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Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/3/2032 One2025-12-310001973476Investments-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 07/31/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services U.S. Anesthesia Partners, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.99% Maturity Date 10/01/20282025-12-310001973476Investments-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 04/01/2029 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 9/18/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/30/2028 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 04/23/20272026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services HUB International Limited Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.92% Maturity Date 06/20/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:ProfessionalServicesSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 9/9/20252025-01-012025-12-310001973476Investments-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 09/30/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/31/2033 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-12-310001973476Investments-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 08/25/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/28/2033 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 4/22/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Leisure Products Recess Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.42% Maturity Date 02/20/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/29/2028 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:ProfessionalServicesSectorMember2025-12-310001973476Investments-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 08/31/20292025-12-310001973476us-gaap:RelatedPartyMemberck0001973476:AdministrationAgreementMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/02/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 09/14/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 1/25/2030 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-12-310001973476ck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272026-03-310001973476Investments-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 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.45% Maturity Date 03/25/20322026-03-310001973476Investments-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 02/14/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/27/2031 One2026-03-310001973476Investments-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 One2025-12-310001973476ck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/10/2030 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment Routeware, Inc. Reference Rate and Spread S + 5.25% Interest Rate 8.94% Maturity Date 09/18/2031 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/1/2029 Two2026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments-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 8.17% Maturity Date 5/12/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 12/01/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262026-01-012026-03-310001973476Investments-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 10/2/20292025-12-310001973476Investments-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 11/08/2030 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/20332026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/31/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 5/6/20312026-03-310001973476Investments-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 08/04/2027 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-01-012025-12-310001973476Investments-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 5.42% Maturity Date 10/23/20302026-03-310001973476Investments-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 07/28/2031 One2025-12-310001973476ck0001973476:BaseManagementFeeMember2025-01-012025-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-01-012025-12-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:OtherDebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 5/22/20302025-12-310001973476Investments-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 8.45% Maturity Date 01/05/2033 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services U.S. Anesthesia Partners, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.78% Maturity Date 10/01/20282026-03-310001973476Investments-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 08/04/2027 One2025-12-310001973476ck0001973476:AutomobilesSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 1/17/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312026-01-012026-03-310001973476Investments-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 5/23/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302026-01-012026-03-310001973476Investments-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 12/31/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/20332026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.67% Maturity Date 02/02/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282026-03-310001973476Investments-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 10/1/20322025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:ProfessionalServicesSectorMember2026-03-310001973476us-gaap:RetainedEarningsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272025-01-012025-12-310001973476Investments-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 8.20% Maturity Date 11/22/2032 Two2026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments-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 8.45% Maturity Date 09/22/2028 One2026-03-310001973476Investments-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 5/6/20312025-12-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:OtherDebtInvestmentsMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.16% Maturity Date 10/30/20312026-03-310001973476Investments-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 9.70% Maturity Date 11/8/2030 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262026-03-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2026-03-310001973476Investments-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 08/25/2028 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302026-03-310001973476ck0001973476:UtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272026-03-310001973476Investments-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 8.45% Maturity Date 2/10/2028 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.75% PIK) Interest Rate 9.17% Maturity Date 06/17/2031 One2026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/1/2031 One2025-12-310001973476ck0001973476:ConsumerStaplesDistributionAndRetailSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 05/30/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment Vensure Employer Services, Inc. Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/29/20312026-03-310001973476Investments-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 8.20% Maturity Date 4/12/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 8.44% Maturity Date 12/23/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302026-01-012026-03-310001973476Investments-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 06/04/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302026-03-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Project Alpha Intermediate Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.92% Maturity Date 10/26/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-03-310001973476us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:InteractiveMediaServicesMember2025-12-310001973476Investments-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 10/1/2032 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobile Components LTI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.47% Maturity Date 7/29/20292025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/20252026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 9/5/20242025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:IndustrialConglomeratesSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272025-01-012025-12-310001973476Investments-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 8.20% Maturity Date 12/31/20322026-03-310001973476us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/20322025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 9.22% Maturity Date 10/30/2031 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/20312026-03-310001973476Investments-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 8.45% Maturity Date 01/05/2033 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/2031 Two2025-12-310001973476Investments-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 Two2026-03-310001973476us-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:InteractiveMediaServicesMediaMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.90% Maturity Date 3/12/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.18% Maturity Date 05/22/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 08/1/20292026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/31/2033 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-12-310001973476Investments-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 08/31/2029 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 05/25/2028 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 5/3/20242025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 07/30/20322025-01-012025-12-310001973476ck0001973476:HealthCareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Financial Services Synechron, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.57% Maturity Date 10/03/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 6/4/2032 One2026-03-310001973476Investments-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 12/05/20292025-12-310001973476ck0001973476:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 08/08/2031 Two2026-03-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:InsuranceSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282026-01-012026-03-310001973476ck0001973476:BanksMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Multi-Utilitie AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 One2025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:PharmaceuticalsSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302026-01-012026-03-310001973476Investments-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 06/02/2031 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.67% Maturity Date 12/02/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Drake Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.95% Maturity Date 06/26/20312026-03-310001973476ck0001973476:SMBCFacilityMember2025-08-210001973476Investments-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 04/22/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-01-012025-12-310001973476Investments-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 7.94% Maturity Date 11/18/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 1/29/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 2/27/2030 One2025-12-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 05/13/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292026-01-012026-03-310001973476ck0001973476:BaseManagementFeeMember2026-01-012026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:ProfessionalServicesSectorMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software UKG, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 02/10/20312026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:CommercialServicesAndSuppliesSectorMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/24/2032 Two2026-03-310001973476Investments-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 2/3/20312025-12-310001973476Investments-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 04/03/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/20332026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherSecurityInvestmentsPreferredEquityMembersrt:WeightedAverageMemberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMember2026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 8/29/20232025-12-310001973476Investments-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 12/23/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-12-310001973476Investments-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 8.45% Maturity Date 2/10/2028 One2026-03-310001973476Investments-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 08/29/2031 Two2025-12-310001973476Investments-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 12/30/20302025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:ElectricalEquipmentSectorMember2025-12-310001973476ck0001973476:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/10/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Goose Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 03/02/2033 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services NAB Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 11/23/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/23/2030 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262025-12-310001973476Investments-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 09/28/20282025-12-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:InsuranceSectorMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/2029 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 One2025-12-310001973476Investments-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 8.67% Maturity Date 08/25/2028 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-12-310001973476Investments-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 08/31/20282025-12-310001973476us-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.90% Maturity Date 3/12/2029 One2025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 9/4/20252025-12-310001973476ck0001973476:HealthCareEquipmentAndSuppliesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20332026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Machinery Icebox Holdco III, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.95% Maturity Date 12/22/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.68% Maturity Date 11/17/2031 Two2026-03-310001973476us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-01-012025-12-310001973476us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-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 06/17/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/14/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272025-01-012025-12-310001973476Investments-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 7/3/2028 One2025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2026-03-310001973476Investments-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 08/26/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/1/2029 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302026-03-310001973476Investments-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 06/20/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 04/23/2027 One2026-03-310001973476us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberck0001973476:BarclaysFacilityMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-11-262025-11-260001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322026-01-012026-03-310001973476ck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMember2025-12-310001973476Investments-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 10.07% Maturity Date 08/18/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/12/20322026-03-310001973476ck0001973476:ITServicesSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.44% Maturity Date 6/28/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-12-310001973476us-gaap:EquitySecuritiesMember2024-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-01-012025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:HealthCareTechnologyMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/12/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/23/20322026-03-310001973476Investments-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 8.17% Maturity Date 7/30/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-12-310001973476us-gaap:EquitySecuritiesMemberck0001973476:ProfessionalServicesSectorMember2026-03-310001973476Investments-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 12/23/20322025-12-310001973476Investments-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 09/08/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-12-310001973476us-gaap:LineOfCreditMemberck0001973476:FederalReserveBankOfNewYorkRateMembersrt:MaximumMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476Investments-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 2/10/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-12-310001973476Investments-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 03/13/20292025-12-310001973476Investments-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 8.92% Maturity Date 10/2/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322026-03-310001973476ck0001973476:BanksMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322025-12-310001973476Investments-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 8.20% Maturity Date 06/03/2031 One2026-03-310001973476Investments-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 09/04/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Berlin Packaging, LLC Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.92% Maturity Date 06/07/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.46% Maturity Date 6/28/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322026-03-310001973476Investments-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 11/08/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/27/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 5/12/2031 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312026-01-012026-03-3100019734762025-03-052025-03-050001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262026-03-310001973476ck0001973476:TransportationInfrastructureSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-01-012025-12-310001973476ck0001973476:AutomobilesSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 2/27/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-01-012025-12-310001973476Investments-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 09/29/20302025-12-310001973476Investments-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 8.45% Maturity Date 10/02/2028 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-01-012025-12-310001973476Investments-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 8.17% Maturity Date 1/12/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 01/07/20332026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/26/20302025-12-310001973476Investments-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 10/02/2028 Two2025-12-310001973476Investments-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 12/01/20272025-12-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:ConsumerSectorMember2025-12-310001973476Investments-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 8.20% Maturity Date 11/17/2031 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/21/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272026-01-012026-03-3100019734762026-02-042026-02-040001973476Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-01-012025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:LifeSciencesToolsAndServicesSectorMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/15/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 03/28/2030 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Project Alpha Intermediate Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.95% Maturity Date 10/26/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/17/2031 Two2026-03-310001973476ck0001973476:O2026M1AggregateDividendsMember2026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/10/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 07/30/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282026-03-310001973476us-gaap:FairValueInputsLevel3Member2025-12-310001973476ck0001973476:BuildingProductsSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322025-12-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-01-012025-12-310001973476us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Household Durables PHRG Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.70% Maturity Date 02/20/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-12-310001973476Investments-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 09/04/20312025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292025-01-012025-12-310001973476us-gaap:RelatedPartyMemberck0001973476:AdministrationAgreementMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 12/3/20322026-03-310001973476ck0001973476:HealthCareEquipmentAndSuppliesSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments-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 10/1/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.35% Maturity Date 08/04/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 11/30/20292026-03-310001973476Investments-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 Two2025-12-310001973476Investments-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 07/25/2029 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 03/28/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/20302025-12-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/10/2028 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-01-012026-03-310001973476Investments-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 9.42% Maturity Date 08/18/2028 One2026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 08/1/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 03/28/2030 One2026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 9/9/20252025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:WirelessTelecommunicationsServicesSectorMember2026-03-310001973476us-gaap:FairValueInputsLevel1Memberck0001973476:OtherDebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-12-310001973476Investments-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 Two2025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242026-03-310001973476us-gaap:LineOfCreditMember2026-01-012026-03-310001973476Investments-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 04/01/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services NAB Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.20% Maturity Date 11/23/20282026-03-310001973476Investments-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 7.94% Maturity Date 11/18/2031 One2026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:IndustrialConglomeratesSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/20/20262026-03-310001973476Investments-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 8.20% Maturity Date 05/12/2031 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AA&D Midco, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Entertainment Varsity Brands, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.67% Maturity Date 08/26/20312025-12-310001973476us-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2023-07-190001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Machinery AI Aqua Merger Sub, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.29% Maturity Date 07/31/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/20282026-01-012026-03-310001973476Investments-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 8.70% Maturity Date 02/02/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272026-01-012026-03-310001973476Investments-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 8.45% Maturity Date 06/02/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282026-01-012026-03-310001973476us-gaap:RelatedPartyMemberck0001973476:IncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Imprivata, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.70% Maturity Date 12/01/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl 2.50% PIK) Interest Rate 8.70% Maturity Date 02/02/20322026-03-310001973476us-gaap:FairValueInputsLevel1Memberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments-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 04/03/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Epicor Software Corporation Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 5/30/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/20312025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/01/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272025-12-310001973476Investments-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 8.67% Maturity Date 9/22/2028 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/01/2029 Two2026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292025-12-310001973476Investments-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 6.17% Maturity Date 07/31/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/20332026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312026-03-310001973476Investments-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 8.45% Maturity Date 10/29/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 09/29/20282026-03-310001973476Investments-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 9.52% Maturity Date 8/5/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-12-310001973476us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-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 8.84% Maturity Date 6/30/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Goose Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 03/02/20332026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-01-012025-12-310001973476ck0001973476:IncentiveFeesBasedOnIncomeMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.85% Maturity Date 7/28/20312026-03-310001973476Investments-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 09/09/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-01-012025-12-310001973476Investments-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 8.45% Maturity Date 08/29/2031 Two2026-03-310001973476ck0001973476:O2025M4AggregateDividendsMemberus-gaap:SubsequentEventMember2026-04-012026-04-010001973476Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/2030 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272026-01-012026-03-310001973476us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282025-01-012025-12-310001973476us-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312026-01-012026-03-310001973476us-gaap:EquitySecuritiesMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 5/22/2030 One2025-12-310001973476Investments-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 9.43% Maturity Date 12/03/2029 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.46% Maturity Date 6/28/20322026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.45% Maturity Date 05/23/20302026-03-310001973476Investments-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 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/2032 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/2032 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/02/20302026-03-310001973476us-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services USI, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.25% Interest Rate 5.95% Maturity Date 09/29/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/30/20312026-03-310001973476Investments-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 10/04/2030 One2025-12-310001973476Investment Three2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/2/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 2/2/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312025-12-310001973476Investments-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 9.52% Maturity Date 8/5/2028 One2025-12-310001973476Investments-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 06/02/20312025-12-310001973476Investments-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 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/20322025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252026-03-3100019734762025-03-312025-03-310001973476Investments-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 8.17% Maturity Date 6/4/2032 Two2026-03-310001973476Investments-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 9.70% Maturity Date 12/5/2029 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272026-03-310001973476Investments-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 Two2025-12-310001973476Investments-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 04/22/2032 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 07/02/2031 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 1/2/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.13% Maturity Date 5/24/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-12-310001973476Investments-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 12/13/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.35% Maturity Date 08/04/2027 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/1/2032 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 10/1/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272026-03-310001973476Investments-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 One2025-12-310001973476Investments-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 12/19/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/20282026-03-310001973476Investments-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 03/09/20282025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 2/27/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.38% Maturity Date 01/27/20322026-03-310001973476us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Acquisition Date 2/3/20252025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252026-01-012026-03-310001973476ck0001973476:BanksMemberck0001973476:DebtInvestmentsMember2026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:SoftwareSectorMember2026-03-310001973476us-gaap:TransportationSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476ck0001973476:IncentiveFeeRateQuarterlyHurdleRateMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001973476Investments-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 09/08/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/10/2030 One2026-03-310001973476Investments-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 9.31% Maturity Date 08/05/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.95% Maturity Date 05/28/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/02/2030 One2026-03-310001973476Investments-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 8.20% Maturity Date 11/17/2031 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302026-03-310001973476Investments-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 04/03/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.93% Maturity Date 04/24/20282026-03-310001973476ck0001973476:O2025M3AggregateDividendsMember2025-01-012025-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 11/29/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20332026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/2031 Three2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/07/20332026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322026-01-012026-03-310001973476us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 07/02/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-03-310001973476ck0001973476:RestrictedSecuritiesMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/28/2033 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Alliant Holdings Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 09/19/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 05/25/2028 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.31% Maturity Date 4/23/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/14/2031 One2026-03-310001973476Investments-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 8/20/20302025-12-310001973476ck0001973476:OtherDebtInvestmentsMember2024-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-01-012026-03-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/29/2030 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Goose Borrower, LP Commitment Type Revolver Commitment Expiration Date 03/02/20332026-01-012026-03-310001973476Investments-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 8.15% Maturity Date 02/01/20292026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Asurion, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 09/19/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/23/20322026-03-310001973476Investments-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 10/16/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-01-012025-12-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 10/16/2029 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment VRC Companies, LLC Reference Rate and Spread S + 5.50% Interest Rate 8.98% Maturity Date 06/29/20272026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 1/2/2031 Two2026-03-310001973476us-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/14/2031 One2026-03-310001973476us-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMember2025-11-260001973476Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.77% Maturity Date 12/9/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-01-012025-12-310001973476us-gaap:RelatedPartyMemberck0001973476:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/1/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262025-01-012025-12-310001973476us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-12-310001973476Investments-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 08/04/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272026-03-310001973476ck0001973476:OtherDebtInvestmentsMember2025-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:TextilesApparelLuxuryGoodsSectorMember2026-03-310001973476ck0001973476:OtherDebtInvestmentsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262025-12-310001973476ck0001973476:AutomobileComponentsSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20272025-01-012025-12-310001973476Investments-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 9/15/20282025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:InvestmentsInUnsecuredDebtMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 05/13/2032 One2026-03-310001973476Investments-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 06/04/2032 Two2025-12-310001973476Investments-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 9/29/20312025-12-310001973476ck0001973476:RestrictedSecuritiesMember2025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2026-03-310001973476Investments-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 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/20332026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20282026-01-012026-03-310001973476Investments-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 2/1/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302026-03-310001973476us-gaap:FairValueInputsLevel2Member2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 4/23/20272025-12-310001973476us-gaap:RelatedPartyMemberck0001973476:IncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 10/15/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.85% Maturity Date 7/26/20302026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312026-01-012026-03-310001973476Investments-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 8.92% Maturity Date 10/2/2029 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-12-310001973476Investments-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 9.70% Maturity Date 12/5/20302026-03-3100019734762026-01-012026-01-010001973476Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/2033 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262026-01-012026-03-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312026-01-012026-03-310001973476Investments-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 07/31/20282025-12-310001973476Investments-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 8.27% Maturity Date 03/09/20292026-03-310001973476Investments-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 06/03/2031 Two2025-12-310001973476us-gaap:FairValueInputsLevel2Member2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/24/20322026-03-310001973476us-gaap:EntertainmentMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments-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 8.18% Maturity Date 12/13/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20292026-03-310001973476Investments-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 03/13/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/1/2029 One2026-03-310001973476Investments-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 12/05/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/2/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/31/20292026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 11/1/20302025-12-310001973476Investments-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 8.67% Maturity Date 06/30/20312026-03-310001973476Investments-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 09/29/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 05/25/20282026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RetailSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262026-03-310001973476Investments-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 8.84% Maturity Date 6/28/20302025-12-310001973476Investments-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 8.23% Maturity Date 7/24/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-12-310001973476ck0001973476:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.29% Maturity Date 9/14/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/20282026-03-310001973476Investments-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 8.45% Maturity Date 08/29/2031 One2026-03-310001973476Investments-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 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 9/23/20312025-12-310001973476Investments-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 8.20% Maturity Date 12/06/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 11/29/2030 One2026-03-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262026-03-310001973476Investments-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 11/22/20322025-12-310001973476ck0001973476:UnfundedDebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Goose Borrower, LP Commitment Type Revolver Commitment Expiration Date 03/02/20332026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-01-012025-12-3100019734762023-07-192023-07-190001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-03-310001973476Investments-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 9.52% Maturity Date 8/5/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/2028 One2025-12-3100019734762026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Aragorn Parent Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.22% Maturity Date 12/15/20282025-12-310001973476Investments-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 9.20% Maturity Date 04/01/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/23/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302026-01-012026-03-310001973476us-gaap:FairValueInputsLevel12And3Memberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-12-310001973476Investments-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 09/30/2032 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Drake Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 6/26/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/14/20312026-03-310001973476Investments-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 10/29/2029 One2025-12-310001973476us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-01-012025-12-310001973476Investments-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 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 10/1/20322026-03-310001973476us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/14/2029 One2026-03-310001973476us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-01-012025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:HealthCareTechnologyMember2026-03-310001973476Investments-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 02/14/2031 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Specialty Retail Les Schwab Tire Centers Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 04/23/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.35% Maturity Date 08/04/2027 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/10/2028 One2026-03-310001973476us-gaap:RelatedPartyMemberck0001973476:ExpenseSupportAndConditionalReimbursementAgreementExpenseSupportAgreementMember2023-01-312023-01-310001973476Investments-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 8.17% Maturity Date 1/12/2032 One2026-03-310001973476ck0001973476:InteractiveMediaServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:MachinerySectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:ElectricalEquipmentSectorMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 11/30/2029 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:MachinerySectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001973476Investments-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 09/19/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-01-012025-12-310001973476Investments-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 08/31/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Financial Services Synechron, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.45% Maturity Date 10/03/20312026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:MachinerySectorMember2025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-12-310001973476ck0001973476:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/31/2033 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292025-12-310001973476us-gaap:RelatedPartyMemberck0001973476:IncentiveFeeRatePreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2026-01-012026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:ConstructionAndEngineeringSectorMember2026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-12-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282026-03-310001973476Investments-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 8.45% Maturity Date 02/10/20322026-03-310001973476us-gaap:EntertainmentMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-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 One2025-12-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.38% Maturity Date 01/27/2032 One2026-03-310001973476Investments-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 07/30/2032 One2025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConsumerSectorMember2026-03-310001973476Investments-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 One2025-12-310001973476Investments-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 5/6/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.17% Maturity Date 01/17/2031 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 08/08/20312026-03-310001973476Investments-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 One2025-12-310001973476Investments-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 10/29/20292026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:TextilesApparelLuxuryGoodsSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/13/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Food Products Golden State Food, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.20% Maturity Date 12/04/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 12/3/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312026-03-310001973476Investments-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 8.70% Maturity Date 12/30/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 One2026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001973476Investments-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 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/2031 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/2028 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/21/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262026-03-310001973476Investments-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 07/23/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322026-01-012026-03-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:ContainerAndPackagingSectorMember2025-12-310001973476us-gaap:FoodAndBeverageSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476us-gaap:ChemicalsSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/20322026-01-012026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:CommercialServicesAndSuppliesSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-12-310001973476us-gaap:TransportationSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476us-gaap:LineOfCreditMembersrt:MaximumMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476us-gaap:FairValueInputsLevel12And3Member2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/2032 Two2025-12-310001973476Investments-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 12/03/2029 One2025-12-310001973476Investments-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 9.20% Maturity Date 04/01/2030 Two2026-03-3100019734762026-01-062026-01-060001973476Investments-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 8.20% Maturity Date 09/30/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292026-03-310001973476Investments-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 8.45% Maturity Date 06/27/2031 Two2026-03-310001973476Investments-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 8.20% Maturity Date 06/03/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/02/2030 Two2026-03-310001973476Investments-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 8.13% Maturity Date 8/11/20312026-03-310001973476ck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-01-012026-03-310001973476ck0001973476:DebtSecuritiesFirstLienMember2026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302026-01-012026-03-310001973476us-gaap:ChemicalsSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 7/30/20322026-03-310001973476us-gaap:RelatedPartyMemberck0001973476:InvestmentAdvisoryAgreementMember2023-01-312023-01-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 10/4/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-01-012025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:SoftwareSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/20302026-03-310001973476Investments-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 09/09/2032 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262025-01-012025-12-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software OceanKey (U.S.) II Corp. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.27% Maturity Date 12/15/20282026-03-310001973476Investments-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 8.20% Maturity Date 04/14/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.38% Maturity Date 01/27/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/26/2032 One2025-12-310001973476us-gaap:LineOfCreditMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476Investments-non-controlled/non-affiliated Debt Investments Multi-Utilitie AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/17/20312026-03-310001973476us-gaap:EquitySecuritiesMemberck0001973476:ProfessionalServicesSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/21/2031 Two2026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/2031 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312026-01-012026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherDebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 10/15/2031 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fetch, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302025-01-012025-12-310001973476us-gaap:SubsequentEventMember2026-05-012026-05-010001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292026-03-310001973476Investments-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 8/29/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 03/31/20332026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272026-03-310001973476Investments-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 12/06/20322025-12-310001973476Investments-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 10/2/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 9/4/20252025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment Routeware, Inc. Reference Rate and Spread S + 5.25% Interest Rate 8.94% Maturity Date 09/18/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-12-310001973476Investments-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 9.42% Maturity Date 08/18/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-01-012025-12-3100019734762026-02-012026-02-010001973476Investments-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 02/20/20302025-12-310001973476us-gaap:EquitySecuritiesMember2025-01-012025-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/29/2031 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-01-012026-03-310001973476Investments-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 7/3/2028 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/2/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment VRC Companies, LLC Reference Rate and Spread S + 5.50% Interest Rate 8.98% Maturity Date 06/29/2027 One2026-03-310001973476Investments-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 9.31% Maturity Date 08/05/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292026-03-310001973476Investments-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 9/8/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-01-012026-03-310001973476Investments-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 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Metropolis Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 11/3/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/20312025-12-310001973476Investments-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 8.45% Maturity Date 02/25/20332026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/2031 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20262026-01-012026-03-310001973476Investments-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 8/1/2029 Two2025-12-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:RealEstateSectorMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 2/2/2032 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/2028 One2026-03-310001973476us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberck0001973476:BarclaysFacilityMember2025-11-262025-11-260001973476Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/20312025-12-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-03-310001973476Investments-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 10/1/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 5/28/2032 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-01-012025-12-3100019734762025-02-052025-02-050001973476Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/20252026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282026-01-012026-03-310001973476Investments-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 04/30/20302025-12-310001973476Investments-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 One2025-12-310001973476ck0001973476:S2025M1AggregateDividendsMember2025-01-012025-03-3100019734762025-01-012025-01-010001973476ck0001973476:IncentiveFeesBasedOnIncomeMember2025-01-012025-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-03-310001973476Investments-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 8.18% Maturity Date 12/13/2032 Two2026-03-310001973476Investments-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 8.70% Maturity Date 09/19/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-12-310001973476Investments-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 8.20% Maturity Date 11/22/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-12-310001973476Investments-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 8.45% Maturity Date 02/10/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 10/4/2030 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/29/2030 One2026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476ck0001973476:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-01-012025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:WirelessTelecommunicationsServicesSectorMember2025-12-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.29% Maturity Date 9/14/20292025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/20252026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment Tamarack Intermediate, LLC Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 03/12/2029 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 4/22/20322026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/2032 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.67% Maturity Date 02/02/2032 Two2026-03-310001973476Investments-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 8.18% Maturity Date 09/08/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 9/18/2031 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322025-01-012025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:HealthCareTechnologyMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001973476us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-03-310001973476us-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/20332026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272026-03-310001973476Investments-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 One2025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:ConstructionAndEngineeringSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-12-310001973476us-gaap:FairValueInputsLevel2Memberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312026-01-012026-03-310001973476ck0001973476:UnfundedDebtSecuritiesFirstLienMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312026-01-012026-03-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/12/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/12/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-01-012026-03-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:OtherDebtInvestmentsMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 12/01/20312026-03-310001973476Investments-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 9/22/20282025-12-310001973476Investments-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 11/17/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/05/20282026-03-310001973476Investments-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 10/02/2028 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/14/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312026-03-310001973476ck0001973476:UtilitiesSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/14/2031 Two2026-03-310001973476Investments-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 09/22/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 7/14/2031 One2025-12-310001973476ck0001973476:UtilitiesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-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 06/27/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment Transit Technologies, LLC Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/20302026-03-310001973476us-gaap:FairValueInputsLevel2Memberck0001973476:OtherDebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262026-03-310001973476Investments-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 08/02/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment VRC Companies, LLC Reference Rate and Spread S + 5.50% Interest Rate 8.98% Maturity Date 06/29/2027 Two2026-03-310001973476Investments-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 10.43% Maturity Date 7/3/2028 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 1/29/2030 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Clover Holdings 2, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.68% Maturity Date 12/9/20312026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:ElectricalEquipmentSectorMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.84% Maturity Date 2/2/20322025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:RealEstateSectorMember2026-03-310001973476Investments-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 10/23/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001973476us-gaap:SubsequentEventMember2026-04-012026-04-010001973476us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-3100019734762025-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-01-012025-12-310001973476Investments-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 8.27% Maturity Date 03/09/2029 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread 5.25% Interest Rate 8.92% Maturity Date 9/4/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-12-310001973476Investments-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 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322026-03-310001973476ck0001973476:IncentiveFeesBasedOnIncomeMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-12-310001973476Investments-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 9.42% Maturity Date 08/31/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292026-01-012026-03-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/2031 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Multi-Utilitie Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-12-310001973476ck0001973476:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-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 07/28/20312025-12-310001973476Investments-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 09/29/2028 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272026-03-310001973476Investments-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 7/3/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272025-01-012025-12-310001973476Investments-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 10/15/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/2031 Two2025-12-310001973476Investments-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 02/02/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-12-310001973476ck0001973476:DebtSecuritiesFirstLienMember2024-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/7/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 5/3/20242025-12-3100019734762026-03-012026-03-010001973476Investments-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 8.70% Maturity Date 12/30/2032 Two2026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:PharmaceuticalsSectorMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/29/20312026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:HealthCareTechnologyMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software OceanKey (U.S.) II Corp. Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.32% Maturity Date 12/15/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-12-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:OtherDebtInvestmentsMember2026-03-310001973476us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-12-310001973476Investments-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 8.20% Maturity Date 11/17/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Machinery Cleanova US Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.43% Maturity Date 06/14/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272026-01-012026-03-310001973476Investments-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 08/02/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.20% Maturity Date 03/28/2030 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-12-310001973476ck0001973476:OtherDebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-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 01/31/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:PharmaceuticalsSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-12-310001973476us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-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 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 7/2/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.75% PIK) Interest Rate 9.17% Maturity Date 06/17/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 03/28/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/20332026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl 2.50% PIK) Interest Rate 8.70% Maturity Date 02/02/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:InteractiveMediaServicesMediaMember2025-12-3100019734762025-01-012025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/2031 Two2025-12-310001973476us-gaap:FinancialServicesSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20272026-03-310001973476Investment Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/24/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272026-03-310001973476us-gaap:LineOfCreditMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-12-310001973476Investments-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 07/30/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 12/19/2029 Two2026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20242026-03-310001973476Investments-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 8.17% Maturity Date 5/12/20312025-12-3100019734762024-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322025-12-310001973476Investments-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 8.85% Maturity Date 10/16/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-12-310001973476Investments-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 06/04/20322025-12-310001973476ck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001973476ck0001973476:ConsumerStaplesDistributionAndRetailSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 10.50% Maturity Date 11/17/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 08/08/2031 One2026-03-310001973476Investments-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 8.17% Maturity Date 12/19/20292026-03-310001973476Investments-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 8.13% Maturity Date 8/11/2031 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Machinery Cleanova US Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 06/14/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/2031 One2025-12-310001973476Investments-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 07/25/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/28/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.45% Maturity Date 05/23/2030 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Aragorn Parent Corporation Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.17% Maturity Date 12/15/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-01-012025-12-310001973476ck0001973476:O2026M2AggregateDividendsMember2026-01-012026-03-310001973476ck0001973476:HealthCareEquipmentAndSuppliesSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/2028 One2026-03-310001973476Investments-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 8.17% Maturity Date 6/4/20322026-03-310001973476Investments-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 12/11/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312025-12-310001973476Investments-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 11/08/2030 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-12-310001973476Investments-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 8.20% Maturity Date 11/22/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-12-3100019734762025-01-062025-01-060001973476Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.45% Maturity Date 03/25/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262026-01-012026-03-310001973476Investments-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 One2025-12-310001973476Investments-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 06/03/2031 One2025-12-310001973476ck0001973476:EquitySecuritieMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.95% Maturity Date 7/26/2032 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Household Products Kronos Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.70% Maturity Date 07/08/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/20332026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/30/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Gloves Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.72% Maturity Date 5/21/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322026-03-310001973476Investments-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 08/26/2032 Two2025-12-310001973476Investments-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 11/30/20292025-12-310001973476ck0001973476:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:HealthCareProvidersServicesSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001973476Investments-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 6.38% Maturity Date 04/30/20302026-03-310001973476Investments-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 4/12/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure KKR Apple Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 09/23/20312026-03-310001973476Investments-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 8.45% Maturity Date 02/25/2033 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/2/2030 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282026-03-310001973476us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.95% Maturity Date 7/26/2032 Two2026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/20252026-03-310001973476Investments-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 Two2025-12-310001973476Investments-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 09/30/20322025-12-3100019734762025-12-310001973476Investments-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 8.20% Maturity Date 03/31/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-12-310001973476us-gaap:EquitySecuritiesMember2026-03-310001973476Investments-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 8.17% Maturity Date 4/26/2032 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Entertainment Pretzel Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 10/1/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 07/02/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/26/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 1/25/20302025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:ConstructionAndEngineeringSectorMember2026-03-310001973476Investments-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 8.20% Maturity Date 12/31/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-12-310001973476Investments-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 8.18% Maturity Date 09/08/2031 One2026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 11/30/2029 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272025-01-012025-12-310001973476Investments-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 06/02/2031 One2025-12-310001973476us-gaap:FairValueInputsLevel12And3Member2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292025-01-012025-12-310001973476Investments-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 8.15% Maturity Date 2/01/20302026-03-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-01-012025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:MachinerySectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Entertainment Pretzel Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/01/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 2/27/2030 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Kohler Energy Co, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.42% Maturity Date 05/01/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272025-01-012025-12-310001973476Investments-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 2/11/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272026-01-012026-03-310001973476Investments-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 Two2025-12-310001973476Investments-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 07/30/20322025-12-310001973476ck0001973476:OtherDebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:TechnologySectorMember2025-12-310001973476ck0001973476:OtherDebtInvestmentsMemberus-gaap:FairValueInputsLevel12And3Member2026-03-310001973476Investments-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 02/14/20312025-12-310001973476Investments-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 8.20% Maturity Date 09/30/20312026-03-310001973476Investments-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 8.45% Maturity Date 02/10/2032 Two2026-03-310001973476Investments-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 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.86% Maturity Date 08/29/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.13% Maturity Date 5/24/2032 Two2025-12-310001973476Investments-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 8/11/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-12-310001973476Investments-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 9.45% Maturity Date 9/13/20322026-03-310001973476Investments-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 9.45% Maturity Date 9/13/2032 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.17% Maturity Date 07/02/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/20282026-01-012026-03-310001973476Investments-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 8.45% Maturity Date 01/31/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 9.23% Maturity Date 10/30/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 5/13/2032 One2025-12-310001973476ck0001973476:O2026M3AggregateDividendsMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Entertainment Varsity Brands, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.45% Maturity Date 8/26/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.75% PIK) Interest Rate 9.17% Maturity Date 06/17/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/3/20322025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:InteractiveMediaServicesMember2026-03-310001973476Investments-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 12/30/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272026-01-012026-03-310001973476ck0001973476:BanksMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-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 04/26/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment Transit Technologies, LLC Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/1/2029 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322025-01-012025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments-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 03/01/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262026-01-012026-03-310001973476Investments-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 8.18% Maturity Date 09/08/2031 Two2026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment Vensure Employer Services, Inc. Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/29/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322026-03-310001973476us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2025-12-310001973476Investments-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 8.45% Maturity Date 08/29/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20262025-01-012025-12-310001973476ck0001973476:UtilitiesSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Household Durables PHRG Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.67% Maturity Date 02/20/20322025-12-310001973476Investments-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 8.18% Maturity Date 12/13/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272026-01-012026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:HealthCareProvidersServicesSectorMember2026-03-310001973476Investments-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 8.43% Maturity Date 03/13/20292026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.00% Maturity Date 1/17/20312025-12-310001973476ck0001973476:AutomobilesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/14/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-01-012025-12-310001973476us-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2025-01-012025-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.95% Maturity Date 05/28/2032 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/25/2030 One2026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:HealthCareProvidersServicesSectorMember2025-12-310001973476Investment One2026-03-310001973476ck0001973476:TransportationInfrastructureSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-01-012025-12-310001973476Investments-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 01/30/20312025-12-310001973476us-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMember2025-12-310001973476Investments-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 02/02/2032 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-01-012025-12-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:ContainerAndPackagingSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-12-310001973476Investments-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 One2025-12-310001973476Investments-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 6/29/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262026-01-012026-03-310001973476Investments-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 8/1/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/27/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/02/2030 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 1/2/20312025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:IndustrialConglomeratesSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/20312026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:CommercialServicesAndSuppliesSectorMember2025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMembercountry:CA2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-01-012025-12-310001973476Investments-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 3/28/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 6/2/2026 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/20282026-03-310001973476Investments-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 5/23/20302025-12-310001973476ck0001973476:ElectronicEquipmentInstrumentsAndComponentsSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/25/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-12-310001973476Investments-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 09/30/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/2028 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment Transit Technologies, LLC Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.95% Maturity Date 7/26/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Alliant Holdings Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 09/19/20312026-03-310001973476Investments-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 8.92% Maturity Date 10/2/2029 One2026-03-310001973476ck0001973476:IncentiveFeesBasedOnIncomeMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.86% Maturity Date 08/29/2029 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/2031 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/2032 One2026-03-310001973476Investments-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 8.45% Maturity Date 10/02/2028 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262025-12-310001973476ck0001973476:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 7/2/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.20% Maturity Date 03/28/20302026-03-310001973476Investments-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 04/01/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Altium Packaging, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.17% Maturity Date 06/11/20312026-03-310001973476Investments-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 10.43% Maturity Date 7/3/2028 Two2026-03-310001973476us-gaap:FinancialServicesSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.44% Maturity Date 6/28/2032 One2025-12-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302025-12-310001973476ck0001973476:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476ck0001973476:LeisureProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 5/3/20242025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/01/2029 One2026-03-310001973476Investments-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 8.17% Maturity Date 1/12/20322026-03-310001973476Investments-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 12/23/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 5/25/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-01-012025-12-310001973476ck0001973476:DebtSecuritiesFirstLienMember2025-01-012025-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Dental, LLC Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 7.47% Maturity Date 08/25/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 12/23/2032 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 1/29/2030 One2025-12-310001973476Investments-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 8.20% Maturity Date 4/12/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread 4.25% Interest Rate 7.91% Maturity Date 8/2/2032 Two2026-03-310001973476Qualifying Assets2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282026-03-310001973476ck0001973476:S2026M3AggregateDividendsMember2026-01-012026-03-310001973476Investments-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 8.20% Maturity Date 06/03/2031 Two2026-03-310001973476Investments-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 8.20% Maturity Date 05/12/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292026-03-310001973476us-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/29/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272026-03-310001973476ck0001973476:ITServicesSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.68% Maturity Date 11/17/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272026-01-012026-03-3100019734762026-03-312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312026-01-012026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:LifeSciencesToolsAndServicesSectorMember2026-03-3100019734762026-03-070001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherDebtInvestmentsMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Household Products Kronos Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.67% Maturity Date 07/08/20312025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:SoftwareSectorMember2026-03-310001973476Investments-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 9.43% Maturity Date 12/03/20292026-03-310001973476Investments-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 10/02/20282025-12-310001973476Investments-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 7.94% Maturity Date 11/18/2031 Two2026-03-310001973476ck0001973476:DebtInvestmentsMemberus-gaap:ConsumerSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-01-012026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262026-01-012026-03-310001973476ck0001973476:OtherDebtInvestmentsMember2026-01-012026-03-310001973476Investments-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 8.45% Maturity Date 06/27/2031 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/20312026-03-310001973476Investments-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 8.20% Maturity Date 12/06/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272026-03-310001973476Investments-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 One2025-12-310001973476Investments-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 10/1/2029 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292026-01-012026-03-310001973476Investments-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 05/23/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272025-01-012025-12-310001973476us-gaap:RelatedPartyMemberck0001973476:MSCreditPartnersHoldingsMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Food Products Golden State Food, LLC Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.67% Maturity Date 12/04/20312025-12-310001973476ck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.17% Maturity Date 01/17/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-01-012025-12-310001973476Investments-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 2/10/20282025-12-310001973476Investments-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 8.20% Maturity Date 09/30/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/02/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322026-03-310001973476Investments-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 2/12/2032 Two2025-12-310001973476Investments-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 6/7/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/2032 Two2025-12-310001973476Investments-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 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.13% Maturity Date 5/24/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/20322025-01-012025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:WirelessTelecommunicationsServicesSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272026-03-310001973476Investments-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 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 06/15/20292026-03-310001973476Investments-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 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/1/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 5/6/2031 One2026-03-310001973476Investments-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 8.67% Maturity Date 06/30/2031 One2026-03-310001973476Investments-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 One2025-12-310001973476Investments-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 7.91% Maturity Date 8/2/20322026-03-3100019734762026-03-042026-03-040001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272025-12-310001973476Investments-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 8.20% Maturity Date 4/12/20322026-03-310001973476us-gaap:FairValueInputsLevel2Memberck0001973476:OtherDebtInvestmentsMember2026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 Two2025-12-310001973476us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 06/11/2031 One2026-03-310001973476us-gaap:RelatedPartyMemberck0001973476:IncentiveFeeRateAnnualizedCatchUpThresholdMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Cotiviti Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.62% Maturity Date 05/01/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-01-012025-12-310001973476Investments-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 07/26/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-01-012025-12-310001973476Investments-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 07/28/2031 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/20322026-01-012026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:LifeSciencesToolsAndServicesSectorMember2025-12-310001973476Investments-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 8.84% Maturity Date 6/30/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/23/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 10/16/2029 One2026-03-310001973476Investments-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 8.67% Maturity Date 08/25/20282026-03-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-03-310001973476Investments-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 03/31/20312025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:ConstructionAndEngineeringSectorMember2025-12-310001973476Investments-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 8.15% Maturity Date 02/01/2029 One2026-03-310001973476us-gaap:FairValueInputsLevel12And3Memberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-12-310001973476Investments-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 8.45% Maturity Date 06/02/2031 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 10/15/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/1/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272026-01-012026-03-310001973476Investments-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 03/09/2028 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/26/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 12/23/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20242026-01-012026-03-310001973476Investments-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 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.45% Maturity Date 05/23/2030 One2026-03-310001973476Investments-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 02/02/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292026-03-310001973476Investments-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 11/08/2030 One2025-12-310001973476us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 2/27/20302025-12-310001973476us-gaap:FairValueInputsLevel1Memberck0001973476:DebtSecuritiesFirstLienMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262026-03-310001973476ck0001973476:AutomobileComponentsSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-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 8.13% Maturity Date 8/11/2031 One2026-03-310001973476Investments-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 01/30/2031 One2025-12-310001973476Investments-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 8.17% Maturity Date 4/26/20322026-03-310001973476Investments-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 10/1/2029 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/29/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282026-03-310001973476us-gaap:FairValueInputsLevel1Member2026-03-310001973476Investments-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 8.45% Maturity Date 2/10/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.50% PIK) Interest Rate 9.67% Maturity Date 02/03/2031 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 5/6/2030 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262026-03-310001973476us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/2028 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322026-01-012026-03-310001973476ck0001973476:HouseholdProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.00% Maturity Date 01/17/20312026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 9/9/20252025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/01/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-01-012025-12-310001973476Investments-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 10.43% Maturity Date 7/3/20282026-03-310001973476Investments-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 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-12-310001973476ck0001973476:BuildingProductsSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-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 6/11/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292026-01-012026-03-310001973476us-gaap:RetainedEarningsMember2026-03-310001973476ck0001973476:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments-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 10/2/2029 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-01-012025-12-310001973476Investments-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 12/31/20322025-12-310001973476us-gaap:LineOfCreditMember2025-01-012025-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2025-12-310001973476Investments-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 8.42% Maturity Date 09/09/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/20332026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:LifeSciencesToolsAndServicesSectorMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Kohler Energy Co, LLC Investment First Lien Debt Reference Rate and Spread S + 3.00% Interest Rate 6.70% Maturity Date 5/1/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20262025-12-310001973476us-gaap:FairValueInputsLevel1Memberck0001973476:OtherDebtInvestmentsMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Multi-Utilitie Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 7/24/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 9/9/20252025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272026-01-012026-03-310001973476Investments-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 8.67% Maturity Date 9/22/20282026-03-310001973476us-gaap:RelatedPartyMemberck0001973476:AdministrationAgreementMember2026-01-012026-03-310001973476Investments-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 8.43% Maturity Date 03/13/2029 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Metropolis Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 11/3/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 10/1/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-03-310001973476Investments-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 09/19/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282026-01-012026-03-310001973476Investments-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 8.42% Maturity Date 09/09/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 9/18/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 1/17/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Multi-Utilitie AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/20302025-12-310001973476Investments-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 01/31/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.45% Maturity Date 03/25/2032 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322026-03-310001973476ck0001973476:FoodProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-12-310001973476Investments-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 8.45% Maturity Date 06/27/20312026-03-310001973476Investments-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 8.20% Maturity Date 05/12/20312026-03-3100019734762026-03-310001973476us-gaap:LineOfCreditMembersrt:MinimumMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-01-012025-12-310001973476Investments-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 8.45% Maturity Date 10/29/20292026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 11/01/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-12-310001973476Investments-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 7.42% Maturity Date 03/01/20282026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 5/3/20242025-01-012025-12-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/2029 Two2025-12-310001973476us-gaap:FoodAndBeverageSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-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 8.45% Maturity Date 01/05/20332026-03-310001973476Investments-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 8.45% Maturity Date 09/22/20282026-03-310001973476us-gaap:RetainedEarningsMember2026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Vision Solutions, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 8.10% Maturity Date 4/24/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/20/20262026-01-012026-03-3100019734762025-01-012025-03-310001973476us-gaap:RelatedPartyMember2026-01-012026-03-310001973476us-gaap:RetainedEarningsMember2025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 9/5/20242025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-01-012025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 8.44% Maturity Date 12/23/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 8/1/20292026-03-310001973476Investments-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 12/22/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262026-01-012026-03-310001973476ck0001973476:OtherDebtInvestmentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312026-01-012026-03-310001973476Investments-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 8.17% Maturity Date 06/11/20312026-03-310001973476Investments-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 11/21/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-01-012025-12-310001973476Investments-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 5/6/2030 Two2025-12-310001973476ck0001973476:DebtSecuritiesFirstLienMember2025-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-01-012025-12-310001973476Investments-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 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 1/27/2032 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.18% Maturity Date 05/22/2030 One2026-03-310001973476Investments-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 9.20% Maturity Date 04/01/2030 One2026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-12-310001973476Investments-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 2/1/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 3/25/20322025-12-310001973476Investments-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 10/04/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging Altium Packaging, LLC Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.22% Maturity Date 6/11/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.70% Maturity Date 11/10/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-12-310001973476ck0001973476:InteractiveMediaServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-12-310001973476ck0001973476:BuildingProductsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/7/20282026-03-310001973476us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310001973476Investments-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 06/03/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2031 One2026-03-310001973476Investments-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 08/29/20312025-12-310001973476ck0001973476:OtherDebtInvestmentsMember2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 3/31/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292026-03-310001973476us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMember2026-03-310001973476Investments-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 8/20/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 5/24/2028 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-12-310001973476Investments-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 07/26/2032 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 Two2026-03-310001973476us-gaap:LineOfCreditMemberck0001973476:FederalReserveBankOfNewYorkRateMembersrt:MinimumMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMemberck0001973476:SMBCFacilityMember2023-07-192023-07-190001973476us-gaap:FairValueInputsLevel1Member2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 9/8/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282026-01-012026-03-310001973476Investments-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 08/29/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 8/15/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312026-01-012026-03-3100019734762025-02-012025-02-010001973476Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/20312025-12-310001973476Investments-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 10/29/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 8/2/2030 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.82% Maturity Date 7/28/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 10.50% Maturity Date 01/30/20312025-12-310001973476ck0001973476:O2025M1AggregateDividendsMember2025-01-012025-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:HouseholdDurablesSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/2028 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 11/29/2030 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282026-01-012026-03-310001973476Investments-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 12/03/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-12-310001973476Investments-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 01/31/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 5/11/2029 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Belfor Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 11/01/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-01-012026-03-310001973476Investments-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 One2025-12-310001973476Investments-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 8.67% Maturity Date 06/28/20302026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.85% Maturity Date 7/28/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-01-012025-12-310001973476us-gaap:AerospaceSectorMemberck0001973476:DebtInvestmentsMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322026-01-012026-03-310001973476Investments-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 06/17/20302025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 12/17/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-12-310001973476Investments-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 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312026-01-012026-03-310001973476us-gaap:AerospaceSectorMemberck0001973476:DebtInvestmentsMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Textiles, Apparel & Luxury Goods Gloves Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.00% Interest Rate 7.67% Maturity Date 05/21/20322026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312026-03-310001973476us-gaap:FairValueInputsLevel3Memberck0001973476:ValuationYieldAnalysisMemberus-gaap:MeasurementInputDiscountRateMemberck0001973476:DebtSecuritiesFirstLienMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-12-310001973476Investments-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 8.45% Maturity Date 09/22/2028 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.94% Maturity Date 09/18/20312026-03-310001973476Investments-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 8.20% Maturity Date 09/30/2032 Two2026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001973476us-gaap:RelatedPartyMemberck0001973476:IncentiveFeeRateAnnualizedHurdleRateMember2026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-01-012025-12-310001973476Investments-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 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-01-012025-12-310001973476Investments-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 Two2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 01/07/2033 One2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 4/23/2027 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-01-012025-12-310001973476Investments-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 09/09/2032 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272026-03-310001973476us-gaap:RetainedEarningsMember2024-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Chamberlain Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 09/08/20322025-12-310001973476Investments-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 8.70% Maturity Date 12/30/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Machinery CPM Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/28/20282026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 8/29/20232025-01-012025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2026-03-310001973476Non Qualifying Assets2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 3/28/2030 One2025-12-310001973476Investments-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 09/22/2028 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt AA&D Midco, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:CommercialServicesAndSuppliesSectorMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Athenahealth, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 02/15/20292026-03-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 1.00% PIK) Interest Rate 11.44% Maturity Date 12/11/20282026-03-310001973476us-gaap:LineOfCreditMemberck0001973476:BarclaysFacilityMember2025-01-012025-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread 5.25% Interest Rate 8.92% Maturity Date 9/4/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-01-012026-03-310001973476Investments-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 11/18/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberck0001973476:IndustrialConglomeratesSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies LSF12 Crown US Commercial Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.37% Maturity Date 12/2/20312025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.07% Maturity Date 8/29/20292025-12-310001973476Investments-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 8/20/2031 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment Tamarack Intermediate, LLC Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 03/12/2029 Two2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292026-03-3100019734762026-05-130001973476Investments-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 8.45% Maturity Date 06/02/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312025-01-012025-12-310001973476Investments-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 8.70% Maturity Date 09/19/2029 One2026-03-310001973476us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-03-310001973476Investments-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 One2025-12-3100019734762025-03-012025-03-010001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 1/2/2031 One2026-03-310001973476Non Qualifying Assets2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-01-012025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMember2026-03-310001973476us-gaap:EquitySecuritiesMember2026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-12-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:HealthCareProvidersServicesSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/15/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/20322026-03-310001973476Investments-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 8.17% Maturity Date 12/19/2029 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272026-03-310001973476Investments-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 9/13/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 10/16/20292026-03-310001973476Investments-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 9.31% Maturity Date 08/05/2028 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312026-03-310001973476Investment Three2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272025-01-012025-12-310001973476us-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20262026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262026-01-012026-03-310001973476Investments-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 09/19/20292025-12-310001973476Investments-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 8.45% Maturity Date 02/25/2033 One2026-03-310001973476Investments-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 12/30/20322025-12-310001973476Investments-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 8/1/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 7/14/2031 Two2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.07% Maturity Date 8/29/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-12-310001973476Investments-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 08/31/2029 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282025-01-012025-12-310001973476us-gaap:LineOfCreditMember2026-03-310001973476Investments-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 8.20% Maturity Date 09/30/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software UKG, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.50% Interest Rate 6.34% Maturity Date 2/10/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/23/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-01-012025-12-310001973476ck0001973476:OtherDebtInvestmentsMember2025-01-012025-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/30/2031 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 01/07/20332026-03-310001973476Investments-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 9.70% Maturity Date 11/8/2030 Two2026-03-310001973476Investments-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 8.20% Maturity Date 12/06/2032 One2026-03-310001973476Investments-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 One2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.98% Maturity Date 7/2/2031 One2025-12-310001973476us-gaap:FairValueInputsLevel3Member2026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/23/2030 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.12% Maturity Date 8/8/2031 One2025-12-310001973476Investments-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 8.42% Maturity Date 09/09/2032 Two2026-03-310001973476ck0001973476:FirstLienDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-01-012025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/20272025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-12-310001973476Investments-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 1/12/20322025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/26/2032 One2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/20322025-12-310001973476Investments-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 8.70% Maturity Date 04/03/20302026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/28/20332026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.90% Maturity Date 3/12/2029 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.50% PIK) Interest Rate 9.67% Maturity Date 02/03/20312026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302026-01-012026-03-310001973476Investment One2025-12-310001973476Investments-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 11/17/20312025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-01-012025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30/20322025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272026-03-310001973476ck0001973476:AutomobileComponentsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/05/20282026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Acquisition Date 2/3/20252025-12-310001973476ck0001973476:EquitySecuritieMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/27/2031 Two2026-03-310001973476Investments-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 7/28/20312026-03-310001973476ck0001973476:DebtInvestmentsMemberck0001973476:WirelessTelecommunicationsServicesSectorMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.67% Maturity Date 02/02/20322026-03-310001973476Investments-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 Two2025-12-310001973476Investments-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 06/17/2031 One2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-01-012025-12-310001973476us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312026-01-012026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262026-01-012026-03-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Cotiviti Corporation Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.42% Maturity Date 05/01/20312026-03-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberck0001973476:OtherSecurityInvestmentsCommonEquityMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Revolver Commitment Expiration Date 08/05/20272025-12-310001973476Investments-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 09/22/2028 Two2025-12-310001973476Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302026-03-310001973476Investments-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 04/14/20282025-12-310001973476Investments-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 08/26/20322025-12-310001973476Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252026-03-310001973476Investments-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 10/30/20282025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Athenahealth, Inc. Investment First Lien Debt Reference Rate and Spread S + 2.75% Interest Rate 6.47% Maturity Date 02/15/20292025-12-310001973476ck0001973476:OtherSecurityInvestmentsPreferredEquityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001973476us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberck0001973476:SMBCFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001973476Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.95% Maturity Date 05/28/20322026-03-310001973476Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302026-03-31iso4217:EURxbrli:purexbrli:sharesck0001973476:Investmentiso4217:GBPiso4217:USDxbrli:sharesiso4217:USD

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

 

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

OR

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01654

North Haven Private Income Fund A LLC

(Exact name of registrant as specified in its charter)

 

Delaware		92-1385301
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1585 Broadway		10036
New York, NY		(Zip Code)
(Address of principal executive offices)

 

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

 

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of the registrant’s Class I Units outstanding at May 13, 2026 was 15,727,483.

 

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North Haven Private Income Fund A LLC

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

TABLE OF CONTENTS

 

Part I. Financial Information
Item 1.	Consolidated Financial Statements (Unaudited)
	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Members’ Capital	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	7
	Notes to the Consolidated Financial Statements	46
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	62
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4.	Controls and Procedures	74
Part II. Other Information
Item 1.	Legal Proceedings	75
Item 1A.	Risk Factors	75
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 3.	Defaults Upon Senior Securities	75
Item 4.	Mine Safety Disclosures	75
Item 5.	Other Information	75
Item 6.	Exhibits	76
SIGNATURES

 

 

2

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North Haven Private Income Fund A LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)

 

		As of
		March 31, 2026				December 31, 2025
		(Unaudited)				(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $601,605 and $573,586 )		$	596,389			$	573,558
Cash			22,128				33,697
Deferred financing costs			2,959				3,210
Interest and dividend receivable from non-controlled/non-affiliated investments			2,710				3,477
Receivable for investments sold/ repaid			17				1,698
Other assets			80				8
Total assets		$	624,283			$	615,648
Liabilities
Debt			295,172				274,206
Payable for investments purchased			991				16,080
Payable to affiliates (Note 3)			226				210
Distributions payable			2,940				2,867
Management fees payable			225				420
Subscriptions received in advance (Note 8)			937				3,020
Payable for units repurchased			14,819				15,754
Interest and financing costs payable			1,649				886
Income based incentive fees payable			206				415
Accrued expenses and other liabilities			475				745
Total liabilities		$	317,640			$	314,603
Commitments and contingencies (Note 7)
Members' Capital
Common units, par value $0.001 per unit (15,466,742 and 14,945,887 units issued and outstanding)			15				15
Paid-in capital in excess of par value			311,929				301,265
Net distributable earnings (accumulated losses)			(5,301	)			(235	)
Total members' capital		$	306,643			$	301,045
Total liabilities and members' capital		$	624,283			$	615,648
Net asset value per unit		$	19.83			$	20.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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North Haven Private Income Fund A LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	12,500			$	7,414
Payment-in-kind income			344				193
Dividend income			22				3
Other income			218				9
Total investment income			13,084				7,619
Expenses:
Interest expense and other financing expenses			4,683				2,106
Management fees			975				638
Income based incentive fees			956				614
Capital gains incentive fees			—				(119	)
Professional fees			359				260
Directors' fees			52				26
Administrative service fees			38				71
General and other expenses			78				46
Total expenses			7,141				3,642
Income based incentive fee waiver (Note 3)			(750	)			(440	)
Management fees waiver (Note 3)			(750	)			(440	)
Net expenses			5,641				2,762
Net investment income (loss)			7,443				4,857
Net investment income (loss) after taxes			7,443				4,857
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments			12				—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(5,154	)			(955	)
Translation of assets and liabilities in foreign currencies			(2	)			1
Net realized and unrealized gain (loss)		$	(5,144	)		$	(954	)
Net increase (decrease) in members' capital resulting from operations		$	2,299			$	3,903
Earnings (loss) per unit (basic and diluted)		$	0.15			$	0.37
Weighted average units outstanding (basic and diluted)			15,758,634				10,476,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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North Haven Private Income Fund A LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(In thousands, except per unit amounts)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Members' Capital at beginning of period:		$	301,045			$	178,726
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)			7,443				4,857
Net realized gain (loss)			12				—
Net change in unrealized appreciation (depreciation)			(5,156	)			(954	)
Net increase (decrease) in members’ capital resulting from operations			2,299				3,903
Distributions to Unitholders from:
Distributable earnings			(7,365	)			(5,064	)
Capital transactions:
Issuance of units			22,219				47,089
Reinvestment of distributions			3,264				1,733
Repurchased units			(14,819	)			(5,024	)
Net increase in members' capital resulting from capital transactions			10,664				43,798
Total increase (decrease) in members' capital		$	5,598			$	42,637
Members' capital at end of period		$	306,643			$	221,363
Distributions per unit		$	0.47			$	0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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North Haven Private Income Fund A LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations		$	2,299			$	3,903
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			5,154				955
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			2				(1	)
Net realized (gain) loss on investments			(12	)			—
Net accretion of discount and amortization of premium on investments			(254	)			(131	)
Payment-in-kind interest and dividend capitalized			(309	)			(164	)
Amortization of deferred financing costs			250				140
Purchases of investments and change in payable for investments purchased			(52,594	)			(76,130	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			11,740				3,600
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			767				(61	)
(Increase) decrease in deferred financing costs			-				(33	)
(Increase) decrease in prepaid expenses and other assets			(72	)			(14	)
(Decrease) increase in payable to affiliates			16				146
(Decrease) increase in management fees payable			(195	)			(320	)
(Decrease) increase in incentive fees payable			(209	)			(341	)
(Decrease) increase in interest payable			763				316
(Decrease) increase in accrued expenses and other liabilities			(270	)			(125	)
Net cash provided by (used in) operating activities			(32,924	)			(68,260	)
Cash flows from financing activities:
Borrowings on debt		$	57,000			$	56,000
Repayments on debt			(36,000	)			(26,000	)
Distributions paid in cash			(4,028	)			(2,617	)
Proceeds from issuance of Units			19,198				27,946
Subscriptions received in advance			937				17,815
Repurchases of Units			(15,754	)			(6,487	)
Net cash provided by (used in) financing activities			21,353				66,657
Net increase (decrease) in cash			(11,571	)			(1,603	)
Effect of foreign exchange rate changes on cash			2				1
Cash at beginning of period			33,697				29,112
Cash at end of period		$	22,128			$	27,510
Supplemental information and non-cash activities:
Interest expense paid		$	3,670			$	1,651
Distribution reinvestment		$	3,264			$	1,733
Distributions payable		$	2,940			$	2,173
Accrued but unpaid repurchases of common units		$	14,819			$	5,024
Accrued but unpaid deferred financing costs		$	—			$	33

 

 

 

 

 

 

 

 

 

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

 

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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 - non-controlled/non-affiliated
Aerospace & Defense
AA&D Midco, Inc.		(6) (8) (10)			First Lien Debt		S +		4.75%		8.40%		11/29/2030			7,272			$	7,204			$	7,199				2.35	%
AA&D Midco, Inc.		(6) (8)			First Lien Debt		S +		4.75%		8.40%		11/29/2030			1,599				1,583				1,583				0.52
AA&D Midco, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.40%		11/29/2030			415				404				403				0.13
Jonathan Acquisition Company		(6) (7) (10)			First Lien Debt		S +		4.50%		8.20%		11/12/2029			3,555				3,506				3,492				1.14
Jonathan Acquisition Company		(6) (7) (16)			First Lien Debt		P +		3.50%		10.25%		05/11/2029			44				38				36				0.01
ManTech International CP		(6) (8)			First Lien Debt		S +		4.50%		8.17%		09/14/2029			1,879				1,879				1,879				0.61
ManTech International CP		(6) (8)			First Lien Debt		S +		4.50%		8.17%		09/14/2029			27				26				27				0.01
ManTech International CP		(6) (8) (16)			First Lien Debt		P +		3.50%		10.25%		09/14/2028			—				—				—				—
																				14,640				14,619				4.77
Automobile Components
OEConnection, LLC		(6) (9)			First Lien Debt		S +		4.50%		8.18%		12/23/2032			1,493				1,486				1,459				0.48
OEConnection, LLC		(6) (9) (16)			First Lien Debt		S +		4.50%		8.18%		12/23/2032			—				(2	)			(20	)			(0.01	)
OEConnection, LLC		(6) (9) (16)			First Lien Debt		S +		4.50%		8.18%		12/23/2032			—				(1	)			(5	)			—
Sonny's Enterprises, LLC		(6) (7)			First Lien Debt		S +		5.50%		9.31%		08/05/2028			745				735				724				0.24
Sonny's Enterprises, LLC		(6) (7)			First Lien Debt		S +		5.50%		9.31%		08/05/2028			164				162				159				0.05
Sonny's Enterprises, LLC		(6) (7) (16)			First Lien Debt		S +		5.50%		9.31%		08/05/2027			116				115				112				0.04
																				2,495				2,429				0.79
Automobiles
COP Collisionright Parent, LLC		(6) (7)			First Lien Debt		S +		4.75%		8.42%		01/29/2030			1,662				1,644				1,649				0.54
COP Collisionright Parent, LLC		(6) (7) (16)			First Lien Debt		S +		4.75%		8.42%		01/29/2030			1,209				1,182				1,176				0.38
COP Collisionright Parent, LLC		(6) (7) (16)			First Lien Debt		S +		4.75%		8.42%		01/29/2030			36				33				34				0.01
Drivecentric Holdings, LLC		(6) (8)			First Lien Debt		S +		4.50%		8.19%		08/15/2031			7,662				7,596				7,662				2.50
Drivecentric Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(14	)			—				—
Drivecentric Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(4	)			—				—
Vehlo Purchaser, LLC		(6) (8) (10)			First Lien Debt		S +		5.50%		9.17%		05/24/2028			2,622				2,605				2,576				0.84
Vehlo Purchaser, LLC		(6) (8)			First Lien Debt		S +		5.50%		9.17%		05/24/2028			2,721				2,699				2,673				0.87
Vehlo Purchaser, LLC		(6) (8) (16)			First Lien Debt		S +		5.50%		9.17%		05/24/2028			—				(5	)			(13	)			—
																				15,736				15,757				5.14
Banks
Computer Services, Inc.		(6) (7) (10)			First Lien Debt		S +		4.50%		8.20%		11/17/2031			2,162				2,152				2,135				0.70
Computer Services, Inc.		(6) (7) (16)			First Lien Debt		S +		4.50%		8.20%		11/17/2031			—				(2	)			(13	)			—
																				2,150				2,122				0.69
Beverages
Vamos Bidco, Inc.		(6) (9)			First Lien Debt		S +		4.75%		8.45%		01/30/2032			2,680				2,656				2,612				0.85
Vamos Bidco, Inc.		(6) (9) (16)			First Lien Debt		S +		4.75%		8.45%		01/30/2032			—				(4	)			(28	)			(0.01	)
Vamos Bidco, Inc.		(6) (9) (16)			First Lien Debt		S +		4.75%		8.45%		01/30/2032			—				(3	)			(8	)			—
																				2,649				2,576				0.84
Building Products
Project Potter Buyer, LLC		(6) (7) (10)			First Lien Debt		S +		5.25%		8.95%		04/23/2027			7,371				7,369				7,363				2.40

 

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Project Potter Buyer, LLC		(6) (7) (16)			First Lien Debt		S +		5.25%		8.95%		04/23/2027			—				—				—				—
																				7,369				7,363				2.40
Chemicals
Tank Holding Corp.		(8)			First Lien Debt		S +		5.75%		9.55%		03/31/2028			2,752				2,709				2,450				0.80
Tank Holding Corp.		(8)			First Lien Debt		S +		5.75%		9.55%		03/31/2028			231				227				206				0.07
																				2,936				2,656				0.87
Commercial Services & Supplies
Astra Service Partners, LLC		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		11/26/2032			4,500				4,467				4,500				1.47
Astra Service Partners, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		11/26/2032			296				290				296				0.10
AWP Group Holdings, Inc.		(6) (7)			First Lien Debt		S +		4.50%		8.17%		12/23/2030			1,844				1,823				1,844				0.60
AWP Group Holdings, Inc.		(6) (7)			First Lien Debt		S +		4.50%		8.17%		12/23/2030			997				981				997				0.33
AWP Group Holdings, Inc.		(6) (7) (16)			First Lien Debt		S +		4.50%		8.17%		12/23/2030			145				142				145				0.05
Belfor Holdings, Inc.		(9)			First Lien Debt		S +		2.75%		6.42%		11/01/2030			925				933				926				0.30
Consor Intermediate II, LLC		(6) (8)			First Lien Debt		S +		4.50%		8.20%		05/12/2031			1,023				1,016				1,023				0.33
Consor Intermediate II, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		05/12/2031			—				(2	)			—				—
Consor Intermediate II, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		05/12/2031			46				44				46				0.02
CRCI Longhorn Holdings, Inc.		(6) (8)			First Lien Debt		S +		4.75%		8.42%		08/27/2031			2,788				2,765				2,777				0.91
CRCI Longhorn Holdings, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		08/27/2031			—				(3	)			(3	)			—
CRCI Longhorn Holdings, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		08/27/2031			—				(4	)			(2	)			—
Firebird Acquisition Corp, Inc.		(6) (8)			First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.67%		02/02/2032			3,470				3,455				3,470				1.13
Firebird Acquisition Corp, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.67%		02/02/2032			1,112				1,105				1,112				0.36
Firebird Acquisition Corp, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.67%		02/02/2032			—				(3	)			—				—
Hercules Borrower, LLC		(6) (8) (10)			First Lien Debt		S +		4.75%		8.42%		12/15/2028			2,518				2,505				2,493				0.81
HSI Halo Acquisition, Inc.		(6) (8) (10)			First Lien Debt		S +		5.00%		8.67%		06/30/2031			7,357				7,298				7,327				2.39
HSI Halo Acquisition, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		06/30/2031			45				44				44				0.01
HSI Halo Acquisition, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		06/28/2030			—				—				—				—
Iris Buyer, LLC		(6) (7) (10) (11)			First Lien Debt		S +		5.25%		8.92%		10/02/2030			1,400				1,372				1,389				0.45
Iris Buyer, LLC		(6) (7) (10) (11)			First Lien Debt		S +		5.25%		8.92%		10/02/2030			129				126				128				0.04
Iris Buyer, LLC		(6) (7) (11) (16)			First Lien Debt		S +		5.25%		8.92%		10/02/2029			—				(3	)			(2	)			—
LSF12 Crown US Commercial Bidco, LLC					First Lien Debt		S +		3.00%		6.67%		12/02/2031			1,943				1,957				1,943				0.63
Railpros Parent, LLC		(6) (8)			First Lien Debt		S +		4.25%		7.92%		05/24/2032			4,766				4,722				4,730				1.54
Railpros Parent, LLC		(6) (8) (16)			First Lien Debt		S +		4.25%		7.92%		05/24/2032			442				433				431				0.14
Railpros Parent, LLC		(6) (8) (16)			First Lien Debt		S +		4.25%		7.92%		05/24/2032			—				(6	)			(6	)			—
Routeware, Inc.		(6) (7)			First Lien Debt		S +		5.25%		8.94%		09/18/2031			3,182				3,155				3,142				1.02
Routeware, Inc.		(6) (7) (16)			First Lien Debt		S +		5.25%		8.94%		09/18/2031			347				339				328				0.11
Routeware, Inc.		(6) (7) (16)			First Lien Debt		S +		5.25%		8.94%		09/18/2031			68				66				64				0.02
Tamarack Intermediate, LLC		(6) (8) (10)			First Lien Debt		S +		5.00%		8.67%		03/12/2029			2,217				2,213				2,206				0.72
Tamarack Intermediate, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		03/12/2029			742				729				729				0.24

 

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Tamarack Intermediate, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		03/12/2029			—				(1	)			(3	)			—
Transit Technologies, LLC		(6) (8)			First Lien Debt		S +		5.00%		8.59%		08/20/2031			3,770				3,739				3,714				1.21
Transit Technologies, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.59%		08/20/2031			318				312				300				0.10
Transit Technologies, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.59%		08/20/2030			—				(4	)			(8	)			—
Vensure Employer Services, Inc.		(6) (9)			First Lien Debt		S +		5.00%		8.70%		09/29/2031			2,525				2,504				2,500				0.82
Vensure Employer Services, Inc.		(6) (9) (16)			First Lien Debt		S +		5.00%		8.70%		09/29/2031			—				(1	)			(1	)			—
VRC Companies, LLC		(6) (7)			First Lien Debt		S +		5.50%		8.98%		06/29/2027			7,681				7,668				7,681				2.50
VRC Companies, LLC		(6) (7)			First Lien Debt		S +		5.50%		8.98%		06/29/2027			248				247				248				0.08
VRC Companies, LLC		(6) (7) (16)			First Lien Debt		S +		5.50%		8.98%		06/29/2027			—				—				—				—
																				56,423				56,508				18.43
Construction & Engineering
Arcoro Holdings Corp.		(6) (7)			First Lien Debt		S +		5.50%		9.20%		03/28/2030			3,190				3,165				3,119				1.02
Arcoro Holdings Corp.		(6) (7) (16)			First Lien Debt		S +		5.50%		9.20%		03/28/2030			—				(3	)			(6	)			—
LJ Avalon Holdings, LLC		(6) (7) (10)			First Lien Debt		S +		4.50%		8.15%		02/01/2030			1,262				1,262				1,262				0.41
LJ Avalon Holdings, LLC		(6) (7) (10)			First Lien Debt		S +		4.50%		8.15%		02/01/2030			2,355				2,335				2,346				0.77
LJ Avalon Holdings, LLC		(6) (7) (16)			First Lien Debt		S +		4.50%		8.15%		02/01/2029			—				(2	)			—				—
Superman Holdings, LLC		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		08/29/2031			4,713				4,703				4,678				1.53
Superman Holdings, LLC		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		08/29/2031			865				859				859				0.28
Superman Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		08/29/2031			—				(2	)			(3	)			—
																				12,317				12,255				4.00
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (8)			First Lien Debt		S +		6.00% (incl. 2.50% PIK)		9.67%		02/03/2031			5,920				5,899				5,787				1.89
PDI TA Holdings, Inc.		(6) (8) (16)			First Lien Debt		S +		6.00% (incl. 2.50% PIK)		9.67%		02/03/2031			213				211				208				0.07
																				6,110				5,995				1.96
Containers & Packaging
Altium Packaging, LLC					First Lien Debt		S +		2.50%		6.17%		06/11/2031			1,492				1,439				1,436				0.47
Berlin Packaging, LLC					First Lien Debt		S +		3.25%		6.92%		06/07/2031			1,493				1,496				1,435				0.47
BP Purchaser, LLC		(6) (8)			First Lien Debt		S +		7.50% (incl. 1.00% PIK)		11.44%		12/11/2028			1,951				1,935				1,529				0.50
																				4,870				4,400				1.43
Diversified Consumer Services
Any Hour, LLC		(6) (9)			First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.45%		05/23/2030			2,354				2,328				2,112				0.69
Any Hour, LLC		(6) (9)			First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.45%		05/23/2030			67				66				60				0.02
Any Hour, LLC		(6) (9) (16)			First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.45%		05/23/2030			318				314				282				0.09
Any Hour, LLC		(6) (9)			Other Debt				13.00% PIK		13.00%		05/23/2031			749				739				667				0.22
DA Blocker Corp.		(6) (8) (11)			First Lien Debt		S +		4.75%		8.45%		02/10/2032			2,116				2,098				2,074				0.68
DA Blocker Corp.		(6) (8) (11) (16)			First Lien Debt		S +		4.75%		8.45%		02/10/2032			—				(3	)			(13	)			—

 

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
DA Blocker Corp.		(6) (8) (11) (16)			First Lien Debt		S +		4.75%		8.45%		02/10/2032			9				7				4				0.00
Eclipse Buyer, Inc.		(6) (9)			First Lien Debt		S +		4.50%		8.18%		09/08/2031			943				935				936				0.31
Eclipse Buyer, Inc.		(6) (9) (16)			First Lien Debt		S +		4.50%		8.18%		09/08/2031			—				(1	)			(1	)			—
Eclipse Buyer, Inc.		(6) (9) (16)			First Lien Debt		S +		4.50%		8.18%		09/08/2031			—				(1	)			(1	)			—
Essential Services Holding Corporation		(6) (8)			First Lien Debt		S +		5.50% (incl. 2.75% PIK)		9.17%		06/17/2031			9,850				9,771				9,663				3.15
Essential Services Holding Corporation		(6) (8) (16)			First Lien Debt		S +		5.50% (incl. 2.75% PIK)		9.17%		06/17/2031			—				—				(2	)			—
Essential Services Holding Corporation		(6) (8) (16)			First Lien Debt		S +		5.50% (incl. 2.75% PIK)		9.17%		06/17/2030			23				23				22				0.01
EVDR Purchaser, Inc.		(6) (8)			First Lien Debt		S +		4.75%		8.42%		02/14/2031			3,769				3,730				3,758				1.23
EVDR Purchaser, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		02/14/2031			—				(4	)			(2	)			—
EVDR Purchaser, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		02/14/2031			112				107				111				0.04
GarageCo Intermediate II, LLC		(6) (8)			First Lien Debt		S +		4.25%		7.91%		08/02/2032			773				766				761				0.25
GarageCo Intermediate II, LLC		(6) (8) (16)			First Lien Debt		S +		4.25%		7.91%		08/02/2032			—				(5	)			(17	)			(0.01	)
GarageCo Intermediate II, LLC		(6) (8) (16)			First Lien Debt		S +		4.25%		7.91%		08/02/2032			—				(3	)			(5	)			—
Kodiak Buyer, LLC		(6) (8)			First Lien Debt		S +		4.25%		7.95%		07/26/2032			1,534				1,520				1,531				0.50
Kodiak Buyer, LLC		(6) (8) (16)			First Lien Debt		S +		4.25%		7.95%		07/26/2032			—				(2	)			(1	)			—
Kodiak Buyer, LLC		(6) (8) (16)			First Lien Debt		S +		4.25%		7.95%		07/23/2032			—				(4	)			(1	)			—
LHS Borrower, LLC		(6) (8) (10)			First Lien Debt		S +		5.25%		8.92%		09/04/2031			3,821				3,768				3,754				1.22
LHS Borrower, LLC		(6) (8) (16)			First Lien Debt		S +		5.25%		8.92%		09/04/2031			76				72				71				0.02
Vertex Service Partners, LLC		(6) (8)			First Lien Debt		S +		6.00%		9.70%		11/08/2030			314				308				308				0.10
Vertex Service Partners, LLC		(6) (8) (16)			First Lien Debt		S +		6.00%		9.70%		11/08/2030			805				789				770				0.25
Vertex Service Partners, LLC		(6) (8) (16)			First Lien Debt		S +		6.00%		9.70%		11/08/2030			62				61				61				0.02
																				27,379				26,902				8.77
Electrical Equipment
Accel International Holdings, Inc.		(6) (9)			First Lien Debt		S +		4.50%		8.17%		04/26/2032			2,514				2,502				2,514				0.82
Accel International Holdings, Inc.		(6) (9) (16)			First Lien Debt		S +		4.50%		8.17%		04/26/2032			—				(2	)			—				—
Kohler Energy Co, LLC					First Lien Debt		S +		3.00%		6.70%		05/01/2031			2,418				2,442				2,412				0.79
Spark Buyer, LLC		(6) (8)			First Lien Debt		S +		5.25%		8.90%		10/15/2031			771				762				706				0.23
Spark Buyer, LLC		(6) (8) (16)			First Lien Debt		S +		5.25%		8.90%		10/15/2031			—				(2	)			(27	)			(0.01	)
Spark Buyer, LLC		(6) (8) (16)			First Lien Debt		S +		5.25%		8.90%		10/15/2031			70				69				57				0.02
																				5,771				5,662				1.85
Electronic Equipment, Instruments & Components
Chamberlain Group, Inc.					First Lien Debt		S +		2.75%		6.42%		09/08/2032			985				989				975				0.32
Magneto Components Buyco, LLC		(6) (8)			First Lien Debt		S +		6.00%		9.70%		12/05/2030			2,571				2,525				2,571				0.84
Magneto Components Buyco, LLC		(6) (8) (16)			First Lien Debt		S +		6.00%		9.70%		12/05/2029			—				(7	)			—				—
NDT Global Holding, Inc.		(6) (9) (10) (11)			First Lien Debt		S +		4.50%		8.17%		06/04/2032			3,117				3,089				3,070				1.00
NDT Global Holding, Inc.		(6) (9) (11) (16)			First Lien Debt		S +		4.50%		8.17%		06/04/2032			611				601				590				0.19

 

10

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
NDT Global Holding, Inc.		(6) (9) (11) (16)			First Lien Debt		S +		4.50%		8.17%		06/04/2032			35				29				24				0.01
NSI Holdings, Inc.		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		11/17/2031			3,725				3,693				3,725				1.21
NSI Holdings, Inc.		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		11/17/2031			—				(3	)			—				—
NSI Holdings, Inc.		(6) (8) (16)			First Lien Debt		P +		3.75%		10.50%		11/17/2031			—				(6	)			—				—
Pamlico Avant Holdings, LP		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		12/31/2032			4,845				4,797				4,772				1.56
Pamlico Avant Holdings, LP		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		12/31/2032			—				(6	)			(10	)			—
																				15,701				15,717				5.13
Entertainment
Pretzel Parent, Inc.					First Lien Debt		S +		4.50%		8.17%		10/01/2031			995				995				960				0.31
Varsity Brands, Inc.					First Lien Debt		S +		2.75%		6.45%		08/26/2031			993				996				987				0.32
																				1,991				1,947				0.63
Financial Services
BCTO Bluebill Midco, Inc.		(6) (8)			First Lien Debt		S +		4.50%		8.17%		07/30/2032			4,889				4,844				4,791				1.56
BCTO Bluebill Midco, Inc.		(6) (8) (16)			First Lien Debt		S +		4.50%		8.17%		07/30/2032			—				(6	)			(12	)			—
Cerity Partners, LLC		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		07/28/2031			802				802				802				0.26
Cerity Partners, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		07/28/2031			—				(2	)			—				—
Cerity Partners, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		07/28/2031			28				28				28				0.01
Cliffwater, LLC		(6) (8) (10)			First Lien Debt		S +		4.75%		8.42%		04/22/2032			5,425				5,377				5,344				1.74
Cliffwater, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		04/22/2032			—				(5	)			(8	)			—
GC Waves Holdings, Inc.		(6) (8) (10)			First Lien Debt		S +		4.50%		8.17%		10/04/2030			1,920				1,920				1,915				0.62
GC Waves Holdings, Inc.		(6) (8) (16)			First Lien Debt		S +		4.50%		8.17%		10/04/2030			1,622				1,607				1,609				0.52
MAI Capital Management Intermediate, LLC		(6) (8)			First Lien Debt		S +		4.75%		8.45%		08/29/2031			1,536				1,524				1,506				0.49
MAI Capital Management Intermediate, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		08/29/2031			1,401				1,389				1,369				0.45
MAI Capital Management Intermediate, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		08/29/2031			150				147				142				0.05
PMA Parent Holdings, LLC		(6) (8) (10)			First Lien Debt		S +		4.75%		8.45%		01/31/2031			3,028				2,994				2,991				0.98
PMA Parent Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		01/31/2031			—				(3	)			(3	)			—
Synechron, Inc.					First Lien Debt		S +		3.75%		7.45%		10/03/2031			1,990				1,957				1,818				0.59
Trintech, Inc.		(6) (8) (10)			First Lien Debt		S +		4.75%		8.42%		01/28/2033			3,763				3,726				3,726				1.22
Trintech, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		01/28/2033			—				(3	)			(3	)			—
Trintech, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		01/28/2033			—				(5	)			(5	)			—
																				26,291				26,010				8.48
Food Products
Golden State Food, LLC					First Lien Debt		S +		3.50%		7.20%		12/04/2031			997				1,005				997				0.33
Ground Transportation
eShipping, LLC		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		12/23/2032			2,848				2,834				2,819				0.92
eShipping, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		12/23/2032			—				(3	)			(11	)			—
eShipping, LLC		(6) (8) (16)			First Lien Debt		P +		3.50%		10.25%		12/23/2032			34				31				28				0.01
SV Newco 2, Inc.		(6) (8) (11)			First Lien Debt		S +		4.75%		8.45%		06/02/2031			5,540				5,516				5,531				1.80
SV Newco 2, Inc.		(6) (8) (11)			First Lien Debt		S +		4.75%		8.45%		06/02/2031			1,936				1,910				1,925				0.63
SV Newco 2, Inc.		(6) (8) (11) (16)			First Lien Debt		S +		4.75%		8.45%		06/02/2031			60				54				59				0.02
																				10,342				10,351				3.38

 

11

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Health Care Equipment & Supplies
Journey Personal Care Corp.		(8)			First Lien Debt		S +		3.75%		7.42%		03/01/2028			1,977				1,955				1,896				0.62
Medline Borrower, LP		(9)			First Lien Debt		S +		1.75%		5.42%		10/23/2030			980				984				981				0.32
PerkinElmer U.S., LLC		(6) (7)			First Lien Debt		S +		4.75%		8.43%		03/13/2029			621				618				616				0.20
PerkinElmer U.S., LLC		(6) (7) (16)			First Lien Debt		S +		4.75%		8.43%		03/13/2029			—				(3	)			(8	)			—
Tidi Legacy Products, Inc.		(6) (7) (10)			First Lien Debt		S +		4.50%		8.17%		12/19/2029			4,308				4,290				4,308				1.40
Tidi Legacy Products, Inc.		(6) (7)			First Lien Debt		S +		4.50%		8.17%		12/19/2029			360				355				360				0.12
Tidi Legacy Products, Inc.		(6) (7) (16)			First Lien Debt		S +		4.50%		8.17%		12/19/2029			—				(3	)			—				—
YI, LLC		(6) (7) (10)			First Lien Debt		S +		5.75%		9.43%		12/03/2029			1,673				1,650				1,671				0.54
YI, LLC		(6) (7) (16)			First Lien Debt		S +		5.75%		9.43%		12/03/2029			—				(3	)			—				—
																				9,843				9,824				3.20
Health Care Providers & Services
Blue River PetCare, LLC		(6) (10)			First Lien Debt		S +		5.00%		8.67%		08/01/2029			271				271				271				0.09
Blue River PetCare, LLC		(6) (16)			First Lien Debt		S +		5.00%		8.67%		08/01/2029			—				(2	)			(2	)			—
Blue River PetCare, LLC		(6) (16)			First Lien Debt		S +		5.00%		8.67%		08/01/2029			13				12				12				0.00
DCA Investment Holdings, LLC		(6) (8) (13)			First Lien Debt		S +		6.50%		12.08%		04/03/2028			2,023				2,001				1,631				0.53
Gateway US Holdings, Inc.		(6) (8) (11)			First Lien Debt		S +		4.75%		8.45%		09/22/2028			1,397				1,382				1,390				0.45
Gateway US Holdings, Inc.		(6) (8) (11)			First Lien Debt		S +		4.75%		8.45%		09/22/2028			421				418				419				0.14
Gateway US Holdings, Inc.		(6) (8) (11) (16)			First Lien Debt		S +		4.75%		8.45%		09/22/2028			—				(1	)			—				—
Heartland Dental, LLC					First Lien Debt		S +		3.75%		7.42%		08/25/2032			1,492				1,501				1,488				0.49
iCIMS, Inc.		(6) (8)			First Lien Debt		S +		5.75%		9.42%		08/18/2028			949				945				924				0.30
iCIMS, Inc.		(6) (8) (16)			First Lien Debt		S +		5.75%		9.42%		08/18/2028			12				11				10				0.00
Imagine 360, LLC		(6) (8) (10)			First Lien Debt		S +		4.75%		8.45%		10/02/2028			3,201				3,180				3,201				1.04
Imagine 360, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		10/02/2028			—				(1	)			—				—
Imagine 360, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		10/02/2028			—				(2	)			—				—
Invictus Buyer, LLC		(6) (8)			First Lien Debt		S +		4.50%		8.20%		06/03/2031			1,596				1,583				1,592				0.52
Invictus Buyer, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		06/03/2031			—				(2	)			(2	)			—
Invictus Buyer, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		06/03/2031			—				(2	)			(1	)			—
Merative, LP		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		09/30/2032			8,215				8,176				8,174				2.67
Merative, LP		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		09/30/2032			—				(2	)			(5	)			—
Merative, LP		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		09/30/2032			—				(4	)			(4	)			—
mPulse Mobile, Inc.		(6) (8)			First Lien Debt		S +		4.75%		8.45%		02/25/2033			4,834				4,789				4,701				1.53
mPulse Mobile, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		02/25/2033			—				(2	)			(13	)			—
mPulse Mobile, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		02/25/2033			—				(6	)			(19	)			(0.01	)
PPV Intermediate Holdings, LLC		(6) (8)			First Lien Debt		S +		5.75%		9.42%		08/31/2029			660				657				648				0.21
Stepping Stones Healthcare Services, LLC		(6) (8) (10)			First Lien Debt		S +		4.75%		8.45%		01/05/2033			1,345				1,339				1,339				0.44
Stepping Stones Healthcare Services, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		01/05/2033			—				(4	)			—				—
Stepping Stones Healthcare Services, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		01/05/2033			—				(2	)			(2	)			—
TA Polaris Buyer, Inc.		(6) (9)			First Lien Debt		S +		4.50%		8.18%		12/12/2032			6,973				6,939				6,871				2.24
TA Polaris Buyer, Inc.		(6) (9) (16)			First Lien Debt		S +		4.50%		8.18%		12/12/2032			901				891				858				0.28
TA Polaris Buyer, Inc.		(6) (9) (16)			First Lien Debt		S +		4.50%		8.18%		12/12/2032			—				(4	)			(13	)			—
U.S. Anesthesia Partners, Inc.		(9)			First Lien Debt		S +		4.00%		7.78%		10/01/2028			1,492				1,497				1,491				0.49
																				35,558				34,959				11.40

 

12

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Health Care Technology
Athenahealth, Inc.		(9)			First Lien Debt		S +		2.75%		6.42%		02/15/2029			982				982				963				0.31
Cotiviti Corporation					First Lien Debt		S +		2.75%		6.42%		05/01/2031			980				984				901				0.29
Hyland Software, Inc.		(6) (8)			First Lien Debt		S +		5.00%		8.70%		09/19/2030			2,796				2,769				2,793				0.91
Hyland Software, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00%		8.70%		09/19/2029			—				(1	)			—				—
Imprivata, Inc.		(9)			First Lien Debt		S +		3.00%		6.70%		12/01/2027			491				494				486				0.16
																				5,228				5,143				1.68
Household Durables
PHRG Intermediate, LLC					First Lien Debt		S +		4.00%		7.70%		02/20/2032			995				963				985				0.32
Household Products
Kronos Acquisition Holdings, Inc.					First Lien Debt		S +		4.00%		7.70%		07/08/2031			982				979				595				0.19
Industrial Conglomerates
Aptean, Inc.		(6) (8)			First Lien Debt		S +		4.75%		8.42%		01/30/2031			4,242				4,222				4,242				1.38
Aptean, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		01/30/2031			—				(3	)			—				—
Aptean, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		01/30/2031			57				56				57				0.02
Goose Borrower, LP		(6) (8) (10)			First Lien Debt		S +		4.75%		8.42%		03/02/2033			6,184				6,122				6,123				2.00
Goose Borrower, LP		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		03/02/2033			—				(11	)			(11	)			—
Raptor Merger Sub Debt, LLC		(6) (8)			First Lien Debt		S +		5.50%		9.20%		04/01/2030			3,374				3,374				3,374				1.10
Raptor Merger Sub Debt, LLC		(6) (8)			First Lien Debt		S +		5.50%		9.20%		04/01/2030			1,045				1,045				1,045				0.34
Raptor Merger Sub Debt, LLC		(6) (8) (16)			First Lien Debt		S +		5.50%		9.20%		04/01/2030			129				129				129				0.04
																				14,934				14,959				4.88
Insurance Services
Alliant Holdings Intermediate, LLC					First Lien Debt		S +		2.50%		6.17%		09/19/2031			983				987				974				0.32
Amerilife Holdings, LLC		(6) (8)			First Lien Debt		S +		5.00%		8.67%		08/31/2029			4,282				4,274				4,239				1.38
Amerilife Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		08/31/2029			—				(1	)			(6	)			—
Amerilife Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		08/31/2028			54				53				51				0.02
Fetch, Inc.		(6) (8) (10)			First Lien Debt		S +		4.75%		8.45%		03/31/2033			1,700				1,683				1,683				0.55
Fetch, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		03/31/2033			—				(2	)			(2	)			—
Fetch, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		03/31/2033			—				(3	)			(3	)			—
Foundation Risk Partners Corp.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		10/29/2030			1,397				1,390				1,397				0.46
Foundation Risk Partners Corp.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		10/29/2029			38				36				38				0.01
Galway Borrower, LLC		(6) (8)			First Lien Debt		S +		4.50%		8.20%		09/29/2028			364				360				358				0.12
Galway Borrower, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		09/29/2028			603				596				591				0.19
Higginbotham Insurance Agency, Inc.		(6) (7) (10)			First Lien Debt		S +		4.50%		8.17%		06/11/2031			5,399				5,388				5,399				1.76
Higginbotham Insurance Agency, Inc.		(6) (7) (16)			First Lien Debt		S +		4.50%		8.17%		06/11/2031			—				(2	)			—				—
High Street Buyer, Inc.		(6) (8)			First Lien Debt		S +		4.50%		8.20%		04/14/2028			898				887				895				0.29
HUB International Limited		(8)			First Lien Debt		S +		2.25%		5.92%		06/20/2030			419				422				418				0.14
Inszone Mid, LLC		(6) (7)			First Lien Debt		S +		5.25%		8.95%		11/30/2029			918				906				911				0.30
Inszone Mid, LLC		(6) (7) (16)			First Lien Debt		S +		5.25%		8.95%		11/30/2029			1,135				1,106				1,103				0.36
Inszone Mid, LLC		(6) (7) (16)			First Lien Debt		S +		5.25%		8.95%		11/30/2029			—				(3	)			(2	)			—
Integrity Marketing Acquisition, LLC		(6) (8)			First Lien Debt		S +		5.00%		8.67%		08/25/2028			4,878				4,878				4,878				1.59

 

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Integrity Marketing Acquisition, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		08/25/2028			—				—				—				—
Iris Specialty Acquisiton, LLC		(6) (9) (10)			First Lien Debt		S +		4.50%		8.20%		11/22/2032			7,062				7,028				7,009				2.29
Iris Specialty Acquisiton, LLC		(6) (9) (16)			First Lien Debt		S +		4.50%		8.20%		11/22/2032			—				(3	)			(9	)			—
Iris Specialty Acquisiton, LLC		(6) (9) (16)			First Lien Debt		S +		4.50%		8.20%		11/22/2032			238				233				230				0.08
Majesco, Inc.		(6) (9) (10)			First Lien Debt		S +		4.50%		8.20%		01/07/2033			4,983				4,971				4,971				1.62
Majesco, Inc.		(6) (9) (16)			First Lien Debt		S +		4.50%		8.20%		01/07/2033			—				(1	)			(1	)			—
One, Inc. Software Corporation		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		12/06/2032			5,105				5,056				5,029				1.64
One, Inc. Software Corporation		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		12/06/2032			—				(5	)			(15	)			—
One, Inc. Software Corporation		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		12/06/2032			—				(4	)			(6	)			—
Patriot Growth Insurance Services, LLC		(6) (8)			First Lien Debt		S +		5.00%		8.85%		10/16/2028			6,718				6,711				6,717				2.19
USI, Inc.					First Lien Debt		S +		2.25%		5.95%		09/29/2030			980				984				976				0.32
World Insurance Associates, LLC		(6) (7)			First Lien Debt		S +		5.00%		8.70%		04/03/2030			6,400				6,378				6,381				2.08
																				54,303				54,204				17.68
Interactive Media & Services
Aragorn Parent Corporation					First Lien Debt		S +		3.50%		7.17%		12/15/2028			987				994				986				0.32
FMG Suite Holdings, LLC		(6) (8)			First Lien Debt		S +		4.75%		8.42%		09/09/2032			3,482				3,449				3,430				1.12
FMG Suite Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		09/09/2032			—				(4	)			(14	)			—
FMG Suite Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		09/09/2032			—				(5	)			(9	)			—
																				4,434				4,393				1.43
IT Services
Apollo Acquisition, Inc.		(6) (8) (10)			First Lien Debt		S +		5.00%		8.67%		12/30/2031			5,366				5,319				5,292				1.73
Apollo Acquisition, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		12/30/2031			12				5				(12	)			—
Apollo Acquisition, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		12/30/2030			—				(6	)			(11	)			—
Asurion, LLC					First Lien Debt		S +		4.25%		7.92%		09/19/2030			1,977				1,972				1,955				0.64
Bridgepointe Technologies, LLC		(6) (7) (16)			First Lien Debt		S +		5.00%		8.70%		12/31/2027			3,001				2,971				3,001				0.98
Catalis Intermediate, Inc.		(6) (8)			First Lien Debt		S +		5.50%		9.35%		08/04/2027			2,046				2,046				2,020				0.66
Catalis Intermediate, Inc.		(6) (8)			First Lien Debt		S +		5.50%		9.35%		08/04/2027			673				673				665				0.22
Catalis Intermediate, Inc.		(6) (8) (16)			First Lien Debt		S +		5.50%		9.35%		08/04/2027			30				30				27				0.01
Cyber US Bidco, LLC		(6) (8) (10)			First Lien Debt		S +		5.00%		8.70%		12/30/2032			4,054				4,015				3,983				1.30
Cyber US Bidco, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.70%		12/30/2032			—				(4	)			(14	)			—
Cyber US Bidco, LLC		(6) (8) (11) (16)			First Lien Debt		S +		5.00%		8.70%		12/30/2032			—				(4	)			(6	)			—
GI DI Cornfield Acquisition, LLC		(6) (10)			First Lien Debt		S +		4.50%		8.27%		03/09/2029			3,880				3,846				3,868				1.26
GI DI Cornfield Acquisition, LLC		(6) (10)			First Lien Debt		S +		4.50%		8.27%		03/09/2029			2,000				1,992				1,994				0.65
NAB Holdings, LLC		(9)			First Lien Debt		S +		2.50%		6.20%		11/23/2028			1,990				1,940				1,815				0.59
Redwood Services Group, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.70%		06/15/2029			—				(5	)			(5	)			—
Ridge Trail US Bidco, Inc.		(6) (8) (11)			First Lien Debt		S +		4.50%		8.20%		09/30/2031			4,864				4,822				4,864				1.59
Ridge Trail US Bidco, Inc.		(6) (8) (11) (16)			First Lien Debt		S +		4.50%		8.20%		09/30/2031			40				33				40				0.01
Ridge Trail US Bidco, Inc.		(6) (8) (11) (16)			First Lien Debt		S +		4.50%		8.20%		03/31/2031			106				102				106				0.03
Sedgwick Claims Management Services, Inc.					First Lien Debt		S +		2.50%		6.17%		07/31/2031			983				987				963				0.31
Thrive Buyer, Inc. (Thrive Networks)		(6) (8)			First Lien Debt		S +		5.00% (incl 2.50% PIK)		8.70%		02/02/2032			4,412				4,374				4,379				1.43

 

14

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (16)				First Lien Debt		S +		5.00% (incl 2.50% PIK)		8.70%		02/02/2032			1,013				1,001				1,001				0.33
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (16)				First Lien Debt		S +		4.50%		8.70%		02/02/2032			183				178				179				0.06
																					36,287				36,104				11.77
Leisure Products
Recess Holdings, Inc.		(7)				First Lien Debt		S +		3.75%		7.42%		02/20/2030			983				991				984				0.32
Life Sciences Tools & Services
Model N, Inc.		(6) (8)				First Lien Debt		S +		4.75%		8.45%		06/27/2031			6,745				6,691				6,684				2.18
Model N, Inc.		(6) (8) (16)				First Lien Debt		S +		4.75%		8.45%		06/27/2031			—				—				(1	)			—
Model N, Inc.		(6) (8) (16)				First Lien Debt		S +		4.75%		8.45%		06/27/2031			—				(1	)			—				—
																					6,690				6,683				2.18
Machinery
AI Aqua Merger Sub, Inc.		(9)				First Lien Debt		S +		2.75%		6.29%		07/31/2028			494				495				492				0.16
Chase Intermediate, LLC		(6) (8) (16)				First Lien Debt		S +		4.75%		8.42%		10/30/2028			701				694				686				0.22
Chase Intermediate, LLC		(6) (8) (16)				First Lien Debt		S +		4.75%		8.42%		10/30/2028			13				13				13				0.00
Cleanova US Holdings, LLC						First Lien Debt		S +		4.75%		8.43%		06/14/2032			995				1,000				992				0.32
CPM Holdings, Inc.			(9	)		First Lien Debt		S +		4.50%		8.17%		09/28/2028			1,982				1,983				1,982				0.65
Icebox Holdco III, Inc.		(9)				First Lien Debt		S +		3.25%		6.95%		12/22/2031			492				497				492				0.16
TK Elevator US Newco, Inc.		(9)				First Lien Debt		S +		2.75%		6.38%		04/30/2030			983				989				984				0.32
																					5,671				5,641				1.84
Multi-Utilities
Vessco Midco Holdings, LLC		(6) (8)				First Lien Debt		S +		4.50%		8.23%		07/24/2031			1,268				1,262				1,256				0.41
Vessco Midco Holdings, LLC		(6) (8) (16)				First Lien Debt		S +		4.50%		8.23%		07/24/2031			—				(3	)			(12	)			—
																					1,259				1,244				0.41
Pharmaceuticals
Real Chemistry Intermediate III, Inc.		(6) (9)				First Lien Debt		S +		4.50%		8.20%		04/12/2032			2,115				2,106				2,083				0.68
Real Chemistry Intermediate III, Inc.		(6) (9) (16)				First Lien Debt		S +		4.50%		8.20%		04/12/2032			630				626				616				0.20
Real Chemistry Intermediate III, Inc.		(6) (9) (16)				First Lien Debt		S +		4.50%		8.20%		04/12/2032			—				(2	)			(7	)			—
Specialty Pharma III, Inc.		(6) (9) (10)				First Lien Debt		S +		4.75%		8.44%		12/23/2032			3,706				3,688				3,669				1.20
Specialty Pharma III, Inc.		(6) (9) (16)				First Lien Debt		S +		4.75%		8.44%		12/23/2032			60				57				55				0.02
																					6,475				6,416				2.09
Professional Services
Accordion Partners, LLC		(6) (8) (10)				First Lien Debt		S +		5.00%		8.68%		11/17/2031			6,913				6,861				6,885				2.25
Accordion Partners, LLC		(6) (8) (16)				First Lien Debt		S +		5.00%		8.68%		11/17/2031			1,166				1,156				1,159				0.38
Accordion Partners, LLC		(6) (8) (16)				First Lien Debt		S +		5.00%		8.68%		11/17/2031			—				(6	)			(3	)			—
Ascend Partner Services, LLC		(6) (8) (10)				First Lien Debt		S +		4.50%		8.13%		08/11/2031			1,935				1,919				1,906				0.62
Ascend Partner Services, LLC		(6) (8) (16)				First Lien Debt		S +		4.50%		8.13%		08/11/2031			3,853				3,818				3,788				1.24
Ascend Partner Services, LLC		(6) (8) (16)				First Lien Debt		S +		4.50%		8.13%		08/11/2031			269				264				259				0.08
Bullhorn, Inc.		(6) (7)				First Lien Debt		S +		5.00%		8.67%		10/01/2029			1,047				1,040				1,042				0.34
Bullhorn, Inc.		(6) (7) (16)				First Lien Debt		S +		5.00%		8.67%		10/01/2029			424				422				423				0.14
Bullhorn, Inc.		(6) (7) (16)				First Lien Debt		S +		5.00%		8.67%		10/01/2029			10				10				10				0.00
Carr, Riggs and Ingram Capital, LLC		(6) (9)				First Lien Debt		S +		4.25%		7.94%		11/18/2031			3,416				3,386				3,390				1.11

 

15

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Carr, Riggs and Ingram Capital, LLC		(6) (9) (16)			First Lien Debt		S +		4.25%		7.94%		11/18/2031			566				558				553				0.18
Carr, Riggs and Ingram Capital, LLC		(6) (9) (16)			First Lien Debt		S +		4.25%		7.94%		11/18/2031			530				523				524				0.17
Deerfield Dakota Holding, LLC		(6) (8)			First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.45%		09/13/2032			12,960				12,841				12,820				4.18
Deerfield Dakota Holding, LLC		(6) (8) (16)			First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.45%		09/13/2032			240				229				227				0.07
GPS Merger Sub, LLC		(6) (7) (10)			First Lien Debt		S +		5.25%		8.92%		10/02/2029			1,834				1,813				1,819				0.59
GPS Merger Sub, LLC		(6) (7) (16)			First Lien Debt		S +		5.25%		8.92%		10/02/2029			84				81				81				0.03
GPS Merger Sub, LLC		(6) (7) (16)			First Lien Debt		S +		5.25%		8.92%		10/02/2029			—				(4	)			(3	)			—
IG Investment Holdings, LLC		(6) (8) (10)			First Lien Debt		S +		5.00%		8.67%		09/22/2028			4,438				4,408				4,427				1.44
IG Investment Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		09/22/2028			—				(3	)			(1	)			—
KENG Acquisition, Inc.		(6) (7)			First Lien Debt		S +		4.50%		8.17%		08/01/2029			283				278				279				0.09
KENG Acquisition, Inc.		(6) (7)			First Lien Debt		S +		4.50%		8.17%		08/01/2029			216				213				213				0.07
KENG Acquisition, Inc.		(6) (7) (16)			First Lien Debt		S +		4.50%		8.17%		08/01/2029			—				(1	)			(2	)			—
UHY Advisors, Inc.		(6) (8) (10)			First Lien Debt		S +		4.75%		8.42%		11/21/2031			2,186				2,167				2,180				0.71
UHY Advisors, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		11/21/2031			342				332				337				0.11
UHY Advisors, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.42%		11/21/2031			299				294				297				0.10
Verdantas, LLC		(6) (8) (10)			First Lien Debt		S +		4.75%		8.45%		05/06/2031			5,070				5,039				5,025				1.64
Verdantas, LLC		(6) (8)			First Lien Debt		S +		4.75%		8.45%		05/06/2031			114				112				113				0.04
Verdantas, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		05/06/2030			70				67				68				0.02
WIPFLI Advisory, LLC		(6) (8)			First Lien Debt		S +		4.50%		8.16%		10/01/2032			2,769				2,756				2,741				0.89
WIPFLI Advisory, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.16%		10/01/2032			—				(2	)			(10	)			—
WIPFLI Advisory, LLC		(6) (8) (16)			First Lien Debt		S +		4.50%		8.16%		10/01/2032			—				(3	)			(7	)			—
																				50,568				50,540				16.48
Real Estate Management & Development
Associations, Inc.		(6) (7)			First Lien Debt		S +		6.50%		10.43%		07/03/2028			861				860				861				0.28
Associations, Inc.		(6) (7) (16)			First Lien Debt		S +		6.50%		10.43%		07/03/2028			32				32				32				0.01
Associations, Inc.		(6) (7) (16)			First Lien Debt		S +		6.50%		10.43%		07/03/2028			—				—				—				—
Inhabitiq, Inc.		(6) (8)			First Lien Debt		S +		4.50%		8.17%		01/12/2032			4,103				4,085				4,103				1.34
Inhabitiq, Inc.		(6) (8) (16)			First Lien Debt		S +		4.50%		8.17%		01/12/2032			—				(2	)			—				—
Inhabitiq, Inc.		(6) (8) (16)			First Lien Debt		S +		4.50%		8.17%		01/12/2032			—				(3	)			—				—
Metropolis Technologies, Inc.					First Lien Debt		S +		5.25%		8.98%		11/03/2032			998				993				984				0.32
MRI Software, LLC		(6) (7)			First Lien Debt		S +		4.75%		8.45%		02/10/2028			7,509				7,519				7,475				2.44
MRI Software, LLC		(6) (7)			First Lien Debt		S +		4.75%		8.45%		02/10/2028			719				714				711				0.23
MRI Software, LLC		(6) (7) (16)			First Lien Debt		S +		4.75%		8.45%		02/10/2028			103				102				101				0.03
																				14,300				14,267				4.65
Software
Apryse Software Corp.		(6) (9) (10)			First Lien Debt		S +		4.75%		8.46%		06/28/2032			6,003				5,948				5,892				1.92
Apryse Software Corp.		(6) (9) (16)			First Lien Debt		S +		4.75%		8.46%		06/28/2032			—				(4	)			(9	)			—
Archduke Buyer, Inc.		(6) (9) (10)			First Lien Debt		S +		5.50%		9.17%		12/03/2032			3,776				3,740				3,711				1.21
Archduke Buyer, Inc.		(6) (9) (16)			First Lien Debt		S +		5.50%		9.17%		12/03/2032			—				(3	)			(5	)			—
Artifact Bidco, Inc.		(6) (9)			First Lien Debt		S +		4.15%		7.85%		07/28/2031			2,113				2,096				2,113				0.69
Artifact Bidco, Inc.		(6) (9) (16)			First Lien Debt		S +		4.15%		7.85%		07/28/2031			—				(2	)			—				—
Artifact Bidco, Inc.		(6) (9) (16)			First Lien Debt		S +		4.15%		7.85%		07/26/2030			—				(3	)			—				—

 

16

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
AuditBoard, Inc.		(6) (8) (10)			First Lien Debt		S +		4.50%		8.20%		07/14/2031			7,029				6,975				6,862				2.24
AuditBoard, Inc.		(6) (8)			First Lien Debt		S +		4.50%		8.20%		07/14/2031			1,714				1,700				1,690				0.55
AuditBoard, Inc.		(6) (8) (16)			First Lien Debt		S +		4.50%		8.20%		07/14/2031			—				(5	)			(10	)			—
Banyan Software Holdings, LLC		(6) (7) (10)			First Lien Debt		S +		5.50%		9.17%		01/02/2031			2,410				2,390				2,392				0.78
Banyan Software Holdings, LLC		(6) (7)			First Lien Debt		S +		5.50%		9.17%		01/02/2031			2,965				2,911				2,896				0.94
Banyan Software Holdings, LLC		(6) (7) (16)			First Lien Debt		S +		5.50%		9.17%		01/02/2031			35				33				33				0.01
Clover Holdings 2, LLC					First Lien Debt		S +		4.00%		7.68%		12/09/2031			1,995				2,003				1,908				0.62
Coupa Holdings, LLC		(6) (8)			First Lien Debt		S +		5.25%		8.92%		02/27/2030			2,899				2,887				2,899				0.95
Coupa Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		5.25%		8.92%		02/27/2030			—				—				—				—
Coupa Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		5.25%		8.92%		02/27/2029			—				(1	)			—				—
Diligent Corporation		(6) (8)			First Lien Debt		S +		5.00%		8.67%		08/02/2030			8,679				8,655				8,538				2.78
Diligent Corporation		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		08/02/2030			—				(3	)			(23	)			(0.01	)
Diligent Corporation		(6) (8) (16)			First Lien Debt		S +		5.00%		8.67%		08/02/2030			204				202				189				0.06
Drake Software, LLC					First Lien Debt		S +		4.25%		7.95%		06/26/2031			995				976				931				0.30
E-Discovery AcquireCo, LLC		(6) (7) (10)			First Lien Debt		S +		6.25%		9.86%		08/29/2029			1,455				1,441				1,425				0.46
E-Discovery AcquireCo, LLC		(6) (7) (16)			First Lien Debt		S +		6.25%		9.86%		08/29/2029			51				50				49				0.02
Emburse, Inc.		(6) (8)			First Lien Debt		S +		4.25%		7.95%		05/28/2032			3,684				3,676				3,657				1.19
Emburse, Inc.		(6) (8) (16)			First Lien Debt		S +		4.25%		7.95%		05/28/2032			—				(1	)			(5	)			—
Emburse, Inc.		(6) (8) (16)			First Lien Debt		S +		4.25%		7.95%		05/28/2032			—				(1	)			(5	)			—
Epicor Software Corporation					First Lien Debt		S +		2.50%		6.17%		05/30/2031			492				494				483				0.16
Espresso Bidco, Inc.		(6) (8)			First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.45%		03/25/2032			4,425				4,369				4,337				1.41
Espresso Bidco, Inc.		(6) (8) (16)			First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.45%		03/25/2032			1,095				1,079				1,071				0.35
Espresso Bidco, Inc.		(6) (8) (16)			First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.45%		03/25/2032			—				(7	)			(11	)			—
Everbridge Holdings, LLC		(6) (8) (10)			First Lien Debt		S +		5.00%		8.66%		07/02/2031			7,752				7,721				7,752				2.53
Everbridge Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.66%		07/02/2031			41				41				41				0.01
Everbridge Holdings, LLC		(6) (8) (16)			First Lien Debt		S +		5.00%		8.66%		07/02/2031			—				—				—				—
Formstack Acquisition, Co.		(6) (7)			First Lien Debt		S +		5.25%		8.95%		03/28/2030			1,850				1,830				1,818				0.59
Formstack Acquisition, Co.		(6) (7)			First Lien Debt		S +		5.25%		8.95%		03/28/2030			181				179				178				0.06
Formstack Acquisition, Co.		(6) (7) (16)			First Lien Debt		S +		5.25%		8.95%		03/28/2030			79				75				72				0.02
Fullsteam Operations, LLC		(6) (8) (10)			First Lien Debt		S +		5.25%		8.89%		08/08/2031			4,846				4,802				4,726				1.54
Fullsteam Operations, LLC		(6) (8) (16)			First Lien Debt		S +		5.25%		8.89%		08/08/2031			—				(7	)			(40	)			(0.01	)
Fullsteam Operations, LLC		(6) (8) (16)			First Lien Debt		S +		5.25%		8.89%		08/08/2031			—				(5	)			(13	)			—
Granicus, Inc.		(6) (8)			First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.17%		01/17/2031			1,595				1,583				1,595				0.52
Granicus, Inc.		(6) (8) (16)			First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.17%		01/17/2031			2,881				2,858				2,881				0.94
Granicus, Inc.		(6) (8) (16)			First Lien Debt		P +		4.25%		11.00%		01/17/2031			—				(1	)			—				—
GS AcquisitionCo, Inc.		(6) (7)			First Lien Debt		S +		5.25%		8.95%		05/25/2028			1,553				1,549				1,538				0.50
GS AcquisitionCo, Inc.		(6) (8)			First Lien Debt		S +		5.25%		8.95%		05/25/2028			58				58				58				0.02
GS AcquisitionCo, Inc.		(6) (7) (16)			First Lien Debt		S +		5.25%		8.95%		05/25/2028			102				101				100				0.03
Hootsuite, Inc.		(6) (8) (11)			First Lien Debt		S +		5.50%		9.18%		05/22/2030			2,653				2,623				2,593				0.85

 

17

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Hootsuite, Inc.		(6) (8) (11) (16)			First Lien Debt		S +		5.50%		9.18%		05/22/2030			36				33				29				0.01
Icefall Parent, Inc.		(6) (7)			First Lien Debt		S +		4.50%		8.20%		01/25/2030			1,769				1,744				1,769				0.58
Icefall Parent, Inc.		(6) (7) (16)			First Lien Debt		S +		4.50%		8.20%		01/25/2030			—				(2	)			—				—
Jawbreaker Parent, Inc.		(6) (9) (10)			First Lien Debt		S +		4.75%		8.45%		01/31/2033			5,366				5,313				5,313				1.73
Jawbreaker Parent, Inc.		(6) (9) (16)			First Lien Debt		S +		4.75%		8.45%		01/31/2033			—				(30	)			(30	)			(0.01	)
Jawbreaker Parent, Inc.		(6) (9) (16)			First Lien Debt		S +		4.75%		8.45%		01/31/2033			—				(10	)			(10	)			—
LogRhythm, Inc.		(6) (7)			First Lien Debt		S +		7.50%		11.17%		07/02/2029			1,364				1,334				1,282				0.42
LogRhythm, Inc.		(6) (7) (16)			First Lien Debt		S +		7.50%		11.17%		07/02/2029			—				(3	)			(8	)			—
Nasuni Corporation		(6) (8)			First Lien Debt		S +		5.00%		8.70%		09/10/2030			4,138				4,089				4,072				1.33
Nasuni Corporation		(6) (8) (16)			First Lien Debt		S +		5.00%		8.70%		09/10/2030			—				(10	)			(14	)			—
OceanKey (U.S.) II Corp.		(9) (12)			First Lien Debt		S +		3.50%		7.27%		12/15/2028			1,977				1,976				1,853				0.60
Onit, Inc.		(6) (8)			First Lien Debt		S +		4.75%		8.38%		01/27/2032			7,463				7,414				7,463				2.43
Onit, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.38%		01/27/2032			—				(6	)			—				—
Onit, Inc.		(6) (8) (16)			First Lien Debt		S +		4.75%		8.38%		01/27/2032			—				(4	)			—				—
Optimizely North America, Inc.		(6) (8) (11)			First Lien Debt		S +		5.00%		8.67%		10/30/2031			3,022				2,996				2,931				0.96
Optimizely North America, Inc.		(6) (8) (11)			First Lien Debt		E +		5.25%		7.16%		10/30/2031		€	1,112				1,198				1,243				0.41
Optimizely North America, Inc.		(6) (8) (11)			First Lien Debt		SA +		5.50%		9.23%		10/30/2031		£	371				478				474				0.15
Optimizely North America, Inc.		(6) (8) (11) (16)			First Lien Debt		S +		5.00%		8.67%		10/30/2031			—				(4	)			(13	)			—
Project Alpha Intermediate Holding, Inc.		(9)			First Lien Debt		S +		3.25%		6.95%		10/26/2030			1,492				1,494				1,124				0.37
Runway Bidco, LLC		(6) (9)			First Lien Debt		S +		5.00%		8.70%		12/17/2031			5,409				5,363				5,274				1.72
Runway Bidco, LLC		(6) (9) (16)			First Lien Debt		S +		5.00%		8.70%		12/17/2031			—				(6	)			(34	)			(0.01	)
Runway Bidco, LLC		(6) (9) (16)			First Lien Debt		S +		5.00%		8.70%		12/17/2031			—				(5	)			(17	)			(0.01	)
Saturn Borrower, Inc.		(6) (7) (10)			First Lien Debt		S +		6.00%		9.70%		11/10/2028			5,186				5,129				5,075				1.66
Saturn Borrower, Inc.		(6) (7) (16)			First Lien Debt		S +		6.00%		9.70%		11/10/2028			—				(10	)			(41	)			(0.01	)
Saturn Borrower, Inc.		(6) (7) (16)			First Lien Debt		S +		6.00%		9.70%		11/10/2028			223				214				205				0.07
UKG, Inc.					First Lien Debt		S +		2.50%		6.17%		02/10/2031			493				494				470				0.15
Vanco Payment Solutions, LLC		(6) (8) (10)			First Lien Debt		S +		4.75%		8.45%		12/01/2031			3,715				3,680				3,641				1.19
Vanco Payment Solutions, LLC		(6) (8) (16)			First Lien Debt		S +		4.75%		8.45%		12/01/2031			—				(2	)			(3	)			—
Vision Solutions, Inc.		(8)			First Lien Debt		S +		4.00%		7.93%		04/24/2028			985				982				753				0.25
																				118,841				117,108				38.19
Specialty Retail
Les Schwab Tire Centers					First Lien Debt		S +		2.50%		6.17%		04/23/2031			493				494				491				0.16
Textiles, Apparel & Luxury Goods
Gloves Buyer, Inc.		(9)			First Lien Debt		S +		4.00%		7.67%		05/21/2032			1,995				1,986				1,986				0.65
Transportation Infrastructure
Jeppesen Holdings, LLC		(6) (9)			First Lien Debt		S +		4.75%		8.42%		11/01/2032			7,838				7,801				7,760				2.53
Jeppesen Holdings, LLC		(6) (9) (16)			First Lien Debt		S +		4.75%		8.42%		11/01/2032			—				(2	)			(4	)			—
KKR Apple Bidco, LLC					First Lien Debt		S +		2.50%		6.17%		09/23/2031			490				490				490				0.16
																				8,289				8,246				2.69

 

18

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (8)			First Lien Debt		S +		5.00%		8.70%		05/13/2032			4,936				4,891				4,859				1.58
CCI Buyer, Inc.		(6) (8) (16)			First Lien Debt		S +		5.00%		8.70%		05/13/2032			—				(2	)			(4	)			—
Mobile Communications America, Inc.		(6) (7)			First Lien Debt		S +		4.75%		8.40%		10/16/2029			1,001				991				1,001				0.33
Mobile Communications America, Inc.		(6) (7) (16)			First Lien Debt		S +		4.75%		8.40%		10/16/2029			374				365				374				0.12
Mobile Communications America, Inc.		(6) (7) (16)			First Lien Debt		S +		4.75%		8.40%		10/16/2029			—				(1	)			—				—
																				6,244				6,230				2.03
Total Debt Investments - non-controlled/non-affiliated																			$	600,512			$	595,268				194.12

 

 

 

19

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(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
Equity Investments - non-controlled/non-affiliated
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (14) (15)		Common Equity								01/17/2025			145,000			$	138			$	199				0.06
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (14)		Preferred Equity				12.50% PIK				09/05/2024			15				179				151				0.05
Leaf Home, LLC		(6) (14)		Preferred Equity				14.00% PIK				09/05/2025			250,000				253				323				0.11
																			432				474				0.15
Electrical Equipment
Sparkstone Electrical Group		(6) (14) (15)		Common Equity								10/15/2024			1,500				150				62				0.02
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (14) (15)		Common Equity								09/09/2025			250				—				—				—
FMG Suite Holdings, LLC		(6) (14)		Preferred Equity				8.00% PIK				09/09/2025			250				261				256				0.08
																			261				256				0.08
Professional Services
Verdantas, LLC		(6) (14) (15)		Common Equity								05/03/2024			796				1				1				0.00
Verdantas, LLC		(6) (14)		Preferred Equity				10.00% PIK				05/03/2024			78,804				95				117				0.04
																			96				118				0.04
Software
Reveal Data Solutions		(6) (14) (15)		Common Equity								08/29/2023			12,307				16				12				0.00
Total Equity Investments - non-controlled/non-affiliated																		$	1,093			$	1,121				0.37	%
Total Portfolio Investments																		$	601,605			$	596,389				194.49	%

 

(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 March 31, 2026, 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 March 31, 2026, 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 SMBC 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")), 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 March 31, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the C at 2.27%, 1-month E at 1.89%, 1-month S at 3.66%, 3-month S at 3.68%, 6-month S at 3.70%, SA at 3.73% and the P at 6.75%.

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

(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 ("£"), 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 Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(7)

Loan includes interest rate floor of 1.00%.

(8)

Loan includes interest rate floor of 0.75%.

(9)

Loan includes interest rate floor of 0.50%.

(10)

Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility. See Note 6 "Debt".

(11)

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 March 31, 2026, non-qualifying assets represented 4.62% of total assets as calculated in accordance with regulatory requirements.

(12)

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

(13)

Investment was on non-accrual status as of March 31, 2026.

(14)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities.” As of March 31, 2026, the aggregate fair value of these securities is $1,021 or 0.37% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(15)

Non-income producing security.

(16)

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 March 31, 2026:

 

21

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt
AA&D Midco, Inc.		Revolver		11/29/2030		$	710			$	(7	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026			1,284				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			78				—
Accel International Holdings, Inc.		Revolver		04/26/2032			432				—
Accordion Partners, LLC		Delayed Draw Term Loan		12/17/2027			607				(2	)
Accordion Partners, LLC		Revolver		11/17/2031			783				(3	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			651				(7	)
Amerilife Holdings, LLC		Revolver		08/31/2028			271				(3	)
Any Hour, LLC		Revolver		05/23/2030			31				(3	)
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			1,730				(24	)
Apollo Acquisition, Inc.		Revolver		12/30/2030			769				(11	)
Apryse Software Corp.		Revolver		06/28/2032			497				(9	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			709				—
Aptean, Inc.		Revolver		01/30/2031			193				—
Archduke Buyer, Inc.		Revolver		12/03/2032			274				(5	)
Arcoro Holdings Corp.		Revolver		03/28/2030			261				(6	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			517				—
Artifact Bidco, Inc.		Revolver		07/26/2030			369				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			498				(7	)
Ascend Partner Services, LLC		Revolver		08/11/2031			404				(6	)
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			35				—
Associations, Inc.		Revolver		07/03/2028			54				—
Astra Service Partners, LLC		Delayed Draw Term Loan		11/26/2027			1,184				—
AuditBoard, Inc.		Revolver		07/14/2031			686				(10	)
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			611				(12	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		10/08/2027			6,271				(47	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			226				(2	)
Blue River PetCare, LLC		Delayed Draw Term Loan		02/11/2028			701				(2	)
Blue River PetCare, LLC		Revolver		08/01/2029			115				(1	)
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			1,999				—
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			28				—
Bullhorn, Inc.		Revolver		10/01/2029			65				—
CCI Buyer, Inc.		Revolver		05/13/2032			290				(4	)
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			3,200				(24	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			216				(2	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			706				(3	)
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			471				(2	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			1,179				(9	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			270				(2	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			215				(3	)
Cerity Partners, LLC		Delayed Draw Term Loan		12/20/2027			788				—
Cerity Partners, LLC		Revolver		07/28/2031			43				—
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			149				(3	)
Chase Intermediate, LLC		Revolver		10/30/2028			22				—
Cliffwater, LLC		Revolver		04/22/2032			520				(8	)

 

22

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Computer Services, Inc.		Delayed Draw Term Loan		11/15/2027			993				(13	)
Consor Intermediate II, LLC		Delayed Draw Term Loan		11/10/2026			405				—
Consor Intermediate II, LLC		Revolver		05/12/2031			137				—
Coupa Holdings, LLC		Delayed Draw Term Loan		06/03/2027			263				—
Coupa Holdings, LLC		Revolver		02/27/2029			202				—
Cyber US Bidco, LLC		Delayed Draw Term Loan		01/02/2029			797				(14	)
Cyber US Bidco, LLC		Revolver		12/30/2032			350				(6	)
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027			661				(13	)
DA Blocker Corp.		Revolver		02/10/2032			212				(4	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			960				(10	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			1,392				(23	)
Diligent Corporation		Revolver		08/02/2030			724				(12	)
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			3,250				—
Drivecentric Holdings, LLC		Revolver		08/15/2031			588				—
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			44				(1	)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			588				(2	)
EVDR Purchaser, Inc.		Revolver		02/14/2031			241				(1	)
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			160				(1	)
Eclipse Buyer, Inc.		Revolver		09/08/2031			81				(1	)
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			658				(5	)
Emburse, Inc.		Revolver		05/28/2032			658				(5	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			96				(2	)
Espresso Bidco, Inc.		Revolver		03/25/2032			527				(11	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			92				(2	)
Essential Services Holding Corporation		Revolver		06/17/2030			35				(1	)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			65				—
Everbridge Holdings, LLC		Revolver		07/02/2031			43				—
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			943				(14	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			566				(8	)
Fetch, Inc.		Delayed Draw Term Loan		10/02/2028			500				(2	)
Fetch, Inc.		Revolver		03/31/2033			300				(3	)
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			883				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			600				—
Formstack Acquisition, Co.		Revolver		03/28/2030			296				(5	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			600				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			163				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			1,615				(40	)
Fullsteam Operations, LLC		Revolver		08/08/2031			539				(13	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/06/2027			3,445				(9	)
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/04/2027			251				(2	)
GPS Merger Sub, LLC		Revolver		10/02/2029			412				(3	)
GS AcquisitionCo, Inc.		Revolver		05/25/2028			92				(1	)
Galway Borrower, LLC		Delayed Draw Term Loan		02/07/2028			1,250				(3	)
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			1,136				(17	)
GarageCo Intermediate II, LLC		Revolver		08/02/2032			341				(5	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			54				—

 

23

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Goose Borrower, LP		Revolver		03/02/2033			1,097				(11	)
Granicus, Inc.		Delayed Draw Term Loan		07/31/2026			398				—
Granicus, Inc.		Revolver		01/17/2031			220				—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026			45				—
HSI Halo Acquisition, Inc.		Revolver		06/28/2030			60				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		12/10/2027			428				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		09/30/2026			254				—
Hootsuite, Inc.		Revolver		05/22/2030			264				(6	)
Hyland Software, Inc.		Revolver		09/19/2029			136				—
IG Investment Holdings, LLC		Revolver		09/22/2028			505				(1	)
Icefall Parent, Inc.		Revolver		01/25/2030			174				—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			458				—
Imagine 360, LLC		Revolver		10/02/2028			284				—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027			1,148				—
Inhabitiq, Inc.		Revolver		01/12/2032			718				—
Inszone Mid, LLC		Delayed Draw Term Loan		10/18/2027			3,071				(23	)
Inszone Mid, LLC		Revolver		11/30/2029			336				(3	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			48				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			675				(2	)
Invictus Buyer, LLC		Revolver		06/03/2031			250				(1	)
Iris Buyer, LLC		Revolver		10/02/2029			199				(1	)
Iris Specialty Acquisiton, LLC		Delayed Draw Term Loan		11/20/2028			1,190				(9	)
Iris Specialty Acquisiton, LLC		Revolver		11/22/2032			809				(6	)
Jawbreaker Parent, Inc.		Delayed Draw Term Loan		04/20/2026			2,566				(25	)
Jawbreaker Parent, Inc.		Delayed Draw Term Loan		01/30/2029			1,035				(5	)
Jawbreaker Parent, Inc.		Revolver		01/31/2033			1,035				(10	)
Jeppesen Holdings, LLC		Revolver		11/01/2032			392				(4	)
Jonathan Acquisition Company		Revolver		05/11/2029			393				(7	)
KENG Acquisition, Inc.		Revolver		08/01/2029			105				(2	)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			536				(1	)
Kodiak Buyer, LLC		Revolver		07/23/2032			429				(1	)
LHS Borrower, LLC		Revolver		09/04/2031			217				(4	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/17/2028			618				(4	)
LJ Avalon Holdings, LLC		Revolver		02/01/2029			443				—
LogRhythm, Inc.		Revolver		07/02/2029			136				(8	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			242				(5	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			255				(5	)
MRI Software, LLC		Delayed Draw Term Loan		10/04/2027			1,082				(5	)
MRI Software, LLC		Revolver		02/10/2028			308				(1	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			423				—
Majesco, Inc.		Revolver		01/07/2033			433				(1	)
ManTech International CP		Revolver		09/14/2028			227				—
Merative, LP		Delayed Draw Term Loan		09/30/2027			941				(5	)
Merative, LP		Revolver		09/30/2032			824				(4	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			953				—
Mobile Communications America, Inc.		Revolver		10/16/2029			165				—

 

24

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			98				(1	)
Model N, Inc.		Revolver		06/27/2031			52				—
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			780				(12	)
NDT Global Holding, Inc.		Revolver		06/04/2032			661				(10	)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			789				—
NSI Holdings, Inc.		Revolver		11/17/2031			789				—
Nasuni Corporation		Revolver		09/10/2030			862				(14	)
OEConnection, LLC		Delayed Draw Term Loan		12/26/2028			876				(20	)
OEConnection, LLC		Revolver		12/23/2032			231				(5	)
One, Inc. Software Corporation		Delayed Draw Term Loan		12/06/2027			982				(15	)
One, Inc. Software Corporation		Revolver		12/06/2032			393				(6	)
Onit, Inc.		Delayed Draw Term Loan		01/27/2027			1,528				—
Onit, Inc.		Revolver		01/27/2032			509				—
Optimizely North America, Inc.		Revolver		10/30/2031			449				(13	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			15				—
PMA Parent Holdings, LLC		Revolver		01/31/2031			245				(3	)
Pamlico Avant Holdings, LP		Revolver		12/31/2032			655				(10	)
PerkinElmer U.S., LLC		Delayed Draw Term Loan		10/25/2027			1,129				(8	)
Project Potter Buyer, LLC		Revolver		04/23/2027			150				—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			1,032				(8	)
Railpros Parent, LLC		Revolver		05/24/2032			737				(6	)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2030			422				—
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			310				(5	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			470				(7	)
Redwood Services Group, LLC		Delayed Draw Term Loan		02/11/2028			2,167				(5	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			1,141				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			287				—
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,131				(14	)
Routeware, Inc.		Revolver		09/18/2031			273				(3	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			1,358				(34	)
Runway Bidco, LLC		Revolver		12/17/2031			679				(17	)
SV Newco 2, Inc.		Delayed Draw Term Loan		03/22/2028			3,900				(7	)
SV Newco 2, Inc.		Revolver		06/02/2031			503				(1	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			1,905				(41	)
Saturn Borrower, Inc.		Revolver		11/10/2028			634				(14	)
Sonny's Enterprises, LLC		Revolver		08/05/2027			29				(1	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			313				(27	)
Spark Buyer, LLC		Revolver		10/15/2031			86				(7	)
Specialty Pharma III, Inc.		Revolver		12/23/2032			419				(4	)
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		01/05/2028			1,742				—
Stepping Stones Healthcare Services, LLC		Revolver		01/05/2033			401				(2	)
Superman Holdings, LLC		Revolver		08/29/2031			387				(3	)
TA Polaris Buyer, Inc.		Delayed Draw Term Loan		12/12/2028			2,005				(29	)
TA Polaris Buyer, Inc.		Revolver		12/12/2032			872				(13	)
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			1,790				(9	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			699				(3	)

 

25

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Table of Contents

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			518				(4	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			389				(3	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			261				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			587				(9	)
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			275				(4	)
Transit Technologies, LLC		Revolver		08/20/2030			545				(8	)
Trintech, Inc.		Delayed Draw Term Loan		01/28/2028			627				(3	)
Trintech, Inc.		Revolver		01/28/2033			470				(4	)
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			1,865				(5	)
UHY Advisors, Inc.		Revolver		11/21/2031			286				(1	)
VRC Companies, LLC		Revolver		06/29/2027			59				—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			1,125				(28	)
Vamos Bidco, Inc.		Revolver		01/30/2032			337				(8	)
Vanco Payment Solutions, LLC		Revolver		12/01/2031			175				(3	)
Vehlo Purchaser, LLC		Revolver		05/24/2028			739				(13	)
Vensure Employer Services, Inc.		Delayed Draw Term Loan		03/06/2028			170				(1	)
Verdantas, LLC		Revolver		05/06/2030			222				(2	)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			804				(17	)
Vertex Service Partners, LLC		Revolver		11/08/2030			19				—
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		05/03/2028			1,232				(12	)
WIPFLI Advisory, LLC		Delayed Draw Term Loan		04/01/2028			1,039				(10	)
WIPFLI Advisory, LLC		Revolver		10/01/2032			692				(7	)
YI, LLC		Revolver		12/03/2029			267				—
eShipping, LLC		Delayed Draw Term Loan		12/23/2027			1,075				(11	)
eShipping, LLC		Revolver		12/23/2032			504				(5	)
iCIMS, Inc.		Revolver		08/18/2028			72				(2	)
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			462				(13	)
mPulse Mobile, Inc.		Revolver		02/25/2033			692				(19	)
Total First Lien Debt Unfunded Commitments						$	138,238			$	(1,208	)

 

26

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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 - non-controlled/non-affiliated
Aerospace & Defense
GB Eagle Buyer, Inc.		(6) (7) (15)		First Lien Debt		S +		4.50%		8.35%		11/29/2030			6,858			$	6,791			$	6,791				2.26	%
GB Eagle Buyer, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.35%		11/29/2030		—					(8	)			(8	)		—
GB Eagle Buyer, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.35%		11/29/2030		—					(10	)			(10	)		—
Jonathan Acquisition Company		(6) (7) (15)		First Lien Debt		S +		4.50%		8.34%		11/12/2029			3,564				3,512				3,512				1.17
Jonathan Acquisition Company		(6) (7) (14)		First Lien Debt		S +		4.50%		8.34%		05/11/2029		—					(6	)			(6	)		—
ManTech International CP		(6) (8)		First Lien Debt		S +		4.50%		8.29%		09/14/2029			1,883				1,883				1,883				0.63
ManTech International CP		(6) (8) (14)		First Lien Debt		S +		4.50%		8.29%		09/14/2029		—				—					—			—
ManTech International CP		(6) (8) (14)		First Lien Debt		P +		3.50%		10.25%		09/14/2028		—				—					—			—
																			12,162				12,162				4.04
Automobile Components
LTI Holdings, Inc.				First Lien Debt		S +		3.75%		7.47%		07/29/2029			988				993				992				0.33
OEConnection, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.23%		12/23/2032			1,493				1,486				1,486				0.49
OEConnection, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.23%		12/23/2032		—					(2	)			(2	)		—
OEConnection, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.23%		12/23/2032		—					(1	)			(1	)		—
Sonny's Enterprises, LLC		(6) (7)		First Lien Debt		S +		5.50%		9.52%		08/05/2028			747				736				726				0.24
Sonny's Enterprises, LLC		(6) (7)		First Lien Debt		S +		5.50%		9.52%		08/05/2028			164				162				159				0.05
Sonny's Enterprises, LLC		(6) (7) (14)		First Lien Debt		S +		5.50%		9.52%		08/05/2027			58				57				54				0.02
																			3,431				3,414				1.13
Automobiles
COP Collisionright Parent, LLC		(6) (7)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			1,666				1,647				1,662				0.55
COP Collisionright Parent, LLC		(6) (7) (14)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			1,212				1,184				1,201				0.40
COP Collisionright Parent, LLC		(6) (7) (14)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			36				33				35				0.01
Drivecentric Holdings, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			7,662				7,593				7,662				2.55
Drivecentric Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.19%		08/15/2031		—					(15	)			—			—
Drivecentric Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.19%		08/15/2031		—					(5	)			—			—
Turbo Buyer, Inc.		(6) (7)		First Lien Debt		S +		6.00%		9.82%		06/02/2026			746				744				746				0.25
Turbo Buyer, Inc.		(6) (7)		First Lien Debt		S +		6.00%		9.82%		06/02/2026			1,048				1,046				1,048				0.35
Vehlo Purchaser, LLC		(6) (8) (15)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			2,628				2,609				2,611				0.87
Vehlo Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			2,728				2,705				2,728				0.91
Vehlo Purchaser, LLC		(6) (8) (14)		First Lien Debt		S +		5.50%		9.22%		05/24/2028		—					(5	)			—				—
																			17,536				17,693				5.88
Banks
Computer Services, Inc.		(6) (7) (15)		First Lien Debt		S +		4.50%		8.17%		11/17/2031			2,167				2,157				2,157				0.72
Computer Services, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.17%		11/17/2031		—					(3	)			(3	)		—
																			2,154				2,154				0.72
Beverages
Vamos Bidco, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.42%		01/30/2032			2,686				2,662				2,666				0.89
Vamos Bidco, Inc.		(6) (9) (14)		First Lien Debt		S +		4.75%		8.42%		01/30/2032		—					(5	)			(8	)		—

 

27

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
Vamos Bidco, Inc.		(6) (9) (14)		First Lien Debt		S +		4.75%		8.42%		01/30/2032		—					(3	)			(3	)		—
																			2,654				2,655				0.88
Building Products
Project Potter Buyer, LLC		(6) (7) (15)		First Lien Debt		S +		5.25%		8.92%		04/23/2027			7,391				7,388				7,391				2.46
Project Potter Buyer, LLC		(6) (7) (14)		First Lien Debt		S +		5.25%		8.92%		04/23/2027		—					—				—				—
																			7,388				7,391				2.46
Chemicals
Tank Holding Corp.		(8)		First Lien Debt		S +		6.00%		9.59%		03/31/2028			2,760				2,711				2,522				0.84
Tank Holding Corp.		(8)		First Lien Debt		S +		6.00%		9.59%		03/31/2028			231				227				211				0.07
																			2,938				2,733				0.91
Commercial Services & Supplies
Astra Service Partners, LLC		(6) (8) (15)		First Lien Debt		S +		4.50%		8.34%		11/26/2032			4,500				4,466				4,466				1.48
Astra Service Partners, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.34%		11/26/2032		—					(5	)			(5	)		—
Belfor Holdings, Inc.		(9)		First Lien Debt		S +		2.75%		6.47%		11/01/2030			927				935				931				0.31
Consor Intermediate II, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.17%		05/12/2031			1,025				1,018				1,024				0.34
Consor Intermediate II, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		05/12/2031		—					(2	)			—				—
Consor Intermediate II, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		05/12/2031			37				35				36				0.01
CRCI Longhorn Holdings, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.47%		08/27/2031			2,795				2,772				2,795				0.93
CRCI Longhorn Holdings, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.47%		08/27/2031		—					(3	)			—				—
CRCI Longhorn Holdings, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.47%		08/27/2031		—					(4	)			—				—
Firebird Acquisition Corp, Inc.		(6) (8)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032			3,454				3,439				3,454				1.15
Firebird Acquisition Corp, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.84%		02/02/2032			810				803				810				0.27
Firebird Acquisition Corp, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032		—					(3	)			—				—
Hercules Borrower, LLC		(6) (8) (15)		First Lien Debt		S +		4.75%		8.42%		12/15/2028			2,524				2,510				2,499				0.83
HSI Halo Acquisition, Inc.		(6) (8) (15)		First Lien Debt		S +		5.00%		8.84%		06/30/2031			7,376				7,314				7,346				2.44
HSI Halo Acquisition, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.84%		06/30/2031			45				44				44				0.01
HSI Halo Acquisition, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.84%		06/28/2030		—				—					—				—
Iris Buyer, LLC		(6) (7) (10) (15)		First Lien Debt		S +		5.25%		9.09%		10/02/2030			1,404				1,375				1,399				0.46
Iris Buyer, LLC		(6) (7) (10) (15)		First Lien Debt		S +		5.25%		9.09%		10/02/2030			129				126				129				0.04
Iris Buyer, LLC		(6) (7) (10) (14)		First Lien Debt		S +		5.25%		9.09%		10/02/2029		—					(3	)			—				—
LSF12 Crown US Commercial Bidco, LLC				First Lien Debt		S +		3.50%		7.37%		12/02/2031			1,948				1,962				1,958				0.65
Railpros Parent, LLC		(6) (8)		First Lien Debt		S +		4.25%		8.13%		05/24/2032			4,778				4,733				4,730				1.57
Railpros Parent, LLC		(6) (8) (14)		First Lien Debt		S +		4.25%		8.13%		05/24/2032		—					(7	)			(15	)		—
Railpros Parent, LLC		(6) (8) (14)		First Lien Debt		S +		4.25%		8.13%		05/24/2032		—					(7	)			(7	)		—
Routeware, Inc.		(6) (7)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			3,182				3,155				3,171				1.05
Routeware, Inc.		(6) (7) (14)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			193				186				188				0.06
Routeware, Inc.		(6) (7) (14)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			68				65				67				0.02
Tamarack Intermediate, LLC		(6) (8) (15)		First Lien Debt		S +		5.00%		8.90%		03/12/2029			2,223				2,218				2,218				0.74

 

28

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
Tamarack Intermediate, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.90%		03/12/2029			746				731				739				0.25
Tamarack Intermediate, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.90%		03/12/2029		—					(1	)			(2	)		—
Transit Technologies, LLC		(6) (8)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			3,770				3,737				3,759				1.25
Transit Technologies, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			319				313				317				0.11
Transit Technologies, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.59%		08/20/2030		—					(4	)			—				—
Vensure Employer Services, Inc.		(6) (9) (15)		First Lien Debt		S +		5.00%		8.70%		09/29/2031			2,438				2,418				2,438				0.81
Vensure Employer Services, Inc.		(6) (9) (14)		First Lien Debt		S +		5.00%		8.70%		09/29/2031		—					(1	)			—				—
VRC Companies, LLC		(6) (8) (15)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			7,701				7,685				7,691				2.55
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			249				247				249				0.08
VRC Companies, LLC		(6) (8) (14)		First Lien Debt		S +		5.50%		9.31%		06/29/2027		—				—					—				—
																			52,247				52,429				17.42
Construction & Engineering
Arcoro Holdings Corp.		(6) (7)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			3,198				3,172				3,143				1.04
Arcoro Holdings Corp.		(6) (7) (14)		First Lien Debt		S +		5.50%		9.17%		03/28/2030		—					(4	)			(4	)		—
LJ Avalon Holdings, LLC		(6) (7) (15)		First Lien Debt		S +		4.50%		8.46%		02/01/2030			1,265				1,265				1,265				0.42
LJ Avalon Holdings, LLC		(6) (7) (15)		First Lien Debt		S +		4.50%		8.46%		02/01/2030			772				766				772				0.26
LJ Avalon Holdings, LLC		(6) (7) (14)		First Lien Debt		S +		4.50%		8.46%		02/01/2029		—					(2	)			—				—
Superman Holdings, LLC		(6) (8) (15)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			4,725				4,714				4,725				1.57
Superman Holdings, LLC		(6) (8) (15)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			867				861				867				0.29
Superman Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		08/29/2031		—					(2	)			—				—
																			10,770				10,768				3.58
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (8)		First Lien Debt		S +		5.50%		9.34%		02/03/2031			5,910				5,888				5,820				1.93
PDI TA Holdings, Inc.		(6) (8) (14)		First Lien Debt		S +		5.50%		9.34%		02/03/2031			167				166				164				0.05
																			6,054				5,984				1.99
Containers & Packaging
Altium Packaging, LLC				First Lien Debt		S +		2.50%		6.22%		06/11/2031			1,496				1,441				1,442				0.48
Berlin Packaging, LLC				First Lien Debt		S +		3.25%		7.11%		06/07/2031			1,496				1,500				1,499				0.50
BP Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.48%		12/11/2028			1,951				1,934				1,525				0.51
Proampac PG Borrower, LLC		(8)		First Lien Debt		S +		4.00%		7.89%		09/15/2028			990				995				991				0.33
																			5,870				5,457				1.81
Diversified Consumer Services
Any Hour, LLC		(6) (9)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			2,337				2,309				2,232				0.74
Any Hour, LLC		(6) (9) (14)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			66				62				35				0.01
Any Hour, LLC		(6) (9) (14)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			291				287				275				0.09
Any Hour, LLC		(6)		Other Debt				13.00% PIK		13.00%		05/23/2031			725				715				689				0.23
DA Blocker Corp.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.42%		02/10/2032			2,116				2,097				2,111				0.70
DA Blocker Corp.		(6) (8) (10) (14)		First Lien Debt		S +		4.75%		8.42%		02/10/2032		—					(3	)			(2	)			—
DA Blocker Corp.		(6) (8) (10) (14)		First Lien Debt		S +		4.75%		8.42%		02/10/2032		—					(2	)			(1	)			—
Eclipse Buyer, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.25%		09/08/2031			943				935				943				0.31

 

29

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
Eclipse Buyer, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.25%		09/08/2031		—					(1	)			—				—
Eclipse Buyer, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.25%		09/08/2031		—					(1	)			—				—
Essential Services Holding Corporation		(6) (8)		First Lien Debt		S +		5.00%		8.88%		06/17/2031			9,850				9,768				9,823				3.26
Essential Services Holding Corporation		(6) (8) (14)		First Lien Debt		S +		5.00%		8.88%		06/17/2031		—				—					—			—
Essential Services Holding Corporation		(6) (8) (14)		First Lien Debt		S +		5.00%		8.88%		06/17/2030			23				23				23				0.01
EVDR Purchaser, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.23%		02/14/2031			3,778				3,738				3,772				1.25
EVDR Purchaser, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.23%		02/14/2031		—					(4	)			(1	)		—
EVDR Purchaser, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.23%		02/14/2031			71				65				70				0.02
GarageCo Intermediate II, LLC		(6) (8)		First Lien Debt		S +		4.25%		8.10%		08/02/2032			773				765				765				0.25
GarageCo Intermediate II, LLC		(6) (8) (14)		First Lien Debt		S +		4.25%		8.10%		08/02/2032		—					(5	)			(11	)		—
GarageCo Intermediate II, LLC		(6) (8) (14)		First Lien Debt		S +		4.25%		8.10%		07/30/2032		—					(3	)			(3	)		—
Kodiak Buyer, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.17%		07/26/2032			1,534				1,520				1,534				0.51
Kodiak Buyer, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		07/26/2032		—					(2	)			—			—
Kodiak Buyer, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		07/23/2032		—					(4	)			—			—
LHS Borrower, LLC		(6) (8) (15)		First Lien Debt		S +		5.25%		8.97%		09/04/2031			3,836				3,781				3,778				1.25
LHS Borrower, LLC		(6) (8) (14)		First Lien Debt		P +		4.25%		11.00%		09/04/2031			35				31				31				0.01
Vertex Service Partners, LLC		(6) (8)		First Lien Debt		S +		6.00% (incl. 4.25% PIK)		9.67%		11/08/2030			312				306				306				0.10
Vertex Service Partners, LLC		(6) (8) (14)		First Lien Debt		S +		6.00% (incl. 4.25% PIK)		9.67%		11/08/2030			798				781				739				0.25
Vertex Service Partners, LLC		(6) (8) (14)		First Lien Debt		S +		6.00% (incl. 4.25% PIK)		9.67%		11/08/2030			23				21				21				0.01
																			27,179				27,129				9.01
Electrical Equipment
Accel International Holdings, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.22%		04/26/2032			2,514				2,502				2,514				0.84
Accel International Holdings, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.22%		04/26/2032		—					(2	)			—			—
Kohler Energy Co, LLC				First Lien Debt		S +		3.75%		7.42%		05/01/2031			2,418				2,443				2,429				0.81
Spark Buyer, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.13%		10/15/2031			773				764				715				0.24
Spark Buyer, LLC		(6) (8) (14)		First Lien Debt		S +		5.25%		9.13%		10/15/2031		—					(2	)			(23	)			(0.01	)
Spark Buyer, LLC		(6) (8) (14)		First Lien Debt		S +		5.25%		9.13%		10/15/2031			53				51				41				0.01
																			5,756				5,676				1.89
Electronic Equipment, Instruments & Components
Chamberlain Group, Inc.				First Lien Debt		S +		2.75%		6.47%		09/08/2032			987				991				989				0.33
Magneto Components Buyco, LLC		(6) (8)		First Lien Debt		S +		6.00%		9.67%		12/05/2030			2,577				2,529				2,577				0.86
Magneto Components Buyco, LLC		(6) (8) (14)		First Lien Debt		S +		6.00%		9.67%		12/05/2029		—					(7	)			—				—
NDT Global Holding, Inc.		(6) (9) (10) (15)		First Lien Debt		S +		4.50%		8.22%		06/04/2032			3,741				3,706				3,703				1.23
NDT Global Holding, Inc.		(6) (9) (10) (14)		First Lien Debt		S +		4.50%		8.22%		06/04/2032			733				722				717				0.24
NDT Global Holding, Inc.		(6) (9) (10) (14)		First Lien Debt		S +		4.50%		8.22%		06/04/2032		—					(7	)			(8	)			(0.00	)
NSI Holdings, Inc.		(6) (8) (15)		First Lien Debt		S +		4.50%		8.32%		11/17/2031			3,734				3,701				3,734				1.24
NSI Holdings, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.32%		11/17/2031		—					(3	)			—				—

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
NSI Holdings, Inc.		(6) (14)		First Lien Debt		P +		3.75%		10.50%		11/17/2031		—					(6	)			—				—
Pamlico Avant Holdings, LP		(6) (8) (15)		First Lien Debt		S +		4.50%		8.17%		12/31/2032			4,845				4,796				4,796				1.59
Pamlico Avant Holdings, LP		(6) (8) (11) (14)		First Lien Debt		S +		4.50%		8.17%		12/31/2032			66				59				59				0.02
																			16,481				16,567				5.50
Entertainment
Pretzel Parent, Inc.		(11) (15)		First Lien Debt		S +		4.50%		8.22%		10/01/2031			1,000				1,000				986				0.33
Varsity Brands, Inc.				First Lien Debt		S +		3.00%		6.67%		08/26/2031			995				998				998				0.33
																			1,998				1,984				0.66
Financial Services
BCTO Bluebill Midco, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.34%		07/30/2032			4,889				4,842				4,840				1.61
BCTO Bluebill Midco, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.34%		07/30/2032		—					(6	)			(6	)		—
Cerity Partners, LLC		(6) (8) (15)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			804				804				802				0.27
Cerity Partners, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.20%		07/28/2031		—					(2	)			(2	)		—
Cerity Partners, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			11				11				11			—
Cliffwater, LLC		(6) (8) (15)		First Lien Debt		S +		4.75%		8.47%		04/22/2032			5,439				5,389				5,398				1.79
Cliffwater, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.47%		04/22/2032		—					(5	)			(4	)		—
GC Waves Holdings, Inc.		(6) (8) (15)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			1,925				1,925				1,925				0.64
GC Waves Holdings, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			258				245				245				0.08
MAI Capital Management Intermediate, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			1,540				1,527				1,525				0.51
MAI Capital Management Intermediate, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			1,306				1,293				1,289				0.43
MAI Capital Management Intermediate, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			75				72				71				0.02
PMA Parent Holdings, LLC		(6) (8) (15)		First Lien Debt		S +		4.75%		8.42%		01/31/2031			3,028				2,993				2,998				1.00
PMA Parent Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		01/31/2031		—					(3	)			(2	)		—
Synechron, Inc.		(11) (15)		First Lien Debt		S +		3.75%		7.57%		10/03/2031			1,995				1,961				1,980				0.66
Trintech, Inc.		(6) (7)		First Lien Debt		S +		5.50%		9.22%		07/25/2029			1,820				1,784				1,811				0.60
Trintech, Inc.		(6) (7) (14)		First Lien Debt		S +		5.50%		9.22%		07/25/2029			41				38				40				0.01
																			22,868				22,921				7.61
Food Products
Golden State Food, LLC				First Lien Debt		S +		4.00%		7.67%		12/04/2031			997				1,005				1,002				0.33
Ground Transportation
eShipping, LLC		(6) (8) (15)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			2,848				2,834				2,834				0.94
eShipping, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.19%		12/23/2032		—					(3	)			(3	)		—
eShipping, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			67				64				65				0.02
SV Newco 2, Inc.		(6) (8) (10) (15)		First Lien Debt		S +		4.75%		8.42%		06/02/2031			5,550				5,525				5,543				1.84
SV Newco 2, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.42%		06/02/2031			1,938				1,912				1,930				0.64
SV Newco 2, Inc.		(6) (8) (10) (14)		First Lien Debt		S +		4.75%		8.42%		06/02/2031		—					(7	)			(1	)		—
																			10,325				10,368				3.44
Health Care Equipment & Supplies
Journey Personal Care Corp.		(8)		First Lien Debt		S +		3.75%		7.47%		03/01/2028			1,982				1,958				1,973				0.66

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
Medline Borrower, LP		(9)		First Lien Debt		S +		1.75%		5.47%		10/23/2030			983				987				986				0.33
PerkinElmer U.S., LLC		(6) (7)		First Lien Debt		S +		4.75%		8.48%		03/13/2029			621				618				618				0.21
PerkinElmer U.S., LLC		(6) (7) (14)		First Lien Debt		S +		4.75%		8.48%		03/13/2029		—					(3	)			(3	)		—
Tidi Legacy Products, Inc.		(6) (7) (15)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			4,319				4,300				4,319				1.43
Tidi Legacy Products, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			361				355				361				0.12
Tidi Legacy Products, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.22%		12/19/2029		—					(3	)			—				—
YI, LLC		(6) (7) (15)		First Lien Debt		S +		5.75%		9.49%		12/03/2029			1,677				1,653				1,677				0.56
YI, LLC		(6) (7) (14)		First Lien Debt		S +		5.75%		9.49%		12/03/2029		—					(4	)			—				—
																			9,861				9,931				3.30
Health Care Providers & Services
DCA Investment Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		6.50%		12.08%		04/03/2028			2,023				2,002				1,647				0.55
Gateway US Holdings, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			1,401				1,384				1,394				0.46
Gateway US Holdings, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			422				418				420				0.14
Gateway US Holdings, Inc.		(6) (8) (10) (14)		First Lien Debt		S +		4.75%		8.42%		09/22/2028		—					(1	)			—				—
Heartland Dental, LLC		(11)		First Lien Debt		S +		3.75%		7.47%		08/25/2032			1,500				1,509				1,505				0.50
iCIMS, Inc.		(6) (8)		First Lien Debt		S +		5.75%		9.61%		08/18/2028			949				945				942				0.31
iCIMS, Inc.		(6) (8) (14)		First Lien Debt		S +		5.75%		9.61%		08/18/2028			28				27				27				0.01
Imagine 360, LLC		(6) (8) (15)		First Lien Debt		S +		4.75%		8.42%		10/02/2028			3,209				3,186				3,209				1.07
Imagine 360, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		10/02/2028		—					(2	)			—				—
Imagine 360, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		10/02/2028		—					(2	)			—				—
Invictus Buyer, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.17%		06/03/2031			1,600				1,587				1,600				0.53
Invictus Buyer, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		06/03/2031		—					(3	)			—				—
Invictus Buyer, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		06/03/2031		—					(2	)			—				—
Merative, LP		(6) (8) (15)		First Lien Debt		S +		4.50%		8.17%		09/30/2032			8,235				8,195				8,194				2.72
Merative, LP		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		09/30/2032		—					(2	)			(5	)		—
Merative, LP		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		09/30/2032		—					(4	)			(4	)		—
mPulse Mobile, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.42%		08/26/2032			4,846				4,800				4,798				1.59
mPulse Mobile, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		08/26/2032		—					(2	)			(5	)		—
mPulse Mobile, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		08/26/2032		—					(7	)			(7	)		—
PPV Intermediate Holdings, LLC		(6) (8)		First Lien Debt		S +		5.75%		9.57%		08/31/2029			661				658				660				0.22
TA Polaris Buyer, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.23%		12/13/2032			6,973				6,938				6,938				2.30
TA Polaris Buyer, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.23%		12/13/2032		—					(7	)			(7	)		—
TA Polaris Buyer, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.23%		12/13/2032		—					(4	)			(4	)		—
U.S. Anesthesia Partners, Inc.		(11)		First Lien Debt		S +		4.00%		7.99%		10/01/2028			1,496				1,502				1,502				0.50
																			33,115				32,804				10.90
Health Care Technology
Athenahealth, Inc.		(9)		First Lien Debt		S +		2.75%		6.47%		02/15/2029			985				984				986				0.33
Cotiviti Corporation				First Lien Debt		S +		2.75%		6.62%		05/01/2031			983				987				942				0.31
Hyland Software, Inc.		(6) (8)		First Lien Debt		S +		5.00%		8.67%		09/19/2030			2,803				2,775				2,803				0.93
Hyland Software, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.67%		09/19/2029		—					(1	)			—			—
Imprivata, Inc.		(8)		First Lien Debt		S +		3.00%		6.67%		12/01/2027			493				495				494				0.16
																			5,240				5,225				1.74

 

32

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
Household Durables
PHRG Intermediate, LLC		(11)		First Lien Debt		S +		4.00%		7.67%		02/20/2032			1,000				968				993				0.33
Household Products
Kronos Acquisition Holdings, Inc.				First Lien Debt		S +		4.00%		7.67%		07/08/2031			985				982				636				0.21
Industrial Conglomerates
Aptean, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.57%		01/30/2031			4,201				4,180				4,196				1.39
Aptean, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.57%		01/30/2031		—					(3	)			(1	)		—
Aptean, Inc.		(6) (8) (14)		First Lien Debt		P +		3.75%		10.50%		01/30/2031			72				70				71				0.02
Raptor Merger Sub Debt, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.17%		04/01/2029			3,383				3,383				3,383				1.12
Raptor Merger Sub Debt, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.17%		04/01/2029			1,047				1,047				1,047				0.35
Raptor Merger Sub Debt, LLC		(6) (8) (14)		First Lien Debt		S +		5.50%		9.17%		04/01/2029			92				92				92				0.03
																			8,769				8,788				2.92
Insurance Services
Alliant Holdings Intermediate, LLC				First Lien Debt		S +		2.50%		6.22%		09/19/2031			985				990				987				0.33
Amerilife Holdings, LLC		(6) (8)		First Lien Debt		S +		5.00%		8.79%		08/31/2029			4,293				4,285				4,261				1.42
Amerilife Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.79%		08/31/2029		—					(1	)			(5	)		—
Amerilife Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.79%		08/31/2028			54				53				52				0.02
Foundation Risk Partners Corp.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		10/29/2030			1,166				1,159				1,166				0.39
Foundation Risk Partners Corp.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		10/29/2029			50				49				50				0.02
Galway Borrower, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			365				360				365				0.12
Galway Borrower, LLC		(6) (8) (15)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			604				601				604				0.20
Higginbotham Insurance Agency, Inc.		(6) (7) (15)		First Lien Debt		S +		4.50%		8.22%		06/11/2031			5,413				5,401				5,413				1.80
Higginbotham Insurance Agency, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.22%		06/11/2031		—					(3	)			(1	)		—
High Street Buyer, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.17%		04/14/2028			901				888				898				0.30
HUB International Limited		(8)		First Lien Debt		S +		2.25%		6.12%		06/20/2030			420				423				422				0.14
Inszone Mid, LLC		(6) (7)		First Lien Debt		S +		5.25%		8.92%		11/30/2029			921				907				918				0.30
Inszone Mid, LLC		(6) (7) (14)		First Lien Debt		S +		5.25%		8.92%		11/30/2029			927				898				909				0.30
Inszone Mid, LLC		(6) (7) (14)		First Lien Debt		S +		5.25%		8.92%		11/30/2029		—					(4	)			(1	)		—
Integrity Marketing Acquisition, LLC		(6) (8)		First Lien Debt		S +		5.00%		8.82%		08/25/2028			4,890				4,890				4,890				1.62
Integrity Marketing Acquisition, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.82%		08/25/2028		—				—					—				—
Iris Specialty Acquisiton, LLC		(6) (9) (15)		First Lien Debt		S +		4.50%		8.17%		11/22/2032			7,062				7,027				7,028				2.33
Iris Specialty Acquisiton, LLC		(6) (9) (14)		First Lien Debt		S +		4.50%		8.17%		11/22/2032		—					(3	)			(3	)		—
Iris Specialty Acquisiton, LLC		(6) (9) (14)		First Lien Debt		S +		4.50%		8.17%		11/22/2032		—					(5	)			(5	)		—
One, Inc. Software Corporation		(6) (8) (15)		First Lien Debt		S +		4.50%		8.17%		12/06/2032			5,105				5,055				5,055				1.68
One, Inc. Software Corporation		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		12/06/2032		—					(5	)			(5	)		—

 

33

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
One, Inc. Software Corporation		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		12/06/2032		—					(4	)			(4	)		—
Patriot Growth Insurance Services, LLC		(6) (8)		First Lien Debt		S +		5.00%		8.82%		10/16/2028			6,735				6,728				6,735				2.24
USI, Inc.				First Lien Debt		S +		2.25%		5.92%		09/29/2030			983				986				984				0.33
World Insurance Associates, LLC		(6) (7)		First Lien Debt		S +		5.00%		8.67%		04/03/2030			6,416				6,393				6,416				2.13
																			47,068				47,129				15.66
Interactive Media & Services
Aragorn Parent Corporation				First Lien Debt		S +		3.50%		7.22%		12/15/2028			990				998				996				0.33
FMG Suite Holdings, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.57%		09/09/2032			3,491				3,457				3,456				1.15
FMG Suite Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.57%		09/09/2032		—					(5	)			(10	)		—
FMG Suite Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.57%		09/09/2032		—					(5	)			(6	)		—
																			4,445				4,436				1.47
IT Services
Apollo Acquisition, Inc.		(6) (8) (15)		First Lien Debt		S +		5.00%		8.72%		12/30/2031			5,963				5,909				5,963				1.98
Apollo Acquisition, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.72%		12/30/2031			14				5				14			—
Apollo Acquisition, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.72%		12/30/2030		—					(7	)			—				—
Asurion, LLC				First Lien Debt		S +		4.25%		7.97%		09/19/2030			1,982				1,977				1,981				0.66
Catalis Intermediate, Inc.		(6) (8)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			2,051				2,051				2,026				0.67
Catalis Intermediate, Inc.		(6) (8)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			675				675				666				0.22
Catalis Intermediate, Inc.		(6) (8) (14)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			30				30				27				0.01
Cyber US Bidco, LLC		(6) (8) (15)		First Lien Debt		S +		5.00%		8.67%		12/30/2032			4,064				4,024				4,024				1.34
Cyber US Bidco, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.67%		12/30/2032		—					(4	)			(4	)		—
Cyber US Bidco, LLC		(6) (8) (10) (14)		First Lien Debt		S +		5.00%		8.67%		12/30/2032		—					(4	)			(4	)		—
GI DI Cornfield Acquisition, LLC		(6) (15)		First Lien Debt		S +		4.50%		8.32%		03/09/2028			3,880				3,844				3,880				1.29
GI DI Cornfield Acquisition, LLC		(6) (15)		First Lien Debt		S +		4.50%		8.32%		03/09/2028			2,000				1,991				2,000				0.66
NAB Holdings, LLC		(9)		First Lien Debt		S +		2.50%		6.17%		11/23/2028			1,995				1,941				1,903				0.63
Ridge Trail US Bidco, Inc.		(6) (8) (10)		First Lien Debt		S +		4.50%		8.10%		09/30/2031			4,876				4,832				4,876				1.62
Ridge Trail US Bidco, Inc.		(6) (8) (10) (14)		First Lien Debt		S +		4.50%		8.10%		09/30/2031		—					(7	)			—			—
Ridge Trail US Bidco, Inc.		(6) (8) (10) (14)		First Lien Debt		S +		4.50%		8.10%		03/31/2031			106				102				106				0.04
Sedgwick Claims Management Services, Inc.				First Lien Debt		S +		2.50%		6.22%		07/31/2031			985				990				988				0.33
Thrive Buyer, Inc. (Thrive Networks)		(6) (8)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			5,412				5,363				5,371				1.78
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (14)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			1,242				1,228				1,228				0.41
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (14)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			113				107				108				0.04
																			35,047				35,153				11.68
Leisure Products
Recess Holdings, Inc.		(7)		First Lien Debt		S +		3.75%		7.62%		02/20/2030			985				994				991				0.33
Life Sciences Tools & Services
Model N, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.42%		06/27/2031			6,763				6,706				6,763				2.25
Model N, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		06/27/2031		—				—					—				—
Model N, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		06/27/2031		—					(1	)			—				—

 

34

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
																			6,705				6,763				2.25
Machinery
AI Aqua Merger Sub, Inc.		(9)		First Lien Debt		S +		3.00%		6.86%		07/31/2028			494				496				495				0.16
Chase Intermediate, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.59%		10/30/2028			703				695				696				0.23
Chase Intermediate, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.59%		10/30/2028			13				13				13			—
Cleanova US Holdings, LLC		(11)		First Lien Debt		S +		4.75%		8.48%		06/14/2032			997				1,002				997				0.33
CPM Holdings, Inc.		(9)		First Lien Debt		S +		4.50%		8.34%		09/28/2028			1,987				1,988				1,975				0.66
Icebox Holdco III, Inc.		(9)		First Lien Debt		S +		3.25%		6.92%		12/22/2031			494				498				497				0.17
TK Elevator US Newco, Inc.		(9)		First Lien Debt		S +		2.75%		6.95%		04/30/2030			985				992				991				0.33
																			5,684				5,664				1.88
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			1,849				1,827				1,849				0.61
AWP Group Holdings, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			999				983				999				0.33
AWP Group Holdings, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			106				103				106				0.04
Vessco Midco Holdings, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.49%		07/24/2031			1,268				1,261				1,261				0.42
Vessco Midco Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.49%		07/24/2031		—					(3	)			(3	)		—
																			4,171				4,212				1.40
Pharmaceuticals
Real Chemistry Intermediate III, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.17%		04/12/2032			2,115				2,105				2,104				0.70
Real Chemistry Intermediate III, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.17%		04/12/2032			512				509				508				0.17
Real Chemistry Intermediate III, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.17%		04/12/2032		—					(2	)			(2	)		—
Specialty Pharma III, Inc.		(6) (9) (15)		First Lien Debt		P +		4.75%		11.50%		12/23/2032			3,706				3,687				3,687				1.22
Specialty Pharma III, Inc.		(6) (9) (15)		First Lien Debt		P +		4.75%		11.50%		12/23/2032		—					(2	)			(2	)		—
																			6,297				6,295				2.09
Professional Services
Accordion Partners, LLC		(6) (8) (15)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			6,913				6,859				6,910				2.30
Accordion Partners, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			978				967				976				0.32
Accordion Partners, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.70%		11/17/2031		—					(6	)			—			—
Ascend Partner Services, LLC		(6) (8) (15)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			1,940				1,924				1,921				0.64
Ascend Partner Services, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			3,655				3,621				3,611				1.20
Ascend Partner Services, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.54%		08/11/2031		—					(5	)			(7	)		—
Bridgepointe Technologies, LLC		(6) (7) (14)		First Lien Debt		S +		5.00%		8.67%		12/31/2027			2,474				2,442				2,474				0.82
Bullhorn, Inc.		(6) (7)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			1,047				1,040				1,047				0.35
Bullhorn, Inc.		(6) (7) (14)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			424				423				424				0.14
Bullhorn, Inc.		(6) (7) (14)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			10				9				10				0.00
Carr, Riggs and Ingram Capital, LLC		(6) (9)		First Lien Debt		S +		4.25%		7.92%		11/18/2031			3,424				3,394				3,416				1.13
Carr, Riggs and Ingram Capital, LLC		(6) (9) (14)		First Lien Debt		S +		4.25%		7.92%		11/18/2031			469				461				465				0.15
Carr, Riggs and Ingram Capital, LLC		(6) (9) (14)		First Lien Debt		S +		4.25%		7.92%		11/18/2031		—					(7	)			(2	)		—
Deerfield Dakota Holding, LLC		(6) (8)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.42%		09/13/2032			12,906				12,783				12,796				4.25
Deerfield Dakota Holding, LLC		(6) (8) (14)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.42%		09/13/2032		—					(12	)			(10	)		—

 

35

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
GPS Merger Sub, LLC		(6) (7) (15)		First Lien Debt		S +		5.25%		8.97%		10/02/2029			1,839				1,816				1,822				0.61
GPS Merger Sub, LLC		(6) (7) (14)		First Lien Debt		S +		5.25%		8.97%		10/02/2029		—					(2	)			(3	)		—
GPS Merger Sub, LLC		(6) (7) (14)		First Lien Debt		S +		5.25%		8.97%		10/02/2029		—					(5	)			(4	)		—
IG Investment Holdings, LLC		(6) (8) (15)		First Lien Debt		S +		5.00%		8.84%		09/22/2028			4,449				4,416				4,449				1.48
IG Investment Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.84%		09/22/2028		—					(4	)			—			—
KENG Acquisition, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.34%		08/01/2029			284				279				282				0.09
KENG Acquisition, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.34%		08/01/2029			217				213				216				0.07
KENG Acquisition, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.34%		08/01/2029		—					(1	)			(1	)		—
UHY Advisors, Inc.		(6) (8) (15)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			2,191				2,172				2,191				0.73
UHY Advisors, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			263				253				263				0.09
UHY Advisors, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			169				164				169				0.06
Verdantas, LLC		(6) (7) (15)		First Lien Debt		S +		4.75%		8.42%		05/06/2031			5,083				5,050				5,083				1.69
Verdantas, LLC		(6) (7)		First Lien Debt		S +		4.75%		8.42%		05/06/2031			114				113				114				0.04
Verdantas, LLC		(6) (7) (14)		First Lien Debt		S +		4.75%		8.42%		05/06/2030			94				90				94				0.03
WIPFLI Advisory, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.49%		10/01/2032			2,769				2,756				2,756				0.92
WIPFLI Advisory, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.49%		10/01/2032		—					(3	)			(3	)		—
WIPFLI Advisory, LLC		(6) (8) (14)		First Lien Debt		S +		4.50%		8.49%		10/01/2032		—					(3	)			(3	)		—
																			51,197				51,456				17.09
Real Estate Management & Development
Associations, Inc.		(6) (7)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			863				862				863				0.29
Associations, Inc.		(6) (7) (14)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			29				29				29				0.01
Associations, Inc.		(6) (7) (14)		First Lien Debt		S +		6.50%		10.66%		07/03/2028		—				—					—				-
Inhabitiq, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.22%		01/12/2032			4,113				4,095				4,113				1.37
Inhabitiq, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.22%		01/12/2032		—					(2	)			—			—
Inhabitiq, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.22%		01/12/2032		—					(3	)			—			—
Metropolis Technologies, Inc.		(11)		First Lien Debt		S +		5.25%		8.98%		11/03/2032			1,000				995				990				0.33
MRI Software, LLC		(6) (7)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			7,529				7,541				7,509				2.49
MRI Software, LLC		(6) (7)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			249				244				244				0.08
MRI Software, LLC		(6) (7) (14)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			82				81				81				0.03
																			13,842				13,829				4.59
Software
Apryse Software Corp.		(6) (9) (15)		First Lien Debt		S +		4.75%		8.44%		06/28/2032			6,003				5,946				5,955				1.98
Apryse Software Corp.		(6) (9) (14)		First Lien Debt		S +		4.75%		8.44%		06/28/2032		—					(5	)			(4	)		—
Archduke Buyer, Inc.		(6) (9) (15)		First Lien Debt		S +		5.50%		9.27%		12/03/2032			3,776				3,739				3,739				1.24
Archduke Buyer, Inc.		(6) (9) (14)		First Lien Debt		S +		5.50%		9.27%		12/03/2032		—					(3	)			(3	)		—
Artifact Bidco, Inc.		(6) (9)		First Lien Debt		S +		4.25%		7.82%		07/28/2031			2,113				2,096				2,113				0.70
Artifact Bidco, Inc.		(6) (9) (14)		First Lien Debt		S +		4.25%		7.82%		07/28/2031		—					(2	)			—			—
Artifact Bidco, Inc.		(6) (9) (14)		First Lien Debt		S +		4.25%		7.82%		07/26/2030		—					(3	)			—			—
AuditBoard, Inc.		(6) (8) (15)		First Lien Debt		S +		4.50%		8.17%		07/14/2031			7,029				6,973				6,977				2.32
AuditBoard, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.17%		07/14/2031			1,714				1,699				1,702				0.57
AuditBoard, Inc.		(6) (8) (14)		First Lien Debt		S +		4.50%		8.17%		07/14/2031		—					(5	)			(5	)		—
Banyan Software Holdings, LLC		(6) (7) (15)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			2,417				2,396				2,417				0.80
Banyan Software Holdings, LLC		(6) (7) (15)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			2,633				2,577				2,593				0.86

 

36

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Table of Contents

 

North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
Banyan Software Holdings, LLC		(6) (7) (14)		First Lien Debt		S +		5.50%		9.22%		01/02/2031		—					(2	)			—			—
Clover Holdings 2, LLC		(11)		First Lien Debt		S +		4.00%		7.77%		12/09/2031			2,000				2,008				1,998				0.66
Coupa Holdings, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.09%		02/27/2030			2,907				2,893				2,907				0.97
Coupa Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		5.25%		9.09%		02/27/2030		—				—					—			—
Coupa Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		5.25%		9.09%		02/27/2029		—					(1	)			—			—
Diligent Corporation		(6) (8) (15)		First Lien Debt		S +		5.00%		8.82%		08/02/2030			8,679				8,653				8,673				2.88
Diligent Corporation		(6) (8) (14)		First Lien Debt		S +		5.00%		8.82%		08/02/2030		—					(3	)			(1	)		—
Diligent Corporation		(6) (8) (14)		First Lien Debt		S +		5.00%		8.82%		08/02/2030			218				216				218				0.07
Drake Software, LLC				First Lien Debt		S +		4.25%		7.92%		06/26/2031			997				978				977				0.32
E-Discovery AcquireCo, LLC		(6) (7) (15)		First Lien Debt		S +		6.25%		10.07%		08/29/2029			1,458				1,444				1,458				0.48
E-Discovery AcquireCo, LLC		(6) (7) (14)		First Lien Debt		S +		6.25%		10.07%		08/29/2029			51				50				51				0.02
Emburse, Inc.		(6) (8)		First Lien Debt		S +		4.25%		7.92%		05/28/2032			3,684				3,676				3,675				1.22
Emburse, Inc.		(6) (8) (14)		First Lien Debt		S +		4.25%		7.92%		05/28/2032		—					(1	)			(2	)		—
Emburse, Inc.		(6) (8) (14)		First Lien Debt		S +		4.25%		7.92%		05/28/2032		—					(1	)			(2	)		—
Epicor Software Corporation		(8)		First Lien Debt		S +		2.50%		6.22%		05/30/2031			494				495				495				0.16
Espresso Bidco, Inc.		(6) (8)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032			4,391				4,332				4,325				1.44
Espresso Bidco, Inc.		(6) (8) (14)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032		—					(8	)			(18	)			(0.01	)
Espresso Bidco, Inc.		(6) (8) (14)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032		—					(7	)			(8	)		—
Everbridge Holdings, LLC		(6) (8) (15)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			7,772				7,739				7,772				2.58
Everbridge Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			42				41				42				0.01
Everbridge Holdings, LLC		(6) (8) (14)		First Lien Debt		S +		5.00%		8.98%		07/02/2031		—				—					—				-
Formstack Acquisition, Co.		(6) (7)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			1,854				1,833				1,841				0.61
Formstack Acquisition, Co.		(6) (7) (14)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			182				177				177				0.06
Formstack Acquisition, Co.		(6) (7) (14)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			60				56				57				0.02
Fullsteam Operations, LLC		(6) (8) (15)		First Lien Debt		S +		5.25%		9.12%		08/08/2031			4,846				4,800				4,796				1.59
Fullsteam Operations, LLC		(6) (8) (14)		First Lien Debt		S +		5.25%		9.12%		08/08/2031		—					(8	)			(17	)			(0.01	)
Fullsteam Operations, LLC		(6) (8) (14)		First Lien Debt		S +		5.25%		9.12%		08/08/2031		—					(5	)			(6	)		—
Granicus, Inc.		(6) (8)		First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.34%		01/17/2031			1,590				1,579				1,590				0.53
Granicus, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00% (incl. 2.00% PIK)		9.34%		01/17/2031			2,873				2,849				2,873				0.95
Granicus, Inc.		(6) (14)		First Lien Debt		P +		4.25%		11.00%		01/17/2031		—					(2	)			—				-
GS AcquisitionCo, Inc.		(6) (7)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			1,557				1,553				1,557				0.52
GS AcquisitionCo, Inc.		(6) (8) (14)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			59				58				59				0.02
GS AcquisitionCo, Inc.		(6) (7) (14)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			72				71				72				0.02
Hootsuite, Inc.		(6) (10)		First Lien Debt		S +		5.50%		9.23%		05/22/2030			2,660				2,628				2,626				0.87
Hootsuite, Inc.		(6) (10) (14)		First Lien Debt		S +		5.50%		9.23%		05/22/2030			180				177				176				0.06
Icefall Parent, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.17%		01/25/2030			1,769				1,742				1,769				0.59
Icefall Parent, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.17%		01/25/2030		—					(2	)			—				—
LogRhythm, Inc.		(6) (7)		First Lien Debt		S +		7.50%		11.34%		07/02/2029			1,364				1,333				1,309				0.43

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
LogRhythm, Inc.		(6) (7) (14)		First Lien Debt		S +		7.50%		11.34%		07/02/2029		—					(3	)			(5	)		—
Nasuni Corporation		(6) (8)		First Lien Debt		S +		5.00%		8.67%		09/10/2030			4,138				4,087				4,138				1.37
Nasuni Corporation		(6) (8) (14)		First Lien Debt		S +		5.00%		8.67%		09/10/2030		—					(10	)			—				—
OceanKey (U.S.) II Corp.		(9) (11)		First Lien Debt		S +		3.50%		7.32%		12/15/2028			1,982				1,981				1,952				0.65
Onit, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.56%		01/27/2032			7,463				7,413				7,463				2.48
Onit, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.56%		01/27/2032		—					(7	)			—				—
Onit, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.56%		01/27/2032		—					(4	)			—				—
Optimizely North America, Inc.		(6) (8) (10)		First Lien Debt		S +		5.00%		8.72%		10/30/2031			3,029				3,003				2,969				0.99
Optimizely North America, Inc.		(6) (8) (10)		First Lien Debt		E +		5.25%		7.15%		10/30/2031		€	1,115				1,201				1,283				0.43
Optimizely North America, Inc.		(6) (8) (10)		First Lien Debt		SA +		5.50%		9.22%		10/30/2031		£	372				479				490				0.16
Optimizely North America, Inc.		(6) (8) (10) (14)		First Lien Debt		S +		5.00%		8.72%		10/30/2031		—					(4	)			(9	)		—
Project Alpha Intermediate Holding, Inc.		(11)		First Lien Debt		S +		3.25%		6.92%		10/26/2030			1,496				1,498				1,493				0.50
Runway Bidco, LLC		(6) (9)		First Lien Debt		S +		5.00%		8.67%		12/17/2031			5,423				5,375				5,409				1.80
Runway Bidco, LLC		(6) (9) (14)		First Lien Debt		S +		5.00%		8.67%		12/17/2031		—					(6	)			(3	)		—
Runway Bidco, LLC		(6) (9) (14)		First Lien Debt		S +		5.00%		8.67%		12/17/2031		—					(6	)			(2	)		—
Saturn Borrower, Inc.		(6) (7) (15)		First Lien Debt		S +		6.00%		9.67%		11/10/2028			5,199				5,138				5,157				1.71
Saturn Borrower, Inc.		(6) (7) (14)		First Lien Debt		S +		6.00%		9.67%		11/10/2028		—					(11	)			(15	)		—
Saturn Borrower, Inc.		(6) (7) (14)		First Lien Debt		S +		6.00%		9.67%		11/10/2028			217				207				210				0.07
UKG, Inc.				First Lien Debt		S +		2.50%		6.34%		02/10/2031			494				496				494				0.16
Vanco Payment Solutions, LLC		(6) (8) (15)		First Lien Debt		S +		4.75%		8.42%		12/01/2031			3,725				3,688				3,688				1.23
Vanco Payment Solutions, LLC		(6) (8) (14)		First Lien Debt		S +		4.75%		8.42%		12/01/2031		—					(2	)			(2	)		—
Vision Solutions, Inc.		(8)		First Lien Debt		S +		4.00%		8.10%		04/24/2028			987				984				914				0.30
																			112,246				112,547				37.39
Specialty Retail
Les Schwab Tire Centers				First Lien Debt		S +		2.50%		6.31%		04/23/2031			494				495				494				0.16
Textiles, Apparel & Luxury Goods
Gloves Buyer, Inc.		(9) (11)		First Lien Debt		S +		4.00%		7.72%		05/21/2032			2,000				1,990				1,987				0.66
Transportation Infrastructure
Jeppesen Holdings, LLC		(6) (9)		First Lien Debt		S +		4.75%		8.59%		11/01/2032			7,838				7,800				7,800				2.59
Jeppesen Holdings, LLC		(6) (9) (14)		First Lien Debt		S +		4.75%		8.59%		11/01/2032		—					(2	)			(2	)		—
KKR Apple Bidco, LLC				First Lien Debt		S +		2.50%		6.22%		09/23/2031			491				491				493				0.16
																			8,289				8,291				2.75
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (8)		First Lien Debt		S +		5.00%		8.67%		05/13/2032			4,948				4,902				4,941				1.64
CCI Buyer, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.67%		05/13/2032		—					(3	)			—				—
Mobile Communications America, Inc.		(6) (7)		First Lien Debt		S +		4.75%		8.69%		10/16/2029			1,004				993				1,004				0.33
Mobile Communications America, Inc.		(6) (7) (14)		First Lien Debt		S +		4.75%		8.69%		10/16/2029			374				366				374				0.12
Mobile Communications America, Inc.		(6) (7) (14)		First Lien Debt		S +		4.75%		8.69%		10/16/2029			33				32				33				0.01
																			6,290				6,352				2.11
Total Debt Investments - non-controlled/non-affiliated																		$	572,511			$	572,463				190.16	%

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(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
Equity Investments - non-controlled/non-affiliated
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (12) (13)		Common Equity								02/03/2025			145,000			$	138			$	168				0.06	%
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (12)		Preferred Equity				12.50% PIK				09/05/2024			15				168				151				0.05
Leaf Home, LLC		(6) (12)		Preferred Equity				14.00% PIK				09/04/2025			250,000				253				323				0.11
																			421				474				0.16
Electrical Equipment
Sparkstone Electrical Group		(6) (12) (13)		Common Equity								10/15/2024			1,500				150				65				0.02
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (12) (13)		Common Equity								09/09/2025			250,000				—				—				—
FMG Suite Holdings, LLC		(6) (12)		Preferred Equity				8.00% PIK				09/09/2025			250,000				256				256				0.09
																			256				256				0.09
Professional Services
Verdantas, LLC		(6) (12) (13)		Common Equity								05/03/2024			796				1				1				—
Verdantas, LLC		(6) (12)		Preferred Equity				10.00%				05/03/2024			78,804				93				116				0.04
																			94				117				0.04
Software
Reveal Data Solutions		(6) (12) (13)		Common Equity								08/29/2023			12,307				16				15				—
Total Equity Investments - non-controlled/non-affiliated																		$	1,075			$	1,095				0.36	%
Total Portfolio Investments																		$	573,586			$	573,558				190.52	%

 

(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 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, 2025, the Company is not an “affiliated person” of any of its portfolio companies.

(2)

Assets or a portion thereof are pledged as collateral for the SMBC Facility. 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”), EURIBOR (“E”), SOFR (“S”), 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 to be denominated in 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.

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

(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)

Loan includes interest rate floor of 1.00%.

(8)

Loan includes interest rate floor of 0.75%.

(9)

Loan includes interest rate floor of 0.50%.

(10)

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 4.85% of total assets as calculated in accordance with regulatory requirements.

(11)

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

(12)

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 $1,095 or 0.36% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(13)

Non-income producing security.

(14)

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:

 

40

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except per share amounts)

 

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026		$	1,284			$	—
AWP Group Holdings, Inc.		Revolver		12/23/2030			117				—
Accel International Holdings, Inc.		Revolver		04/26/2032			432				—
Accordion Partners, LLC		Delayed Draw Term Loan		12/17/2027			796				(2	)
Accordion Partners, LLC		Revolver		11/17/2031			783				—
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			651				(5	)
Amerilife Holdings, LLC		Revolver		08/31/2028			271				(2	)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026			625				(28	)
Any Hour, LLC		Revolver		05/23/2030			55				(2	)
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			1,917				—
Apollo Acquisition, Inc.		Revolver		12/30/2030			852				—
Apryse Software Corp.		Revolver		06/28/2032			497				(4	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			761				(1	)
Aptean, Inc.		Revolver		01/30/2031			179				—
Archduke Buyer, Inc.		Revolver		12/03/2032			274				(3	)
Arcoro Holdings Corp.		Revolver		03/28/2030			261				(4	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			517				—
Artifact Bidco, Inc.		Revolver		07/26/2030			369				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026			101				(1	)
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			597				(6	)
Ascend Partner Services, LLC		Revolver		08/11/2031			673				(7	)
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			39				—
Associations, Inc.		Revolver		07/03/2028			54				—
Astra Service Partners, LLC		Delayed Draw Term Loan		11/26/2027			1,480				(5	)
AuditBoard, Inc.		Revolver		07/14/2031			686				(5	)
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			611				(6	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		10/08/2027			6,611				(35	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			261				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			2,526				—
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			28				—
Bullhorn, Inc.		Revolver		10/01/2029			65				—
CCI Buyer, Inc.		Revolver		05/13/2032			290				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			3,200				(8	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			216				(1	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			706				—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			471				—
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			1,278				(3	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			800				(2	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			215				(3	)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			788				(2	)
Cerity Partners, LLC		Revolver		07/28/2031			60				—
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			149				(1	)
Chase Intermediate, LLC		Revolver		10/30/2028			22				—

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except per share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Cliffwater, LLC		Revolver		04/22/2032			520				(4	)
Computer Services, Inc.		Delayed Draw Term Loan		11/15/2027			993				(2	)
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026			405				—
Consor Intermediate II, LLC		Revolver		05/12/2031			146				—
Coupa Holdings, LLC		Delayed Draw Term Loan		06/03/2027			263				—
Coupa Holdings, LLC		Revolver		02/27/2029			202				—
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			661				(2	)
DA Blocker Corp.		Revolver		02/10/2032			220				(1	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			1,200				(10	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			1,392				(1	)
Diligent Corporation		Revolver		08/02/2030			710				—
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			3,250				—
Drivecentric Holdings, LLC		Revolver		08/15/2031			588				—
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			44				—
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			588				(1	)
EVDR Purchaser, Inc.		Revolver		02/14/2031			282				—
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			160				—
Eclipse Buyer, Inc.		Revolver		09/08/2031			81				—
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			658				(2	)
Emburse, Inc.		Revolver		05/28/2032			658				(2	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			1,187				(18	)
Espresso Bidco, Inc.		Revolver		03/25/2032			527				(8	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			92				—
Essential Services Holding Corporation		Revolver		06/17/2030			35				—
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			65				—
Everbridge Holdings, LLC		Revolver		07/02/2031			43				—
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			943				(9	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			566				(6	)
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			1,188				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			600				—
Formstack Acquisition, Co.		Delayed Draw Term Loan		03/30/2026			561				(4	)
Formstack Acquisition, Co.		Revolver		03/28/2030			315				(2	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			833				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			150				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			1,615				(17	)
Fullsteam Operations, LLC		Revolver		08/08/2031			538				(6	)
GB Eagle Buyer, Inc.		Delayed Draw Term Loan		11/12/2027			1,599				(8	)
GB Eagle Buyer, Inc.		Revolver		11/29/2030			1,066				(10	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/06/2027			4,811				(12	)
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/04/2027			335				(3	)
GPS Merger Sub, LLC		Revolver		10/02/2029			412				(4	)
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026			99				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			122				—
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			1,136				(11	)

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except per share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
GarageCo Intermediate II, LLC		Revolver		07/30/2032			341				(3	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			54				—
Granicus, Inc.		Delayed Draw Term Loan		07/31/2026			398				—
Granicus, Inc.		Revolver		01/17/2031			220				—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026			45				—
HSI Halo Acquisition, Inc.		Revolver		06/28/2030			60				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		12/10/2027			428				(1	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		09/30/2026			254				—
Hootsuite, Inc.		Revolver		05/22/2030			120				(2	)
Hyland Software, Inc.		Revolver		09/19/2029			136				—
IG Investment Holdings, LLC		Revolver		09/22/2028			505				—
Icefall Parent, Inc.		Revolver		01/25/2030			174				—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			458				—
Imagine 360, LLC		Revolver		10/02/2028			284				—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027			1,148				—
Inhabitiq, Inc.		Revolver		01/12/2032			718				—
Inszone Mid, LLC		Delayed Draw Term Loan		10/18/2027			3,281				(16	)
Inszone Mid, LLC		Revolver		11/30/2029			336				(1	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			48				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			675				—
Invictus Buyer, LLC		Revolver		06/03/2031			250				—
Iris Buyer, LLC		Revolver		10/02/2029			199				—
Iris Specialty Acquisiton, LLC		Delayed Draw Term Loan		11/20/2028			1,190				(3	)
Iris Specialty Acquisiton, LLC		Revolver		11/22/2032			1,047				(5	)
Jeppesen Holdings, LLC		Revolver		11/01/2032			392				(2	)
Jonathan Acquisition Company		Revolver		05/11/2029			436				(6	)
KENG Acquisition, Inc.		Revolver		08/01/2029			105				(1	)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			536				—
Kodiak Buyer, LLC		Revolver		07/23/2032			429				—
LHS Borrower, LLC		Revolver		09/04/2031			258				(4	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/12/2027			1,010				—
LJ Avalon Holdings, LLC		Revolver		02/01/2029			443				—
LogRhythm, Inc.		Revolver		07/02/2029			136				(5	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			342				(3	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			331				(3	)
MRI Software, LLC		Delayed Draw Term Loan		10/04/2027			1,553				(4	)
MRI Software, LLC		Revolver		02/10/2028			329				(1	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			423				—
ManTech International CP		Delayed Draw Term Loan		02/17/2026			54				—
ManTech International CP		Revolver		09/14/2028			227				—
Merative, LP		Delayed Draw Term Loan		09/30/2027			941				(5	)
Merative, LP		Revolver		09/30/2032			824				(4	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			953				—
Mobile Communications America, Inc.		Revolver		10/16/2029			132				—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			98				—
Model N, Inc.		Revolver		06/27/2031			52				—

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except per share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			933				(9	)
NDT Global Holding, Inc.		Revolver		06/04/2032			833				(8	)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			789				—
NSI Holdings, Inc.		Revolver		11/17/2031			789				—
Nasuni Corporation		Revolver		09/10/2030			862				—
OEConnection, LLC		Delayed Draw Term Loan		12/26/2028			876				(2	)
OEConnection, LLC		Revolver		12/23/2032			231				(1	)
One, Inc. Software Corporation		Delayed Draw Term Loan		12/06/2027			982				(5	)
One, Inc. Software Corporation		Revolver		12/06/2032			393				(4	)
Onit, Inc.		Delayed Draw Term Loan		01/27/2027			1,528				—
Onit, Inc.		Revolver		01/27/2032			509				—
Optimizely North America, Inc.		Revolver		10/30/2031			449				(9	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			61				(1	)
PMA Parent Holdings, LLC		Revolver		01/31/2031			245				(2	)
Pamlico Avant Holdings, LP		Revolver		12/31/2032			590				(6	)
PerkinElmer U.S., LLC		Delayed Draw Term Loan		10/25/2027			1,129				(3	)
Project Potter Buyer, LLC		Revolver		04/23/2027			150				—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			1,474				(15	)
Railpros Parent, LLC		Revolver		05/24/2032			737				(7	)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029			458				—
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			428				(2	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			470				(2	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			1,181				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			287				—
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,284				(4	)
Routeware, Inc.		Revolver		09/18/2031			273				(1	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			1,358				(3	)
Runway Bidco, LLC		Revolver		12/17/2031			679				(2	)
SV Newco 2, Inc.		Delayed Draw Term Loan		03/22/2028			3,900				(5	)
SV Newco 2, Inc.		Revolver		06/02/2031			563				(1	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			1,905				(15	)
Saturn Borrower, Inc.		Revolver		11/10/2028			640				(5	)
Sonny's Enterprises, LLC		Revolver		08/05/2027			87				(2	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			313				(23	)
Spark Buyer, LLC		Revolver		10/15/2031			103				(8	)
Specialty Pharma III, Inc.		Revolver		12/23/2032			478				(2	)
Superman Holdings, LLC		Revolver		08/29/2031			387				—
TA Polaris Buyer, Inc.		Delayed Draw Term Loan		12/12/2028			2,905				(7	)
TA Polaris Buyer, Inc.		Revolver		12/13/2032			872				(4	)
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			1,790				(4	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			699				(2	)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			640				(5	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			593				(4	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			261				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			587				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			275				(3	)

 

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North Haven Private Income Fund A LLC

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except per share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Transit Technologies, LLC		Revolver		08/20/2030			545				—
Trintech, Inc.		Revolver		07/25/2029			102				(1	)
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			1,944				—
UHY Advisors, Inc.		Revolver		11/21/2031			416				—
VRC Companies, LLC		Revolver		06/29/2027			59				—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			1,125				(8	)
Vamos Bidco, Inc.		Revolver		01/30/2032			337				(3	)
Vanco Payment Solutions, LLC		Revolver		12/01/2031			175				(2	)
Vehlo Purchaser, LLC		Revolver		05/24/2028			739				—
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026			39				—
Verdantas, LLC		Revolver		05/06/2030			199				—
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			804				(39	)
Vertex Service Partners, LLC		Revolver		11/08/2030			59				(1	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		05/03/2028			1,232				(3	)
WIPFLI Advisory, LLC		Delayed Draw Term Loan		04/01/2028			1,038				(3	)
WIPFLI Advisory, LLC		Revolver		10/01/2032			692				(3	)
YI, LLC		Revolver		12/03/2029			267				—
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			56				—
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			462				(5	)
mPulse Mobile, Inc.		Revolver		08/26/2032			692				(7	)
Total First Lien Debt Unfunded Commitments						$	137,450			$	(612	)

 

 

(15)

Assets or a portion thereof are pledged as collateral for the Barclays Funding Facility. See Note 6 "Debt".

(16)

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

 

 

 

 

 

 

 

 

 

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

 

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North Haven Private Income Fund A LLC

Notes to the Consolidated Financial Statements (Unaudited)

March 31, 2026

(In thousands, except unit and per unit amounts)

(1)

ORGANIZATION

North Haven Private Income Fund A 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 Investment Company Act of 1940, as amended (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 November 30, 2022 with the name “PIF 2 LLC.” The Company changed its name to “North Haven Private Income Fund A LLC” on January 9, 2023. The Company commenced operations on July 17, 2023. 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 US 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 I Units (the “Units”) in its continuous private offering.

(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”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2026.

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 March 31, 2026, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: PIF A CA SPV LLC (“CA SPV”), PIF A Financing SPV LLC (“Financing SPV”) and PIF A Equity Holdings LLC (“Equity Holdings,” and collectively with CA SPV and Financing SPV, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

Cash

Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

 

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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.

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

 

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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 March 31, 2026 the Company had certain investments in one portfolio company that was on non-accrual status with an amortized cost of $2,002. As of December 31, 2025 the Company had certain investments in one portfolio company that was on non-accrual status with an amortized cost of $2,002.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility is presented separately as an asset on the Company’s 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.

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 each of the three months ended March 31, 2026 and March 31, 2025, the Company did not accrue any U.S. federal excise tax.

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 member’s capital 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 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 consolidated financial statement disclosures.

 

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(3)

SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On January 31, 2023, the Company entered into an investment advisory agreement with the Investment 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 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 three months ended March 31, 2026, and March 31, 2025, base management fees were $225, and $198, net of waiver, respectively.

As of March 31, 2026 and December 31, 2025, $225 and $420, respectively, was payable to the Investment Adviser relating to base management fees.

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 three months ended March 31, 2026 and March 31, 2025, income-based incentive fees were $206, and $174, net of waiver, respectively. Any income-based incentive fees waived are not subject to recoupment by the Adviser.

As of March 31, 2026 and December 31, 2025, $206 and $415, respectively, was payable to the Investment Adviser relating to income-based incentive fees.

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”).

 

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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 three months ended March 31, 2026 and March 31, 2025 capital gains incentive fee accrued to the Investment Adviser was $— and $(119), respectively As of March 31, 2026 and December 31, 2025, $— and $—, respectively, was payable to the Investment Adviser relating to capital gains incentive fees.

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 January 31, 2023 (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 was most recently re-approved in August 2025.

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred $38 and $71, 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 March 31, 2026 and December 31, 2025 were $38 and $65, respectively.

Placement Agent Agreements

On January 31, 2023, the Company entered into a placement agent agreement (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 August 14, 2023, 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.

Expense Support and Conditional Reimbursement Agreement

On January 31, 2023, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser (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. 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 the three months ended March 31, 2026, there were $— of Expense Payments under the Expense Support Agreement, which were recorded in expense support on the Consolidated Statements of Operations. For the three months ended March 31, 2025, there were $— of Expense Payments under the Expense Support Agreement, which were recorded in 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.

MS Credit Partners Holdings, Inc. Investment

MS Credit Partners Holdings, Inc., (“MS Credit Partners Holdings”), an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements to purchase Units up to an aggregate amount of $25,000 or such amount so that the Company is not considered to be “controlled” by Morgan Stanley or its affiliates for purposes of the Bank Holding Company Act of 1956, as amended from time to time. As of March 31, 2026, MS Credit Partners Holdings, has made an aggregate capital contribution of $11,020, in exchange for 555,731 Units. MS Credit Partners Holdings has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

 

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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:

 

		March 31, 2026												December 31, 2025
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	599,773			$	594,601				99.7	%		$	571,796			$	571,774				99.7	%
Other Debt Investments			739				667				0.1				715				689				0.1
Equity			1,093				1,121				0.2				1,075				1,095				0.2
Total		$	601,605			$	596,389				100.0	%		$	573,586			$	573,558				100.0	%

 

 

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

 

		March 31, 2026				December 31, 2025
Aerospace & Defense			2.5	%			2.1	%
Automobile Components			0.4				0.6
Automobiles			2.6				3.1
Banks			0.4				0.4
Beverages			0.4				0.5
Building Products			1.2				1.3
Chemicals			0.4				0.5
Commercial Services & Supplies			9.5				9.2
Construction & Engineering			2.1				1.9
Consumer Staples Distribution & Retail			1.0				1.0
Containers & Packaging			0.7				1.0
Diversified Consumer Services			4.6				4.8
Electrical Equipment			1.0				1.0
Electronic Equipment, Instruments & Components			2.6				2.9
Entertainment			0.3				0.3
Financial Services			4.4				4.0
Food Products			0.2				0.3
Ground Transportation			1.7				1.8
Health Care Equipment & Supplies			1.6				1.7
Health Care Providers & Services			5.9				5.7
Health Care Technology			0.9				0.9
Household Durables			0.2				0.2
Household Products			0.1				0.1
Industrial Conglomerates			2.5				1.5
Insurance Services			9.1				8.2
Interactive Media & Services			0.8				0.8
IT Services			6.1				6.1
Leisure Products			0.2				0.2
Life Sciences Tools & Services			1.1				1.2
Machinery			0.9				1.0
Multi-Utilities			0.2				0.7
Pharmaceuticals			1.1				1.1
Professional Services			8.5				9.0
Real Estate Management & Development			2.4				2.4
Software			19.6				19.6
Specialty Retail			0.1				0.1
Textiles, Apparel & Luxury Goods			0.3				0.3
Transportation Infrastructure			1.4				1.4
Wireless Telecommunication Services			1.0				1.1
Total			100.0	%			100.0	%

 

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

 

	March 31, 2026															December 31, 2025
	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
Canada	$	11,935			$	11,946				2.0	%			3.9	%	$	12,036			$	12,088				2.1	%			4.0	%
United States		589,670				584,443				98.0				190.6			561,550				561,470				97.9				186.5
Total	$	601,605			$	596,389				100.0	%			194.5	%	$	573,586			$	573,558				100.0	%			190.5	%

 

 

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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 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;

•

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.

 

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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:

 

		March 31, 2026																December 31, 2025
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
First Lien Debt		$	—			$	51,817			$	542,784			$	594,601			$	—			$	55,441			$	516,333			$	571,774
Other Debt Investments			—				—				667				667				—				—				689				689
Equity			—				—				1,121				1,121				—				—				1,095				1,095
Total		$	—			$	51,817			$	544,572			$	596,389			$	—			$	55,441			$	518,117			$	573,558

 

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 three months ended March 31, 2026:

 

		First Lien Debt					Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	516,333				$	689			$	1,095			$	518,117
Purchases of investments (1)			37,514					—				—				37,514
Proceeds from principal repayments and sales of investments (2)			(7,955	)				—				—				(7,955	)
Accretion of discount/amortization of premium			253					—				—				253
Payment-in-kind			267					24				18				309
Net change in unrealized appreciation (depreciation)			(3,641	)				(46	)			8				(3,679	)
Net realized gains (losses)			13					—				—				13
Transfers into/out of Level 3 (3)			—					—				—				—
Fair value, end of period		$	542,784				$	667			$	1,121			$	544,572
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026		$	(3,636	)			$	(46	)		$	8			$	(3,674	)

 

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions 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 three months ended March 31, 2025:

 

		First Lien Debt					Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	239,278				$	630			$	413			$	240,321
Purchases of investments (1)			76,055					—				138				76,193
Proceeds from principal repayments and sales of investments (2)			(3,750	)				—				—				(3,750	)
Accretion of discount/amortization of premium			131					—				—				131
Payment-in-kind			141					21				2				164
Net change in unrealized appreciation (depreciation)			(382	)				(6	)			(7	)			(395	)
Transfers into/out of Level 3 (3)			(2,013	)				—				—				(2,013	)
Fair value, end of period		$	309,460				$	645			$	546			$	310,651
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025		$	(375	)			$	(6	)		$	(7	)		$	(388	)

 

(1)

Purchases may include investments received in corporate actions and restructurings.

(2)

Sales may include investments received in corporate actions 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.

 

 

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

 

March 31, 2026

Fair

Valuation

Significant Unobservable

Range(1)

Weighted

Value

Technique(2)

Input

Low

High

Average(3)

Investments in first lien debt

$

539,623

Yield Analysis

Discount Rate

7.64

%

13.44

%

9.04

%

3,161

Market Approach

EBITDA Multiple

8.00x

9.50x

8.77x

Other debt

667

Yield Analysis

Discount Rate

16.45

%

Preferred equity

151

Income Approach

Discount Rate

13.30

%

696

Market Approach

EBITDA Multiple

10.00x

15.50x

12.70x

Common equity

262

Market Approach

EBITDA Multiple

13.50x

17.00x

16.16x

12

Market Approach

Revenue Multiple

19.75x

Total Investments

$

544,572

 

(1)

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

(2)

During the three months ended March 31, 2026, two debt positions with a fair value of $3.16 million transitioned from a yield analysis approach to a 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, 2025

Fair

Valuation

Significant Unobservable

Range(1)

Weighted

Value

Technique(2)

Input

Low

High

Average(3)

Investments in first lien debt

$

516,333

Yield Analysis

Discount Rate

7.55

%

14.21

%

8.69

%

Other debt

689

Yield Analysis

Discount Rate

14.95

%

Preferred equity

151

Income Approach

Discount Rate

12.77

%

695

Market Approach

EBITDA Multiple

11.00x

15.43x

13.22x

Common equity

234

Market Approach

EBITDA Multiple

13.70x

17.50x

16.43x

15

Market Approach

Revenue Multiple

22.25x

Total Investments

$

518,117

 

(1)

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

(2)

During the fiscal year ended December 31, 2025, one preferred equity position with a fair value of $0.12 million transitioned from an income approach to a market approach valuation technique.

(3)

Weighted average is calculated by weighting the significant unobservable input by the relative 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, including its credit facilities, is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facilities is estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:

 

			March 31, 2026								December 31, 2025
	Level		Carrying Value				Fair Value				Carrying Value				Fair Value
SMBC Facility	3		$	182,172			$	182,172			$	214,206			$	214,206
Barclays Facility	3			113,000				113,000				60,000				60,000
Total			$	295,172			$	295,172			$	274,206			$	274,206

 

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

 

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The Company’s outstanding debt obligations were as follows:

 

		March 31, 2026												December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
SMBC Facility		$	340,000			$	182,172			$	157,828			$	340,000			$	214,206			$	125,794
Barclays Facility			200,000				113,000				87,000				200,000				60,000				140,000
Total		$	540,000			$	295,172			$	244,828			$	540,000			$	274,206			$	265,794

 

The Company’s summary information of its debt obligations were as follows:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Weighted average interest rate(1)			5.77	%			6.58	%
Weighted average effective interest rate(2)			6.12	%			7.10	%
Weighted average outstanding balance		$	288,510			$	107,665

 

(1)

Excludes unused fees and financing costs.

(2)

Excludes unused fees.

SMBC Facility

On July 19, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “SMBC Facility”) with the Company, as a borrower, Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent, lead arranger, and sole bookrunner, and the lenders from time to time party thereto. Pursuant to the SMBC Facility, the lenders initially agreed to extend credit to the Company in an aggregate principal amount of up to $315,000, subject to availability under a borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $500,000 through the exercise by us of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. Effective August 21, 2025, this aggregate principal amount was increased to $340,000 pursuant to the accordion feature. The availability period of the SMBC Facility will terminate on July 25, 2028 and will mature on July 25, 2029.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the SMBC 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 greater of (a) zero and (b) the highest of (i) the prime rate as publicly announced by The Wall Street Journal, (ii) the sum of the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus 0.5%, and (iii) the rate per annum equal to 1% plus (x) the greater of (A) Term Secured Overnight Financing Rate (“SOFR”) and (B) zero) plus 1.00% or 1.125%, based on certain borrowing base conditions and (y) for loans for which the Company elects the SOFR option, Term SOFR for such interest period, plus 2.000% or 2.125%, depending on certain borrowing base conditions. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. As of March 31, 2026, the Company was in compliance with all covenants and other requirements of the SMBC Facility.

The summary information of the SMBC Facility is as follows:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	2,885			$	1,771
Facility unused commitment fees			135				194
Amortization of deferred financing costs			152				141
Total		$	3,172			$	2,106
Weighted average interest rate(1)			5.91	%			6.58	%
Weighted average effective interest rate(2)			6.22	%			7.10	%
Weighted average outstanding balance		$	195,265			$	107,665

 

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

Barclays Facility

On November 26, 2025, Financing SPV entered into that certain Credit and Security Agreement (the “Credit Agreement”) with the Company, as servicer, Financing SPV, as borrower, Barclays Bank PLC (“Barclays”), as administrative agent, the lenders party thereto, and State Street Bank and Trust Company, as collateral administrator, collateral agent and securities intermediary, pursuant to which the lenders have agreed to extend credit in an initial aggregate principal amount of up to $200,000 at any one time outstanding, which amount may be increased to up to $300,000 (the “Barclays Facility”).

The obligations of Financing SPV under the Barclays Facility are secured by all of the assets held by Financing SPV, including portfolio investments

 

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contributed or transferred by the Company to Financing SPV. The Barclays Facility is a revolving funding facility with a reinvestment period ending November 26, 2027 and a final maturity date of November 26, 2036 or, after November 26, 2028, an earlier date selected by Barclays as administrative agent or any lender in their sole discretion. Subject to certain conditions, the reinvestment period is subject to a one-year extension. Advances under the Barclays Facility are available in US dollars, and subject to certain exceptions, the interest charged on the Barclays Facility is based on Term SOFR (Dollar) (subject to a floor of zero), plus a margin equal to 1.80%, which, provided that no Permitted Securitization Event (as defined in the Credit Agreement) has occurred on or prior to November 26, 2027, shall increase to 2.30%. Under the Credit Agreement, the Company and Financing SPV, as applicable, have made customary representations and warranties and are required to comply with various covenants, servicing procedures, limitations on disposition, reporting requirements and other customary requirements for similar revolving funding facilities. The Credit Agreement includes usual and customary events of default for revolving funding facilities of this nature. As of March 31, 2026, the Company was in compliance with all covenants and other requirements of the Barclays Facility.

The summary information of the Barclays Facility is as follows:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Borrowing interest expense		$	1,279			$	—
Facility unused commitment fees			134				—
Amortization of deferred financing costs			98				—
Total		$	1,511			$	—
Weighted average interest rate(1)			5.49	%			—	%
Weighted average effective interest rate(2)			5.91	%			—	%
Weighted average outstanding balance		$	93,244			$	—

 

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

 

(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 March 31, 2026 and December 31, 2025, the Company had $138,238 and $137,450, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

 

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(8)

MEMBERS’ CAPITAL

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

 

		As of
		March 31, 2026				December 31, 2025
Net distributable earnings, beginning of period		$	(235	)		$	1,395
Net investment income (loss)			7,443				24,134
Net realized gain (loss)			12				(94	)
Net unrealized appreciation (depreciation)			(5,156	)			(1,525	)
Distributions declared			(7,365	)			(24,246	)
Tax reclassification of unitholders' equity			—				101
Net distributable earnings, end of period		$	(5,301	)		$	(235	)

 

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 three months ended March 31, 2026 and 2025:

 

Unit Issuance Date		Class I Units Issued				Proceeds Received
For the Three Months Ended March 31, 2026
January 01, 2026			174,540			$	3,515
February 01, 2026			706,441				14,199
March 01, 2026			224,727				4,505
Total			1,105,708			$	22,219
For the Three Months Ended March 31, 2025
January 01, 2025			943,938			$	19,143
February 01, 2025			634,382				12,859
March 01, 2025			745,020				15,087
Total			2,323,340			$	47,089

 

 

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The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2026 and 2025:

 

Date Declared		Record Date		Payment Date		Per Unit Amount				Total Amount
For the Three Months Ended March 31, 2026
January 26, 2026		January 31, 2026		February 04, 2026		$	0.1425			$	2,164
February 23, 2026		February 28, 2026		March 04, 2026			0.1419				2,262
March 23, 2026		March 31, 2026		April 06, 2026			0.1433				2,323
March 23, 2026		March 31, 2026		April 06, 2026			0.0380				616		(1)
Total Distributions						$	0.4657			$	7,365
For the Three Months Ended March 31, 2025
January 27, 2025		January 31, 2025		February 05, 2025		$	0.1430			$	1,398
February 27, 2025		February 28, 2025		March 05, 2025			0.1429				1,492
March 25, 2025		March 31, 2025		April 03, 2025			0.1430				1,605
January 27, 2025		March 31, 2025		April 03, 2025			0.0507				569		(1)
Total Distributions						$	0.4796			$	5,064

 

(1) Represents a special distribution.

 

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.

The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP as follows:

 

Payment Date		DRIP Units Issued				DRIP Units Value
For the Three Months Ended March 31, 2026
January 06, 2026			63,126			$	1,271
February 04, 2026			49,745				1,000
March 04, 2026			49,569				993
Total			162,440			$	3,264
For the Three Months Ended March 31, 2025
January 06, 2025			25,363			$	514
February 05, 2025			28,796				584
March 05, 2025			31,379				635
Total			85,538			$	1,733

 

 

 

 

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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 three months ended March 31, 2026:

 

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, 2026		5.00%		$	19.83			March 31, 2026		$	14,819				747,294		5.00%			—
Total										$	14,819				747,294

 

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

(2) Due to oversubscription of the tender offer, the Company accepted for purchase on a pro rata basis approximately 73.2% of the Units validly tendered and not properly withdrawn prior to the expiration of the tender offer on March 7, 2026.

For the three months ended March 31, 2025, units repurchased as follows:

 

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%		$	20.18			March 31, 2025		$	5,024				248,972			2.83	%			—
Total										$	5,024				248,972

 

(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 Three Months Ended
		March 31, 2026				March 31, 2025
Numerator—net increase (decrease) in Members' Capital resulting from operations		$	2,299			$	3,903
Denominator—weighted average Units outstanding			15,758,634				10,476,131
Basic and diluted earnings (loss) per Unit		$	0.15			$	0.37

 

 

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(10)

CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights:

		For the Three Months Ended March 31, 2026				For the Three Months Ended March 31, 2025
Per Unit Data:(1)
Net asset value, beginning of period		$	20.14			$	20.28
Net investment income (loss)			0.47			0.46
Net unrealized and realized gain (loss)(2)			(0.31	)			(0.08	)
Net increase (decrease) in net assets resulting from operations			0.16				0.38
Distributions declared			(0.47	)			(0.48	)
Total increase (decrease) in net assets			(0.31	)			(0.10	)
Net asset value, end of period		$	19.83			$	20.18
Units outstanding, end of period			15,466,742				10,971,409
Weighted average units outstanding			15,758,634				10,476,131
Total return based on net asset value(3)			0.77	%			1.88	%
Ratio/Supplemental Data:
Members' Capital, end of period		$	306,643			$	221,363
Ratio of expenses before waivers to average Members' Capital(4)			8.23	%			6.23	%
Ratio of net expenses to average Members’ Capital(4)			7.03	%			5.18	%
Ratio of net investment income to average Members’ Capital(4)			9.74	%			9.33	%
Asset coverage ratio(5)			204.00	%			283.00	%
Portfolio turnover rate			1.72	%			1.20	%

 

 

(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 and other expenses for which expense support was provided, as applicable.

(5)

Effective January 31, 2023, 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 January 31, 2023, 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.

(11)

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.

April Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 195,115 Units for an aggregate offering price of $3.9 million effective April 1, 2026.

On April 24, 2026, the Board declared a distribution in the amount of $0.1417 per unit and payable on or around May 5, 2026 to unitholders of record as of April 30, 2026.

May Issuances

Pursuant to the Company’s continuous private offering, the Company held a close relating to the sale of the Company’s Units for an aggregate offering price of $1.8 million effective May 1, 2026.

 

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report,” except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to North Haven Private Income Fund A LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential”, “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

•

uncertainty and changes in the general interest rate environment;

•

general economic, political and industry trends and other external factors, including government shutdowns and uncertainty surrounding the financial and political stability of the United States and other countries;

•

the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

•

the impact of interruptions in the supply chain on our portfolio companies;

•

disruptions related to tariffs and other trade or sanctions issues;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”) and its affiliates;

•

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

•

the ability of our portfolio companies to achieve their objectives;

•

the timing and amount of cash flows, distributions and dividends, if any, from the operations of our portfolio companies;

•

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

•

the adequacy of our financing sources and working capital;

•

the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•

the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•

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

•

the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•

currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;

•

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

•

the risks, uncertainties and other factors we identify under “Part I, Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

 

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You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are a private, perpetual-life BDC, which is a BDC whose Units (as defined below) are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose units are intended to be sold by us monthly on a continuous basis at a price generally equal to our monthly net asset value per Unit. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by the Adviser, an indirect wholly owned subsidiary of Morgan Stanley.

Our 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. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans, including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR). We also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than our private credit investments, for cash management purposes, including to manage payment obligations under our unit repurchase program. Depending on various factors, including our cash flows and the market for middle-market company debt investments, we expect that our liquid loan portfolio could represent a material portion of our investments from time to time.

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser on June 3, 2025 (the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Entities (each as defined in the Order) in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

 

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Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by MS Private Credit Administrative Services LLC (the “Administrator”) in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and the Administrator; and (iii) other operating expenses as detailed below:

•

initial organization costs and offering costs incurred;

•

costs associated with any private offerings of our common units (the “Units”) and any other securities offerings;

•

the cost of effecting any sales and repurchases of our Units and other securities;

•

calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•

out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•

base management fee and any incentive fees payable under the Investment Advisory Agreement;

•

certain costs and expenses relating to distributions paid by us;

•

administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•

arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

•

the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•

amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

•

the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•

dues and expenses incurred in connection with membership industry or trade organizations;

•

fees and expenses payable under any dealer manager agreements;

•

escrow agent, distribution agent, transfer agent and custodial fees and expenses;

•

costs of derivatives and hedging;

•

commissions and other compensation payable to brokers or dealers;

•

any fees payable to rating agencies;

•

federal and state registration fees;

•

U.S. federal, state and local taxes, including any excise taxes;

•

costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•

Independent Director fees and expenses;

•

costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of 1940 Act compliance, Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

•

the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;

•

the costs of specialty and custom software for monitoring risk, compliance and overall investments;

•

fees and expenses associated with marketing efforts;

•

any fidelity bond required by applicable law;

•

any necessary insurance premiums;

•

any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company),

•

direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•

cost of winding up; and

•

all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

 

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PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio is presented below:

 

		March 31, 2026												December 31, 2025
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	599,773			$	594,601				99.7	%		$	571,796			$	571,774				99.7	%
Other Debt Investments			739				667			0.1				715				689				0.1
Equity			1,093				1,121			0.2				1075				1095				0.2
Total		$	601,605			$	596,389				100.0	%		$	573,586			$	573,558				100.0	%

 

Our debt portfolio (excluding our liquid loan portfolio) displayed the following characteristics of each of our investments(1)(2), unless otherwise noted:

 

		As of
		March 31, 2026				December 31, 2025
Number of portfolio companies			185				181
Number of industries			39				39
Number of new investment commitments in portfolio companies			7				66
Number of investment commitments exited or fully repaid			3				13
Percentage of debt investments bearing a floating rate, at fair value			99.9	%			99.9	%
Percentage of debt investments bearing a fixed rate, at fair value			0.1	%			0.1	%
Weighted average yield on debt and income producing investments, at cost(3)			8.7	%			8.8	%
Weighted average yield on debt and income producing investments, at fair value(3)			8.8	%			8.8	%
Weighted average yield on total portfolio, at cost(4)			8.7	%			8.7	%
Weighted average yield on total portfolio, at fair value(4)			8.8	%			8.7	%
Weighted average 12-month EBITDA		$	155.6			$	150.5
Median 12-month EBITDA		$	99.4			$	98.0
Weighted average net leverage through tranche(5)		5.9x				5.9x
Weighted average interest coverage(6)		1.9x				1.9x
Weighted average loan to value(7)			38.8	%			39.2	%
Percentage of debt investments with one or more financial covenants			39.3	%			40.0	%
Percentage of our debt investments that are sponsor backed			98.1	%			98.0	%
Percentage of loans and other debt in support of LBOs and acquisitions			61.5	%			64.5	%
Percentage of our debt portfolio subject to business cycle volatility			3.3	%			3.5	%
Average position size of our investments (in millions)		$	3.2			$	3.2

 

(1)

Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche in which the Company is a lender and loan to value exclude recurring revenue investments, which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

(2)

Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

(3)

Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities, divided by (b) total debt 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.

(4)

Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of the Company 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.

(5)

Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche in which the Company is a lender, excluding recurring revenue investments.

(6)

Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

(7)

Calculated using total outstanding debt through the tranche in which the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

 

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Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
New investments committed
Gross principal balance(1)		$	39,977			$	101,500
Net new investments committed		$	39,977			$	101,500
Investments, at cost
Investments, beginning of period		$	573,586			$	268,579
New investments purchased			37,503				76,225
Net accretion of discount on investments			254				131
Payment-in-kind			309				164
Net realized gain (loss) on investments			12				—
Investments sold or repaid			(10,059	)			(3,839	)
Investments, end of period		$	601,605			$	341,260
Principal amount of investments funded
First lien debt investments			37,836				76,584
Equity(2)			—				145
Total		$	37,836			$	76,729
Amount of investments sold/fully repaid, at principal
First lien debt investments		$	(3,772	)		$	(3,839	)
Total		$	(3,772	)		$	(3,839	)

 

(1)

Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.

(2)

Represents dollar amount of equity investments funded.

Investment Performance Rating

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investment performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which trends or factors may include the performance of the portfolio company, or the likelihood of a potential exit.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

 

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The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:

 

		March 31, 2026									December 31, 2025
		Fair Value				% of Total					Fair Value				% of Total
Risk rating 1		$	—				—	%			$	1,794				0.3	%
Risk rating 2			593,229				99.4					568,592				99.1
Risk rating 3			1,529				0.3					1,525				0.3
Risk rating 4			1,631				0.3					1,647				0.3
Total		$	596,389				100.0	%			$	573,558				100.0	%

 

The table below presents the amortized cost of our performing and non-accrual debt investments as of the following periods:

 

		March 31, 2026								December 31, 2025
		Amortized Cost				% of Total				Amortized Cost				% of Total
Performing		$	599,603				99.7	%		$	571,584				99.7	%
Non-accrual (1)			2,002				0.3				2,002				0.3
Total		$	601,605				100.0	%		$	573,586				100.0	%

 

(1)

As of March 31, 2026 and December 31, 2025, the company had certain investments in one portfolio companies that was on non-accrual status.

 

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. We 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.

 

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

 

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Total investment income		$	13,084			$	7,619
Less: Net expenses			5,641				2,762
Net investment income (loss)			7,443				4,857
Net investment income (loss) after taxes			7,443				4,857
Net change in unrealized appreciation (depreciation)			(5,156	)			(954	)
Net realized gain (loss)			12				—
Net increase (decrease) in Members' Capital resulting from operations		$	2,299			$	3,903

 

Investment Income

Investment income was as follows:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Investment income:
Interest income		$	12,500			$	7,414
Payment-in-kind income			344				193
Dividend income			22				3
Other income			218				9
Total Investment Income		$	13,084			$	7,619

 

In the table above, total investment income increased from $7,619 for the three months ended March 31, 2025, to $13,084 for the three months ended March 31, 2026, respectively. The increase was primarily driven by our deployment of capital. The size of our investment portfolio at amortized cost increased from $341,260 as of March 31, 2025 to $601,605 as of March 31, 2026.

 

For the three months ended March 31, 2026 and March 31, 2025, 2.6% and 2.5%, respectively, of our total investment income was comprised of PIK interest.

 

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Expenses

Expenses were as follows:

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Expenses:
Interest and other financing expenses		$	4,683			$	2,106
Management fees			975				638
Income based incentive fees			956				614
Capital gains incentive fees			—				(119	)
Professional fees			359				260
Directors' fees			52				26
Administrative service fees			38				71
General and other expenses			78				46
Total expenses		$	7,141			$	3,642
Income based incentive fee waiver (Note 3)			(750	)			(440	)
Management fees waiver (Note 3)			(750	)			(440	)
Net expenses		$	5,641			$	2,762

 

Interest and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, increased from $2,106 for the three months ended March 31, 2025, to $4,683 for the three months ended March 31, 2026. The increase was primarily driven by our increased borrowings. Our debt outstanding increased from $274,206 as of December 31, 2025 to $295,172 as of March 31, 2026.

Base Management Fee

For the three months ended March 31, 2026, management fees net of waiver was $225. For the three months ended March 31, 2025, management fees net of waiver was $198.

Incentive Fee

For the three months ended March 31, 2026, income-based incentive fees net of waiver was $206. For the three months ended March 31, 2025, income-based incentive fees net of waiver was $174. For the three months ended March 31, 2026, capital gains incentive fees accrued to the Investment Adviser were $— . For the three months ended March 31, 2025, capital gains incentive fees accrued to the Investment Adviser were $(119).

Professional Fees, Administrative Service Fee and Other Expenses

Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company which include costs of a financial printer utilized for certain preparation, printing and distribution services related to the offering materials.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

 

		For the Three Months Ended
		March 31, 2026				March 31, 2025
Net realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments		$	12			$	—
Foreign currency and other transactions			—				—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		$	(5,154	)		$	(955	)
Translation of assets and liabilities in foreign currencies			(2	)			1
Net realized and unrealized gain (loss)		$	(5,144	)		$	(954	)

 

For the three months ended March 31, 2026, net change in unrealized appreciation (depreciation) on our investments of $(5,154) was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies.

 

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Units, net borrowings from our credit facilities, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Units. Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our unit repurchase program and payment of cash distributions to our unitholders. Details of our credit facilities are described in “—Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2026, we had approximately $22.1 million of cash, which taken together with our approximately $244.8 million of availability under our credit facilities (subject to borrowing base availability) (as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of March 31, 2026, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $138.2 million.

Unregistered Sales of Equity Securities

The following table summarizes total Units issued and proceeds received for the three months ended March 31, 2026 and March 31, 2025, respectively:

 

Unit Issuance Date		Class I Units Issued				Proceeds Received
For the Three Months Ended March 31, 2026
January 01, 2026			174,540			$	3,515
February 01, 2026			706,441				14,199
March 01, 2026			224,727				4,505
Total			1,105,708			$	22,219
For the Three Months Ended March 31, 2025
January 01, 2025			943,938			$	19,143
February 01, 2025			634,382				12,859
March 01, 2025			745,020				15,087
Total			2,323,340			$	47,089

 

 

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Distribution Reinvestment

The following table summarizes our distributions declared and payable for the three months ended March 31, 2026 and March 31, 2025, respectively:

 

Date Declared		Record Date		Payment Date		Per Unit Amount				Total Amount
For the Three Months Ended March 31, 2026
January 26, 2026		January 31, 2026		February 04, 2026		$	0.1425			$	2,164
February 23, 2026		February 28, 2026		March 04, 2026			0.1419				2,262
March 23, 2026		March 31, 2026		April 06, 2026			0.1433				2,323
March 23, 2026		March 31, 2026		April 06, 2026			0.0380				616		(1)
Total Distributions						$	0.4657			$	7,365
For the Three Months Ended March 31, 2025
January 27, 2025		January 31, 2025		February 05, 2025		$	0.1430			$	1,398
February 27, 2025		February 28, 2025		March 05, 2025			0.1429				1,492
March 25, 2025		March 31, 2025		April 03, 2025			0.1430				1,605
January 27, 2025		March 31, 2025		April 03, 2025			0.0507				569		(1)
Total Distributions						$	0.4796			$	5,064

 

(1) Represents a special distribution.

 

We have 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 the same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions (net of applicable withholding tax) 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 the three months ended March 31, 2026 and March 31, 2025:

 

Payment Date		DRIP Units Issued				DRIP Units Value
For the Three Months Ended March 31, 2026
January 06, 2026			63,126			$	1,271
February 04, 2026			49,745				1,000
March 04, 2026			49,569				993
Total			162,440			$	3,264
For the Three Months Ended March 31, 2025
January 06, 2025			25,363			$	514
February 05, 2025			28,796				584
March 05, 2025			31,379				635
Total			85,538			$	1,733

 

Unit Repurchase Program

At the discretion of the Board of Directors, we 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. The limitations and restrictions described in the applicable offer to repurchase Units may prevent us from accommodating all repurchase requests made in any quarter. The unit repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase Units on such terms as may be determined by our Board of Directors in its complete and absolute discretion.

The following table further summarizes the unit repurchases completed for the three months ended March 31, 2026:

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, 2026		5.00%		$	19.83			March 31, 2026		$	14,819				747,294		5.00%			—
Total										$	14,819				747,294

 

 

(1)

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

(2) Due to oversubscription of the tender offer, the Company accepted for purchase on a pro rata basis approximately 73.2% of the Units validly tendered and not properly withdrawn prior to the expiration of the tender offer on March 7, 2026.

For the three months ended March 31, 2025, units repurchased as follows.

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%		$	20.18			March 31, 2025		$	5,024				248,972			2.83	%			—
Total										$	5,024				248,972

 

 

(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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Debt

Our outstanding debt obligations were as follows:

		March 31, 2026												December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
SMBC Facility		$	340,000			$	182,172			$	157,828			$	340,000			$	214,206			$	125,794
Barclays Facility			200,000				113,000				87,000				200,000				60,000				140,000
Total		$	540,000			$	295,172			$	244,828			$	540,000			$	274,206			$	265,794

 

For further details, see Note 6 “Debt” to our consolidated financial statements included in this Report.

RECENT DEVELOPMENTS

April Issuances and Distribution Declarations

Pursuant to our continuous private offering, we issued approximately 195,115 Units for an aggregate offering price of $3.9 million effective April 1, 2026.

On April 24, 2026, our Board declared a regular distribution in the amount of $0.1417 per unit and payable on or around May 5, 2026 to unitholders of record as of April 30, 2026.

May Issuances

Pursuant to our continuous private offering, we held a close relating to the sale of our Units for an aggregate offering price of $1.8 million effective May 1, 2026.

 

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to “Note 5—Fair Value Measurements” included in the notes to the consolidated financial statements in Part 1, Item 1 of this Report.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

•

the Investment Advisory Agreement;

•

the Administration Agreement;

•

the Placement Agent Agreement;

•

the MSDI Agreement; and

•

the Expense Support Agreement.

For further details, see Note 3. “Related Party Transactions” to our consolidated financial statements included in this Report.

MS Credit Partners Holdings, an indirect wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, has entered into subscription agreements to purchase Units up to an aggregate amount of $25,000 or such amount so that the Company is not considered to be “controlled” by Morgan Stanley or its affiliates for purposes of the Bank Holding Company Act of 1956, as amended from time to time. As of March 31, 2026, MS Credit Partners Holdings has made an aggregate capital contribution of $11,020, in exchange for 555,731 Units. MS Credit Partners Holdings has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by our Board of Directors, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board of Directors, or our Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, government shutdowns, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets volatility and economic uncertainty. These market conditions, when they occur, have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and “Part I, Item 1A. Risk Factors—General Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our most recent Annual Report on Form 10-K.

Interest Rate Risk

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

As of March 31, 2026, approximately 99.9% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2026) (dollar amounts in thousands):

 

		Interest				Interest				Net
Basis Point Change - Interest Rates		Income				Expense				Income
Up 300 basis points		$	18,068			$	(8,853	)		$	9,215
Up 200 basis points		$	12,045			$	(5,902	)		$	6,143
Up 100 basis points		$	6,023			$	(2,951	)		$	3,072
Up 25 basis points		$	1,506			$	(738	)		$	768
Down 25 basis points		$	(1,506	)		$	738			$	(768	)
Down 100 basis points		$	(6,023	)		$	2,951			$	(3,072	)
Down 200 basis points		$	(12,036	)		$	5,902			$	(6,134	)
Down 300 basis points		$	(17,474	)		$	8,853			$	(8,621	)

 

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

 

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of March 31, 2026 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II

Item 1. Legal Proceedings

The Company, the Investment Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Investment Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under Item 1A of our Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

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

Sales of Unregistered Securities

Refer to “Part 1. Item 1.,Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Members’ Capital” in this Report, the Annual Report on Form 10-K and our Current Reports on Form 8-K filed on January 27, 2026, February 26, 2026, and March 25, 2026 for the issuance of our Units for the three months ended March 31, 2026. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

At the discretion of the Board of Directors, we have in the past and may in the future conduct quarterly repurchase offers pursuant to a unit repurchase program. The purpose of the unit repurchase program is to provide liquidity to unitholders. We intend to limit the number of Units to be repurchased in each quarter to no more than 5% of our outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end. All Units purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units. Any Units to be purchased from any of our officers, directors or affiliates will be on the same terms and conditions as any other purchase of Units.

On February 5, 2026, we announced a quarterly tender offer that commenced on February 6, 2026 and ended at 12:01 a.m., Eastern Time, on March 7, 2026 (the “Offer”). Because there is no secondary trading market for our Units, our Board of Directors determined, after consideration of various matters, that the Offer was in the best interests of unitholders in order to provide liquidity for our unitholders.

We have accepted for purchase approximately 747,294 Units at a purchase price per Unit of $19.83 which is equal to the net asset value per Unit as of March 31, 2026. Due to the oversubscription of the Offer, based on the final count by our transfer agent, we accepted for purchase on a pro rata basis approximately 73.2% of the Units validly tendered and not properly withdrawn prior to the expiration of the Offer. The number of Units that we have accepted for purchase in the Offer represents 5.0% of the total number of Units outstanding as of December 31, 2025. The payment of the purchase price of the Units tendered was promptly made in cash issued to the unitholders whose tenders were accepted for purchase by us in accordance with the terms of the Offer.

 

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

 

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Item 6. 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
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

 

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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.

 

Dated: May 13, 2026	North Haven Private Income Fund A LLC
	By:	/s/ Michael Occi
		Michael Occi
		Director and Chief Executive Officer
		(Principal Executive Officer)
Dated: May 13, 2026	By:	/s/ David Pessah
		David Pessah
		Chief Financial Officer
		(Principal Financial Officer)

 

 

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