1.75% PIK)		9.33%		04/09/2030				60,057				59,432				60,057				1.84
PT Intermediate Holdings III, LLC		(6) (11) (19)		First Lien Debt		S +	5.00% (incl. 1.75% PIK)		9.33%		04/09/2030				—				(6	)			—				—

 

 

 

40

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
																			189,453				173,215				5.30
Diversified Consumer Services
Any Hour, LLC		(6)		First Lien Debt		S +	5.00%		9.33%		05/23/2030				11,802				11,639				11,677				0.36
Any Hour, LLC		(6) (19)		First Lien Debt		S +	5.00%		9.33%		05/23/2030				334				309				298				0.01
Any Hour, LLC		(6) (19)		First Lien Debt		S +	5.00%		9.33%		05/23/2030				831				808				813				0.02
Any Hour, LLC		(6)		Other Debt			13.00% PIK		13.00%		05/23/2031				3,186				3,130				3,152				0.10
Apex Service Partners, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +	5.00%		9.51%		10/24/2030				72,104				71,109				72,104				2.20
Apex Service Partners, LLC		(6) (10)		First Lien Debt		S +	5.00%		9.51%		10/24/2030				17,166				16,886				17,166				0.52
Apex Service Partners, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.51%		10/24/2029				3,866				3,793				3,866				0.12
Ascend Partner Services, LLC		(12)		First Lien Debt		S +	4.50%		7.96%		12/11/2028				4,856				4,850				4,877				0.15
Assembly Intermediate, LLC		(6) (7) (10)		First Lien Debt		S +	5.25%		9.58%		10/19/2027				8,889				8,518				8,889				0.27
Assembly Intermediate, LLC		(6) (10)		First Lien Debt		S +	5.25%		9.58%		10/19/2027				1,778				1,702				1,778				0.05
Assembly Intermediate, LLC		(6) (10) (19)		First Lien Debt		S +	5.25%		9.58%		10/19/2027				—				(36	)			—				—
Eclipse Buyer, Inc.		(6) (7) (12)		First Lien Debt		S +	4.75%		9.26%		09/08/2031				8,362				8,281				8,362				0.26
Eclipse Buyer, Inc.		(6) (12) (19)		First Lien Debt		S +	4.75%		9.26%		09/08/2031				—				(7	)			—				—
Eclipse Buyer, Inc.		(6) (12) (19)		First Lien Debt		S +	4.75%		9.26%		09/06/2031				—				(7	)			—				—
Essential Services Holding Corporation		(6) (8) (11)		First Lien Debt		S +	5.00%		9.65%		06/17/2031				18,624				18,448				18,624				0.57
Essential Services Holding Corporation		(6) (11) (19)		First Lien Debt		S +	5.00%		9.65%		06/17/2031				—				(24	)			—				—
Essential Services Holding Corporation		(6) (11) (19)		First Lien Debt		S +	5.00%		9.65%		06/17/2030				—				(29	)			—				—
EVDR Purchaser, Inc.		(6) (11)		First Lien Debt		S +	5.50%		9.86%		02/14/2031				41,498				40,749				41,498				1.27
EVDR Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		9.86%		02/14/2031				—				(104	)			—				—
EVDR Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		9.86%		02/14/2031				1,195				1,070				1,195				0.04
FPG Intermediate Holdco, LLC		(6) (10) (13)		First Lien Debt		S +	6.75% (incl. 5.75% PIK)		11.09%		03/05/2027				7,557				7,437				6,013				0.18
FPG Intermediate Holdco, LLC		(6) (10) (13) (19)		First Lien Debt		S +	6.75% (incl. 5.75% PIK)		11.09%		03/05/2027				184				184				184				0.01
Heartland Home Services		(6) (11)		First Lien Debt		S +	5.75%		10.18%		12/15/2026				23,109				22,910				21,905				0.67
KUEHG Corp.		(12)		First Lien Debt		S +	3.25%		7.84%		06/12/2030				1,861				1,869				1,878				0.06
Lightspeed Solution, LLC		(6) (7) (8) (11)		First Lien Debt		S +	6.50% (incl. 2.17% PIK)		10.86%		03/01/2028				20,499				20,318				20,499				0.63
Lightspeed Solution, LLC		(6) (11)		First Lien Debt		S +	6.50% (incl. 2.17% PIK)		10.86%		03/01/2028				1,352				1,339				1,352				0.04
LUV Car Wash Group, LLC		(6) (7) (8) (10)		First Lien Debt		S +	7.00%		11.74%		12/09/2026				9,971				9,934				9,971				0.30
Magnolia Wash Holdings		(6) (7) (10)		First Lien Debt		S +	6.50%		11.36%		07/14/2028				9,804				9,574				8,892				0.27
Magnolia Wash Holdings		(6) (10)		First Lien Debt		S +	6.50%		11.36%		07/14/2028				2,078				2,029				1,885				0.06
Magnolia Wash Holdings		(6) (10) (19)		First Lien Debt		S +	6.50%		11.36%		07/14/2028				262				252				218				0.01
Project Accelerate Parent, LLC		(6) (11)		First Lien Debt		S +	5.25%		9.61%		02/24/2031				33,519				33,214				33,519				1.02
Project Accelerate Parent, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.61%		02/24/2031				—				(42	)			—				—
Spring Education Group, Inc.				First Lien Debt		S +	4.00%		8.33%		10/04/2030				3,960				3,973				3,980				0.12
Vertex Service Partners, LLC		(6) (7) (9) (11)		First Lien Debt		S +	5.75%		10.11%		11/08/2030				9,826				9,612				9,826				0.30
Vertex Service Partners, LLC		(6) (11) (19)		First Lien Debt		S +	5.75%		10.11%		11/08/2030				18,964				18,540				18,958				0.58
Vertex Service Partners, LLC		(6) (11) (19)		First Lien Debt		S +	5.75%		10.11%		11/08/2030				2,273				2,220				2,273				0.07
Wand NewCo 3, Inc.				First Lien Debt		S +	3.25%		7.61%		01/30/2031				5,867				5,881				5,885				0.18
																			340,329				341,537				10.44
Electric Utilities
Kohler Energy Co, LLC				First Lien Debt		S +	3.75%		8.11%		05/01/2031				4,591				4,631				4,580				0.14
Electrical Equipment
Spark Buyer, LLC		(6) (7) (11)		First Lien Debt		S +	5.25%		9.77%		10/15/2031				5,313				5,235				5,235				0.16
Spark Buyer, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.77%		10/15/2031				—				(16	)			(16	)			0.00

 

 

41

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Spark Buyer, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.77%		10/15/2031				—				(15	)			(15	)			0.00
																			5,204				5,204				0.16
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (7) (8) (11)		First Lien Debt		S +	6.60% (incl. 4.60% PIK)		11.30%		07/06/2028				28,077				27,329				20,825				0.64
Abracon Group Holdings, LLC		(6) (11)		First Lien Debt		S +	6.60% (incl. 4.60% PIK)		11.30%		07/06/2028				1,858				1,810				1,378				0.04
Chamberlain Group, Inc.		(12)		First Lien Debt		S +	3.25%		7.71%		11/03/2028				5,860				5,852				5,887				0.18
DG Investment Intermediate Holdings 2, Inc.		(11)		First Lien Debt		S +	3.75%		8.22%		03/31/2028				4,369				4,371				4,404				0.13
Dwyer Instruments, Inc.		(6) (7) (9) (11)		First Lien Debt		S +	4.75%		9.15%		07/20/2029				54,471				53,758				54,318				1.66
Dwyer Instruments, Inc.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.15%		07/20/2029				23,757				23,366				23,747				0.73
Dwyer Instruments, Inc.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.15%		07/20/2029				—				(60	)			—				—
Infinite Bidco, LLC		(6) (9) (12)		First Lien Debt		S +	6.25%		10.77%		03/02/2028				9,162				9,070				9,162				0.28
Infinite Bidco, LLC		(7) (12)		Second Lien Debt		S +	7.00%		11.85%		03/02/2029				12,800				11,168				11,264				0.34
Infinite Bidco, LLC		(6) (12)		Second Lien Debt		S +	7.00%		11.59%		03/02/2029				4,000				3,500				3,395				0.10
Magneto Components Buyco, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +	6.00% (incl. 1.50% PIK)		10.33%		12/05/2030				48,174				47,401				47,846				1.46
Magneto Components Buyco, LLC		(6) (11) (19)		First Lien Debt		S +	6.00% (incl. 1.50% PIK)		10.33%		12/05/2030				—				(74	)			(65	)			0.00
Magneto Components Buyco, LLC		(6) (11) (19)		First Lien Debt		S +	6.00% (incl. 1.50% PIK)		10.33%		12/05/2029				—				(119	)			(54	)			0.00
NSi Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +	5.00%		9.36%		11/15/2031				22,842				22,617				22,617				0.69
NSi Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.36%		11/15/2031				—				(19	)			(19	)			0.00
NSi Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.36%		11/15/2031				—				(40	)			(40	)			0.00
																			209,930				204,665				6.26
Entertainment
Renaissance Holding Corp.		(12)		First Lien Debt		S +	4.00%		8.36%		04/05/2030				2,960				2,961				2,951				0.09
Financial Services
Applitools, Inc.		(6) (7) (11) (15)		First Lien Debt		S +	6.25% PIK		10.58%		05/25/2029				14,855				14,696				14,727				0.45
Applitools, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	6.25%		10.58%		05/25/2028				—				(18	)			(14	)			0.00
Boost Newco Borrower, LLC				First Lien Debt		S +	2.50%		6.83%		01/31/2031				7,481				7,507				7,511				0.23
Cerity Partners, LLC		(6) (7) (8) (11)		First Lien Debt		S +	5.25%		9.76%		07/30/2029				3,525				3,485				3,525				0.11
Cerity Partners, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.76%		07/30/2029				7,739				7,631				7,739				0.24
Cerity Partners, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.76%		07/30/2029				—				(6	)			—				—
GC Waves Holdings, Inc.		(6) (11)		First Lien Debt		S +	4.75%		9.21%		10/04/2030				27,567				27,024				27,358				0.84
GC Waves Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.21%		10/04/2030				2,418				1,932				2,265				0.07
GC Waves Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.21%		10/04/2030				—				(28	)			(13	)			0.00
MAI Capital Management Intermediate, LLC		(6) (7) (11)		First Lien Debt		S +	4.75%		9.08%		08/29/2031				4,632				4,587				4,632				0.14
MAI Capital Management Intermediate, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		08/29/2031				866				849				866				0.03
MAI Capital Management Intermediate, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		08/29/2031				138				128				138				0.00
PMA Parent Holdings, LLC		(6) (7) (11)		First Lien Debt		S +	5.50%		9.83%		01/31/2031				3,410				3,360				3,360				0.10
PMA Parent Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.50%		9.83%		01/31/2031				—				(4	)			(4	)			0.00
RFS Opco, LLC		(6) (12)		First Lien Debt		S +	4.75%		9.08%		04/04/2031				16,958				16,801				16,891				0.52
RFS Opco, LLC		(6) (12) (19)		First Lien Debt		S +	3.50%		7.83%		04/04/2029				4,680				4,459				4,579				0.14
SitusAMC Holdings Corp.		(6) (11)		First Lien Debt		S +	5.50%		9.93%		12/22/2027				15,768				15,720				15,768				0.48
Smarsh, Inc.		(6) (7) (11)		First Lien Debt		S +	5.75%		10.08%		02/16/2029				8,571				8,514				8,571				0.26
Smarsh, Inc.		(6) (11) (19)		First Lien Debt		S +	5.75%		10.08%		02/16/2029				1,071				1,061				1,071				0.03
Smarsh, Inc.		(6) (11) (19)		First Lien Debt		S +	5.75%		10.08%		02/16/2029				214				211				214				0.01
Trintech, Inc.		(6) (7) (8) (10)		First Lien Debt		S +	5.50%		9.86%		07/25/2029				69,935				68,745				68,914				2.11
Trintech, Inc.		(6) (10) (19)		First Lien Debt		S +	5.50%		9.86%		07/25/2029				1,735				1,637				1,646				0.05

 

42

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
																			188,291				189,744				5.80
Food Products
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (17)		Other Debt			16.25% PIK		16.25%		06/18/2026				500				277				295				0.01
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (7) (10)		First Lien Debt		S +	6.25%		10.99%		12/18/2025				3,604				3,482				3,501				0.11
																			3,759				3,796				0.12
Ground Transportation
PODS, LLC		(11)		First Lien Debt		S +	3.00%		7.85%		03/31/2028				4,850				4,853				4,525				0.14
SV Newco 2, Inc.		(6) (11) (15)		First Lien Debt		S +	4.75%		9.26%		06/02/2031				35,194				34,698				34,916				1.07
SV Newco 2, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	4.75%		9.26%		06/02/2031				—				(152	)			(174	)			(0.01	)
SV Newco 2, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	4.75%		9.26%		06/02/2031				—				(182	)			(105	)			0.00
																			39,217				39,162				1.20
Health Care Equipment & Supplies
Journey Personal Care Corp.		(11)		First Lien Debt		S +	3.75%		8.11%		03/01/2028				4,964				4,909				4,959				0.15
Medline Borrower, LP		(12)		First Lien Debt		S +	2.25%		6.61%		10/23/2028				6,684				6,686				6,702				0.20
Performance Health & Wellness		(6) (7) (10)		First Lien Debt		S +	5.75%		10.21%		07/12/2027				4,028				4,028				4,028				0.12
PerkinElmer U.S., LLC		(6) (7) (9) (10)		First Lien Debt		S +	5.00%		9.34%		03/13/2029				27,379				26,777				27,185				0.83
Tidi Legacy Products, Inc.		(6) (7) (9) (10)		First Lien Debt		S +	5.25%		9.61%		12/19/2029				11,140				10,952				11,120				0.34
Tidi Legacy Products, Inc.		(6) (10) (19)		First Lien Debt		S +	5.25%		9.61%		12/19/2029				—				(24	)			(5	)			0.00
Tidi Legacy Products, Inc.		(6) (10) (19)		First Lien Debt		S +	5.25%		9.61%		12/19/2029				—				(35	)			(4	)			0.00
YI, LLC		(6) (7) (9) (10)		First Lien Debt		S +	5.75%		10.39%		12/03/2029				17,709				17,407				17,709				0.54
YI, LLC		(6) (10) (19)		First Lien Debt		S +	5.75%		10.39%		12/03/2029				—				(30	)			—				—
YI, LLC		(6) (10) (19)		First Lien Debt		S +	5.75%		10.39%		12/03/2029				—				(45	)			—				—
																			70,625				71,694				2.19
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (9) (11)		First Lien Debt		S +	4.50%		8.86%		09/15/2031				12,915				12,683				12,855				0.39
Advarra Holdings, Inc.		(6) (11) (19)		First Lien Debt		S +	4.50%		8.86%		09/15/2031				—				(3	)			—				—
CHG Healthcare Services, Inc.		(12)		First Lien Debt		S +	3.00%		7.40%		09/29/2028				4,850				4,861				4,862				0.15
CNT Holdings I Corp.		(11)		First Lien Debt		S +	3.50%		8.09%		11/08/2027				4,850				4,860				4,876				0.15
DCA Investment Holdings, LLC		(6) (11)		First Lien Debt		S +	6.50%		10.77%		04/03/2028				49,833				49,294				49,449				1.51
DCA Investment Holdings, LLC		(6) (11)		First Lien Debt		S +	6.50%		10.77%		04/03/2028				3,827				3,779				3,797				0.12
Electron BidCo, Inc.		(12)		First Lien Debt		S +	2.75%		7.11%		11/01/2028				6,860				6,866				6,880				0.21
Ensemble RCM, LLC				First Lien Debt		S +	3.00%		7.59%		08/01/2029				4,618				4,627				4,647				0.14
Gateway US Holdings, Inc.		(6) (7) (8) (11) (15)		First Lien Debt		S +	4.75%		9.08%		09/22/2028				11,899				11,840				11,899				0.36
Gateway US Holdings, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	4.75%		9.08%		09/22/2028				3,355				3,327				3,343				0.10
Gateway US Holdings, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	4.75%		9.08%		09/22/2028				—				(3	)			—				—
Heartland Veterinary Partners, LLC		(6) (7) (8) (10)		First Lien Debt		S +	4.75%		9.47%		12/10/2026				6,328				6,317				6,328				0.19
Heartland Veterinary Partners, LLC		(6) (7) (10)		Second Lien Debt			14.50% (incl. 7.00% PIK)		14.50%		12/10/2027				759				754				759				0.02
Heartland Veterinary Partners, LLC		(6) (7) (10)		First Lien Debt		S +	4.75%		9.47%		12/10/2026				14,329				14,305				14,329				0.44
Heartland Veterinary Partners, LLC		(6) (10)		Second Lien Debt			14.50% (incl. 7.00% PIK)		14.50%		12/10/2027				295				293				295				0.01
Heartland Veterinary Partners, LLC		(6) (10) (19)		First Lien Debt		S +	4.75%		9.47%		12/10/2026				—				(2	)			—				—
iCIMS, Inc.		(6) (11)		First Lien Debt		S +	5.75%		10.38%		08/18/2028				16,989				16,848				16,989				0.52
iCIMS, Inc.		(6) (11) (19)		First Lien Debt		S +	5.75%		10.38%		08/18/2028				123				120				123				0.00
Imagine 360, LLC		(6) (8) (11)		First Lien Debt		S +	4.75%		9.10%		10/02/2028				13,332				13,207				13,332				0.41
Imagine 360, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.10%		10/02/2028				—				(9	)			—				—
Imagine 360, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.10%		10/02/2028				—				(11	)			—				—

 

43

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +	6.50%		11.24%		08/21/2026				9,420				9,265				9,127				0.28
Intelerad Medical Systems Incorporated		(6) (10) (15)		First Lien Debt		S +	6.50%		11.24%		08/21/2026				650				643				630				0.02
Invictus Buyer, LLC		(6) (11)		First Lien Debt		S +	4.75%		9.08%		06/03/2031				6,060				6,003				6,042				0.18
Invictus Buyer, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		06/03/2031				—				(12	)			(7	)			0.00
Invictus Buyer, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		06/03/2031				—				(9	)			(3	)			0.00
Medical Solutions Holdings, Inc.		(12)		First Lien Debt		S +	3.50%		8.19%		11/01/2028				5,353				5,350				3,755				0.11
Midwest Physician Administrative Services, LLC		(11)		First Lien Debt		S +	3.00%		7.59%		03/12/2028				3,879				3,874				3,660				0.11
National Mentor Holdings, Inc.		(11)		First Lien Debt		S +	3.75%		8.20%		03/02/2028				2,720				2,706				2,691				0.08
Pacific Dental Services, LLC				First Lien Debt		S +	2.75%		7.13%		03/15/2031				2,978				2,988				2,995				0.09
Pareto Health Intermediate Holdings, Inc.		(6) (9) (10)		First Lien Debt		S +	5.00%		9.33%		06/01/2030				91,193				89,683				91,193				2.79
Pareto Health Intermediate Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.33%		06/01/2029				—				(157	)			—				—
PPV Intermediate Holdings, LLC		(6) (9) (11)		First Lien Debt		S +	5.75%		10.26%		08/31/2029				27,708				26,863				27,686				0.85
PPV Intermediate Holdings, LLC		(6) (11)		First Lien Debt		S +	6.00%		10.52%		08/31/2029				26,490				26,301				26,490				0.81
Promptcare Infusion Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +	6.00%		10.44%		09/01/2027				3,810				3,792				3,760				0.11
Promptcare Infusion Buyer, Inc.		(6) (10)		First Lien Debt		S +	6.00%		10.44%		09/01/2027				593				591				586				0.02
Raven Acquisition Holdings, LLC		(14) (15)		First Lien Debt		S +	3.25%		7.61%		11/19/2031				4,667				4,644				4,674				0.14
Raven Acquisition Holdings, LLC		(14) (15) (19)		First Lien Debt		S +	3.25%		7.61%		11/19/2031				—				(2	)			1				0.00
Stepping Stones Healthcare Services, LLC		(6) (7) (11)		First Lien Debt		S +	4.75%		9.08%		01/02/2029				8,509				8,468				8,509				0.26
Stepping Stones Healthcare Services, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		01/02/2029				2,159				2,132				2,153				0.07
Stepping Stones Healthcare Services, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.08%		12/30/2026				—				(4	)			—				—
Suveto		(6) (7) (11)		First Lien Debt		S +	4.75%		9.11%		09/09/2027				5,021				4,893				4,973				0.15
Suveto		(6) (19)		First Lien Debt		P +	3.75%		11.25%		09/09/2027				28				14				23				0.00
Suveto Buyer, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.11%		09/09/2027				186				182				182				0.01
Tivity Health, Inc.		(6) (8) (11)		First Lien Debt		S +	5.00%		9.36%		06/28/2029				17,997				17,856				17,997				0.55
TTF Holdings, LLC				First Lien Debt		S +	3.75%		8.11%		07/18/2031				2,000				2,017				1,980				0.06
Vardiman Black Holdings, LLC		(6) (7) (8) (12)		First Lien Debt		S +	7.00% (incl. 2.00% PIK)		11.65%		03/18/2027				15,377				15,377				15,377				0.47
Vardiman Black Holdings, LLC		(6) (12) (13) (19)		First Lien Debt		S +	7.00% (incl. 2.00% PIK)		11.65%		03/18/2027				1,601				1,561				1,601				0.05
																			388,972				390,838				11.95
Health Care Technology
Athenahealth, Inc.		(12)		First Lien Debt		S +	3.25%		7.61%		02/15/2029				6,341				6,323				6,348				0.19
eResearchTechnology, Inc.		(10)		First Lien Debt		S +	4.00%		8.36%		02/04/2027				4,391				4,385				4,414				0.13
Hyland Software, Inc.		(6) (7) (8) (11)		First Lien Debt		S +	6.00%		10.36%		09/19/2030				77,262				76,354				77,262				2.36
Hyland Software, Inc.		(6) (11) (19)		First Lien Debt		S +	6.00%		10.36%		09/19/2029				—				(39	)			—				—
Imprivata, Inc.		(12)		First Lien Debt		S +	3.50%		8.09%		12/01/2027				6,420				6,419				6,452				0.20
Lightspeed Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +	4.75%		9.08%		02/03/2027				10,097				10,070				10,097				0.31
Lightspeed Buyer, Inc.		(6) (10) (19)		First Lien Debt		S +	4.75%		9.08%		02/03/2027				—				(10	)			—				—
Lightspeed Buyer, Inc.		(6) (10) (19)		First Lien Debt		S +	4.75%		9.08%		02/03/2027				—				(3	)			—				—
MedAssets Software Intermediate Holdings, Inc.		(12)		First Lien Debt		S +	4.00%		8.43%		12/17/2028				6,143				6,143				5,652				0.17
Project Ruby Ultimate Parent Corp.				First Lien Debt		S +	3.00%		7.47%		03/10/2028				5,348				5,347				5,367				0.16
Symplr Software, Inc.		(11)		First Lien Debt		S +	4.50%		9.19%		12/22/2027				4,849				4,856				4,429				0.14
																			119,845				120,021				3.67
Household Durables
ACProducts, Inc.		(12)		First Lien Debt		S +	4.25%		8.84%		05/17/2028				4,849				4,838				3,907				0.12
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9) (11)		First Lien Debt		S +	5.00%		9.59%		01/30/2031				70,478				69,870				70,380				2.15

 

44

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Aptean, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		01/30/2031				1,151				1,113				1,144				0.03
Aptean, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		01/30/2031				—				(50	)			(8	)			0.00
Excelitas Technologies Corp.		(6) (9) (11)		First Lien Debt		S +	5.25%		9.61%		08/13/2029				30,707				30,261				30,387				0.93
Excelitas Technologies Corp.		(6) (11)		First Lien Debt		E +	5.25%		8.11%		08/13/2029			€	5,617				5,728				5,756				0.18
Excelitas Technologies Corp.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.61%		08/13/2029				—				(94	)			(123	)			0.00
Excelitas Technologies Corp.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.61%		08/14/2028				—				(37	)			(32	)			0.00
Raptor Merger Sub Debt, LLC		(7) (8) (11)		First Lien Debt		S +	5.50%		9.83%		04/01/2029				45,581				44,880				45,430				1.39
Raptor Merger Sub Debt, LLC		(11) (19)		First Lien Debt		S +	5.50%		9.83%		04/01/2029				698				644				686				0.02
																			152,315				153,620				4.70
Insurance Services
Alliant Holdings Intermediate, LLC		(12)		First Lien Debt		S +	2.75%		7.11%		09/19/2031				7,157				7,166				7,168				0.22
Amerilife Holdings, LLC		(6) (8) (11)		First Lien Debt		S +	5.00%		9.70%		08/31/2029				14,813				14,594				14,813				0.45
Amerilife Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.70%		08/31/2029				1,770				1,757				1,770				0.05
AssuredPartners, Inc.		(12)		First Lien Debt		S +	3.50%		7.86%		02/14/2031				3,970				3,984				3,975				0.12
Fetch Insurance Services, LLC		(6)		Other Debt			12.75% (incl. 3.75% PIK)		12.75%		10/31/2027				3,104				3,046				3,073				0.09
Foundation Risk Partners Corp.		(6) (8) (11)		First Lien Debt		S +	5.25%		9.58%		10/29/2030				34,976				34,668				34,976				1.07
Foundation Risk Partners Corp.		(6) (11)		First Lien Debt		S +	5.25%		9.58%		10/29/2030				18,560				18,339				18,560				0.57
Foundation Risk Partners Corp.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		10/29/2029				—				(20	)			—				—
Galway Borrower, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +	4.50%		8.83%		09/29/2028				51,526				50,797				51,526				1.58
Galway Borrower, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.83%		09/29/2028				20,936				20,625				20,936				0.64
Galway Borrower, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.83%		09/29/2028				298				256				298				0.01
Higginbotham Insurance Agency, Inc.		(6) (7) (8) (10)		First Lien Debt		S +	4.50%		8.86%		11/24/2028				20,115				20,034				20,029				0.61
Higginbotham Insurance Agency, Inc.		(6) (10) (19)		First Lien Debt		S +	4.50%		8.86%		11/24/2028				6,650				6,524				6,551				0.20
High Street Buyer, Inc.		(6) (7) (11)		First Lien Debt		S +	5.25%		9.58%		04/14/2028				4,195				4,192				4,195				0.13
High Street Buyer, Inc.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		04/14/2028				43,375				42,813				43,303				1.32
High Street Buyer, Inc.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		04/16/2027				—				(1	)			—				—
HUB International Limited				First Lien Debt		S +	2.75%		7.37%		06/20/2030				4,963				4,968				4,987				0.15
Inszone Mid, LLC		(6) (7) (9) (10)		First Lien Debt		S +	5.25%		9.50%		11/302029				13,838				13,601				13,838				0.42
Inszone Mid, LLC		(6) (10) (19)		First Lien Debt		S +	5.25%		9.50%		11/30/2029				16,981				16,655				16,981				0.52
Inszone Mid, LLC		(6) (10) (19)		First Lien Debt		S +	5.25%		9.50%		11/30/2029				—				(45	)			—				—
Inszone Mid, LLC		(6) (10) (19)		First Lien Debt		S +	5.25%		9.50%		11/30/2029				—				(52	)			—				—
Integrity Marketing Acquisition, LLC		(6) (7) (8) (9) (11)		First Lien Debt		S +	5.00%		9.51%		08/25/2028				112,310				112,310				112,310				3.43
Integrity Marketing Acquisition, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.51%		08/25/2028				—				—				—				—
Long Term Care Group, Inc.		(6) (7) (8) (11) (13)		First Lien Debt		S +	6.00% (incl. 3.73% PIK)		10.33%		09/08/2027				14,648				14,241				12,555				0.38
Patriot Growth Insurance Services, LLC		(6) (8) (11)		First Lien Debt		S +	5.00%		9.48%		10/16/2028				6,437				6,360				6,437				0.20
Patriot Growth Insurance Services, LLC		(6) (11)		First Lien Debt		S +	5.00%		9.48%		10/14/2028				24,759				24,451				24,759				0.76
Patriot Growth Insurance Services, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.48%		10/16/2028				234				229				234				0.01
Peter C. Foy & Associates Insurance Services, LLC		(6) (7) (11)		First Lien Debt		S +	5.50%		9.83%		11/01/2028				22,930				22,744				22,930				0.70
Peter C. Foy & Associates Insurance Services, LLC		(6) (7) (11)		First Lien Debt		S +	5.50%		9.83%		11/01/2028				24,195				24,022				24,174				0.74
Peter C. Foy & Associates Insurance Services, LLC		(6) (11) (19)		First Lien Debt		S +	5.50%		9.83%		11/01/2027				—				(1	)			—				—
RSC Acquisition, Inc.		(6) (10)		First Lien Debt		S +	4.75%		9.21%		11/01/2029				18,508				18,463				18,508				0.57
RSC Acquisition, Inc.		(6) (11)		First Lien Debt		S +	4.75%		9.21%		11/01/2029				54,296				53,963				54,296				1.66
USI, Inc.				First Lien Debt		S +	2.25%		6.58%		09/27/2030				2,970				2,978				2,962				0.09
USI, Inc.				First Lien Debt		S +	2.25%		6.58%		11/22/2029				1,980				1,984				1,975				0.06
World Insurance Associates, LLC		(6) (7) (8) (9) (10)		First Lien Debt		S +	6.75%		10.34%		04/03/2028				119,299				117,735				118,378				3.62

 

 

 

45

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
World Insurance Associates, LLC		(6) (10) (19)		First Lien Debt		S +	6.75%		10.34%		04/03/2028				—				(15	)			(21	)			0.00
																			663,365				666,476				20.37
Interactive Media & Services
Arches Buyer, Inc.		(12)		First Lien Debt		S +	3.25%		7.71%		12/06/2027				2,424				2,419				2,364				0.07
FMG Suite Holdings, LLC		(6) (7) (10)		First Lien Debt		S +	5.50%		9.85%		10/30/2026				9,258				9,182				9,194				0.28
FMG Suite Holdings, LLC		(6) (7) (10)		First Lien Debt		S +	5.50%		9.85%		10/30/2026				1,938				1,920				1,923				0.06
FMG Suite Holdings, LLC		(6) (10) (19)		First Lien Debt		S +	5.50%		9.84%		10/30/2026				—				(9	)			(7	)			0.00
Spectrio, LLC		(6) (7) (10)		First Lien Debt		S +	6.00%		10.51%		12/09/2026				11,375				10,901				10,468				0.32
Spectrio, LLC		(6) (7) (10)		First Lien Debt		S +	6.00%		10.51%		12/09/2026				4,558				4,368				4,195				0.13
Spectrio, LLC		(6) (10)		First Lien Debt		S +	6.00%		10.51%		12/09/2026				1,345				1,291				1,238				0.04
Triple Lift, Inc.		(6) (8) (11)		First Lien Debt		S +	5.75%		10.25%		05/05/2028				16,199				15,424				15,505				0.47
Triple Lift, Inc.		(6) (11) (19)		First Lien Debt		S +	5.75%		10.25%		05/05/2028				—				(104	)			(73	)			0.00
																			45,392				44,807				1.37
IT Services
Apollo Acquisition, Inc.		(6) (7)		First Lien Debt		S +	5.00%		9.33%		12/30/2031				16,797				16,629				16,629				0.51
Apollo Acquisition, Inc.		(6) (19)		First Lien Debt		S +	5.00%		9.33%		12/30/2031				—				(29	)			(29	)			0.00
Apollo Acquisition, Inc.		(6) (19)		First Lien Debt		S +	5.00%		9.33%		12/30/2030				—				(23	)			(23	)			0.00
Asurion, LLC				First Lien Debt		S +	4.25%		8.61%		09/19/2030				7,342				7,329				7,316				0.22
Atlas Purchaser, Inc.		(7) (11)		First Lien Debt		S +	7.50% (incl. 5.50% PIK)		11.33%		05/05/2028				2,490				1,596				1,484				0.05
Atlas Purchaser, Inc.		(7) (11)		First Lien Debt		S +	7.50% (incl. 6.50% PIK)		11.33%		05/05/2028				1,076				886				1,076				0.03
Catalis Intermediate, Inc.		(6) (7) (8) (11)		First Lien Debt		S +	5.50%		9.98%		08/04/2027				23,379				22,828				23,028				0.70
Catalis Intermediate, Inc.		(6) (7) (11)		First Lien Debt		S +	5.50%		9.98%		08/04/2027				5,260				5,141				5,181				0.16
Catalis Intermediate, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		9.98%		08/04/2027				907				849				868				0.03
Donuts, Inc.		(6) (7) (10)		First Lien Debt		S +	5.00%		9.49%		12/29/2027				20,849				20,816				20,807				0.64
Endure Digital, Inc.		(10)		First Lien Debt		S +	3.50%		8.09%		02/10/2028				5,394				5,337				4,477				0.14
Gainwell Acquisition Corp.		(11)		First Lien Debt		S +	4.00%		8.43%		10/01/2027				6,788				6,804				6,560				0.20
GI DI Cornfield Acquisition, LLC		(6) (8)		First Lien Debt		S +	4.50%		8.96%		03/09/2028				31,687				31,276				31,379				0.96
GI DI Cornfield Acquisition, LLC		(6) (19)		First Lien Debt		S +	4.50%		8.96%		03/09/2028				—				(103	)			(158	)			0.00
Idera, Inc.		(6) (7) (11)		Second Lien Debt		S +	6.75%		11.47%		03/02/2029				355				355				355				0.01
Redwood Services Group, LLC		(6) (7) (9) (11)		First Lien Debt		S +	6.25%		10.68%		06/15/2029				40,035				39,484				40,035				1.22
Redwood Services Group, LLC		(6) (11)		First Lien Debt		S +	6.25%		10.68%		06/15/2029				34,154				33,722				34,080				1.04
Ridge Trail US Bidco, Inc.		(6) (7) (10) (15)		First Lien Debt		S +	4.50%		8.83%		09/30/2031				48,980				48,265				48,848				1.49
Ridge Trail US Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +	4.50%		8.83%		09/30/2031				—				(122	)			(46	)			0.00
Ridge Trail US Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +	4.50%		8.83%		03/31/2031				1,520				1,439				1,505				0.05
Sedgwick Claims Management Services, Inc.				First Lien Debt		S +	3.00%		7.59%		07/31/2031				6,947				6,971				6,982				0.21
Syntax Systems, Ltd.		(6) (7) (11) (15)		First Lien Debt		S +	5.00%		9.46%		10/27/2028				18,610				18,532				18,569				0.57
Thrive Buyer, Inc. (Thrive Networks)		(6) (10)		First Lien Debt		S +	6.00%		10.78%		01/22/2027				10,566				10,479				10,566				0.32
Thrive Buyer, Inc. (Thrive Networks)		(6) (7) (10)		First Lien Debt		S +	6.00%		10.78%		01/22/2027				6,315				6,268				6,315				0.19
Thrive Buyer, Inc. (Thrive Networks)		(6) (10) (19)		First Lien Debt		S +	6.00%		10.78%		01/22/2027				453				448				453				0.01
UpStack, Inc.		(6) (7) (11)		First Lien Debt		S +	5.00%		9.52%		08/25/2031				5,525				5,472				5,525				0.17
UpStack, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.52%		08/25/2031				—				(10	)			—				—
UpStack, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.52%		08/25/2031				128				119				128				0.00
Victors Purchaser, LLC		(6) (12)		First Lien Debt		S +	4.75%		9.08%		08/15/2031				11,280				11,171				11,280				0.34
Victors Purchaser, LLC		(6) (12) (19)		First Lien Debt		S +	4.75%		9.08%		08/15/2031				—				(13	)			—				—
Victors Purchaser, LLC		(6) (12) (19)		First Lien Debt		S +	4.75%		9.08%		08/15/2031		C$		322				217				224				0.01

 

 

 

46

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
																			302,133				303,414				9.28
Leisure Products
Recess Holdings, Inc.		(14)		First Lien Debt		S +	4.50%		9.09%		02/20/2030				4,987				5,024				5,030				0.15
Life Sciences Tools & Services
Cambrex Corporation				First Lien Debt		S +	3.50%		7.96%		12/04/2026				2,416				2,418				2,412				0.07
Curia Global, Inc.		(11)		First Lien Debt		S +	3.75%		8.44%		08/30/2026				6,789				6,795				6,468				0.20
Model N, Inc.		(6) (8) (11)		First Lien Debt		S +	5.00%		9.33%		06/27/2031				19,847				19,659				19,847				0.61
Model N, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.33%		06/27/2031				—				(25	)			—				—
Model N, Inc.		(6) (11) (19)		First Lien Debt		S +	5.00%		9.33%		06/27/2031				—				(27	)			—				—
Packaging Coordinators Midco, Inc.		(11)		First Lien Debt		S +	3.25%		7.84%		11/30/2027				6,824				6,836				6,848				0.21
Parexel International Corporation		(12)		First Lien Debt		S +	3.00%		7.36%		11/15/2028				6,544				6,553				6,582				0.20
																			42,209				42,157				1.29
Machinery
AI Aqua Merger Sub, Inc.		(12)		First Lien Debt		S +	3.50%		8.05%		07/31/2028				6,693				6,700				6,693				0.20
Answer Acquisition, LLC		(6) (7) (10)		First Lien Debt		S +	6.00%		10.48%		12/30/2026				38,933				38,590				38,669				1.18
Answer Acquisition, LLC		(6) (10) (19)		First Lien Debt		S +	6.00%		10.48%		12/30/2026				—				(23	)			(24	)			0.00
Chase Intermediate, LLC		(6) (19)		First Lien Debt		S +	4.75%		9.08%		10/30/2028				7,936				7,753				7,907				0.24
Chase Intermediate, LLC		(6) (19)		First Lien Debt		S +	4.75%		9.08%		10/30/2028				—				(14	)			—				—
Conair Holdings, LLC		(12)		First Lien Debt		S +	3.75%		8.22%		05/17/2028				3,880				3,882				3,475				0.11
Engineered Machinery Holdings, Inc.		(11)		First Lien Debt		S +	3.75%		8.34%		05/19/2028				5,394				5,383				5,425				0.17
Filtration Group Corporation		(12)		First Lien Debt		S +	3.50%		7.97%		10/21/2028				4,850				4,854				4,882				0.15
Icebox Holdco III, Inc.		(12)		First Lien Debt		S +	3.50%		8.09%		12/22/2028				3,431				3,439				3,452				0.11
Madison IAQ, LLC		(12)		First Lien Debt		S +	2.75%		7.89%		06/21/2028				4,849				4,846				4,862				0.15
MHE Intermediate Holdings, LLC		(6) (10)		First Lien Debt		S +	6.00%		10.92%		07/21/2027				7,791				7,767				7,791				0.24
MHE Intermediate Holdings, LLC		(6) (7) (10)		First Lien Debt		S +	6.00%		10.92%		07/21/2027				6,429				6,375				6,429				0.20
MHE Intermediate Holdings, LLC		(6) (10) (19)		First Lien Debt		S +	6.00%		10.92%		07/21/2027				214				214				214				0.01
Pro Mach Group, Inc.		(14)		First Lien Debt		S +	3.50%		7.86%		08/31/2028				5,000				5,030				5,037				0.15
Roper Industrial Products Investment Company, LLC		(12)		First Lien Debt		S +	2.75%		7.08%		11/22/2029				3,970				3,988				3,977				0.12
TK Elevator US Newco, Inc.		(12) (14)		First Lien Debt		S +	3.50%		8.59%		04/30/2030				6,852				6,875				6,898				0.21
																			105,659				105,687				3.23
Media
Aragorn Parent Corporation				First Lien Debt		S +	4.00%		8.34%		12/15/2028				5,814				5,803				5,848				0.18
MJH Healthcare Holdings, LLC				First Lien Debt		S +	3.25%		7.71%		01/28/2029				2,494				2,503				2,505				0.08
																			8,306				8,353				0.26
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8) (10)		First Lien Debt		S +	4.75%		9.11%		12/23/2030				48,606				47,420				48,606				1.49
AWP Group Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +	4.75%		9.11%		12/23/2030				5,616				5,508				5,616				0.17
AWP Group Holdings, Inc.		(6) (10) (19)		First Lien Debt		S +	4.75%		9.11%		12/23/2030				262				210				262				0.01
Vessco Midco Holdings, LLC		(6) (8) (11)		First Lien Debt		S +	4.75%		9.11%		07/24/2031				33,937				33,615				33,937				1.04
Vessco Midco Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.11%		07/24/2031				2,979				2,912				2,979				0.09
Vessco Midco Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	4.75%		9.11%		07/24/2031				—				(35	)			—				—
																			89,630				91,400				2.79
Pharmaceuticals
Caerus US 1, Inc.		(6) (9) (11) (15)		First Lien Debt		S +	5.00%		9.33%		05/25/2029				40,811				40,159				39,566				1.21
Caerus US 1, Inc.		(6) (11) (15)		First Lien Debt		S +	5.00%		9.33%		05/25/2029				5,972				5,870				5,790				0.18

 

 

 

47

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Caerus US 1, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	5.00%		9.33%		05/25/2029				328				264				194				0.01
																			46,293				45,550				1.39
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7) (10)		First Lien Debt		S +	6.25%		11.17%		03/10/2027				3,913				3,768				3,913				0.12
Abacus Data Holdings, Inc. (AbacusNext)		(6) (10) (19)		First Lien Debt		S +	6.25%		11.17%		03/10/2027				—				(22	)			—				—
Accordion Partners, LLC		(6) (11)		First Lien Debt		S +	5.25%		9.58%		11/17/2031				53,217				52,692				52,692				1.61
Accordion Partners, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		11/17/2031				—				(43	)			(44	)			0.00
Accordion Partners, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		11/17/2031				—				(58	)			(58	)			0.00
Ascend Partner Services, LLC		(6) (11)		First Lien Debt		S +	4.50%		8.86%		08/11/2031				1,306				1,294				1,306				0.04
Ascend Partner Services, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.86%		08/11/2031				—				(11	)			—				—
Ascend Partner Services, LLC		(6) (11) (19)		First Lien Debt		S +	4.50%		8.86%		08/11/2031				269				265				269				0.01
Bridgepointe Technologies, LLC		(6) (10)		First Lien Debt		S +	5.00%		9.33%		12/31/2027				18,669				18,290				18,527				0.57
Bridgepointe Technologies, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.33%		12/31/2027				24,133				23,614				23,919				0.73
Bullhorn, Inc.		(6) (10)		First Lien Debt		S +	5.00%		9.36%		10/01/2029				3,429				3,406				3,429				0.10
Bullhorn, Inc.		(6) (10)		First Lien Debt		S +	5.00%		9.36%		10/01/2029				3,944				3,924				3,944				0.12
Bullhorn, Inc.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.36%		10/01/2029				—				(2	)			—				—
Carr, Riggs and Ingram Capital, LLC		(6) (7) (12)		First Lien Debt		S +	4.75%		9.24%		11/18/2031				14,663				14,518				14,518				0.44
Carr, Riggs and Ingram Capital, LLC		(6) (12) (19)		First Lien Debt		S +	4.75%		9.24%		11/18/2031				—				(37	)			(37	)			0.00
Carr, Riggs and Ingram Capital, LLC		(6) (12) (19)		First Lien Debt		S +	4.75%		9.24%		11/18/2031				425				392				392				0.01
Citrin Cooperman Advisors, LLC		(6) (11)		First Lien Debt		S +	5.00%		9.30%		10/01/2027				8,604				8,543				8,604				0.26
Citrin Cooperman Advisors, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.30%		10/01/2027				14,518				14,476				14,518				0.44
ComPsych Investment Corp.		(6) (8) (11)		First Lien Debt		S +	4.75%		9.38%		07/22/2031				16,302				16,224				16,302				0.50
ComPsych Investment Corp.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.38%		07/22/2031				—				(11	)			—				—
CoreLogic, Inc.		(12)		First Lien Debt		S +	3.50%		7.97%		06/02/2028				4,987				4,975				4,918				0.15
Crisis Prevention Institute, Inc.		(6) (12)		First Lien Debt		S +	4.00%		8.39%		04/09/2031				18,000				17,916				18,000				0.55
Deerfield Dakota Holding, LLC		(10)		First Lien Debt		S +	3.75%		8.08%		04/09/2027				4,848				4,860				4,733				0.14
EAB Global, Inc.				First Lien Debt		S +	3.25%		7.61%		08/16/2028				3,960				3,958				3,969				0.12
Employbridge Holding Company		(11)		First Lien Debt		S +	4.75%		9.62%		07/19/2028				2,425				2,425				1,574				0.05
GPS Merger Sub, LLC		(6) (8) (10)		First Lien Debt		S +	6.00%		10.36%		10/02/2029				15,949				15,720				15,920				0.49
GPS Merger Sub, LLC		(6) (10) (19)		First Lien Debt		S +	6.00%		10.36%		10/02/2029				—				(27	)			—				—
GPS Merger Sub, LLC		(6) (10) (19)		First Lien Debt		S +	6.00%		10.36%		10/02/2029				—				(39	)			—				—
IG Investment Holdings, LLC		(6) (8) (11)		First Lien Debt		S +	5.00%		9.57%		09/22/2028				33,262				32,942				32,942				1.01
IG Investment Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.57%		09/22/2028				—				(36	)			(36	)			0.00
KENG Acquisition, Inc.		(6) (7) (8) (10)		First Lien Debt		S +	5.00%		9.36%		08/01/2029				11,035				10,813				10,981				0.34
KENG Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.36%		08/01/2029				3,758				3,623				3,708				0.11
KENG Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +	5.00%		9.36%		08/01/2029				—				(57	)			(15	)			0.00
KWOR Acquisition, Inc.		(6) (7) (8) (17)		First Lien Debt		P +	4.25%		11.75%		12/22/2028				23,644				23,319				17,362				0.53
KWOR Acquisition, Inc.		(6) (17)		First Lien Debt		P +	4.25%		11.75%		12/22/2028				4,624				4,554				3,396				0.10
KWOR Acquisition, Inc.		(6) (17)		First Lien Debt		P +	4.25%		11.75%		12/22/2027				1,098				1,087				806				0.02
Mermaid Bidco, Inc.		(14)		First Lien Debt		S +	3.25%		7.80%		07/03/2031				4,000				4,015				4,018				0.12
Project Boost Purchaser, LLC		(6) (8) (11)		First Lien Debt		S +	5.25%		9.76%		05/02/2029				12,023				11,940				12,023				0.37
Project Boost Purchaser, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.76%		05/02/2028				377				372				377				0.01
Tidal Waste & Recycling Holdings, LLC		(14)		First Lien Debt		S +	3.50%		7.83%		10/24/2031				2,000				2,007				2,011				0.06
UHY Advisors, Inc.		(6) (9) (11)		First Lien Debt		S +	4.75%		9.26%		11/21/2031				7,727				7,651				7,651				0.23
UHY Advisors, Inc.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.26%		11/21/2031				—				(38	)			(38	)			0.00

 

 

 

 

48

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
UHY Advisors, Inc.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.26%		11/21/2031				—				(20	)			(20	)			0.00
Verdantas, LLC		(6) (11)		First Lien Debt		S +	5.00%		9.45%		05/06/2031				33,091				32,628				32,757				1.00
Verdantas, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.45%		05/06/2031				1,398				1,350				1,359				0.04
Verdantas, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.45%		05/06/2030				—				(47	)			(36	)			0.00
																			347,113				340,554				10.41
Real Estate Management & Development
Associations, Inc.		(6) (10)		First Lien Debt		S +	6.50%		11.32%		07/03/2028				10,893				10,884				10,893				0.33
Associations, Inc.		(6) (10) (19)		First Lien Debt		S +	6.50%		11.32%		07/03/2028				141				141				141				0.00
Associations, Inc.		(6) (10) (19)		First Lien Debt		S +	6.50%		11.32%		07/03/2028				339				338				339				0.01
MRI Software, LLC		(6) (10)		First Lien Debt		S +	4.75%		9.08%		02/10/2027				68,783				68,620				68,735				2.10
MRI Software, LLC		(6) (10) (19)		First Lien Debt		S +	4.75%		9.08%		02/10/2027				716				673				713				0.02
MRI Software, LLC		(6) (10) (19)		First Lien Debt		S +	4.75%		9.08%		02/10/2027				304				279				301				0.01
Pritchard Industries, LLC		(6) (7) (11)		First Lien Debt		S +	5.75%		10.29%		10/13/2027				10,721				10,579				10,593				0.32
Pritchard Industries, LLC		(6) (11)		First Lien Debt		S +	5.75%		10.29%		10/13/2027				2,563				2,529				2,533				0.08
Zarya Intermediate, LLC		(6) (10) (15)		First Lien Debt		S +	6.50%		11.01%		07/01/2027				38,869				38,832				38,830				1.19
Zarya Intermediate, LLC		(6) (10) (15) (19)		First Lien Debt		S +	6.50%		11.01%		07/01/2027				—				—				(4	)			0.00
																			132,875				133,074				4.07
Software
Alert Media, Inc.		(6) (10)		First Lien Debt		S +	6.75% (incl 5.75% PIK)		11.08%		04/12/2027				22,079				21,731				21,756				0.67
Alert Media, Inc.		(6) (10)		First Lien Debt		S +	6.75% (incl 5.75% PIK)		11.08%		04/12/2027				10,000				9,817				9,833				0.30
Alert Media, Inc.		(6) (10) (19)		First Lien Debt		S +	6.75% (incl 5.75% PIK)		11.08%		04/12/2027				—				(45	)			(44	)			0.00
Anaplan, Inc.		(6) (7) (9) (11)		First Lien Debt		S +	5.25%		9.58%		06/21/2029				80,774				79,876				80,475				2.46
Appfire Technologies, LLC		(6) (7) (10)		First Lien Debt		S +	5.00%		9.33%		03/09/2028				12,956				12,914				12,956				0.40
Appfire Technologies, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.33%		03/09/2028				—				(27	)			—				—
Appfire Technologies, LLC		(6) (10) (19)		First Lien Debt		S +	5.00%		9.33%		03/09/2028				45				39				45				0.00
Apryse Software Corp.		(6) (7) (10) (15)		First Lien Debt		S +	5.00%		9.59%		07/15/2027				13,897				13,897				13,880				0.42
Applied Systems, Inc.				First Lien Debt		S +	3.00%		7.33%		02/24/2031				3,980				3,998				4,016				0.12
Artifact Bidco, Inc.		(6) (12)		First Lien Debt		S +	4.50%		8.83%		07/01/2031				21,837				21,629				21,837				0.67
Artifact Bidco, Inc.		(6) (12) (19)		First Lien Debt		S +	4.50%		8.83%		07/01/2031				—				(25	)			—				—
Artifact Bidco, Inc.		(6) (12) (19)		First Lien Debt		S +	4.50%		8.83%		07/01/2030				—				(35	)			—				—
Astra Acquisition Corp.		(12)		First Lien Debt		S +	5.25%		10.20%		02/25/2028				846				759				550				0.02
Astra Acquisition Corp.		(12)		First Lien Debt		S +	5.25%		10.20%		10/25/2028				1,186				656				59				0.00
AuditBoard, Inc.		(6) (8) (10)		First Lien Debt		S +	4.75%		9.08%		07/14/2031				34,200				33,875				34,200				1.05
AuditBoard, Inc.		(6) (10) (19)		First Lien Debt		S +	4.75%		9.08%		07/14/2031				—				(76	)			—				—
AuditBoard, Inc.		(6) (10) (19)		First Lien Debt		S +	4.75%		9.08%		07/14/2031				—				(61	)			—				—
Bottomline Technologies, Inc.		(6) (11)		First Lien Debt		S +	5.75%		10.32%		05/14/2029				23,763				23,424				23,763				0.73
Bottomline Technologies, Inc.		(6) (11) (19)		First Lien Debt		S +	5.75%		10.32%		05/15/2028				—				(19	)			—				—
Central Parent, Inc.		(14)		First Lien Debt		S +	3.25%		7.58%		07/06/2029				3,990				3,995				3,931				0.12
CLEO Communications Holding, LLC		(6) (7) (10)		First Lien Debt		S +	5.50%		9.96%		06/09/2027				17,013				16,898				17,013				0.52
CLEO Communications Holding, LLC		(6) (10) (19)		First Lien Debt		S +	5.50%		9.96%		06/09/2027				—				(36	)			—				—
Cloud Software Group, Inc.		(12)		First Lien Debt		S +	3.50%		7.83%		03/30/2029				4,442				4,424				4,452				0.14
Cloudera, Inc.		(12)		First Lien Debt		S +	3.75%		8.21%		10/08/2028				5,431				5,400				5,409				0.17
Clover Holdings 2, LLC		(14)		First Lien Debt		S +	4.00%		8.43%		12/09/2031				5,000				4,994				5,050				0.15
Clover Holdings SPV III, LLC				First Lien Debt					15.00%		12/18/2027				281				276				282				0.01
Coupa Holdings, LLC		(6) (9) (11)		First Lien Debt		S +	5.50%		10.09%		02/27/2030				20,922				20,504				20,828				0.64

 

49

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Coupa Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.50%		10.09%		02/27/2030				—				(7	)			(4	)			0.00
Coupa Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.50%		10.09%		02/27/2029				—				(10	)			(3	)			0.00
Cyara AcquisitionCo, LLC		(6) (10)		First Lien Debt		S +	6.25% (incl. 2.25% PIK)		10.85%		06/28/2029				62,363				61,099				62,363				1.91
Cyara AcquisitionCo, LLC		(6) (10) (19)		First Lien Debt		S +	6.25% (incl. 2.25% PIK)		10.85%		06/28/2029				—				(78	)			—				—
Diligent Corporation		(6) (11)		First Lien Debt		S +	5.00%		10.09%		08/02/2030				73,157				72,652				73,157				2.24
Diligent Corporation		(6) (11) (19)		First Lien Debt		S +	5.00%		10.09%		08/02/2030				—				(72	)			—				—
Diligent Corporation		(6) (11) (19)		First Lien Debt		S +	5.00%		10.09%		08/02/2030				—				(48	)			—				—
E-Discovery AcquireCo, LLC		(6) (10)		First Lien Debt		S +	6.25%		10.70%		08/29/2029				36,747				36,045				36,600				1.12
E-Discovery AcquireCo, LLC		(6) (10) (19)		First Lien Debt		S +	6.25%		10.70%		08/29/2029				—				(70	)			(17	)			0.00
ECI Macola Max Holding, LLC		(11)		First Lien Debt		S +	3.25%		7.58%		05/09/2030				4,850				4,855				4,891				0.15
Epicor Software Corporation		(11)		First Lien Debt		S +	2.75%		7.11%		05/30/2031				5,169				5,184				5,203				0.16
Everbridge Holdings, LLC		(6) (8) (11)		First Lien Debt		S +	5.00%		9.59%		07/02/2031				64,438				64,133				64,438				1.97
Everbridge Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		07/02/2031				7,157				7,098				7,157				0.22
Everbridge Holdings, LLC		(6) (11) (19)		First Lien Debt		S +	5.00%		9.59%		07/02/2031				—				(34	)			—				—
Formstack Acquisition Co		(6) (10)		First Lien Debt		S +	5.25%		9.58%		03/28/2030				58,218				57,441				57,852				1.77
Formstack Acquisition Co		(6) (10) (19)		First Lien Debt		S +	5.25%		9.58%		03/28/2030				5,817				5,623				5,671				0.17
Formstack Acquisition Co		(6) (10) (19)		First Lien Debt		S +	5.25%		9.58%		03/28/2030				1,169				1,018				1,095				0.03
Fullsteam Operations, LLC		(6) (7) (10)		First Lien Debt		S +	8.25%		12.91%		11/27/2029				19,976				19,462				19,976				0.61
Fullsteam Operations, LLC		(6) (10) (19)		First Lien Debt		S +	8.25%		12.91%		11/27/2029				12,137				11,645				12,137				0.37
Fullsteam Operations, LLC		(6) (10) (19)		First Lien Debt		S +	8.25%		12.91%		11/27/2029				—				(27	)			—				—
GoTo Group, Inc.				First Lien Debt		S +	4.75%		9.30%		04/28/2028				4,797				4,118				3,357				0.10
Granicus, Inc.		(6) (7) (9) (11)		First Lien Debt		S +	5.75% (incl. 2.25% PIK)		10.34%		01/17/2031				62,718				62,185				62,718				1.92
Granicus, Inc.		(6) (11) (19)		First Lien Debt		S +	5.75% (incl. 2.25% PIK)		10.34%		01/17/2031				12,873				12,788				12,871				0.39
Granicus, Inc.		(6) (11) (19)		First Lien Debt		S +	5.75% (incl. 2.25% PIK)		10.34%		01/17/2031				—				(74	)			—				—
GS AcquisitionCo, Inc.		(6) (7) (10)		First Lien Debt		S +	5.25%		9.58%		05/25/2028				62,556				62,364				62,556				1.91
GS AcquisitionCo, Inc.		(6) (11) (19)		First Lien Debt		S +	5.25%		9.58%		05/25/2028				863				854				863				0.03
GS AcquisitionCo, Inc.		(6) (10) (19)		First Lien Debt		S +	5.25%		9.58%		05/25/2028				—				(20	)			—				—
Hootsuite, Inc.		(6) (15)		First Lien Debt		S +	5.50%		9.83%		05/22/2030				18,806				18,545				18,640				0.57
Hootsuite, Inc.		(6) (15) (19)		First Lien Debt		S +	5.50%		9.83%		05/22/2030				—				(28	)			(18	)			0.00
Icefall Parent, Inc.		(6) (7) (10)		First Lien Debt		S +	6.50%		10.86%		01/25/2030				25,949				25,490				25,541				0.78
Icefall Parent, Inc.		(6) (10) (19)		First Lien Debt		S +	6.50%		10.86%		01/25/2030				—				(42	)			(39	)			0.00
Ivanti Software, Inc.		(12)		First Lien Debt		S +	4.25%		9.12%		12/01/2027				2,431				2,433				1,665				0.05
Kaseya, Inc.		(6) (9) (11)		First Lien Debt		S +	5.50%		10.09%		06/25/2029				52,656				52,105				52,656				1.61
Kaseya, Inc.		(6) (11)		First Lien Debt		S +	5.50%		10.09%		06/25/2029				808				788				807				0.02
Kaseya, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		10.09%		06/25/2029				795				765				795				0.02
LegitScript, LLC		(6) (7) (8) (11)		First Lien Debt		S +	5.75%		10.11%		06/24/2029				36,984				36,516				36,984				1.13
LegitScript, LLC		(6) (11)		First Lien Debt		S +	5.75%		10.11%		06/24/2029				978				966				978				0.03
LegitScript, LLC		(6) (11) (19)		First Lien Debt		S +	5.75%		10.11%		06/24/2028				1,875				1,815				1,875				0.06
LogRhythm, Inc.		(6) (10)		First Lien Debt		S +	7.50%		11.86%		07/02/2029				6,818				6,629				6,694				0.20
LogRhythm, Inc.		(6) (10) (19)		First Lien Debt		S +	7.50%		11.86%		07/02/2029				—				(18	)			(12	)			(0.00	)
Magenta Buyer, LLC		(11)		First Lien Debt		S +	5.00%		9.85%		07/27/2028				4,875				4,863				1,462				0.04
McAfee, LLC				First Lien Debt		S +	3.00%		7.37%		03/01/2029				4,975				4,975				4,974				0.15
Mediaocean, LLC		(12) (14)		First Lien Debt		S +	3.50%		7.96%		12/15/2028				3,940				3,947				3,950				0.12
Montana Buyer, Inc.		(6) (7) (8) (11)		First Lien Debt		S +	5.00%		9.36%		07/22/2029				32,204				31,818				32,204				0.98
Montana Buyer, Inc.		(6) (19)		First Lien Debt		P +	4.00%		11.50%		07/22/2028				636				600				636				0.02

 

50

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Nasuni Corporation		(6) (7) (11)		First Lien Debt		S +	5.75%		10.18%		09/10/2030				21,552				21,241				21,552				0.66
Nasuni Corporation		(6) (11) (19)		First Lien Debt		S +	5.75%		10.18%		09/10/2030				—				(64	)			—				—
Netwrix Corporation And Concept Searching, Inc.		(6) (7) (8) (11)		First Lien Debt		S +	4.75%		9.26%		06/11/2029				25,305				25,139				25,143				0.77
Netwrix Corporation And Concept Searching, Inc.		(6) (11) (19)		First Lien Debt		S +	4.75%		9.26%		06/11/2029				—				(10	)			(10	)			0.00
Oak Purchaser, Inc.		(6) (7) (11)		First Lien Debt		S +	5.50%		9.83%		04/28/2028				11,724				11,622				11,623				0.36
Oak Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		9.83%		04/28/2028				6,791				6,711				6,699				0.20
Oak Purchaser, Inc.		(6) (11) (19)		First Lien Debt		S +	5.50%		9.83%		04/28/2028				—				(8	)			(11	)			0.00
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		S +	5.00%		9.36%		10/30/2031				18,101				17,923				17,923				0.55
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		E +	5.25%		8.11%		10/30/2031			€	6,663				7,167				6,832				0.21
Optimizely North America, Inc.		(6) (11) (15)		First Lien Debt		SA +	5.50%		10.20%		10/30/2031			£	2,221				2,861				2,754				0.08
Optimizely North America, Inc.		(6) (11) (15) (19)		First Lien Debt		S +	5.00%		9.36%		10/30/2031				—				(26	)			(26	)			0.00
PDFTron Systems, Inc.		(6) (10) (15) (19)		First Lien Debt		S +	5.00%		9.52%		07/15/2026				1,100				1,100				1,096				0.03
Polaris Newco, LLC		(12)		First Lien Debt		S +	4.00%		8.85%		06/02/2028				4,850				4,861				4,855				0.15
Pound Bidco, Inc.		(6) (7) (10) (15)		First Lien Debt		S +	6.00%		10.86%		02/01/2027				3,743				3,742				3,733				0.11
Pound Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +	6.00%		10.86%		02/01/2027				89				89				88				0.00
Pound Bidco, Inc.		(6) (10) (15) (19)		First Lien Debt		S +	6.00%		10.86%		02/01/2027				—				—				(1	)			0.00
Project Leopard Holdings, Inc.		(7) (8) (12) (15)		First Lien Debt		S +	5.25%		9.94%		07/20/2029				22,854				21,662				20,397				0.62
Proofpoint, Inc.		(12)		First Lien Debt		S +	3.00%		7.36%		08/31/2028				7,041				7,035				7,070				0.22
Quartz Acquireco, LLC				First Lien Debt		S +	2.75%		7.08%		06/28/2030				4,950				4,961				4,981				0.15
Quest Software US Holdings, Inc.				First Lien Debt		P +	3.25%		10.75%		02/01/2029				3,910				3,892				2,476				0.08
Red Planet Borrower, LLC		(12)		First Lien Debt		S +	3.50%		7.96%		10/02/2028				4,850				4,859				4,762				0.15
Reorganized Mobileum Acquisition Co, LLC		(6) (10)		First Lien Debt		S +	6.00% (incl. 5.00% PIK)		10.45%		09/11/2029				4,796				4,796				4,796				0.15
Revalize, Inc.		(6) (10)		First Lien Debt		S +	5.75%		10.49%		04/15/2027				14,327				13,816				13,354				0.41
Revalize, Inc.		(6) (10) (19)		First Lien Debt		S +	5.75%		10.49%		04/15/2027				566				559				513				0.02
Riskonnect Parent, LLC		(6) (7) (9) (11)		First Lien Debt		S +	5.25%		9.55%		12/07/2028				30,600				30,116				30,367				0.93
Riskonnect Parent, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.55%		12/07/2028				23,549				23,108				23,329				0.71
Riskonnect Parent, LLC		(6) (11) (19)		First Lien Debt		S +	5.25%		9.55%		12/07/2028				—				(70	)			(34	)			0.00
Runway Bidco, LLC		(6) (7) (12)		First Lien Debt		S +	5.00%		9.33%		12/17/2031				18,054				17,875				17,875				0.55
Runway Bidco, LLC		(6) (12) (19)		First Lien Debt		S +	5.00%		9.33%		12/17/2031				—				(22	)			(22	)			0.00
Runway Bidco, LLC		(6) (12) (19)		First Lien Debt		S +	5.00%		9.33%		12/17/2031				—				(22	)			(22	)			0.00
Securonix, Inc.		(6) (7) (8) (11)		First Lien Debt		S +	7.00% (incl. 3.75% PIK)		12.34%		04/05/2028				30,014				29,269				27,358				0.84
Securonix, Inc.		(6) (11) (19)		First Lien Debt		S +	7.00% (incl. 3.75% PIK)		12.34%		04/05/2028				122				(5	)			(356	)			(0.01	)
Sophia, L.P.		(12)		First Lien Debt		S +	3.00%		7.36%		10/09/2029				4,339				4,337				4,364				0.13
Trunk Acquisition, Inc.		(6) (7) (8) (10)		First Lien Debt		S +	6.00%		10.48%		02/19/2030				11,086				11,026				11,028				0.34
Trunk Acquisition, Inc.		(6) (7) (10)		First Lien Debt		S +	6.00%		10.48%		02/19/2030				2,156				2,134				2,134				0.07
Trunk Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +	6.00%		10.48%		02/19/2030				—				(11	)			(11	)			0.00
Trunk Acquisition, Inc.		(6) (10) (19)		First Lien Debt		S +	6.00%		10.48%		02/19/2026				—				(4	)			(6	)			0.00
UKG, Inc.				First Lien Debt		S +	3.00%		7.33%		02/10/2031				4,975				4,986				5,007				0.15
Veritas US, Inc.				First Lien Debt		P +	11.50%		19.25%		12/09/2029				842				840				837				0.03
Vision Solutions, Inc.		(12)		First Lien Debt		S +	4.00%		8.85%		04/24/2028				4,850				4,849				4,767				0.15
																			1,251,407				1,250,178				38.22
Specialty Retail
Les Schwab Tire Centers		(12)		First Lien Debt		S +	3.00%		7.36%		04/23/2031				6,847				6,853				6,875				0.21
Textiles, Apparel & Luxury Goods
Varsity Brands, Inc.		(14)		First Lien Debt		S +	3.75%		8.27%		08/26/2031				3,000				3,011				3,001				0.09

 

 

51

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread			Interest Rate(3)		Maturity Date		Par Amount/Shares(4)					Cost (5)				Fair Value				Percentage of Net Assets
Trading Companies & Distributors
Spin Holdco, Inc.		(11)		First Lien Debt		S +	4.00%		8.71%		03/04/2028				4,849				4,856				4,072				0.12
White Cap Buyer, LLC				First Lien Debt		S +	3.25%		7.61%		10/19/2029				2,444				2,446				2,446				0.07
																			10,313				9,519				0.20
Transportation Infrastructure
Brown Group Holding, LLC		(12)		First Lien Debt		S +	2.50%		7.00%		07/01/2031				4,975				4,981				4,986				0.15
KKR Apple Bidco, LLC		(12)		First Lien Debt		S +	2.75%		7.22%		09/22/2028				4,850				4,846				4,872				0.15
																			9,827				9,858				0.30
Wireless Telecommunication Services
CCI Buyer, Inc.		(11)		First Lien Debt		S +	4.00%		8.33%		12/17/2027				4,889				4,852				4,887				0.15
Mobile Communications America, Inc.		(6) (7) (8) (10)		First Lien Debt		S +	5.25%		9.78%		10/16/2029				13,514				13,346				13,514				0.41
Mobile Communications America, Inc.		(6) (10) (19)		First Lien Debt		S +	5.25%		9.78%		10/16/2029				840				808				840				0.03
Mobile Communications America, Inc.		(6) (10) (19)		First Lien Debt		S +	5.25%		9.78%		10/16/2029				550				525				550				0.02
																			19,531				19,791				0.61
Total Debt Investments																		$	6,045,815			$	6,020,987				184.06	%

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread		Acquisition Date		Par Amount/ Shares (4)			Cost (5)		Fair Value		Percentage of Net Assets
Equity Investments
Aerospace & Defense
PCX Holding Corp.		(6) (16) (18)		Common Equity				07/15/2024			1,154		$92		$79		0.00%
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)		(6) (16) (18)		Common Equity				07/15/2024			1,500		228		258		0.01
Wheel Pros, LLC		(16) (18)		Common Equity				12/02/2024			10,032		1,655		1,655		0.05
													1,883		1,913		0.06
Commercial Services & Supplies
Encore Holdings, LLC		(6) (16) (18)		Common Equity				07/15/2024			602		194		221		0.01
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (16) (18)		Common Equity				07/15/2024			500,000		625		735		0.02
Surewerx Topco, LP		(6) (15) (16) (18)		Common Equity				12/28/2022			384		413		512		0.02
													1,232		1,468		0.04
Containers & Packaging
BP Purchaser, LLC		(6) (16) (18)		Common Equity				07/15/2024			1,383,156		878		659		0.02
BP Purchaser, LLC Rights		(6) (16) (18)		Common Equity				07/15/2024			1,666,989		76		83		0.00
FORTIS Solutions Group, LLC		(6) (16)		Preferred Equity		12.25%		06/24/2022			4,000,000		5,064		3,920		0.12
													6,018		4,662		0.14
Distributors
48Forty Solutions, LLC		(6) (7) (9) (16) (18)		Common Equity				11/01/2024			7,205		—		—		—
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (16)		Preferred Equity		12.50% PIK		09/05/2024			310		3,048		3,036		0.09
LUV Car Wash		(6) (16) (18)		Common Equity				12/06/2022			1,383		1,331		933		0.03
													4,379		3,969		0.12
Electrical Equipment
Sparkstone Electrical Group		(6) (16) (18)		Common Equity				10/15/2024			1,500		150		150		0.00
Health Care Providers & Services
SDB Holdco, LLC		(6) (16) (18)		Common Equity				03/29/2024			14,561,479		—		—		—
Suveto Buyer, LLC		(6) (15) (16) (18)		Common Equity				07/15/2024			3,398		306		330		0.01

 

52

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/ non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread					Acquisition Date		Par Amount/ Shares(4)			Cost (5)		Fair Value		Percentage of Net Assets
Vardiman Black Holdings, LLC		(6) (16)		Preferred Equity		6.00% PIK					03/29/2024			7,065,190		4,798		2,462		0.08
																5,104		2,792		0.09
Insurance Services
Amerilife Holdings, LLC		(6) (16) (18)		Common Equity							09/01/2022			9,880		273		590		0.02
Frisbee Holdings, LP (Fetch)		(6) (16) (18)		Common Equity							10/31/2022			33,276		424		535		0.02
Integrity Marketing Acquisition, LLC		(6) (16)		Preferred Equity		10.50%					07/15/2024			750,000		1,013		998		0.03
																1,710		2,123		0.06
IT Services
CSC Thrive Holdings, LP (Thrive Networks)		(6) (16) (18)		Common Equity							07/15/2024			54,103		282		361		0.01
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16) (18)		Common Equity							07/15/2024			21,459		332		286		0.01
Verdantas, LLC		(6) (16) (18)		Common Equity							05/03/2024			8,848		9		11		0.00
Verdantas, LLC		(6) (16)		Preferred Equity		10.00%					05/03/2024			875,952		936		1,060		0.03
																1,277		1,357		0.04
Real Estate Management & Development
Pritchard Industries, LLC		(6) (16) (18)		Common Equity							10/13/2021			332,248		352		312		0.01
Software
Cohesity Global, Inc.		(16)		Preferred Equity							12/09/2024			18,617		382		382		0.01
Fullsteam Operations, LLC		(6) (16) (18)		Common Equity							11/27/2023			45,080		1,520		3,630		0.11
Knockout Intermediate Holdings I, Inc.		(6) (16)		Preferred Equity		11.75%					06/25/2022			9,990		13,135		13,549		0.41
Reorganized Mobileum Grandparent, LLC		(6) (16) (18)		Common Equity							09/12/2024			234,896		—		—		—
Revalize, Inc.		(6) (16)		Preferred Equity		S +	10.00%				12/14/2021			2,951		4,076		4,281		0.13
Reveal Data Solutions		(6) (16) (18)		Common Equity							08/29/2023			861,539		1,122		1,413		0.04
RSK Holdings, Inc. (Riskonnect)		(6) (16)		Preferred Equity		S +	10.50%				07/07/2022			10,679,200		15,031		15,591		0.48
																35,266		38,846		1.19
Total Equity Investments																$57,745		$58,032		1.77%
Total Portfolio Investments																$6,103,560		$6,079,019		185.84%

 

 

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

 

 

 

 

 

 

53

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

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

 

 

(a)

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

(b)

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

(1)

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

(2)

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

(3)

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

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

Loan includes interest rate floor of 1.00%.

(11)

Loan includes interest rate floor of 0.75%

(12)

Loan includes interest rate floor of 0.50%

(13)

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

(14)

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

(15)

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

(16)

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

(17)

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

(18)

Non-income producing security.

(19)

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

54

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
First Lien Debt
48Forty Solutions, LLC		Revolver		11/30/2029		$4,057		$(1,436)
ARI Network Services, Inc.		Revolver		08/28/2026		1,032		(4)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026		2,158		—
AWP Group Holdings, Inc.		Revolver		12/23/2030		4,975		—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027		600		—
Accordion Partners, LLC		Delayed Draw Term Loan		11/15/2026		8,869		(44)
Accordion Partners, LLC		Revolver		11/17/2031		5,913		(58)
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026		1,191		—
Alert Media, Inc.		Revolver		04/12/2027		3,870		(44)
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026		1,879		—
Answer Acquisition, LLC		Revolver		12/30/2026		3,500		(24)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026		3,127		(33)
Any Hour, LLC		Revolver		05/23/2030		900		(10)
Apex Service Partners, LLC		Revolver		10/24/2029		1,819		—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		12/30/2026		5,859		(29)
Apollo Acquisition, Inc.		Revolver		12/30/2030		2,344		(23)
Appfire Technologies, LLC		Delayed Draw Term Loan		03/31/2025		2,125		—
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026		1,465		—
Appfire Technologies, LLC		Revolver		03/09/2028		579		—
Applitools, Inc.		Revolver		05/25/2028		1,600		(14)
Aptean, Inc.		Delayed Draw Term Loan		01/30/2026		3,222		(5)
Aptean, Inc.		Revolver		01/30/2031		5,903		(8)
Arcoro Holdings Corp.		Revolver		03/28/2030		8,609		(63)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027		5,345		—
Artifact Bidco, Inc.		Revolver		07/26/2030		3,818		—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026		2,245		—
Ascend Partner Services, LLC		Revolver		08/11/2031		180		—
Assembly Intermediate, LLC		Revolver		10/19/2027		889		—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028		705		—
Associations, Inc.		Revolver		07/03/2028		339		—
Atlas Us Finco, Inc.		Revolver		12/09/2028		1,360		—
AuditBoard, Inc.		Delayed Draw Term Loan		07/12/2026		16,286		—
AuditBoard, Inc.		Revolver		07/14/2031		6,514		—
Avalara, Inc.		Revolver		10/19/2028		2,242		—
Bottomline Technologies, Inc.		Revolver		05/15/2028		1,733		—
Bradyplus Holdings, LLC		Delayed Draw Term Loan		10/31/2025		1,026		—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		06/03/2026		2,293		(26)
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026		770		—
Bullhorn, Inc.		Revolver		10/01/2029		399		—
CLEO Communications Holding, LLC		Revolver		06/09/2027		5,358		—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		01/29/2026		8,971		(106)
COP Collisionright Parent, LLC		Revolver		01/29/2030		4,309		(51)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026		2,206		—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031		809		—
Caerus US 1, Inc.		Revolver		05/25/2029		4,044		(123)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026		7,438		(37)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031		2,975		(29)
Catalis Intermediate, Inc.		Revolver		08/04/2027		1,727		(26)
Cerity Partners, LLC		Delayed Draw Term Loan		06/07/2026		3,423		—
Cerity Partners, LLC		Revolver		07/30/2029		707		—
Chase Intermediate, LLC		Delayed Draw Term Loan		08/31/2025		11,574		(17)

55

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Chase Intermediate, LLC		Revolver		10/30/2028		978		—
Citrin Cooperman Advisors, LLC		Delayed Draw Term Loan		12/13/2025		248		—
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027		4,667		—
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026		5,298		(30)
Consor Intermediate II, LLC		Revolver		05/12/2031		1,413		(8)
Coupa Holdings, LLC		Delayed Draw Term Loan		08/27/2025		851		(4)
Coupa Holdings, LLC		Revolver		02/27/2029		651		(3)
Cyara AcquisitionCo, LLC		Revolver		06/28/2029		3,832		—
Diligent Corporation		Delayed Draw Term Loan		04/30/2026		10,706		—
Diligent Corporation		Revolver		08/02/2030		7,137		—
Drivecentric Holdings, LLC		Revolver		08/15/2031		4,059		(3)
Dwyer Instruments, Inc.		Delayed Draw Term Loan		11/20/2026		2,020		(10)
Dwyer Instruments, Inc.		Revolver		07/20/2029		5,478		—
E-Discovery AcquireCo, LLC		Revolver		08/29/2029		4,354		(17)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2025		11,946		—
EVDR Purchaser, Inc.		Revolver		02/14/2031		5,973		—
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026		1,417		—
Eclipse Buyer, Inc.		Revolver		09/06/2031		719		—
Encore Holdings, LLC		Delayed Draw Term Loan		10/31/2026		303		(2)
Encore Holdings, LLC		Delayed Draw Term Loan		12/20/2026		4,872		(12)
Encore Holdings, LLC		Revolver		11/23/2027		2,695		(10)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026		1,981		(18)
Energy Labs Holdings Corp.		Revolver		04/07/2028		1,918		(23)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026		5,154		—
Essential Services Holding Corporation		Revolver		06/17/2030		3,222		—
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026		11,101		—
Everbridge Holdings, LLC		Revolver		07/02/2031		7,303		—
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2025		1,032		(11)
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2026		12,000		(112)
Excelitas Technologies Corp.		Revolver		08/14/2028		3,095		(32)
FLS Holding, Inc.		Revolver		12/17/2027		1,138		(121)
FMG Suite Holdings, LLC		Revolver		10/30/2026		994		(8)
FORTIS Solutions Group, LLC		Delayed Draw Term Loan		06/24/2025		9,627		—
FORTIS Solutions Group, LLC		Revolver		10/15/2027		1,169		—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		12/31/2025		112		—
Formstack Acquisition Co		Delayed Draw Term Loan		03/30/2026		17,485		(110)
Formstack Acquisition Co		Revolver		03/28/2030		10,519		(66)
Foundation Risk Partners Corp.		Revolver		10/29/2029		4,283		—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/25/2025		16,967		—
Fullsteam Operations, LLC		Delayed Draw Term Loan		02/23/2026		3,352		—
Fullsteam Operations, LLC		Delayed Draw Term Loan		05/01/2026		10,125		—
Fullsteam Operations, LLC		Delayed Draw Term Loan		06/30/2026		1,125		0
Fullsteam Operations, LLC		Revolver		11/27/2029		1,118		—
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/04/2026		17,742		(135)
GC Waves Holdings, Inc.		Revolver		10/04/2030		1,723		(13)
GI DI Cornfield Acquisition, LLC		Delayed Draw Term Loan		05/31/2026		16,333		(158)
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/02/2026		3,668		—
GPS Merger Sub, LLC		Revolver		10/02/2029		2,934		—
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026		3,028		—
GS AcquisitionCo, Inc.		Revolver		05/25/2028		5,318		—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026		4,235		—
Galway Borrower, LLC		Revolver		09/29/2028		3,265		—

56

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Gateway US Holdings, Inc.		Delayed Draw Term Loan		11/14/2026		1,300		(13)
Gateway US Holdings, Inc.		Revolver		09/22/2028		484		—
Granicus, Inc.		Delayed Draw Term Loan		01/17/2026		1,383		(2)
Granicus, Inc.		Revolver		01/17/2031		8,771		—
GraphPad Software, LLC		Delayed Draw Term Loan		06/28/2026		10,055		—
GraphPad Software, LLC		Revolver		06/30/2031		4,190		—
Ground Penetrating Radar Systems, LLC		Delayed Draw Term Loan		04/02/2027		5,302		—
Ground Penetrating Radar Systems, LLC		Revolver		04/02/2031		1,563		—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026		3,759		—
HSI Halo Acquisition, Inc.		Revolver		06/28/2030		3,031		—
Heartland Veterinary Partners, LLC		Revolver		12/10/2026		1,298		—
Helios Service Partners, LLC		Delayed Draw Term Loan		02/10/2025		10,016		(70)
Helios Service Partners, LLC		Revolver		03/19/2027		4,053		(1)
Hercules Borrower, LLC		Delayed Draw Term Loan		04/05/2026		29,963		(96)
Hercules Borrower, LLC		Delayed Draw Term Loan		04/17/2025		2,176		(670)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		03/27/2026		16,321		(70)
High Street Buyer, Inc.		Delayed Draw Term Loan		02/04/2025		802		—
High Street Buyer, Inc.		Delayed Draw Term Loan		03/11/2026		21,972		(73)
High Street Buyer, Inc.		Revolver		04/16/2027		915		—
Hootsuite, Inc.		Revolver		05/22/2030		2,100		(18)
Hyland Software, Inc.		Revolver		09/19/2029		3,699		—
IG Investment Holdings, LLC		Revolver		09/22/2028		3,736		(36)
Icefall Parent, Inc.		Revolver		01/25/2030		2,471		(39)
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026		1,884		—
Imagine 360, LLC		Revolver		10/02/2028		1,166		—
Inszone Mid, LLC		Delayed Draw Term Loan		11/10/2025		3,386		—
Inszone Mid, LLC		Delayed Draw Term Loan		07/24/2026		10,025		—
Inszone Mid, LLC		Revolver		11/12/2029		3,308		—
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028		1,097		—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026		2,531		(7)
Invictus Buyer, LLC		Revolver		06/03/2031		938		(3)
Iris Buyer, LLC		Delayed Draw Term Loan		04/02/2025		980		—
Iris Buyer, LLC		Revolver		10/02/2029		2,883		—
Jonathan Acquisition Company		Revolver		12/22/2025		1,579		—
KENG Acquisition, Inc.		Delayed Draw Term Loan		08/01/2025		4,659		(23)
KENG Acquisition, Inc.		Delayed Draw Term Loan		07/17/2026		1,912		(9)
KENG Acquisition, Inc.		Revolver		08/01/2029		3,040		(15)
Kaseya, Inc.		Delayed Draw Term Loan		06/23/2025		2,339		—
Kaseya, Inc.		Revolver		06/25/2029		2,358		—
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		10/01/2025		1,890		—
LJ Avalon Holdings, LLC		Revolver		02/01/2029		486		—
LeadVenture, Inc.		Delayed Draw Term Loan		08/28/2026		2,196		(8)
LegitScript, LLC		Revolver		06/24/2028		3,984		—
Lightspeed Buyer, Inc.		Delayed Draw Term Loan		06/01/2025		1,041		—
Lightspeed Buyer, Inc.		Revolver		02/03/2027		279		—
LogRhythm, Inc.		Revolver		07/02/2029		682		(12)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		08/29/2026		1,869		—
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031		894		—
MHE Intermediate Holdings, LLC		Revolver		07/21/2027		857		—
MRI Software, LLC		Delayed Draw Term Loan		09/04/2026		6,786		(3)
MRI Software, LLC		Revolver		02/10/2027		5,176		(4)
Magneto Components Buyco, LLC		Delayed Draw Term Loan		06/05/2025		9,516		(65)

57

---

North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Magneto Components Buyco, LLC		Revolver		12/05/2029		7,930		(54)
Magnolia Wash Holdings		Revolver		07/14/2028		215		(20)
Mantech International CP		Delayed Draw Term Loan		06/14/2025		5,023		—
Mantech International CP		Revolver		09/14/2028		4,800		—
Mobile Communications America, Inc.		Delayed Draw Term Loan		10/16/2025		3,560		—
Mobile Communications America, Inc.		Revolver		10/16/2029		1,651		—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026		5,429		—
Model N, Inc.		Revolver		06/27/2031		2,896		—
Montana Buyer, Inc.		Revolver		07/22/2028		3,074		—
NSi Holdings, Inc.		Delayed Draw Term Loan		11/15/2026		4,079		(19)
NSi Holdings, Inc.		Revolver		11/15/2031		4,079		(40)
Nasuni Corporation		Revolver		09/10/2030		4,490		—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029		1,579		(10)
Oak Purchaser, Inc.		Delayed Draw Term Loan		02/01/2025		3,903		(34)
Oak Purchaser, Inc.		Revolver		04/28/2028		1,241		(11)
Optimizely North America, Inc.		Revolver		10/30/2031		2,665		(26)
Orion Group Holdco, LLC		Delayed Draw Term Loan		04/29/2026		2,286		(16)
PDFTron Systems, Inc.		Revolver		07/15/2026		2,200		(3)
PDI TA Holdings, Inc.		Delayed Draw Term Loan		02/01/2026		3,789		(20)
PDI TA Holdings, Inc.		Revolver		02/03/2031		3,754		(20)
PMA Parent Holdings, LLC		Revolver		01/31/2031		240		(3)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026		4,240		—
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029		10,788		—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028		234		—
Peter C. Foy & Associates Insurance Services, LLC		Delayed Draw Term Loan		04/23/2026		746		(3)
Peter C. Foy & Associates Insurance Services, LLC		Revolver		11/01/2027		532		—
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027		275		(1)
Pound Bidco, Inc.		Delayed Draw Term Loan		02/01/2027		10		—
Pound Bidco, Inc.		Revolver		02/01/2027		388		(1)
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026		1,005		(5)
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028		952		—
Project Accelerate Parent, LLC		Revolver		02/24/2031		4813		—
Project Boost Purchaser, LLC		Revolver		05/02/2028		586		—
Project Potter Buyer, LLC		Revolver		04/23/2026		885		—
Pye-Barker Fire & Safety, LLC		Delayed Draw Term Loan		05/24/2026		4,670		—
Pye-Barker Fire & Safety, LLC		Revolver		05/24/2030		2,197		—
RFS Opco, LLC		Revolver		04/04/2029		21,320		(83)
Randy's Holdings, Inc.		Delayed Draw Term Loan		11/01/2025		3,332		—
Randy's Holdings, Inc.		Revolver		11/01/2029		1,217		—
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029		2,791		(9)
Raven Acquisition Holdings, LLC		Delayed Draw Term Loan		11/19/2026		333		1
Redwood Services Group, LLC		Delayed Draw Term Loan		02/05/2026		627		(4)
Revalize, Inc.		Revolver		04/15/2027		215		(15)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027		16,890		(46)
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031		4,110		(11)
Riskonnect Parent, LLC		Delayed Draw Term Loan		03/01/2026		5,249		(40)
Riskonnect Parent, LLC		Revolver		12/07/2028		4,463		(34)
RoadOne IntermodaLogistics		Revolver		12/29/2028		197		(4)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026		2,216		—
Routeware, Inc.		Revolver		09/18/2031		511		—
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026		4,486		(22)
Runway Bidco, LLC		Revolver		12/17/2031		2,243		(22)

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
SV Newco 2, Inc.		Delayed Draw Term Loan		05/31/2026		22,051		(174)
SV Newco 2, Inc.		Revolver		06/02/2031		13,231		(105)
Securonix, Inc.		Revolver		04/05/2028		5,281		(467)
Sherlock Buyer Corp.		Revolver		12/08/2027		2,978		—
Smarsh, Inc.		Delayed Draw Term Loan		02/18/2025		1,071		—
Smarsh, Inc.		Revolver		02/16/2029		321		—
Sonny's Enterprises, LLC		Delayed Draw Term Loan		06/05/2026		3,067		(98)
Sonny's Enterprises, LLC		Revolver		08/05/2027		4,173		(134)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026		2,125		(15)
Spark Buyer, LLC		Revolver		10/15/2031		1,063		(15)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		03/24/2026		439		(2)
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027		378		(2)
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		04/25/2026		2,250		(5)
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026		1,250		—
Superman Holdings, LLC		Delayed Draw Term Loan		08/28/2026		8,299		—
Superman Holdings, LLC		Revolver		08/29/2031		3,675		—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		12/28/2025		845		—
Surewerx Purchaser III, Inc.		Revolver		12/28/2028		305		—
Suveto		Revolver		09/09/2027		528		(5)
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026		720		(3)
Sweep Purchaser, LLC		Revolver		06/30/2027		469		—
Tamarack Intermediate, LLC		Revolver		03/13/2028		3,375		—
Tank Holding Corp.		Delayed Draw Term Loan		11/22/2025		904		(4)
Tank Holding Corp.		Revolver		03/31/2028		1,867		(37)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		01/22/2027		227		—
Tidi Legacy Products, Inc.		Delayed Draw Term Loan		06/19/2025		2,961		(5)
Tidi Legacy Products, Inc.		Revolver		12/19/2029		2,132		(4)
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026		4,318		—
Transit Technologies, LLC		Revolver		08/20/2030		2,591		—
Trintech, Inc.		Revolver		07/25/2029		4,336		(63)
Triple Lift, Inc.		Revolver		05/05/2028		1,714		(73)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026		2,193		(11)
Trunk Acquisition, Inc.		Revolver		02/19/2026		1,071		(6)
Two Six Labs, LLC		Delayed Draw Term Loan		10/09/2025		5,000		(14)
Two Six Labs, LLC		Revolver		08/20/2027		915		(2)
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026		7,727		(38)
UHY Advisors, Inc.		Revolver		11/21/2031		2,045		(20)
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026		2,125		—
UpStack, Inc.		Revolver		08/25/2031		722		—
V Global Holdings, LLC		Revolver		12/22/2025		927		(46)
VRC Companies, LLC		Revolver		06/29/2027		959		—
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026		222		—
Vehlo Purchaser, LLC		Delayed Draw Term Loan		10/05/2025		41,821		(263)
Vehlo Purchaser, LLC		Revolver		05/24/2028		411		(3)
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026		5,588		—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026		3,334		(24)
Verdantas, LLC		Revolver		05/06/2030		3,538		(36)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026		1,229		(6)
Vertex Service Partners, LLC		Revolver		11/08/2030		293		—
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026		8,333		—
Vessco Midco Holdings, LLC		Revolver		07/24/2031		3,771		—
Victors Purchaser, LLC		Delayed Draw Term Loan		08/15/2026		2,685		—

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North Haven Private Income Fund LLC

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment		Fair Value
Victors Purchaser, LLC		Revolver		08/15/2031		1,305		—
World Insurance Associates, LLC		Revolver		04/03/2028		970		(21)
YI, LLC		Delayed Draw Term Loan		06/01/2025		3,727		—
YI, LLC		Revolver		12/03/2029		2,795		—
Zarya Intermediate, LLC		Revolver		07/01/2027		3,789		(4)
iCIMS, Inc.		Revolver		08/18/2028		491		—
Total First Lien Debt Unfunded Commitments						$1,035,399		$(6,633)
Total Unfunded Commitments						$1,035,399		$(6,633)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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North Haven Private Income Fund LLC

Notes to the Consolidated Financial Statements

December 31, 2025

(In thousands, except unit and per unit amounts)

(1) ORGANIZATION

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

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

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

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

On July 15, 2024, the Company acquired SL Investment Corp. (“SLIC”) pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 28, 2024, by and among SLIC, the Company, Cobalt Merger Sub, Inc. (“Merger Sub”), a wholly-owned subsidiary of the Company, and the Adviser. Pursuant to the Merger Agreement, SLIC was merged with and into the Company in a two-step transaction with the Company as the surviving company (the “SLIC Acquisition”). See Note 12 “SLIC Acquisition.”

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company's functional currency is U.S. Dollars (“USD”) and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

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

Use of Estimates

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

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of December 31, 2025, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: PIF CA SPV LLC (“CA SPV”), NHPIF Equity Holdings SPV LLC (“Equity Holdings”), PIF Financing SPV LLC (“Financing SPV”), PIF Financing II SPV LLC (“Financing II SPV”), SLIC Financing SPV LLC (“SLIC Financing SPV”), SLIC Equity Holdings LLC (“SLIC Equity Holdings”), PIF Lending SPV LLC (“Lending SPV” and, collectively with CA SPV, Equity Holdings, Financing SPV, Financing II SPV, SLIC Financing SPV, SLIC Equity Holdings the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation. The Company does not consolidate its investment in NH Keystone. See Note 4 “Investments.”

 

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Cash, Cash Equivalents and Restricted Cash

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

Money Market Funds

Investments in money market funds are valued at net asset value per share and are included in “Investments in unaffiliated money market fund” in the Consolidated Statements of Financial Condition.

Foreign Currency Translation

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

Investments

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

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

Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments, except as described in Note 6 “Debt”. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so.

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Revenue Recognition

Interest Income

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

PIK Income

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

Dividend Income

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

Other Income

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

Non-Accrual Investments

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

As of December 31, 2025 and December 31, 2024, the Company had certain investments in five and two portfolio companies that were on non-accrual status. The amortized cost of investments on non-accrual status as of December 31, 2025 and December 31, 2024 was $121,125 and $29,237, respectively.

Deferred Financing Costs and Debt Issuance Costs

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

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

Income Taxes

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

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

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

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company accrued $–, $15 and $70 of U.S. federal excise tax, respectively.

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

Segment Reporting

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

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes-Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company’s consolidated financial statements.

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

(3) Significant Agreements and RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

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

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

Base Management Fee

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

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, base management fees were $23,893, $33,957, and $21,048, net of waiver, respectively. As of December 31, 2025 and December 31, 2024, $3,236 and $7,337, respectively, was payable to the Investment Adviser relating to base management fees.

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Incentive Fee

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

i.

Incentive Fee based on Income

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

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

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

•

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

•

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

•

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

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company incurred $27,358, $35,798 and $24,782, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in the payable to affiliates on the Consolidated Statements of Financial Condition as of December 31, 2025 and December 31, 2024 were $4,176 and $8,399, respectively.

ii.

Incentive Fee based on Capital Gains

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

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

For the years ended December 31, 2025, and 2024, there were no capital gains incentive fees accrued to the Investment Adviser.

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

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to the administration agreement between the Company and the Administrator dated November 4, 2021

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

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company incurred $154, $179 and $126, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. Amounts unpaid and included in the payable to affiliates on the Consolidated Statements of Financial Condition as of December 31, 2025 and December 31, 2024 were $36 and $88, respectively.

Placement Agent Agreements

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

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

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company incurred $28,831, $24,961 and $14,313 expenses, respectively, under the MSDI Agreement, which were recorded in servicing fees on the Consolidated Statements of Operations. Amounts unpaid and included in the accrued expenses and other liabilities on the Consolidated Statements of Financial Condition as of December 31, 2025 and December 31, 2024 were $5,822 and $5,211, respectively.

Expense Support and Conditional Reimbursement Agreement

On November 30, 2021, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser, which was subsequently amended on March 15, 2022 (as amended, the “Expense Support Agreement”). The Investment Adviser may elect to pay the Company’s expenses on its behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any of the Company’s interest expense and/or unitholder servicing fees. The Expense Support Agreement may require the Company to repay the Investment Adviser for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver. Any reimbursement to the Adviser pursuant to the terms of the Expense Support Agreement would be an expense of the Company and would ultimately be borne by its unitholders. For more information, see “Item 1. Business – Expense Support and Conditional Reimbursement Agreement.”

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Investment Adviser made Expense Payments on behalf of the Company of $900, $2,700 and $0, respectively, under the Expense Support Agreement, which were recorded as expense support on the Consolidated Statements of Operations. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company repaid Expense Payments of $0, $400 and $0 under the Expense Support Agreement, which were recorded as recoupment of expense support on the Consolidated Statements of Operations.

Indemnification Agreements

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

Morgan Stanley & Co. Related Transactions

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

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

 

 

 

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(4) INVESTMENTS

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

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

			December 31, 2025								December 31, 2024
			Cost			Fair Value		% of Total Investments at Fair Value			Cost			Fair Value		% of Total Investments at Fair Value
First Lien Debt		$	6,506,675		$	6,424,695		97.1%		$	6,022,749		$	5,997,696		98.6%
Second Lien Debt			31,045			32,023		0.5			16,613			16,771		0.3
Other Debt Investments			12,010			11,564		0.2			6,453			6,520		0.1
Equity (1)			64,305			57,052		0.9			57,745			58,032		1.0
NH Keystone (2)			85,438			85,276		1.3			—			—		—
Total		$	6,699,473		$	6,610,610		100%		$	6,103,560		$	6,079,019		100%

 

(1)

Excludes equity investments in NH Keystone.

(2)

Includes equity investments in NH Keystone.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67

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

		December 31, 2025				December 31, 2024 (1)
Aerospace & Defense			1.5	%			1.5	%
Air Freight & Logistics			0.8				0.9
Automobile Components			1.6				1.6
Automobiles			2.5				2.1
Banks			0.1				—
Beverages			0.2				—
Biotechnology			—				0.6
Building Products			0.2				0.3
Capital Markets			0.1
Chemicals			1.1				1.3
Commercial Services & Supplies			7.5				8.5
Construction & Engineering			2.1				2.0
Consumer Staples Distribution & Retail			0.6				0.7
Containers & Packaging			1.1				1.1
Distributors			1.4				2.8
Diversified Consumer Services			5.2				5.7
Electric Utilities			—				0.1
Electrical Equipment			0.5				0.1
Electronic Equipment, Instruments & Components			3.8				3.4
Entertainment			0.1				0.1
Financial Services			3.5				3.1
Food Products (2)			—				0.1
Ground Transportation			0.8				0.6
Health Care Equipment & Supplies			1.1				1.2
Health Care Providers & Services			6.3				6.5
Health Care Technology			1.8				2.0
Household Durables			0.1				0.1
Independent Power and Renewable Electricity Producers			0.1
Industrial Conglomerates			2.4				2.5
Insurance Services			9.5				11.0
Interactive Media & Services			0.8				0.7
Investments in Joint Ventures (3)			1.3
IT Services			5.6				5.0
Leisure Products			0.1				0.1
Life Sciences Tools & Services			0.4				0.7
Machinery			1.7				1.7
Media			—				0.1
Multi-Utilities			1.5				1.5
Pharmaceuticals			1.2				0.7
Professional Services			5.9				5.6
Real Estate Management & Development			2.4				2.2
Software			21.3				21.0
Specialty Retail			0.1				0.1
Textiles, Apparel & Luxury Goods			0.1				0.1
Trading Companies & Distributors			0.1				0.1
Transportation Infrastructure			0.7				0.2
Wireless Telecommunication Services			0.8				0.3
Total			100.0	%			100.0	%

 

(1)

The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2025 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the prior period’s Consolidated Statement of Financial Condition.

(2)

Rounds to 0.

(3)

Includes equity investments in NH Keystone.

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

 

		December 31, 2025								December 31, 2024
		Cost		Fair Value		% of Total  Investments at Fair Value		% of Total Net Assets at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value		% of Total Net Assets at Fair Value
Australia		$64,182		$64,920		1.0%		1.9%		$35,737		$36,465		0.6%		1.1%
Canada		124,530		125,168		1.9		3.7		118,951		119,346		2.0		3.6
United Kingdom		49,100		49,673		0.8		1.5		46,293		45,550		0.7		1.4
United States		6,461,661		6,370,849		96.3		188.5		5,902,579		5,877,658		96.7		179.7
Total		$6,699,473		$6,610,610		100.0%		195.6%		$6,103,560		$6,079,019		100.0%		185.8%

North Haven Keystone LLC

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

As of December 31, 2025, the Company and the JV Partner made capital contributions of $85,438 and $12,812 in member's equity, respectively, to NH Keystone.

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

			December 31, 2025
Assets
Investments, at fair value (cost of $249,905)		$	249,685
Cash			10,976
Other Assets			6,538
Total assets			267,199
Liabilities
Debt			153,000
Other liabilities			16,136
Total liabilities		$	169,136
Total Members' Equity		$	98,063

The following table presents the selected consolidated statements of operations information of NH Keystone for the period from September 25, 2025 (commencement of operations of NH Keystone) to December 31, 2025:

			For the period Ended December 31,2025
Income
Investment income		$	3,234
Expenses
Net operating expenses			1,866
Net investment income (loss)		$	1,368
Total net realized and unrealized gain (loss)			(204)
Net increase (decrease) in members' equity resulting from operations		$	1,164

Below is a summary of NH Keystone’s portfolio as of December 31, 2025:

			December 31, 2025
Number of portfolio companies			44
Number of Industries			19
Weighted average yield on total portfolio, at cost(1)			8.8%
Weighted average yield on total portfolio, at fair value(1)			8.8%
Average position size of our investments		$	5.67

 

1.

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

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Consolidated Schedule of Investments as of December 31, 2025

 

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

70

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Consolidated Schedule of Investments as of December 31, 2025

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
Dwyer Instruments, Inc.		(3) (5)		First Lien Debt		S +		4.75%		7/20/2029			104				102				102				0.10
Pamlico Avant Holdings, LP		(3)		First Lien Debt		S +		4.50%		12/31/2032			6,166				6,104				6,104				6.22
Pamlico Avant Holdings, LP		(3) (5)		First Lien Debt		S +		4.50%		12/31/2032			83				75				75				0.08
																	10,460				10,460				10.67
Financial Services
Cerity Partners, LLC		(3)		First Lien Debt		S +		4.50%		7/28/2031			1,206				1,206				1,203				1.23
Cerity Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%		7/28/2031			-				(3	)			(3	)			(0.00	)
Cerity Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%		7/28/2031			17				16				17				0.02
Trintech, Inc.		(2)		First Lien Debt		S +		5.50%		7/25/2029			6,421				6,390				6,388				6.51
Trintech, Inc.		(2) (5)		First Lien Debt		S +		5.50%		7/25/2029			161				158				158				0.16
																	7,767				7,763				7.92
Ground Transportation
eShipping, LLC		(3)		First Lien Debt		S +		4.50%		12/23/2032			4,272				4,251				4,251				4.33
eShipping, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			-				(4	)			(4	)			(0.00	)
eShipping, LLC		(3) (5)		First Lien Debt		S +		4.50%		12/23/2032			101				97				97				0.10
SV Newco 2, Inc.		(3) (5)		First Lien Debt		S +		4.75%		6/2/2031			5,643				5,627				5,635				5.75
SV Newco 2, Inc.		(3) (5)		First Lien Debt		S +		4.75%		6/2/2031			-				(4	)			(2	)			(0.00	)
																	9,967				9,977				10.17
Health Care Providers & Services
Invictus Buyer, LLC		(3)		First Lien Debt		S +		4.50%		6/3/2031			4,428				4,428				4,428				4.52
Invictus Buyer, LLC		(3) (5)		First Lien Debt		S +		4.50%		6/3/2031			-				-				-				-
Invictus Buyer, LLC		(3) (5)		First Lien Debt		S +		4.50%		6/3/2031			-				-				-				-
Pareto Health Intermediate Holdings, Inc.		(2)		First Lien Debt		S +		4.75%		6/3/2030			6,116				6,116				6,116				6.24
Pareto Health Intermediate Holdings, Inc.		(2) (5)		First Lien Debt		S +		4.75%		6/1/2029			-				-				-				-
PPV Intermediate Holdings, LLC		(3)		First Lien Debt		S +		5.75%		8/31/2029			6,982				6,982				6,965				7.10
TA Polaris Buyer, Inc.		(4)		First Lien Debt		S +		4.50%		12/13/2032			9,730				9,681				9,681				9.87
TA Polaris Buyer, Inc.		(4) (5)		First Lien Debt		S +		4.50%		12/13/2032			-				(10	)			(10	)			(0.01	)
TA Polaris Buyer, Inc.		(4) (5)		First Lien Debt		S +		4.50%		12/13/2032			-				(6	)			(6	)			(0.01	)
																	27,191				27,174				27.71
Insurance Services
Galway Borrower, LLC		(3) (5)		First Lien Debt		S +		4.50%		9/29/2028			4,095				4,095				4,095				4.18
Galway Borrower, LLC		(3) (5)		First Lien Debt		S +		4.50%		9/29/2028			35				35				35				0.04
High Street Buyer, Inc.		(3)		First Lien Debt		S +		4.50%		4/14/2028			6,892				6,892				6,875				7.01
High Street Buyer, Inc.		(3) (5)		First Lien Debt		S +		4.50%		4/16/2027			-				-				-				-
Iris Specialty Acquisiton, LLC		(4)		First Lien Debt		S +		4.50%		11/22/2032			8,824				8,780				8,780				8.95
Iris Specialty Acquisiton, LLC		(4) (5)		First Lien Debt		S +		4.50%		11/22/2032			-				(4	)			(4	)			(0.00	)
Iris Specialty Acquisiton, LLC		(4) (5)		First Lien Debt		S +		4.50%		11/22/2032			-				(6	)			(6	)			(0.01	)
One, Inc. Software Corporation		(3)		First Lien Debt		S +		4.50%		12/6/2032			7,745				7,668				7,668				7.82
One, Inc. Software Corporation		(3) (5)		First Lien Debt		S +		4.50%		12/6/2032			-				(15	)			(15	)			(0.02	)
One, Inc. Software Corporation		(3) (5)		First Lien Debt		S +		4.50%		12/6/2032			-				(6	)			(6	)			(0.01	)
Patriot Growth Insurance Services, LLC		(3)		First Lien Debt		S +		5.00%		10/14/2028			6,909				6,909				6,909				7.05
Patriot Growth Insurance Services, LLC		(3) (5)		First Lien Debt		S +		5.00%		10/16/2028			-				-				-				-
																	34,348				34,331				35.01
IT Services
Cyber US Bidco, LLC		(3)		First Lien Debt		S +		5.00%		12/30/2032			5,076				5,026				5,026				5.13
Cyber US Bidco, LLC		(3) (5)		First Lien Debt		S +		5.00%		12/30/2032			-				(5	)			(5	)			(0.01	)
Cyber US Bidco, LLC		(3) (5)		First Lien Debt		S +		5.00%		12/30/2032			-				(4	)			(4	)			(0.00	)
Redwood Services Group, LLC		(3) (5)		First Lien Debt		S +		5.25%		6/15/2029			6,809				6,773				6,774				6.91
																	11,790				11,791				12.02
Multi-Utilities
AWP Group Holdings, Inc.		(2)		First Lien Debt		S +		4.50%		12/23/2030			5,117				5,117				5,117				5.22
AWP Group Holdings, Inc.		(2) (5)		First Lien Debt		S +		4.50%		12/23/2030			1,022				1,022				1,022				1.04
AWP Group Holdings, Inc.		(2) (5)		First Lien Debt		S +		4.50%		12/23/2030			284				284				284				0.29

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Consolidated Schedule of Investments as of December 31, 2025

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Maturity Date		Par Amount/ Shares				Cost				Fair Value				Percentage of Members' equity
																	6,423				6,423				6.55
Pharmaceuticals
Specialty Pharma III, Inc.				First Lien Debt		P +		4.75%		12/23/2032			5,559				5,531				5,531				5.64
Specialty Pharma III, Inc.		(5)		First Lien Debt		P +		4.75%		12/23/2032			-				(4	)			(4	)			(0.00	)
																	5,527				5,527				5.64
Professional Services
Accordion Partners, LLC		(3)		First Lien Debt		S +		5.00%		11/17/2031			6,034				6,019				6,019				6.14
Accordion Partners, LLC		(3) (5)		First Lien Debt		S +		5.00%		11/17/2031			-				(11	)			(11	)			(0.01	)
Accordion Partners, LLC		(3) (5)		First Lien Debt		S +		5.00%		11/17/2031			-				(4	)			-				-
Aprio Advisory Group, LLC		(3) (5)		First Lien Debt		S +		4.75%		8/1/2031			-				(24	)			(24	)			(0.02	)
Aprio Advisory Group, LLC		(3) (5)		First Lien Debt		S +		4.75%		8/1/2031			-				(4	)			(4	)			(0.00	)
Bridgepointe Technologies, LLC		(2) (5)		First Lien Debt		S +		5.00%		12/31/2027			6,978				6,958				6,978				7.12
Verdantas, LLC		(3) (5)		First Lien Debt		S +		4.75%		5/6/2031			-				(16	)			(16	)			(0.02	)
Verdantas, LLC		(3) (5)		First Lien Debt		S +		4.75%		5/6/2030			-				(6	)			-				-
																	12,912				12,942				13.20
Software
Archduke Buyer, Inc.		(4)		First Lien Debt		S +		5.50%		12/3/2032			5,688				5,631				5,631				5.74
Archduke Buyer, Inc.		(4) (5)		First Lien Debt		S +		5.50%		12/3/2032			-				(4	)			(4	)			(0.00	)
AuditBoard, Inc.		(3)		First Lien Debt		S +		4.50%		7/14/2031			3,429				3,403				3,403				3.47
Everbridge Holdings, LLC		(3)		First Lien Debt		S +		5.00%		7/2/2031			4,908				4,908				4,908				5.00
Everbridge Holdings, LLC		(3) (5)		First Lien Debt		S +		5.00%		7/2/2031			578				578				578				0.59
Everbridge Holdings, LLC		(3) (5)		First Lien Debt		S +		5.00%		7/2/2031			-				-				-				-
Optimizely North America, Inc.		(3)		First Lien Debt		S +		5.00%		10/30/2031			6,352				6,259				6,225				6.35
Optimizely North America, Inc.		(3) (5)		First Lien Debt		S +		5.00%		10/30/2031			-				(9	)			(13	)			(0.01	)
Riskonnect Parent, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/7/2028			6,118				6,118				6,118				6.24
Riskonnect Parent, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/7/2028			73				73				73				0.07
Vanco Payment Solutions, LLC		(3)		First Lien Debt		S +		4.75%		12/1/2031			5,587				5,532				5,532				5.64
Vanco Payment Solutions, LLC		(3) (5)		First Lien Debt		S +		4.75%		12/1/2031			-				(3	)			(3	)			(0.00	)
																	32,486				32,448				33.09
Total Portfolio Investments																$	249,905			$	249,685				254.62	%

 

(1)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA")or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically.
(2)	Loan includes interest rate floor of 1.00%.
(3)	Loan includes interest rate floor of 0.75%.
(4)	Loan includes interest rate floor of 0.50%.
(5)	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated.

 

 

 

 

 

 

72

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(5) FAIR VALUE MEASUREMENTS

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

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

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

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

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

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

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

•

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

•

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

73

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•

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

•

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

•

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

•

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

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

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

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

 

		December 31, 2025								December 31, 2024
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	530,125	$	5,894,570	$	6,424,695	$	—	$	555,530	$	5,442,166	$	5,997,696
Second Lien Debt		—		15,887		16,136		32,023		—		14,659		2,112		16,771
Other Debt Investments		—		—		11,564		11,564		—		—		6,520		6,520
Equity		—		2,037		55,015		57,052		—		2,037		55,995		58,032
Total Investments	$	—	$	548,049	$	5,977,285	$	6,525,334	$	—	$	572,226	$	5,506,793	$	6,079,019
Investment measured at net asset value (1)							$	85,276							$	—
Total Investments							$	6,610,610							$	6,079,019
Cash and cash equivalents	$	199,865	$	—	$	—	$	199,865	$	159,788	$	—	$	—	$	159,788
Unaffiliated money market	$	38,403	$	—	$	—	$	38,403	$	58,216	$	—	$	—	$	58,216

 

(1)

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

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the years ended December 31, 2025:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	5,442,166			$	2,112			$	6,520			$	55,995			$	5,506,793
Purchases of investments(1)			1,658,225				13,407				4,468				7,584				1,683,684
Proceeds from principal repayments and sales of investments(1)			(1,188,702	)			—				—				(9,722	)			(1,198,424	)
Accretion of discount/amortization of premium			23,843				1				98				—				23,942
Payment-in-kind			18,633				616				990				5,425				25,664
Net change in unrealized appreciation (depreciation)			(48,017	)			—				(512	)			(7,540	)			(56,069	)
Net realized gains (losses)			(13,647	)			—				—				3,273				(10,374	)
Transfers into/out of Level 3 (3)			2,069				—				—				—				2,069
Fair value, end of period		$	5,894,570			$	16,136			$	11,564			$	55,015			$	5,977,285
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025		$	(44,758	)		$	—			$	(512	)		$	(7,448	)		$	(52,718	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

74

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(2)

Sales may include investments received in corporate action and restructurings.

(3)

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

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the years ended December 31, 2024:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	2,710,858			$	21,708			$	2,484			$	33,352			$	2,768,402
Purchases of investments(1)			3,384,782				2,406				3,537				17,351				3,408,076
Proceeds from principal repayments and sales of investments(2)			(659,416	)			(17,500	)			—				(173	)			(677,089	)
Accretion of discount/amortization of premium			18,946				393				66				—				19,405
Payment-in-kind			13,294				45				350				5,753				19,442
Net change in unrealized appreciation (depreciation)			2,740				5,565				83				(106	)			8,282
Net realized gains (losses)			(10,979	)			(10,505	)			—				(182	)			(21,666	)
Transfers into/out of Level 3 (3)			(18,059	)			—				—				—				(18,059	)
Fair value, end of period		$	5,442,166			$	2,112			$	6,520			$	55,995			$	5,506,793
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024		$	2,440			$	4,893			$	83			$	(106	)		$	7,310

 

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

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

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

 

December 31, 2025

Fair

Valuation

Significant Unobservable

Range (1)

Weighted

Value

Technique (2)

Input

Low

High

Average (3)

Investments in first lien debt

$

5,844,425

Yield Analysis

Discount Rate

7.48

%

39.21

%

9.25

%

50,145

Market Approach

EBITDA Multiple

6.25x

10.00x

8.31x

Investments in second lien debt

1,461

Yield Analysis

Discount Rate

12.27

%

12.75

%

12.38

%

14,675

Market Approach

EBITDA Multiple

7.75x

10.00x

7.86x

Other debt

6,667

Yield Analysis

Discount Rate

13.70

%

14.95

%

14.36

%

4,897

Market Approach

EBITDA Multiple

6.25x

7.75x

7.75x

Preferred equity

30,136

Income Approach

Discount Rate

12.09

%

15.66

%

13.55

%

12,439

Market Approach

EBITDA Multiple

7.75x

15.43x

12.99x

Common equity

6,693

Market Approach

Revenue Multiple

5.00x

22.25x

17.25x

5,747

Market Approach

EBITDA Multiple

1.20x

24.60x

11.61x

Total Investments

$

5,977,285

 

(1)

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

(2)

During the years ended December 31, 2025, two preferred equity positions with a combined fair value of $9.2 million transitioned from an income approach to a market approach valuation technique, four debt investments with a combined fair value of $45.2 million transitioned from a yield analysis to market approach valuation technique.

(3)

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

 

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

 

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(1)

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

(2)

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

(3)

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

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

Financial instruments disclosed but not carried at fair value

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

	December 31, 2025										December 31, 2024
	Level		Carrying Value				Fair Value				Carrying Value				Fair Value
ING Facility	3		$	254,537			$	254,537			$	313,352			$	313,352
Wells Funding Facility	3			497,250				497,250				381,250				381,250
CBNA Funding Facility	3			225,000				225,000				93,750				93,750
JPM Funding Facility	3			744,073				744,073				614,073				614,073
Series A 2026 Notes(1)(6)	3			—				—				203,112				202,899
Series A 2028 Notes(1)(6)	3			145,151				146,080				144,986				143,487
Series B 2026 Notes(2)(6)	3			106,745				106,683				106,345				106,170
Series B 2028 Notes(2)(6)	3			127,227				128,152				126,945				125,503
Series C 2027 Notes(3)(6)	3			135,966				137,638				135,515				137,188
Series C 2029 Notes(3)(6)	3			162,425				167,204				162,094				164,336
Series D 2027 Notes(4)(6)	3			99,390				100,272				99,007				99,146
Series D 2029 Notes(4)(6)	3			198,349				200,709				197,890				196,159
2030 Notes(5)	3			294,837				294,837				293,686				293,686
2028 Notes(7)	3			294,582				294,080				—				—
Total			$	3,285,532			$	3,296,515			$	2,872,005			$	2,870,999

 

(1)

The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $0 and $849, respectively, as of December 31, 2025, and $888 and $1,014, respectively, as of December 31, 2024.

(2)

The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $255 and $773, respectively, as of December 31, 2025, and $655 and $1,055, respectively, as of December 31, 2024.

(3)

The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $534 and $1,075, respectively, as of December 31, 2025, and $985 and $1,406, respectively, as of December 31, 2024.

(4)

The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $610 and $1,651, respectively, as of December 31, 2025, and $993 and $2,110, respectively, as of December 31, 2024.

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(5)

The carrying value of the Company’s 2030 Notes (as defined below) was presented net of unamortized debt issuance cost of $3,080, as of December 31, 2025, and $3,721 as of December 31, 2024. The carrying value of the Company’s 2030 Notes (as defined below) was presented net of unamortized original issue discount of $2,083, as of December 31, 2025, and $2,587 as of December 31, 2024.

(6)

Inclusive of change in fair market value of effective hedge.

(7)

The carrying value of the Company’s 2028 Notes (as defined below) was presented net of unamortized debt issuance costs and unamortized original issue discount of $3,488, and $1,930, respectively, as of December 31, 2025.

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

(6) DEBT

The Company’s outstanding debt obligations were as follows:

 

	December 31, 2025												December 31, 2024
	Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
ING Facility(1)	$	1,350,000			$	254,537			$	1,094,850			$	1,350,000			$	313,352			$	1,036,036
Wells Funding Facility		900,000				497,250				402,750				900,000				381,250				518,750
CBNA Funding Facility		375,000				225,000				150,000				375,000				93,750				281,250
JPM Funding Facility		1,200,000				744,073				455,927				1,200,000				614,073				585,927
Series A 2026 Notes(2)		—				—				—				204,000				204,000				—
Series A 2028 Notes(2)		146,000				146,000				—				146,000				146,000				—
Series B 2026 Notes(3)		107,000				107,000				—				107,000				107,000				—
Series B 2028 Notes(3)		128,000				128,000				—				128,000				128,000				—
Series C 2027 Notes(4)		136,500				136,500				—				136,500				136,500				—
Series C 2029 Notes(4)		163,500				163,500				—				163,500				163,500				—
Series D 2027 Notes(5)		100,000				100,000				—				100,000				100,000				—
Series D 2029 Notes(5)		200,000				200,000				—				200,000				200,000				—
2030 Notes(6)		300,000				300,000				—				300,000				300,000				—
2028 Notes(7)		300,000				300,000				—				—				—				—
Total	$	5,406,000			$	3,301,860			$	2,103,527			$	5,310,000			$	2,887,425			$	2,421,963

 

(1)

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

(2)

The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $0 and $849, respectively, as of December 31, 2025 and $888 and $1,014, respectively, as of December 31, 2024.

(3)

The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $255 and $773, respectively, as of December 31, 2025 and $655 and $1,055, respectively, as of December 31, 2024.

(4)

The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $534 and $1,075, respectively, as of December 31, 2025 and $985 and $1,406, respectively, as of December 31, 2024.

(5)

The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $610 and $1,651, respectively, as of December 31, 2025 and $993 and $2,110, respectively, as of December 31, 2024.

(6)

The carrying value of the Company’s 2030 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,080, as of December 31, 2025 and $3,721, as of December 31, 2024.

(7)

The carrying value of the Company’s 2028 Notes was presented on the Consolidated Statements of Financial Condition net of unamortized debt issuance costs of $3,488 as of December 31, 2025.

 

	For the Year Ended
	December 31, 2025				December 31, 2024				December 31, 2023
Combined weighted average interest rate (1)		6.94	%			8.04	%			7.72	%
Combined weighted average effective interest rate(2)		7.44	%			8.51	%			8.19	%
Combined weighted average debt outstanding	$	3,079,014			$	1,811,974			$	844,373

 

(1)

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

(2)

Excludes unused commitment fees.

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

ING Facility

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

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may, at their option, agree to provide additional financing. The availability period of the ING Facility will terminate on July 15, 2028 and will mature on July 15, 2029.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the ING Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by The Wall Street Journal, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) one month SOFR plus 1% per annum) plus 0.875%, and (y) for loans for which the Company elects the SOFR option, the applicable SOFR rate for the related interest period for such borrowing plus 1.875% per annum. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the ING Facility.

The summary information of the ING Facility is as follows:

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	13,022			$	9,706			$	10,612
Facility unused commitment fees			4,338				3,769				2,901
Amortization of deferred financing costs			2,111				1,666				1,208
Total		$	19,471			$	15,141			$	14,721
Weighted average interest rate			6.11	%			7.05	%			6.46	%
Weighted average effective interest rate			7.10	%			8.25	%			7.19	%
Weighted average outstanding balance		$	210,136			$	135,437			$	162,063

 

Wells Funding Facility

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

The obligations of Financing SPV under the Wells Funding Facility are secured by all of the assets held by Financing SPV, including the Loans contributed or transferred by the Company to Financing SPV. The Wells Funding Facility is a revolving funding facility with a reinvestment period ending September 12, 2028 and a final maturity date of September 12, 2030. Subject to certain conditions, the reinvestment period and final maturity are both subject to a one-year extension. Advances under the Wells Funding Facility are available in US dollars, pound sterling, Euros or Canadian dollars, or Australian dollars, and subject to certain exceptions, the interest charged on the Wells Funding Facility is based on Daily Simple SOFR (Dollar), SONIA (GBP), EURIBOR (Euros), CORRA (Canadian dollars), BBSY (Australian dollars) or as applicable (or, if any such reference rate is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 1.50%), as applicable), plus a margin equal to 1.90%. SONIA, EURIBOR, CORRA and BBSY are subject to a floor of zero. Under the Wells Agreements, the Company and Financing SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Servicing Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing Wells, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Wells Funding Facility.

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	23,270			$	19,958			$	21,912
Facility unused commitment fees			4,769				6,093				3,035
Amortization of deferred financing costs			2,178				1,768				1,346
Total		$	30,217			$	27,819			$	26,293
Weighted average interest rate			6.42	%			7.41	%			7.68	%
Weighted average effective interest rate			7.02	%			8.07	%			8.15	%
Weighted average outstanding balance		$	357,450			$	264,803			$	281,406

 

CBNA Funding Facility

On September 12, 2023, the Company entered into (i) a contribution agreement (the “CBNA Contribution Agreement”) with Financing II SPV, pursuant to which the Company will contribute to Financing II SPV certain loans it has originated or acquired, or will originate or acquire (the “Loans”) from time to time, (ii) a loan and security agreement (the “Loan and Security Agreement” and, together with the CBNA Contribution Agreement, the “CBNA Agreements”) with Financing II SPV, as the borrower, Citizens Bank, N.A. (“CBNA”), as the facility agent, the lenders party thereto (collectively, the

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“Lenders”), the Company, as the servicer, as the equityholder and as the transferor, and State Street Bank and Trust Company, as collateral agent, as account bank and as collateral custodian, pursuant to which the Lenders have agreed to extend credit to Financing II SPV in an aggregate principal amount of up to $375,000 at any one time outstanding (which aggregate amounts may be increased to a maximum of $750,000, subject to certain conditions set forth in the Loan and Security Agreement) (the “CBNA Funding Facility”) and (iii) various supporting documentation, including an account control agreement.

The obligations of Financing II SPV under the CBNA Funding Facility are secured by all of the assets held by Financing II SPV, including the Loans contributed or transferred by the Company to Financing II SPV. The CBNA Funding Facility is a revolving funding facility with a reinvestment period ending July 10, 2027 and a final maturity date of July 10, 2029. Advances under the CBNA Funding Facility are available in US dollars, and subject to certain exceptions, the interest charged on the CBNA Funding Facility is based on Term SOFR (or, if such reference rate is not available, a benchmark replacement or a “base rate” (which is the greatest of the Daily SOFR Rate, a prime rate, and the federal funds rate plus 0.50%), as applicable), plus a margin equal to (i) 2.25% during the reinvestment period or (ii) 2.90% after the reinvestment period. Term SOFR is subject to a floor of zero. Under the CBNA Agreements, the Company and Financing II SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The Loan and Security Agreement includes usual and customary events of default for revolving funding facilities of this nature, including allowing CBNA, upon a default, to accelerate and foreclose on the Loans and to pursue the rights under the Loans directly with the obligors thereof. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the CBNA Funding Facility.

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023(1)
Borrowing interest expense		$	12,113			$	5,238			$	304
Facility unused commitment fees			965				1,419				668
Amortization of deferred financing costs			1,096				900				214
Total		$	14,174			$	7,557			$	1,186
Weighted average interest rate			6.47	%			7.53	%			8.18	%
Weighted average effective interest rate			7.06	%			8.82	%			9.16	%
Weighted average outstanding balance		$	184,572			$	68,428			$	12,070

 

JPM Funding Facility

On July 15, 2024, following the consummation of the SLIC Acquisition, the Company became party to and assumed SLIC’s obligations under the Amended and Restated Loan and Security Agreement, initially dated as of November 24, 2021 (as amended, the “JPM Funding Facility”), among SLIC Financing SPV, the Company, as successor by merger to SLIC, as parent and servicer, U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary, JP Morgan Chase Bank, N.A., as administrative agent (“JPM”), the lenders party thereto, and the issuing banks party thereto. Pursuant to the JPM Facility, JPM has agreed to extend credit to SLIC Financing SPV in an aggregate principal amount, as of December 31, 2025, of up to $1,200,000 at any one time outstanding.

The JPM Funding Facility is a revolving funding facility with a reinvestment period ending September 15, 2028 (or upon the occurrence of certain events as specified therein) and a final maturity date of September 15, 2030. Advances under the JPM Funding Facility are available in U.S. dollars and other permitted currencies. As of December 31, 2025, the interest charged on the JPM Funding Facility is based on SOFR (or, if SOFR is not available, a benchmark replacement or a “base rate” (which is the greater of a prime rate and the federal funds rate plus 0.50%), as applicable), Daily Simple RFR, EURIBOR, Adjusted Term CORRA, or the AUD Screen Rate, as applicable, plus a margin of 1.90%, as set forth in the JPM Funding Facility. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the JPM Funding Facility.

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024(1)				December 31, 2023
Borrowing interest expense		$	49,625			$	19,039			N/A
Facility unused commitment fees			3,283				2,262			N/A
Amortization of deferred financing costs			2,524				1,178			N/A
Total		$	55,432			$	22,479			N/A
Weighted average interest rate			6.36	%			7.18	%		N/A
Weighted average effective interest rate			6.68	%			7.63	%		N/A
Weighted average outstanding balance		$	769,692			$	561,414			N/A

 

(1)

For the year ended December 31, 2024, calculated for the period from July 15, 2024 through December 31, 2024.

The Series A 2026 Notes and the Series A 2028 Notes

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

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The Series A Notes were delivered and paid for on March 16, 2023, subject to certain customary closing conditions. The Series A 2026 Notes have a fixed interest rate of 8.10% per year and will mature on March 16, 2026 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. The Series A 2028 Notes have a fixed interest rate of 8.13% per year and will mature on March 16, 2028 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the March 2023 NPA. Interest on the Series A Notes is due semiannually in March and September of each year. Subject to the terms of the March 2023 NPA, the Company may redeem the Series A 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2025, a make-whole premium, and the Company may redeem the Series A 2028 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before December 16, 2027, a make-whole premium. The Company’s obligations under the March 2023 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series A Notes.

In connection with the Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series A 2026 Notes, the Company receives a fixed interest rate of 8.10% per annum and pays a floating interest rate of SOFR + 6.96% per annum on $204,000 notional amount of the Series A 2026 Notes. Under the interest rate swap agreement related to the Series A 2028 Notes, the Company receives a fixed interest rate of 8.13% per annum and pays a floating interest rate of SOFR + 4.88% per annum on $146,000 notional amount of the Series A 2028 Notes. The interest rate swaps related to the Series A 2026 Notes and Series A 2028 Notes mature on March 16, 2026 and March 16, 2028, respectively. The interest expense related to the Series A Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of December 31, 2025, the interest rate swap had a fair value of $(477) related to the Series A 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series A 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated the interest rate swap on the Series A 2028 Notes as the hedging instrument in a qualifying hedge accounting relationship.

The Series A 2026 Notes were redeemed in full by the Company pursuant to the March 2023 NPA on December 17, 2025. The interest rate swap in relation to the Series A 2026 Notes was terminated in conjunction with the repayment of the Series A 2026 Notes.

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	16,053			$	17,282			$	13,082
Amortization of debt issuance costs			736				739				593
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			1,110				(15	)		N/A
Total		$	17,899			$	18,006			$	13,675
Stated interest rate			8.10	%			8.10	%			8.10	%
Weighted average effective interest rate			9.13	%			8.47	%			8.10	%

 

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	12,020			$	12,493			$	9,397
Amortization of debt issuance costs			316				318				260
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			639				6			N/A
Total		$	12,975			$	12,817			$	9,657
Stated interest rate			8.13	%			8.13	%			8.13	%
Weighted average effective interest rate			8.89	%			8.56	%			8.13	%

 

The Series B 2026 Notes and the Series B 2028 Notes

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

The Series B 2026 Notes have a fixed interest rate of 8.84% per year and the Series B 2028 Notes have a fixed interest rate of 8.88% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the August 2023 NPA) or a Secured Debt Ratio Event (as defined in the August 2023 NPA) occurs. The Series B 2026 Notes will mature on August 10, 2026 and the Series B 2028 Notes will mature on August 10, 2028, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the August 2023 NPA. Interest on the Series

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B Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series B Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the August 2023 NPA, the Company may redeem the Series B Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if the Series B 2026 Notes are redeemed on or before May 10, 2026 or the Series B 2028 Notes are redeemed on or before May 10, 2028, a make-whole premium. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series B Notes.

In connection with the Series B Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series B 2026 Notes, the Company receives a fixed interest rate of 8.84% per annum and pays a floating interest rate of SOFR + 6.12% per annum on $107,000 notional amount of the Series B 2026 Notes. Under the interest rate swap agreement related to the Series B 2028 Notes, the Company receives a fixed interest rate of 8.88% per annum and pays a floating interest rate of SOFR + 5.56% per annum on $128,000 notional amount of the Series B 2028 Notes. The interest rate swaps related to the Series B 2026 Notes and Series B 2028 Notes mature on August 10, 2026 and August 10, 2028, respectively. The interest expense related to the Series B Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of December 31, 2025, the interest rate swaps had a fair value of $(578) and $(365), respectively, related to the Series B 2026 Notes and Series B 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "prepaid expenses and other assets" on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps is offset by the change in fair value of the Series B Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	9,557			$	9,878			$	3,705
Amortization of debt issuance costs			414				409				155
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			311				(3	)		N/A
Total		$	10,282			$	10,284			$	3,860
Stated interest rate			8.84	%			8.84	%			8.84	%
Weighted average effective interest rate			9.61	%			9.23	%			8.84	%

 

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	11,501			$	11,917			$	4,452
Amortization of debt issuance costs			294				293				111
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			580				11			N/A
Total		$	12,375			$	12,221			$	4,563
Stated interest rate			8.88	%			8.88	%			8.88	%
Weighted average effective interest rate			9.67	%			9.31	%			8.88	%

 

The Series C 2027 Notes and the Series C 2029 Notes

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

The Series C 2027 Notes have a fixed interest rate of 8.92% per year and the Series C 2029 Notes have a fixed interest rate of 9.07% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the December 2023 NPA) or a Secured Debt Ratio Event (as defined in the December 2023 NPA) occurs. The Series C 2027 Notes will mature on March 1, 2027 and the Series C 2029 Notes will mature on March 1, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the December 2023 NPA. Interest on the Series C Notes is due semiannually in March and September of each year, beginning in March 2024. In addition, the Company is obligated to offer to repay the Series C Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the December 2023 NPA, the Company may redeem the Series C Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if the Series C 2027 Notes are redeemed on or before December 1, 2026

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or the Series C 2029 Notes are redeemed on or before December 1, 2028, a make-whole premium. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series C Notes.

In connection with the Series C Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the Series C 2027 Notes, the Company receives a fixed interest rate of 8.92% per annum and pays a floating interest rate of SOFR + 4.49% per annum on $136,500 notional amount of the Series C 2027 Notes. Under the interest rate swap agreement related to the Series C 2029 Notes, the Company receives a fixed interest rate of 9.07% per annum and pays a floating interest rate of SOFR + 4.77% per annum on $163,500 notional amount of the Series C 2029 Notes. The interest rate swaps related to the Series C 2027 Notes and Series C 2029 Notes mature on March 1, 2027 and March 1, 2029, respectively. The interest expense related to the Series C Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of December 31, 2025, the interest rate swaps had a fair value of $1,481 and $4,128, respectively, related to the Series C 2027 Notes and Series C 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of “accrued expenses and other liabilities” or “prepaid expenses and other assets” on the Company's Consolidated Statements of Financial Condition. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of accrued expenses and other liabilities or prepaid expenses and other assets on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series C Notes, with the remaining difference included as a component of interest expense and other financing on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	12,055			$	13,419			$	1,193
Amortization of debt issuance costs			458				458				37
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			(289	)			205				(260	)
Total		$	12,224			$	14,082			$	970
Stated interest rate			8.92	%			8.92	%			8.92	%
Weighted average effective interest rate			8.96	%			9.83	%			8.92	%

 

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	14,904			$	16,539			$	1,470
Amortization of debt issuance costs			339				340				27
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			(321	)			647				(749	)
Total		$	14,922			$	17,526			$	748
Stated interest rate			9.07	%			9.07	%			9.07	%
Weighted average effective interest rate			9.13	%			10.12	%			9.07	%

 

The Series D 2027 Notes and the Series D 2029 Notes

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

The Series D 2027 Notes have a fixed interest rate of 6.84% per year and the Series D 2029 Notes have a fixed interest rate of 6.91% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the Note Purchase Agreement) or a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs. The Series D 2027 Notes will mature on August 5, 2027 and the Series D 2029 Notes will mature on August 5, 2029, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the Series D Notes is due semiannually in March and September of each year, beginning in September 2024. In addition, the Company is obligated to offer to repay the Series D Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the Note Purchase Agreement, the Company may redeem the Series D Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if the Series D 2027 Notes are redeemed on or before May 5, 2027 or the Series D 2029 Notes are redeemed on or before May 5, 2029, a make-whole premium. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the Series D Notes.

In connection with the Series D 2027 Notes and Series D 2029 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate

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swap agreement related to the Series D 2027 Notes, the Company receives a fixed interest rate of 6.84% per annum and pays a floating interest rate of SOFR + 3.46% per annum on $100,000 of the Series D 2027 Notes. Under the interest rate swap agreement related to the Series D 2029 Notes, the Company receives a fixed interest rate of 6.91% per annum and pays a floating interest rate of SOFR + 3.48% per annum on $200,000 of the Series D 2029 Notes. As of December 31, 2025, the interest rate swaps had a fair value of $(3) and $(148), respectively, related to the Series D 2027 Notes and Series D 2029 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of “accrued expenses and other liabilities” or “prepaid expenses and other assets” on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the Series D Notes, with the remaining difference included as a component of interest and other financing expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	6,840			$	2,774			N/A
Amortization of debt issuance costs			383				156			N/A
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items			269				6			N/A
Total		$	7,492			$	2,936			N/A
Stated interest rate			6.84	%			6.84	%		N/A
Weighted average effective interest rate			7.49	%			6.84	%		N/A

 

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	13,820			$	5,605			N/A
Amortization of debt issuance costs			459				187			N/A
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items			834				24			N/A
Total		$	15,113			$	5,816			N/A
Stated interest rate			6.91	%			6.91	%		N/A
Weighted average effective interest rate			7.56	%			6.91	%		N/A

 

The 2030 Notes

On October 1, 2024, the Company issued $300,000 in aggregate principal amount of 5.750% notes due 2030 (the “2030 Notes”), pursuant to a Base Indenture dated October 1, 2024 (the “Base Indenture”) between the Company and US Bank Trust Company, National Association (the “Trustee”), as supplemented by the First Supplemental Indenture dated October 1, 2024 (the “First Supplemental Indenture” and together with the Base Indenture, the “February 2030 Notes Indenture”). As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the 2030 Notes.

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

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

The summary information of the 2030 Notes is as follows:

 

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		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Borrowing interest expense		$	17,250			$	4,313			N/A
Amortization of debt issuance costs			747				184			N/A
Accretion of original issuance discount			510				128			N/A
Total		$	18,507			$	4,625			N/A
Stated interest rate			5.75	%			5.75	%		N/A
Weighted average effective interest rate			6.17	%			5.75	%		N/A

 

The 2028 Notes

On September 25, 2025, the Company issued $300,000 in aggregate principal amount of 5.125% notes due 2028 (the “2028 Notes”), pursuant to a Base Indenture, as supplemented by the Second Supplemental Indenture dated September 25, 2025 (the “Second Supplemental Indenture” and together with the Base Indenture, the “September 2028 Notes Indenture”) between the Company and Trustee. As of December 31, 2025, the Company was in compliance with all covenants and other requirements of the 2028 Notes.

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

In connection with the 2028 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the 2028 Notes, the Company receives a fixed interest rate of 5.383% per annum and pays a floating interest rate of SOFR + 2.06% per annum on $300,000 of the 2028 Notes. As of December 31, 2025, the interest rate swaps had a fair value of $(514), related to the 2028 Notes. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps is either included as a component of “accrued expenses and other liabilities” or “prepaid expenses and other assets” on the Company's Consolidated Statements of Financial Condition. The change in fair value of the interest rate swaps are offset by the change in fair value of the 2028 Notes, with the remaining difference included as a component of interest expense on the Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of the 2028 Notes is as follows:

 

		For the Year Ended
		December 31, 2025 (1)				December 31, 2024		December 31, 2023
Borrowing interest expense		$	4,726			N/A		N/A
Amortization of debt issuance costs			362			N/A		N/A
Accretion of original issuance discount			188			N/A		N/A
Net change in unrealized appreciation (depreciation) on effective interest rate swaps and hedged items			12			N/A		N/A
Total		$	5,288			N/A		N/A
Stated interest rate			5.13	%		N/A		N/A
Weighted average effective interest rate			6.61	%		N/A		N/A

 

(1)

For the year ended December 31, 2025, calculated for the period from September 25, 2025 through December 31, 2025.

(7) COMMITMENTS AND CONTINGENCIES

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

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of December 31, 2025 and December 31, 2024, the Company had $858,781 and $1,035,399 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

(8) MEMBERS’ CAPITAL

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

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		As of
		December 31, 2025				December 31, 2024
Total distributable earnings (loss), beginning of period		$	(50,459	)		$	(26,988	)
Net investment income			321,016				278,465
Net realized gain (loss)			(16,288	)			(26,749	)
Net unrealized appreciation (depreciation)			(66,296	)			8,255
Distributions declared			(312,944	)			(282,812	)
Tax reclassification of unitholders' equity (Note 10)			(1,028	)			(630	)
Total distributable earnings (loss), end of period		$	(125,999	)		$	(50,459	)

 

The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the years ended December 31, 2025 and 2024:

 

Unit Issuance Date		Units Issued				Proceeds Received
For the Year Ended December 31, 2025
January 01, 2025			2,728,267			$	51,728
February 01, 2025			2,952,665				55,982
March 01, 2025			4,210,752				79,752
April 01, 2025			3,003,865				56,533
May 01, 2025			1,797,612				33,759
June 01, 2025			2,743,611				51,580
July 01, 2025			1,522,289				28,573
August 01, 2025			1,254,942				23,555
September 01, 2025			1,189,990				22,289
October 01, 2025			1,551,396				29,011
November 01, 2025			990,164				18,496
December 01, 2025			572,406				10,664
Total			24,517,959			$	461,922
For the Year Ended December 31, 2024
January 01, 2024			7,646,273			$	146,120
February 01, 2024			6,231,714				119,088
March 01, 2024			6,662,271				127,383
April 01, 2024			5,566,519				106,042
May 01, 2024			7,767,198				147,888
June 01, 2024			3,628,420				69,375
July 01, 2024			2,486,537				47,418
August 01, 2024			2,187,027				41,554
September 01, 2024			2,705,841				51,465
October 01, 2024			2,397,182				45,547
November 01, 2024			2,510,293				47,645
December 01, 2024			2,862,477				54,215
Total			52,651,752			$	1,003,740

 

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The following table summarizes the Company’s distributions declared and payable for the years ended December 31, 2025 and 2024:

 

Date Declared		Record Date		Payment Date		Per Unit Amount		Total Amount
January 27, 2025		January 31, 2025		February 5, 2025		$0.1265		$22,270
February 27, 2025		February 28, 2025		March 5, 2025		0.1263		22,696
March 25, 2025		March 31, 2025		April 3, 2025		0.1263		23,317
January 27, 2025		March 31, 2025		April 3, 2025		0.0474		8,751	(1)
April 25, 2025		April 30, 2025		May 5, 2025		0.1261		23,346
May 22, 2025		May 31, 2025		June 4, 2025		0.1259		23,628
June 18, 2025		June 30, 2025		July 3, 2025		0.1254		23,971
June 18, 2025		June 30, 2025		July 3, 2025		0.0470		8,984	(1)
July 24, 2025		July 31, 2025		August 5, 2025		0.1250		23,499
August 21, 2025		August 31, 2025		September 3, 2025		0.1250		23,749
September 22, 2025		September 30, 2025		October 3, 2025		0.1250		23,993
September 22, 2025		September 30, 2025		October 3, 2025		0.0463		8,888	(1)
October 23, 2025		October 31, 2025		November 5, 2025		0.1250		23,593
November 20, 2025		November 30, 2025		December 3, 2025		0.1250		23,811
December 22, 2025		December 31, 2025		January 6, 2026		0.1250		23,978
December 22, 2025		December 31, 2025		January 6, 2026		0.0233		4,470	(1)
Total Distributions						$1.6705		$312,944

 

(1) Represents special distribution.

 

 

Date Declared		Record Date		Payment Date		Per Unit Amount		Total Amount
January 29, 2024		January 31, 2024		February 05, 2024		$0.1513		$19,487
February 27, 2024		February 29, 2024		March 05, 2024		0.1512		20,505
March 26, 2024		March 31, 2024		April 04, 2024		0.1513		21,619
April 25, 2024		April 30, 2024		May 03, 2024		0.1508		22,258
May 28, 2024		May 31, 2024		June 05, 2024		0.1508		23,532
June 25, 2024		June 28, 2024		July 03, 2024		0.1514		24,285
July 25, 2024		July 30, 2024		August 05, 2024		0.1510		24,293
August 27, 2024		August 31, 2024		September 05, 2024		0.1504		24,639
September 24, 2024		September 30, 2024		October 03, 2024		0.1500		25,095
October 25, 2024		October 31, 2024		November 05, 2024		0.1498		25,240
November 27, 2024		November 29, 2024		December 04, 2024		0.1495		25,681
December 26, 2024		December 31, 2024		January 06, 2025		0.1492		26,178
Total Distributions						$1.8067		$282,812

 

 

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

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The following table summarizes the amounts received and units issued to unitholders who have participated in the DRIP during for the years ended December 31, 2025 and 2024:

Payment Date		DRIP Units Issued		DRIP Units Value
January 04, 2025		807,260		$15,306
February 05, 2025		697,198		13,219
March 05, 2025		711,427		13,474
April 03, 2025		717,209		13,498
April 03, 2025		269,166		5,066
May 05, 2025		735,715		13,817
June 04, 2025		743,135		13,970
July 03, 2025		738,795		13,867
July 03, 2025		276,901		5,197
August 05, 2025		746,168		14,006
September 03, 2025		755,970		14,160
October 03, 2025		747,399		13,976
October 03, 2025		276,837		5,177
November 05, 2025		756,115		14,124
December 03, 2025		765,106		14,254
Total		9,744,401		$183,111

 

Payment Date		DRIP Units Issued		DRIP Units Value
January 04, 2024		539,376		$10,307
February 05, 2024		583,174		11,144
March 05, 2024		613,350		11,728
April 04, 2024		649,347		12,370
May 03, 2024		681,693		12,979
June 05, 2024		723,162		13,827
July 03, 2024		734,980		14,016
August 05, 2024		755,243		14,351
September 05, 2024		768,983		14,625
October 03, 2024		772,679		14,681
November 05, 2024		787,133		14,940
December 04, 2024		804,804		15,243
Total		8,413,924		$160,211

 

Unit Repurchase Program

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

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

The following table further summarizes the unit repurchases completed for the years ended December 31, 2025 and 2024:

 

Repurchase Deadline Request		Percentage of Outstanding Units the Company Offered to Repurchase(1)		Price Paid Per Unit		Repurchase Pricing Date		Amount Repurchased		Number of Units Repurchased		Percentage of Outstanding Units Repurchased(1)		Maximum number of units that may yet be purchased under the repurchase program(2)
March 07, 2025		5.00%		$18.82		March 31, 2025		$65,290		3,469,202		2.01%		—
June 07, 2025		5.00%		$18.77		June 30, 2025		107,041		5,702,776		3.15%		—
September 04, 2025		5.00%		$18.70		September 30, 2025		107,961		5,773,310		3.11%		—
December 07, 2025		5.00%		$18.57		December 31, 2025		181,587		9,778,471		5.25%		—
Total								$461,879		24,723,759

(1)

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

(2)

All repurchase requests were satisfied in full.

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Repurchase Deadline Request		Percentage of Outstanding Units the Company Offered to Repurchase(1)		Price Paid Per Unit		Repurchase Pricing Date		Amount Repurchased		Number of Units Repurchased		Percentage of Outstanding Units Repurchased(1)		Maximum number of units that may yet be purchased under the repurchase program(2)
March 05, 2024		5.00%		$19.05		March 31, 2024		$28,707		1,506,944		1.25%		—
June 08, 2024		5.00%		$19.07		June 30, 2024		52,219		2,738,253		1.94%		—
September 07, 2024		5.00%		$19.00		September 30, 2024		37,636		1,980,872		1.26%		—
December 07, 2024		5.00%		$18.96		December 31, 2024		55,792		2,942,591		1.78%		—
Total								$174,354		9,168,660

 

(1)

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

(2)

All repurchase requests were satisfied in full.

(9) EARNINGS (LOSS) PER UNIT

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

 

		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Numerator - net increase (decrease) in Members' Capital from operations			238,432			$	259,971			$	205,918
Denominator - weighted average Units outstanding			186,941,307				156,537,151				91,230,657
Basic and diluted earnings (loss) per Unit		$	1.28			$	1.66			$	2.26

 

(10)

INCOME TAXES

For income tax purposes, distributions made to holders of the Company’s unitholders are reported as ordinary income, capital gains, or a combination thereof. The tax character of distributions made for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, were as follows:

 

		For The Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Distributions paid from:
Ordinary income (including net short-term capital gains)		$	312,944			$	282,812			$	161,416
Net long-term capital gains			—				—				—
Total taxable distributions		$	312,944			$	282,812			$	161,416

 

Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

For the year ended December 31, 2025, the Company estimated U.S. federal taxable income exceeded its distributions made from such taxable income during the year; consequently, the Company has elected to carry forward the excess for distribution to holders of the Company’s Units in 2026. The amount carried forward to 2026 is estimated to be approximately $8,961, of which $8,961 is expected to be ordinary income and $— is expected to be capital gains, although these amounts will not be finalized until the 2025 tax returns are filed in 2026.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book-to-tax treatment of net operating losses, distribution re-designations and timing of the deductibility of certain business expenses, as applicable. To the extent these differences are permanent, they are charged or credited to additional paid-in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate.

The book-to-tax differences relating to distributions made to the Company’s holders of Units resulted in reclassifications among certain capital accounts as follows:

 

		As of
		December 31, 2025				December 31, 2024				December 31, 2023
Paid-in capital in excess of par value		$	1,028			$	630			$	(71	)
Total distributable earnings (loss)			(1,028	)			(630	)			71

 

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The cost and unrealized gain (loss) on the Company’s consolidated financial instruments, as calculated on a tax basis, at December 31, 2025, December 31, 2024, and December 31, 2023 were as follows:

 

		As of
		December 31, 2025				December 31, 2024				December 31, 2023
Gross unrealized appreciation		$	47,765			$	54,816			$	20,911
Gross unrealized depreciation			(138,344	)			(78,868	)			(53,216	)
Net unrealized appreciation (depreciation)			(90,579	)			(24,052	)			(32,305	)
Tax cost of investments at year end		$	6,699,705			$	6,103,560			$	3,227,449

 

At December 31, 2025, the Company had available for federal income tax purposes unused short-term capital losses of approximately $34,058 and long-term capital losses of approximately $9,172, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Company for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.

(11) CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights:

 

		For the Year Ended December 31, 2025				For the Year Ended December 31, 2024				For the Year Ended December 31, 2023				For the Year Ended December 31, 2022				For the period from March 4, 2021 (inception) to December 31, 2021(4)
Per Unit Data:(1)
Net asset value, beginning of period		$	18.96			$	19.11			$	18.59			$	20.00			$	—
Net investment income (loss)			1.72				1.78				1.77				1.26				—
Net unrealized and realized gain (loss)(2)			(0.44	)			(0.12	)			0.52				(1.56	)			—
Net increase (decrease) in net assets resulting from operations			1.28				1.66				2.29				(0.30	)			—
Distributions declared			(1.67	)			(1.81	)			(1.77	)			(1.11	)			—
Total increase (decrease) in net assets			(0.39	)			(0.15	)			0.52				(1.41	)			—
Net asset value, end of period		$	18.57			$	18.96			$	19.11			$	18.59			$	—
Units outstanding, end of period			182,049,066				172,510,464				120,613,447				68,104,617				—
Weighted average units outstanding			186,941,307				156,537,151				91,230,657				53,379,085				—
Total return based on net asset value(3)			7.03	%			9.05	%			12.81	%			(1.50	)%			—	%
Ratio/Supplemental Data:
Members' Capital, end of period		$	3,379,828			$	3,271,186			$	2,304,430			$	1,266,213			$	(456	)
Ratio of expenses before waivers to average Members' Capital(4)			10.70	%			9.54	%			8.16	%			5.41	%			—	%
Ratio of net expenses to average Members’ Capital(4)			9.55	%			9.16	%			8.13	%			3.91	%			—	%
Ratio of net investment income to average Members’ Capital(4)			9.11	%			9.31	%			9.34	%			7.25	%			—	%
Asset coverage ratio(5)			202.00	%			213.00	%			351.00	%			274.00	%			—	%
Portfolio turnover rate			20.54	%			19.27	%			13.96	%			4.56	%			—	%

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(12) SLIC ACQUISTION

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

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

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

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

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

 

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

 

(1)

Includes $0.41 million of management fees payable.

(13) SUBSEQUENT EVENTS

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

On January 07, 2026, the Company contributed $15,001 to NH Keystone.

January Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 972,536 Units for an aggregate offering price of $18.06 million effective January 1, 2026.

On January 26, 2026, the Company declared a distribution in the amount of $0.1250 per unit and payable on or around February 4, 2026 to unitholders of record as of January 31, 2026.

February Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 489,573 Units for an aggregate offering price of $9.06 million effective February 1, 2026.

On February 26, 2026, the Company declared a distribution in the amount of $0.1250 per unit and payable on or around March 4, 2026 to unitholders of record as of February 28, 2026.

 

 

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) Documents filed as part of this report

The following documents are filed as part of this annual report:

(1)

Financial Statements – Financial statements are included in Item 8. See the table of contents to the consolidated financial statements on page 3 of this annual report on Form 10-K.

(2)

Financial Statement Schedules – None. We have omitted financial statement schedules because they are not required or are not applicable, or the required information is shown in the consolidated statements or notes to the consolidated financial statements.

(3)

Exhibits – The following is a list of all exhibits filed as a part of this annual report on Form 10-K, including those incorporated by reference

Please note that the agreements included as exhibits to this Form 10-K are included to provide information regarding their terms and are not intended to provide any other factual or disclosure information about us or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement that have been made solely for the benefit of the other parties to the applicable agreement and may not describe the actual state of affairs as of the date they were made or at any other time.

(b) Exhibits

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

 

Exhibit	Description
2.1	Agreement and Plan of Merger, by and among North Haven Private Income Fund LLC, SL Investment Corp., Cobalt Merger Sub Inc. and MS Capital Partners Adviser Inc., dated as of May 28, 2024 (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on May 28, 2024 (File No. 814-01489)).
2.2****	Securities Purchase Agreement, by and among [***], North Haven Private Income Fund LLC and, solely for purposes of section 9 thereof, SL Investment Corp., dated as of May 24, 2024 (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on May 28, 2024 (File No. 814-01489)).
3.1	Certificate of Formation of the Company (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
3.2	Certificate of Amendment of Certificate of Formation of the Company, dated as of November 3, 2021 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
3.3	First Amended and Restated Limited Liability Company Agreement of the Company, dated as of October 26, 2021 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
3.4	First Amendment to First Amended and Restated Limited Liability Company Agreement of the Company, dated as of November 3, 2021 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
4.1	Description of Securities (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 3, 2026 (File No. 814-01489)).
4.2	Indenture, dated as of October 1, 2024, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on October 2, 2024 (File No. 814-01489)).
4.3	First Supplemental Indenture, dated as of October 1, 2024, relating to the 5.750% Notes due 2030, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on October 2, 2024 (File No. 814-01489)).
4.4	Form of 5.750% Notes due 2030 (incorporated by reference to Exhibit 4.2 hereto).
4.5	Registration Rights Agreement, dated as October 1, 2024, relating to the 5.750% Notes due 2030, by and among the Company and J.P. Morgan Securities LLC, BNP Paribas Securities Corp., ING Financial Markets LLC, SMBC Nikko Securities America, Inc., and Truist Securities, Inc. a, as the representatives of the Initial Purchasers (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on October 2, 2024 (File No. 814-01489)).
4.6	Second Supplemental Indenture, dated as of September 25, 2025, relating to the 5.125% Notes due 2028, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 26, 2025 (File No. 814-01489)).
4.7	Form of 5.125% Notes due 2028 (Incorporated by reference to Exhibit 4.6 hereto).
10.1	Investment Advisory Agreement, dated as of November 4, 2021 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
10.2	Administration Agreement, dated as of November 4, 2021 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).)
10.3	Form of Indemnification Agreement (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).)
10.4a	Master Custodian Agreement by and among each business development company identified on Appendix A thereto and State Street Bank and Trust Company, dated as of September 25, 2019 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).

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10.4b	Form of Joinder to Master Custodian Agreement by and among each business development company identified on Appendix A thereto and State Street Bank and Trust Company, dated as of September 25, 2019 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
10.5	Distribution Reinvestment Plan (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
10.6	Form of Subscription Agreement (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
10.7	Expense Support and Conditional Reimbursement Agreement, dated November 30, 2021 (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
10.8	First Amendment to the Expense Support and Conditional Reimbursement Agreement, dated March 15, 2022 (Incorporated by reference to Amendment No. 1 to the Company’s Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).
10.9	Placement Agency Agreement, dated as of November 9, 2021, by and between North Haven Private Income Fund LLC and Morgan Stanley Distribution Inc (Incorporated by reference to Amendment No. 1 to the Company’s Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).
10.10	Second Amended and Restated Facility Agreement, dated as of December 29, 2021, by and among Broadway Funding Holdings, LLC, as the seller, Cliffwater Corporate Lending Fund, as the parent, and the Company, as the purchaser (Incorporated by reference to Amendment No. 1 to the Company’s Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).
10.11	Senior Secured Revolving Credit Agreement, dated as of February 1, 2022 with the Company, as a borrower, ING Capital LLC, as administrative agent, Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as joint lead arrangers, and the lenders from time to time party thereto (Incorporated by reference to Amendment No. 1 to the Company’s Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).
10.12	Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of July 7, 2022 with the Company, as a borrower, ING Capital LLC, as administrative agent, Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as joint lead arrangers, and the lenders from time to time party thereto (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2022 (File No. 814-01489)).
10.13	Amendment No. 3 to Senior Secured Revolving Credit Agreement, dated as of August 1, 2023 with the Company, as a borrower, ING Capital LLC, as administrative agent and as joint lead arranger and sole book runner (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q filed on August 9, 2023 (File No. 814-01489)).
10.14	Amendment No. 4 to Senior Secured Revolving Credit Agreement, dated as of June 25, 2024 with the North Haven Private Income Fund LLC, as a borrower, ING Capital LLC, as administrative agent, ING Capital LLC and Truist Securities, Inc. as joint book runners and ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Truist Securities, Inc. as joint lead arrangers (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q, filed on August 12, 2024 (File No. 814-01489)).
10.15	Amendment No. 5 to Senior Secured Revolving Credit Agreement, dated as of July 15, 2024 with the North Haven Private Income Fund LLC, as a borrower, ING Capital LLC, as administrative agent, ING Capital LLC and Truist Securities, Inc. as joint book runners and ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Truist Securities, Inc. as joint lead arrangers (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on July 17, 2024 (File No. 814-01489)).
10.16	Joinder Agreement, dated as of February 4, 2022, by Sumitomo Mitsui Banking Corporation, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to Amendment No. 1 to the Company’s Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).
10.17	Joinder Agreement, dated as of February 4, 2022, by State Street Bank and Trust Company, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to Amendment No. 1 to the Company’s Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).
10.18	Joinder Agreement, dated as of February 8, 2022, by MUFG Bank, Ltd., as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to Amendment No. 1 to the Company’s Form 10-12G filed by the Company on March 15, 2022 (File No. 000-56388)).
10.19	Joinder Agreement, dated as of July 8, 2022, by Apple Bank for Savings, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 9, 2023 (File No. 814-01489)).
10.20	Joinder Agreement, dated as of July 8, 2022, by BNP Paribas, as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 9, 2023 (File No. 814-01489)).
10.21	Joinder Agreement, dated as of September 28, 2022, by JPMorgan Chase Bank, N.A., as assuming lender, in favor of North Haven Private Income Fund LLC, as borrower, and ING Capital LLC, as administrative agent (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 9, 2023 (File No. 814-01489)).
10.22	Loan and Servicing Agreement, dated as of June 29, 2022, among PIF Financing SPV LLC, as borrower, the conduit lenders and institutional lenders from time to time party hereto, as lenders, the lender agents from time to time party hereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, North Haven Private Income Fund LLC, as equityholder and servicer, and State Street Bank and Trust Company, as collateral agent and collateral custodian (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q filed on August 10, 2022 (File No. 814-01489)).
10.23	First Amendment to the Loan and Servicing Agreement dated as of April 20, 2023 by and among PIF Financing SPV LLC, as borrower, the conduit lenders and institutional lenders from time to time party hereto, as lenders, the lender agents from time to time party hereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, North Haven Private Income Fund LLC, as equityholder

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	and servicer, and State Street Bank and Trust Company, as collateral agent and collateral custodian (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on April 24, 2023 (File No. 814-01489)).
10.24***	Third Amendment to Loan and Servicing Agreement, dated as of July 12, 2024, by and among by and among PIF Financing SPV LLC, as borrower, the conduit lenders and institutional lenders from time to time party thereto, as lenders, the lender agents from time to time party thereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, and North Haven Private Income Fund LLC, as equityholder and service(Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on July 15, 2024 (File No. 814-01489)).
10.25	Loan and Security Agreement, dated as of September 12, 2023, among PIF Financing II SPV LLC, as borrower, Citizens Bank, N.A., as facility agent and as a lender, the other lenders party thereto, North Haven Private Income Fund LLC, as servicer, as equityholder and as transferor, and State Street Bank and Trust Company, as collateral agent, as account bank and as collateral custodian (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on September 15, 2023 (File No. 814-01489).
10.26***	Amendment No. 1 to Loan and Security Agreement, dated as of July 10, 2024, by and among PIF Financing II SPV LLC, as borrower, North Haven Private Income Fund LLC, as servicer and equityholder, Citizens Bank, N.A., as facility agent, the Lenders party thereto, and State Street Bank and Trust Company, as collateral agent (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on July 15, 2024 (File No. 814-01489)).
10.27	Amended and Restated Loan and Security Agreement, dated as of June 3, 2021, incorporating Amendments No. 1-3, among SLIC Financing SPV LLC, SL Investment Corp., SL Investment Feeder Fund L.P., SL Investment Feeder Fund GP Ltd., U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association and the lenders party thereto (Incorporated by reference to SL Investment Corp.’s Quarterly Report on Form 10-Q, filed by SL Investment Corp. on August 10, 2022 (File No. 814-01366)).
10.28	Amendment No. 4 to Amended and Restated Loan and Security Agreement, dated as of March 31, 2023, by and among SLIC Financing SPV LLC, as the borrower, SL Investment Corp., as the parent and servicer, SL Investment Feeder Fund L.P. and SL Investment Feeder Fund GP Ltd., as pledgors, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to SL Investment Corp.’s Current Report on Form 8-K, filed by SL Investment Corp. on April 4, 2023 (File No. 814-01366)).
10.29	Amendment No. 5 to Amended and Restated Loan and Security Agreement, dated as of June 26, 2024, by and among SLIC Financing SPV LLC, as the borrower, SL Investment Corp., as the parent and servicer, SL Investment Feeder Fund L.P. and SL Investment Feeder Fund GP Ltd., as pledgors, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q, filed on August 12, 2024 (File No. 814-01489)).
10.30	Amendment No. 6 to Amended and Restated Loan and Security Agreement, dated as of July 15, 2024, by and among SLIC Financing SPV LLC, as the borrower, North Haven Private Income Fund LLC, as the parent and servicer, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q, filed on November 12, 2024 (File No. 814-01489)).
10.31	Master Note Purchase Agreement by and between the Company and the purchasers party thereto, dated March 16, 2023 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on March 30, 2023 (File No. 814-01489)).
10.32	Master Note Purchase Agreement by and between the Company and the purchasers party thereto, dated August 10, 2023 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on August 11, 2023 (File No. 814-01489)).
10.33	First Supplement, dated December 1, 2023, to the Master Note Purchase Agreement by and between the Company and the purchasers party thereto, dated August 10, 2023 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on December 5, 2023 (File No. 814-01489)).
10.34	Second Supplement to Note Purchase Agreement by and between North Haven Private Income Fund LLC and the purchasers party thereto, dated August 5, 2024 (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q, filed on August 12, 2024 (File No. 814-01489)).
10.35	Second Amendment and Restated Loan and Security Agreement, dated as of November 26, 2024, by and among SLIC Financing SPV LLC, as the Borrower, North Haven Private Income Fund LLC, as the Parent and Servicer, U.S. Bank National Association, as collateral agent, as collateral administrator and as securities intermediary, JPMorgan Chase Bank, National Association, as Administrative Agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company’s Annual Report on Form 10-K, filed on May 4, 2025 (File No. 814-01489)).
10.36	Fourth Amendment to Loan and Servicing Agreement, dated as of September 12, 2025, by and among PIF Financing SPV LLC, as borrower, PIF Lending SPV LLC, as securitization subsidiary, the conduit lenders and institutional lenders from time to time party thereto, as lenders, the lender agents from time to time party thereto, as lender agents, Wells Fargo Bank, National Association, as administrative agent, and North Haven Private Income Fund LLC, as equityholder and servicer (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 12, 2025 (File No. 814-01489)).
10.37	Amendment No. 1 to the Second Amended and Restated Loan and Security Agreement, dated as of September 15, 2025, by and among SLIC Financing SPV LLC, as borrower, North Haven Private Income Fund LLC, as parent and as servicer, U.S. Bank Trust Company, National Association, as collateral agent and as collateral administrator, and U.S. Bank National Association, as securities intermediary, JPMorgan Chase Bank, National Association, as administrative agent, the lenders party thereto, and the issuing banks party thereto (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 16, 2025 (File No. 814-01489)).

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10.38	Registration Rights Agreement, dated as of September 25, 2025, relating to the 5.125% Notes due 2028, by and among the Company and Wells Fargo Securities, LLC, BNP Paribas Securities Corp., ING Financial Markets LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 26, 2025 (File No. 814-01489)).
14.1	Code of Ethics of the Company (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
14.2	Code of Ethics of MS Capital Partners Adviser Inc (Incorporated by reference to the Company’s Form 10-12G filed by the Company on January 21, 2022 (File No. 000-56388)).
19.1	Insider Trading Policy (Incorporated by reference to the Company’s Annual Report on Form 10-K, filed on March 4, 2025 (File No. 814-01489)).
21.1	Subsidiaries of the Registrant (Incorporated by reference to the Company’s Annual Report on Form 10-K filed on March 3, 2026 (File No. 814-01489)).
31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)
*	Filed herewith
**	Furnished herewith
***	Exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.
****	Portions of this exhibit, marked by brackets, have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933, as amended, because they (i) are not material and (ii) are of the type that the Company treats as private or confidential. The Company undertakes to promptly provide an unredacted copy of this exhibit on a supplemental basis, if requested by the Securities and Exchange Commission or its staff.

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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.

 

		North Haven Private Income Fund LLC
Dated: March 6, 2026		By:	/s/ Michael Occi
			Michael Occi Director and Chief Executive Officer (Principal Executive Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Dated: March 6, 2026		By:	/s/ Michael Occi
			Michael Occi Director and Chief Executive Officer (Principal Executive Officer)
Dated: March 6, 2026		By:	/s/ David Pessah
			David Pessah Chief Financial Officer (Principal Financial Officer)
Dated: March 6, 2026		By:	/s/ Dylan Cutinha
			Dylan Cutinha Principal Accounting Officer
Dated: March 6, 2026		By:	/s/ David Miller
			David Miller Chairman of the Board of Directors
Dated: March 6, 2026		By:	/s/ Joan Binstock
			Joan Binstock Director
Dated: March 6, 2026		By:	/s/ Bruce Frank
			Bruce Frank Director
Dated: March 6, 2026		By:	/s/ Kevin Shannon
			Kevin Shannon Director
Dated: March 6, 2026		By:	/s/ Adam Metz
			Adam Metz Director

 

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ATTACHMENTS / EXHIBITS

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