v3.26.1
MIDDLE MARKET CREDIT FUND, LLC (Tables)
 3 Months Ended
Mar. 31, 2026
Investment Company [Abstract]  
Summarized Financial Information Below is certain summarized consolidated financial information for Credit Fund as of March 31, 2026 and December 31, 2025.
As of
March 31, 2026December 31, 2025
Selected Consolidated Balance Sheet Information:(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,034,469 and $970,522, respectively)
$1,020,183 $957,830 
Cash, cash equivalents and restricted cash(1)
64,069 90,283 
Other assets12,192 17,302 
Total assets$1,096,444 $1,065,415 
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$728,224 $589,000 
Mezzanine loans(2)
— 40,500 
Other liabilities168,468 229,032 
Subordinated loans and members’ equity(3)
199,752 206,883 
Total liabilities and members’ equity$1,096,444 $1,065,415 
(1)As of March 31, 2026 and December 31, 2025, $61,931 and $88,417, respectively, of Credit Fund’s cash and cash equivalents was restricted.
(2)As of December 31, 2025, the fair value of the Company’s ownership interest in the mezzanine loan was $40,500. There was no ownership interest in the mezzanine loans as of March 31, 2026.
(3)As of March 31, 2026 and December 31, 2025, the fair value of the Company's ownership interest in the subordinated loans and members' equity was $122,983 and $123,114, respectively.
Three Months Ended March 31,
20262025
Selected Consolidated Statements of Operations Information:(unaudited)
Total investment income$19,629 $14,230 
Expenses
Interest expense and credit facility fees9,383 6,162 
Other expenses599 377 
Total expenses9,982 6,539 
Net investment income (loss)9,647 7,691 
Net realized gain (loss) on investments(5,162)— 
Net change in unrealized appreciation (depreciation) on investments and foreign currency(1,616)(2,956)
Net increase (decrease) resulting from operations$2,869 $4,735 
Below is certain summarized consolidated financial information for Structured Credit Partners as of March 31, 2026.
As of
March 31, 2026
Selected Consolidated Balance Sheet Information:(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,033,006)
$1,028,239 
Cash and cash equivalents(1)
12,389 
Other assets4,042 
Total assets$1,044,670 
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$320,581 
Dividend Payable670 
Accrued expenses and other liabilities684,707 
Total Members’ Equity(2)
38,712 
Total liabilities and members’ equity$1,044,670 
(1)As of March 31, 2026, none of Structured Credit Partners’ cash and cash equivalents was restricted.
(2)As of March 31, 2026, the fair value of the Company's ownership interest in the members' equity was $19,799.
Three Months Ended March 31,
2026
Selected Consolidated Statements of Operations Information:(unaudited)
Total investment income$1,450 
Expenses
Interest expense and credit facility fees531 
Other expenses800 
Total expenses1,331 
Net investment income (loss)119 
Net realized gain (loss) on investments30 
Net change in unrealized appreciation (depreciation) on investments(4,767)
Net increase (decrease) resulting from operations$(4,618)
Schedule of Investments
Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of March 31, 2026 and December 31, 2025:
As of
 March 31, 2026December 31, 2025
Senior secured loans(1)
$1,039,554 $978,828 
Number of portfolio companies in Credit Fund60 55 
Average amount per portfolio company(1)
$17,326 $17,797 
Number of loans on non-accrual status1 2 
Fair value of loans on non-accrual status$1,739 $6,297 
Percentage of loans at floating interest rates(2)(3)
100.0 %100.0 %
Fair value of loans with PIK provisions$37,111 $36,618 
Percentage of portfolio with PIK provisions(3)
3.6 %3.8 %
(1)At par/principal amount.
(2)Floating rate debt investments are generally subject to interest rate floors.
(3)Percentages based on fair value.
Consolidated Schedule of Investments as of March 31, 2026
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (99.7% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)(b)(2)Transportation: ConsumerSOFR5.25%8.95%10/3/2032$24,938 $24,604 $22,787 
AGS Health BCP LLC(b)(2)(3)Healthcare & PharmaceuticalsSOFR4.50%8.17%7/31/20329,152 9,129 9,115 
Allied Benefit Systems Intermediate LLC(a)(b)(2)(3)(9)Healthcare & PharmaceuticalsSOFR
5.00%
8.70%10/31/203022,409 22,281 22,272 
Alpine Acquisition Corp II(a)(2)(3)(9)Transportation: CargoSOFR4.75%8.43%1/31/2031— — — 
Alpine Acquisition Corp II(a)(2)(3)Transportation: CargoSOFR5.00%8.67%1/31/2031841 841 841 
Alpine Acquisition Corp II(a)(2)(3)Transportation: CargoSOFR5.25%8.92%1/31/20311,079 1,079 1,079 
AP Plastics Acquisition Holdings, LLC(b)(2)(3)Chemicals, Plastics & RubberSOFR4.75%8.42%8/10/203019,800 19,665 19,781 
Apex Companies Holdings, LLC(b)(2)(3)Environmental IndustriesSOFR5.00%8.67%1/31/202820,423 20,382 20,294 
API Technologies Corp.(b)(2)(6)Aerospace & DefenseSOFR
1.00%,
6.00% PIK
10.70%5/9/202716,903 16,254 15,821 
API Technologies Corp.(b)(2)(3)(6)Aerospace & DefenseSOFR
1.00%,
6.00% PIK
10.70%5/9/20271,493 1,276 1,510 
Atlas US Finco, Inc.(b)(2)(3)High Tech IndustriesSOFR4.75%8.42%12/12/202921,403 21,313 21,467 
BMS Holdings III Corp.(b)(2)(3)(6)Construction & BuildingSOFR5.50%9.20%9/30/202610,764 10,752 10,042 
Businessolver.com, Inc.(b)(2)(3)Business ServicesSOFR4.50%8.20%12/3/203218,867 18,776 18,570 
Cliffwater LLC(b)(2)(3)Diversified Financial ServicesSOFR4.75%8.43%4/22/203224,874 24,853 24,680 
Cority Software Inc. (Canada)(b)(2)(3)SoftwareSOFR4.50%8.17%10/31/203234,617 34,202 34,205 
CST Holding Company(b)(2)(3)(6)Consumer Goods: Non-DurableSOFR5.00%8.67%11/1/20289,645 9,645 9,644 
Deerfield Dakota Holding, LLC(b)(2)(3)Diversified Financial ServicesSOFR
3.00%,
2.75% PIK
9.45%9/12/203220,217 19,973 19,780 
Denali Intermediate Holdings, Inc.(b)(2)(3)Media: Broadcasting & SubscriptionSOFR5.50%9.18%8/26/203214,336 14,200 14,216 
Divisions Holding Corporation(b)(2)(3)Business ServicesSOFR4.50%8.20%4/17/203227,462 27,225 27,448 
Dwyer Instruments, Inc.(b)(2)(3)Capital EquipmentSOFR4.75%8.45%7/21/202916,324 16,205 16,324 
Eliassen Group, LLC(b)(2)(3)Business ServicesSOFR5.75%9.45%4/14/202818,744 18,646 18,203 
Enverus, Inc.(b)(2)(3)Energy: Oil & GasSOFR4.50%8.20%12/18/203211,115 11,075 11,004 
Finastra USA, Inc.(b)(2)High Tech IndustriesSOFR4.00%7.67%9/17/203225,000 24,765 23,438 
GI DI Emerald Intermediate Limited(b)(2)(3)Business ServicesEURIBOR4.75%6.73%2/12/2033€5,440 6,203 6,225 
GI DI Emerald Intermediate Limited(b)(2)(3)Business ServicesSOFR4.75%8.39%2/12/20338,826 8,737 8,737 
Heartland Home Services, Inc.(b)(2)(3)(6)Consumer ServicesSOFR5.75%9.45%12/15/20267,005 6,988 6,863 
Heartland Home Services, Inc.(b)(2)(3)(6)Consumer ServicesSOFR6.00%9.70%12/15/202623,454 23,438 23,011 
Heartland Home Services, Inc.(a)(2)(3)(6)(9)Consumer ServicesSOFR6.75%10.45%12/15/2026700 700 685 
Higginbotham Insurance Agency, Inc.(b)(2)(3)Diversified Financial ServicesSOFR4.50%8.17%6/11/20318,777 8,777 8,738 
Horizon Avionics Buyer, LLC(b)(2)(3)Aerospace & DefenseSOFR4.75%8.45%3/28/203222,133 22,025 22,048 
Hyphen Solutions, LLC(b)(2)(3)Construction & BuildingSOFR4.50%8.17%8/6/20326,765 6,733 6,662 
IEM New Sub 2, LLC(b)(2)(3)Energy: ElectricitySOFR4.75%8.37%12/3/203119,756 19,660 19,676 
Consolidated Schedule of Investments as of March 31, 2026
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Iron Infinity Buyer Sub, Inc.(b)(2)(3)Utilities: Oil & GasSOFR4.75%8.45%10/16/2032$20,000 $19,952 $19,743 
KBP Investments, LLC(b)(2)(3)(6)Beverage & FoodSOFR5.50%9.20%5/25/202736,033 35,980 34,656 
Kona Buyer, LLC(a)(b)(2)(3)(9)Healthcare & PharmaceuticalsSOFR4.50%8.18%7/23/203110,768 10,654 10,654 
LDS Intermediate Holdings, L.L.C.(b)(2)(3)Transportation: CargoSOFR5.00%8.67%2/7/203225,454 25,283 25,220 
McQueen Bidco PTY LTD. (Australia)(b)(2)(3)Auto Aftermarket & ServicesSOFR4.50%8.20%11/28/203224,480 24,359 24,453 
Monarch Buyer, Inc.(b)(2)(3)Business ServicesSOFR4.50%8.17%6/2/203219,900 19,706 19,700 
More Cowbell II, LLC(b)(2)(3)Diversified Financial ServicesSOFR4.50%7.98%9/1/203021,304 21,304 21,304 
NFO Orange Buyer, LLC(a)(b)(2)(3)(9)Construction & BuildingSOFR4.50%8.20%1/13/203315,009 14,936 14,934 
North Haven Fairway Buyer, LLC(b)(2)(3)(9)Consumer ServicesSOFR5.00%8.68%5/17/202824,148 24,015 23,994 
OEI, Inc.(a)(b)(2)(3)(9)Construction & BuildingSOFR4.50%8.21%12/29/203221,154 20,999 20,997 
Output Services Group, Inc.(b)(2)(3)(6)Media: Advertising, Printing & PublishingSOFR6.25%10.41%11/30/20284,160 3,034 3,705 
PROS Parent, Inc.(b)(2)(3)Transportation: ConsumerSOFR4.75%8.42%12/9/203212,500 12,472 12,470 
Pushpay USA Inc.(b)(2)Diversified Financial ServicesSOFR3.75%7.45%8/18/203123,424 23,446 23,307 
QBS Parent, Inc.(b)(2)(3)Energy: Oil & GasSOFR4.50%8.20%6/3/203226,677 26,591 26,438 
Radwell Parent, LLC(b)(2)(3)WholesaleSOFR5.50%9.20%4/1/202913,500 13,442 13,436 
Ranpak B.V. (Netherlands)(b)(2)Containers, Packaging & GlassSOFR4.50%8.17%12/19/20317,707 7,633 7,655 
Ranpak Corp.(b)(2)Containers, Packaging & GlassSOFR4.50%8.17%12/19/203112,043 11,927 11,961 
Rialto Management Group, LLC(b)(2)(3)Diversified Financial ServicesSOFR4.75%8.42%12/5/203015,289 15,260 15,259 
Rotation Buyer, LLC(b)(2)(3)Capital EquipmentSOFR4.75%8.45%12/27/20318,701 8,647 8,560 
SCHP Purchaser, INC(b)(2)(3)Healthcare & PharmaceuticalsSOFR4.50%8.17%10/24/203218,601 18,426 18,443 
Seahawk Bidco, LLC(a)(b)(2)(3)(9)Consumer ServicesSOFR4.75%8.43%12/19/203112,836 12,742 12,733 
Secretariat Advisors LLC(b)(2)Construction & BuildingSOFR4.00%7.70%3/1/203217,671 17,593 17,318 
Sigma Irish Acquico Limited (Ireland)(b)(2)Diversified Financial ServicesSOFR5.25%8.88%3/19/203210,222 10,042 10,043 
Solarwinds Corporation(b)(2)SoftwareSOFR4.00%7.67%3/15/20322,880 2,757 2,433 
Spotless Brands, LLC(b)(2)(3)Consumer ServicesSOFR5.50%9.17%7/25/202810,728 10,654 10,749 
Striper Buyer, LLC(b)(2)(3)Containers, Packaging & GlassSOFR5.50%9.17%12/30/202614,213 14,191 12,659 
Tank Holding Corp.(b)(2)(3)(6)Capital EquipmentSOFR5.75%9.42%3/31/202819,298 19,067 17,163 
The Chartis Group, LLC(b)(2)(3)Healthcare & PharmaceuticalsSOFR4.25%7.95%9/17/203115,420 15,312 15,574 
Trintech, Inc.(a)(b)(2)(3)(9)SoftwareSOFR4.75%8.42%1/29/20339,677 9,417 9,416 
U.S. TelePacific Holdings Corp.(a)(2)(3)(6)(7)TelecommunicationsSOFR
1.00%,
7.00% PIK
11.68%5/2/20264,386 2,817 1,739 
Victors Purchaser, LLC(b)(2)(3)High Tech IndustriesSOFR4.50%8.20%12/23/203216,975 16,934 16,950 
VRC Companies, LLC(b)(2)(3)(6)Business ServicesSOFR5.25%8.92%6/29/202722,959 22,872 22,858 
Whitney Merger Sub, Inc.(b)(2)(3)Leisure Products & ServicesSOFR4.75%8.45%7/3/20329,975 9,880 9,782 
Yellowstone Buyer Acquisition, LLC(b)(2)(3)(6)Consumer Goods: DurableSOFR5.75%9.42%9/13/202738,200 37,976 35,276 
First Lien Debt Total$1,030,722 $1,016,748 
Consolidated Schedule of Investments as of March 31, 2026
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Equity Investments (0.3% of fair value)
48Forty TopCo LLC(a)(8)Transportation: Cargo1 $2,688 $2,327 
48Forty TopCo LLC(a)(8)Transportation: Cargo1 — — 
EvolveIP, LLC(a)(8)Telecommunications311 1,059 1,108 
Output Services Group, Inc.(a)(8)Media: Advertising, Printing & Publishing205 — — 
Equity Investments Total$3,747 $3,435 
Total Investments$1,034,469 $1,020,183 
(a) Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the "Credit Fund Facility"). On February 25, 2026, Credit Fund also entered into a revolving credit facility (the "Credit Fund Subscription Facility"), pursuant to which the lenders have a first priority lien on the unfunded capital commitments, the collateral accounts and other related assets. Accordingly, such assets are not available to creditors of Credit Fund Sub.
(b) Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub 2025 Facility”). The lenders of the Credit Fund Sub 2025 Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of March 31, 2026, the geographical composition of investments as a percentage of fair value was 2.4% in Australia, 1.0% in Ireland, 2.2% in Luxembourg, 0.8% in the Netherlands, 3.4% in Canada, 1.5% in United Kingdom and 88.7% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. As of March 31, 2026, the reference rates for Credit Fund’s variable rate loans were the 30-day EURIBOR at 1.89%, the 90-day EURIBOR at 2.08%, the 180-day EURIBOR at 2.48%, 30-day SOFR at 3.69%, the 90-day SOFR at 3.65% and the 180-day SOFR at 3.57%.
(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these unaudited consolidated financial statements.
(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.
(7)Represents an investment on non-accrual status as of March 31, 2026.
(8)Represents a non-income producing security as of March 31, 2026.
(9)As of March 31, 2026, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value on the accompanying Selected Consolidated Balance Sheet Information:
First Lien Debt – unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
Allied Benefit Systems Intermediate LLCDelayed Draw1.00%$2,535 $(14)
Alpine Acquisition Corp IIDelayed Draw0.50810 
Alpine Acquisition Corp IIRevolver0.503240 
Heartland Home Services, Inc.Revolver0.5094(2)
Kona Buyer, LLCDelayed Draw0.508,598 (49)
Kona Buyer, LLCRevolver0.50860(5)
NFO Orange Buyer, LLCDelayed Draw—3,216 (13)
North Haven Fairway Buyer, LLCDelayed Draw0.50754 (4)
OEI, Inc.Revolver0.383,846 (24)
Seahawk Bidco, LLCDelayed Draw1.0011,219 (47)
First Lien Debt – unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
Seahawk Bidco, LLCRevolver0.50%$944 $(4)
Trintech, Inc.Delayed Draw0.751,613 (34)
Trintech, Inc.Revolver0.501,210 (25)
Total unfunded commitments$35,294 $(221)
    
Consolidated Schedule of Investments as of December 31, 2025
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (99.9% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)+(2)Transportation: ConsumerSOFR5.25%8.92%10/3/2032$25,000 $24,658 $24,781 
AGS Health BCP LLC+(2)(3)Healthcare & PharmaceuticalsSOFR4.50%8.32%7/31/20329,152 9,129 9,185 
Alpine Acquisition Corp II+(2)(3)(7)Transportation: CargoSOFR6.00%9.65%11/30/202910,134 9,738 4,652 
AP Plastics Acquisition Holdings, LLC+(2)(3)Chemicals, Plastics & RubberSOFR4.75%8.58%8/10/203019,850 19,715 19,828 
Apex Companies Holdings, LLC+(2)(3)Environmental IndustriesSOFR5.00%8.82%1/31/202820,471 20,425 20,337 
API Technologies Corp.+(2)(6)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
10.67%5/9/202716,653 15,865 15,187 
API Technologies Corp.+(2)(3)(6)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
10.67%5/9/20271,471 1,204 1,471 
Applied Technical Services, LLC+(2)(3)Business ServicesSOFR5.25%8.92%4/8/203115,581 15,446 15,454 
Atlas US Finco, Inc.+(2)(3)High Tech IndustriesSOFR4.75%8.61%12/12/202921,457 21,361 21,473 
BMS Holdings III Corp.+(2)(3)(6)Construction & BuildingSOFR5.50%9.17%9/30/202610,792 10,774 10,087 
Businessolver.com, Inc.+(2)(3)Business ServicesSOFR4.50%8.17%12/3/203218,867 18,774 18,773 
Cliffwater LLC+(2)(3)Diversified Financial ServicesSOFR4.75%8.72%4/22/203224,937 24,915 24,919 
CST Holding Company+(2)(3)(6)Consumer Goods: Non-DurableSOFR5.00%8.72%11/1/20289,670 9,670 9,718 
Deerfield Dakota Holding, LLC+(2)(3)Diversified Financial ServicesSOFR
3.00%, 2.75% PIK
9.42%9/12/203220,168 19,970 19,960 
Denali Intermediate Holdings, Inc.+(2)(3)Media: Broadcasting & SubscriptionSOFR5.50%9.23%8/26/203214,372 14,232 14,231 
Divisions Holding Corporation+(2)(3)Business ServicesSOFR4.50%8.17%4/17/203227,531 27,286 27,715 
Dwyer Instruments, Inc.+(2)(3)Capital EquipmentSOFR4.75%8.43%7/21/202916,366 16,238 16,366 
Eliassen Group, LLC+(2)(3)Business ServicesSOFR5.75%9.42%4/14/202818,793 18,683 18,313 
Enverus, Inc.^+(2)(3)(9)Energy: Oil & GasSOFR4.50%8.19%12/18/203211,115 11,068 11,068 
Finastra USA, Inc.+(2)High Tech IndustriesSOFR4.00%7.72%9/17/203225,000 24,758 24,438 
Heartland Home Services, Inc.+(2)(3)(6)Consumer ServicesSOFR5.75%9.42%12/15/20267,023 7,001 6,850 
Heartland Home Services, Inc.^+(2)(3)(6)(9)Consumer ServicesSOFR6.00%9.67%12/15/202623,859 23,838 23,306 
Higginbotham Insurance Agency, Inc.+(2)(3)Diversified Financial ServicesSOFR4.50%8.22%6/11/20318,799 8,799 8,755 
Horizon Avionics Buyer, LLC+(2)(3)Aerospace & DefenseSOFR4.75%8.42%3/28/203222,133 22,023 22,023 
Hyphen Solutions, LLC+(2)(3)Construction & BuildingSOFR4.50%8.22%8/6/20326,782 6,749 6,746 
IEM New Sub 2, LLC+(2)(3)Energy: ElectricitySOFR4.75%8.27%12/3/203119,807 19,708 19,708 
Iron Infinity Buyer Sub, Inc.+(2)(3)Utilities: Oil & GasSOFR4.75%8.42%10/16/203220,000 19,950 19,945 
KBP Investments, LLC+(2)(3)(6)Beverage & FoodSOFR5.50%9.19%5/25/202736,917 36,853 35,311 
Consolidated Schedule of Investments as of December 31, 2025
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
LDS Intermediate Holdings, L.L.C.+(2)(3)Transportation: CargoSOFR5.00%8.72%2/7/2032$25,518 $25,342 $25,436 
McQueen Bidco PTY LTD. (Australia)+(2)(3)Auto Aftermarket & ServicesSOFR4.50%8.17%11/28/203224,480 24,358 24,358 
Monarch Buyer, Inc.+(2)(3)Business ServicesSOFR4.50%8.32%6/2/203219,950 19,751 19,745 
More Cowbell II, LLC+(2)(3)Diversified Financial ServicesSOFR4.50%8.24%9/1/203021,357 21,357 21,351 
NEFCO Holding Company LLC+(2)(3)Construction & BuildingSOFR5.00%8.97%8/5/202819,717 19,582 19,717 
North Haven Fairway Buyer, LLC^+(2)(3)(9)Consumer ServicesSOFR5.00%8.77%5/17/202822,627 22,497 22,439 
Output Services Group, Inc.+(2)(3)(6)Media: Advertising, Printing & PublishingSOFR6.25%10.41%11/30/20284,160 2,960 3,755 
PF Atlantic Holdco 2, LLC+(2)(3)(6)Leisure Products & ServicesSOFR5.50%9.23%11/12/202714,929 14,832 14,929 
Pushpay USA Inc.+(2)Diversified Financial ServicesSOFR3.75%7.62%8/18/203123,483 23,505 23,568 
QBS Parent, Inc.+(2)(3)Energy: Oil & GasSOFR4.50%8.17%6/3/203226,744 26,656 26,913 
Radwell Parent, LLC+(2)(3)WholesaleSOFR5.50%9.17%4/1/202913,535 13,472 13,535 
Ranpak B.V. (Netherlands)+(2)Containers, Packaging & GlassSOFR4.50%8.22%12/19/20317,727 7,650 7,727 
Ranpak Corp.+(2)Containers, Packaging & GlassSOFR4.50%8.22%12/19/203112,073 11,953 12,073 
Rialto Management Group, LLC+(2)(3)Diversified Financial ServicesSOFR5.00%8.72%12/5/203015,289 15,259 15,298 
Rotation Buyer, LLC+(2)(3)Capital EquipmentSOFR4.75%8.43%12/27/20318,723 8,667 8,647 
SCHP Purchaser, INC+(2)(3)Healthcare & PharmaceuticalsSOFR4.50%8.37%10/24/203218,601 18,423 18,420 
Secretariat Advisors LLC+(2)Construction & BuildingSOFR4.00%7.67%3/1/203217,716 17,635 17,716 
Sigma Irish Acquico Limited (Ireland)+(2)Diversified Financial ServicesSOFR5.25%8.91%3/19/203210,222 10,036 10,094 
Solarwinds Corporation+(2)SoftwareSOFR4.00%7.70%3/15/20322,887 2,761 2,880 
Spotless Brands, LLC+(2)(3)Consumer ServicesSOFR5.50%9.36%7/25/202810,756 10,674 10,808 
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassSOFR5.50%9.22%12/30/202614,250 14,221 12,812 
Tank Holding Corp.+(2)(3)(6)Capital EquipmentSOFR5.75%9.47%3/31/202819,348 19,091 17,680 
The Chartis Group, LLC+(2)(3)Healthcare & PharmaceuticalsSOFR4.25%7.95%9/17/203115,459 15,347 15,613 
Turbo Buyer, Inc.^+(2)(3)(9)Auto Aftermarket & ServicesSOFR6.00%9.62%6/1/202633,997 33,997 33,997 
U.S. TelePacific Holdings Corp.^(2)(3)(6)(7)TelecommunicationsSOFR
1.00%, 7.00% PIK
11.65%5/2/20264,286 2,817 1,645 
Victors Purchaser, LLC+(2)(3)High Tech IndustriesSOFR4.50%8.19%12/23/203216,975 16,933 16,925 
VRC Companies, LLC+(2)(3)(6)Business ServicesSOFR5.25%9.09%6/29/202723,019 22,916 23,012 
Whitney Merger Sub, Inc.+(2)(3)Leisure Products & ServicesSOFR4.75%8.42%7/3/203210,000 9,902 9,901 
Yellowstone Buyer Acquisition, LLC+(2)(3)(6)Consumer Goods: DurableSOFR5.75%9.62%9/13/202738,300 38,039 35,120 
First Lien Debt Total$969,463 $956,714 
Equity Investments (0.1% of fair value)
48forty Intermediate Holdings, Inc.^(8)Transportation: Cargo1 $— $— 
EvolveIP, LLC^(8)Telecommunications311 1,059 1,116 
Output Services Group, Inc.^(8)Media: Advertising, Printing & Publishing205 — — 
Equity Investments Total$1,059 $1,116 
Total Investments$970,522 $957,830 
^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the “Credit Fund Facility”). Accordingly, such assets are not available to creditors of Credit Fund Sub.
+ Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub 2025 Facility”). The lenders of the Credit Fund Sub 2025 Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2025, the geographical composition of investments as a percentage of fair value was 2.5% in Australia, 1.1% in Ireland, 2.6% in Luxembourg, 0.8% in the Netherlands and 93.0% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. As of December 31, 2025, the reference rates for Credit Fund's variable rate loans were the 30-day SOFR at 3.69%, the 90-day SOFR at 3.65% and the 180-day SOFR at 3.57%.
(3)Loan includes interest rate floor feature, which ranges from 0.75% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these unaudited consolidated financial statements.
(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.
(7)Represents an investment on non-accrual status as of December 31, 2025.
(8)Represents a non-income producing security as of December 31, 2025.
(9)As of December 31, 2025, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value on the accompanying Selected Consolidated Balance Sheet Information:
First Lien Debt—unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
Enverus, Inc.Delayed Draw1.00%$1,608 $(6)
Heartland Home Services, Inc.Revolver0.50428 (10)
North Haven Fairway Buyer, LLCDelayed Draw0.502,316 (17)
Turbo Buyer, Inc.Revolver0.50233 0 
Total unfunded commitments$4,585 $(33)
Below is a summary of Structured Credit Partners’ portfolio as of March 31, 2026:
As of
 March 31, 2026
Senior secured loans(1)
$1,044,693 
Number of portfolio companies in Structured Credit Partners334 
Average amount per portfolio company(1)
$3,128 
Floating rate loans(2)
100.0 %
(1)At par/principal amount.
(2)Percent of total investments at fair value
The industry and geography composition of investments as of March 31, 2026 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$40,712 $40,659 3.9 %
Auto Aftermarket & Services30,623 30,497 3.0 
Beverage & Food32,615 32,606 3.2 
Business Services130,746 130,199 12.6 
Capital Equipment59,961 59,813 5.8 
Chemicals, Plastics & Rubber21,009 20,809 2.0 
Construction & Building41,280 40,894 4.0 
Consumer Goods: Durable16,495 16,416 1.6 
Consumer Goods: Non-durable13,240 13,156 1.3 
Consumer Services84,546 84,303 8.2 
Containers, Packaging & Glass30,493 30,035 2.9 
Diversified Financial Services121,301 120,611 11.7 
Energy: Electricity5,451 5,436 0.5 
Energy: Oil & Gas15,418 15,414 1.5 
Environmental Industries8,720 8,742 0.9 
Forest Products & Paper5,386 5,130 0.5 
Healthcare & Pharmaceuticals60,156 60,096 5.8 
High Tech Industries72,970 72,589 7.1 
Leisure Products & Services66,587 66,372 6.5 
Media: Advertising, Printing & Publishing12,110 12,118 1.2 
Media: Broadcasting & Subscription2,723 2,717 0.3 
Media: Diversified & Production21,050 21,072 2.0 
Metals & Mining3,981 3,975 0.4 
Retail22,661 22,493 2.2 
Telecommunications10,481 10,454 1.0 
Transportation: Cargo5,198 5,184 0.5 
Transportation: Consumer19,309 19,194 1.9 
Utilities: Electric3,187 3,202 0.3 
Utilities: Oil & Gas1,954 1,948 0.2 
Wholesale72,643 72,105 7.0 
Total$1,033,006 $1,028,239 100.0 %
GeographyAmortized CostFair Value% of Fair Value
Australia$1,855 $1,849 0.2 %
Bermuda1,359 1,386 0.1 
Canada11,106 11,021 1.1 
Denmark589 587 0.1 
Germany15,050 15,048 1.4 
Hong Kong3,210 3,174 0.3 
Luxembourg19,525 19,446 1.9 
Netherlands13,418 13,314 1.3 
United Kingdom15,189 15,126 1.5 
United States951,705 947,288 92.1 
Total$1,033,006 $1,028,239 100.0 %
Schedule of Line of Credit Facilities
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$40,500 $— 
Borrowings— — 
Repayments(40,500)— 
Outstanding borrowings, end of period$— $— 
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$— $189,221 
Borrowings— 29,000 
Repayments— (218,221)
Outstanding borrowings, end of period$— $— 
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$589,000 $— 
Borrowings133,500 430,000 
Repayments(70,000)— 
Outstanding borrowings, end of period$652,500 $430,000 
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period$— $— 
Borrowings75,724 — 
Repayments— — 
Outstanding borrowings, end of period$75,724 $— 
Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.
Carlyle US CLO 2026-A, Ltd.
Carlyle US CLO 2026-B, Ltd.
Sixth Street SCP Warehouse 2, Ltd.
Total
Three Months Ended March 31, 2026
Outstanding borrowings, beginning of period$— $— $— $— 
Borrowings200,341 565 119,675 320,581 
Repayments— — — — 
Outstanding borrowings, end of period$200,341 $565 $119,675 $320,581 
Below is a summary of the borrowings and repayments under the Credit Facility for the three months ended March 31, 2026 and 2025, and the outstanding balances under the Credit Facility for the respective periods.
Three Months Ended March 31,
20262025
Outstanding borrowings, beginning of period
$563,660 $213,439 
Borrowings154,651 288,932 
Repayments(299,000)(215,500)
Foreign currency translation(3,992)1,298 
Outstanding borrowings, end of period
$415,319 $288,169 
The Credit Facility consisted of the following as of March 31, 2026 and December 31, 2025:
 Total
Facility		Borrowings
Outstanding
Unused 
Portion (1)
Amount Available (2)
March 31, 2026$960,000 $415,319 $544,681 $544,632 
December 31, 2025$960,000 $563,660 $396,340 $396,340 
(1)The unused portion is the amount upon which commitment fees are based.
(2)The amount available is based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
For the three months ended March 31, 2026 and 2025, the components of interest expense and credit facility fees of the Credit Facility were as follows:
 Three Months Ended March 31,
 20262025
Interest expense$5,368 $4,494 
Facility unused commitment fee501 543 
Amortization of deferred financing costs and debt issuance costs283 221 
Total interest expense and credit facility fees$6,152 $5,258 
Cash paid for interest expense and credit facility fees$6,355 $4,544 
Weighted average debt principal outstanding$425,994 $292,057 
Weighted average interest rate(1)
5.04 %6.15 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
Below is a summary of the borrowings and repayments under the CSL III SPV Credit Facility for the period from March 27, 2025 through March 31, 2025, and the outstanding balance under the CSL III SPV Credit Facility for the period.
For the period from March 27, 2025 through March 31, 2025
Outstanding borrowings, beginning of period
$— 
CSL III Merger206,000 
Borrowings— 
Repayments— 
Outstanding borrowings, end of period
$206,000 
For the period from March 27, 2025 through March 31, 2025, the components of interest expense and credit facility fees of the CSL III SPV Credit Facility were as follows:
 
For the period from March 27, 2025 through March 31, 2025
Interest expense$205 
Facility unused commitment fee2 
Total interest expense and credit facility fees$207 
Cash paid for interest expense and credit facility fees$— 
Weighted average debt principal outstanding$206,000 
Weighted average interest rate(1)
7.17 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.