10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

PART I— CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Silver Point Private Credit Fund

Consolidated Statements of Assets and Liabilities


	March 31, 2026			December 31, 2025
	(Unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $622,185,130 and $339,711,331, respectively)	$	616,577,973		$	340,500,553
Cash		14,910,451			11,027,679
Restricted cash		27,500,000			—
Foreign cash held at banks (cost of $378,830 and $0, respectively)		385,104			—
Interest receivable		3,829,453			1,778,184
Deferred offering costs		153,277			—
Deferred financing costs		3,045,486			1,845,211
Other assets		6,738,857			1,301,937
Total assets	$	673,140,601		$	356,453,564

Liabilities
Debt (Note 6) (net of unamortized debt issuance costs of $94,497 and $0, respectively)	$	248,192,003		$	94,300,000
Sell/buy-back agreements (Note 7)		—			5,146,231
Payable for unsettled transactions		4,109,552			45,394,460
Interest payable		1,303,228			795,973
Income incentive fee payable to an affiliate (Note 3)		933,809			—
Administration fees payable		448,108			655,845
Dividend payable		2,446,140			—
Other liabilities		533,877			—
Accrued expenses		1,020,062			677,510
Total liabilities		258,986,779			146,970,019

Commitments and contingencies (Note 8)

Net assets
Common shares $0.01 par value, unlimited shares authorized; 15,534,956 and 7,598,987 shares issued and outstanding, respectively		155,350			75,990
Paid-in-capital in excess of par		416,323,508			202,184,010
Distributable earnings (losses)		(2,325,036	)		7,223,545
Total net assets		414,153,822			209,483,545
Total liabilities and net assets	$	673,140,601		$	356,453,564
Net asset value per share	$	26.66		$	27.57

Silver Point Private Credit Fund

Consolidated Statements of Operations

(Unaudited)


	For the Three Months Ended March 31,
	2026			2025
Investment income:
Non-controlled/non-affiliated investments:
Interest income (excluding payment-in-kind ("PIK") interest)	$	14,069,439		$	2,102,823
PIK interest income		193,823			—
Other income		533,114			2,253
Total investment income		14,796,376			2,105,076

Expenses:
Interest and financing expenses		3,600,627			1,404,136
Management fee (Note 3)		824,115			—
Income incentive fee (Note 3)		933,809			—
Professional fees		529,150			162,157
Administration fees		357,964			290,507
Offering costs		38,004			—
Trustee fees		65,625			—
Other general and administrative expenses		149,744			25,250
Total expenses		6,499,038			1,882,050
Recoupment of expense support (Note 3)		112,783			—
Origination fee waiver (Note 3)		—			(688,338	)
Management fees waived (Note 3)		(824,115	)		—
Net expenses		5,787,706			1,193,712
Net investment income		9,008,670			911,364

Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments		286,881			(2,066	)
Foreign currency transactions		(176,548	)		—
Total net realized gain (loss)		110,333			(2,066	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(6,396,379	)		171,835
Translation of assets and liabilities in foreign currencies		18,654			—
Total net change in unrealized appreciation (depreciation)		(6,377,725	)		171,835
Net gain (loss)		(6,267,392	)		169,769
Net increase (decrease) in net assets resulting from operations	$	2,741,278		$	1,081,133

Silver Point Private Credit Fund

Consolidated Statements of Changes in Net Assets

(Unaudited)


	Shares		Par Amount		Paid-in-Capital in Excess of Par		Distributable Earnings (Losses)			Total Net Assets
Balance at December 31, 2025		7,598,987	$	75,990	$	202,184,010	$	7,223,545		$	209,483,545
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		9,008,670			9,008,670
Net realized gains (losses) on investments and foreign currency transactions		—		—		—		110,333			110,333
Net change in unrealized gains (losses) on investments and foreign currency translation		—		—		—		(6,377,725	)		(6,377,725	)
Increase (decrease) in net assets resulting from capital share transactions:
Subscriptions		7,916,001		79,160		213,602,970		—			213,682,130
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan		19,968		200		536,528		—			536,728
Dividends declared from distributable earnings		—		—		—		(12,289,859	)		(12,289,859	)
Balance at March 31, 2026		15,534,956		155,350		416,323,508		(2,325,036	)		414,153,822

	Shares
Balance at December 31, 2024		600,000	$	6,000	$	14,994,000	$	(710,466	)	$	14,289,534
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		911,364			911,364
Net realized gains (losses) on investments and foreign currency transactions		—		—		—		(2,066	)		(2,066	)
Net change in unrealized gains (losses) on investments and foreign currency translation		—		—		—		171,835			171,835
Increase (decrease) in net assets resulting from capital share transactions:
Subscriptions		599,760		5,998		14,994,002		—			15,000,000
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan		—		—		—		—			—
Dividends declared from distributable earnings		—		—		—		—			—
Balance at March 31, 2025		1,199,760		11,998		29,988,002		370,667			30,370,667

Silver Point Private Credit Fund

Consolidated Statement of Cash Flows

(Unaudited)


	For the Three Months Ended March 31,
	2026			2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	2,741,278		$	1,081,133
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Net amortization/accretion of premium/discount on investments		(919,320	)		(96,672	)
Amortization of deferred financing costs and debt issuance costs		318,329			179,161
Amortization of deferred offering costs		38,004			—
Payments for purchase of investments		(341,983,738	)		(26,265,033	)
Proceeds from sales, paydowns and resolutions of investments		60,909,963			5,674,870
Interest paid-in-kind		(193,823	)		—
Net realized (gain) loss from investments		(286,881	)		2,066
Net change in unrealized (appreciation) depreciation from investments		6,396,379			(171,835	)
Net (increase) decrease in operating assets and increase (decrease) in operating liabilities
Interest receivable		(2,051,269	)		(141,312	)
Other assets		(5,436,920	)		6,088
Payable for unsettled transactions		(41,284,908	)		(8,930,024	)
Interest payable		507,255			1,157,027
Income incentive fee payable		933,809			—
Administration fee payable		(207,737	)		203,321
Origination fee payable		—			(688,338	)
Other liabilities		533,877			—
Accrued expenses(1)		151,271			39,364
Net cash provided by (used in) operating activities		(319,834,431	)		(27,950,184	)
Cash flows from financing activities
Proceeds from debt borrowings		367,786,500			—
Principal debt payments		(213,800,000	)		—
Payment of deferred financing costs and debt issuance costs		(1,613,101	)		(358,323	)
Issuance of common shares		213,682,130			15,000,000
Proceeds from sell/buy-back agreements		—			47,623,175
Repayments of sell/buy-back agreements		(5,146,231	)		(24,640,110	)
Dividends paid in cash		(9,306,991	)		—
Net cash provided by (used in) financing activities		351,602,307			37,624,742
Net increase (decrease)		31,767,876			9,674,558

Beginning of period balance(2)	$	11,027,679		$	11,191,439
End of period balance(2) (Note 2)	$	42,795,555		$	20,865,997
(1) Accrued offering costs not yet paid have been netted out of accrued expenses
(2) Including cash and cash equivalents and foreign cash held at banks

Supplemental cash flow information
Cash paid during the period for interest	$	2,775,043		$	67,948
Reinvestment of dividends during the period	$	536,728		$	—
Dividends payable	$	2,446,140		$	—
Deferred financing costs paid in current period but incurred in prior period	$	—		$	358,323
Deferred offering costs incurred but not yet paid	$	191,281		$	—
Unamortized deferred offering costs	$	153,277		$	—


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate			Original Acquisition Date(15)	Maturity Date		Par Amount(3)		Cost / Amortized Cost(4)			Fair Value			% of Net Assets(5)
Non-Controlled/Non-Affiliated Investments
1st Lien/Secured Loans
United States of America
175 3rd Street⁽⁷⁾	1st Lien Term Loan	Real Estate Development & Management	S+5.50%, 3.75% Floor		9.25	%	4/30/2025	5/1/2026	$		4,900,194	$	4,895,382		$	4,923,218			1.19	%
Accela Inc/US⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Software & Services	S+4.75%, 0.75% Floor (0.50% on unfunded)		0.50		2/5/2026	9/2/2030			7,108,216		(34,370	)		(56,389	)		(0.01	)
Accela Inc/US⁽⁷⁾	1st Lien Term Loan	Software & Services	S+4.75%, 0.75% Floor		8.42		2/5/2026	9/2/2030			4,738,810		4,715,849			4,715,258			1.14
Atlas Sand Co LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Oilfield Services	9.51%		9.51		3/5/2025	3/1/2032			3,223,764		3,196,353			3,178,631			0.77
Bending Spoons US Inc⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Technology	S+5.88%, 1.00% Floor		9.54		2/19/2025	3/7/2031			20,067,189		19,472,292			18,273,684			4.41
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾	1st Lien Delayed Draw Term Loan	Healthcare Technology	S+5.00%, 0.75% Floor		8.66		1/22/2026	10/10/2030			1,977,125		1,958,332			1,920,719			0.46
CP Atlas Buyer Inc (American Bath)⁽⁸⁾	1st Lien Term Loan	Building Products	S+5.25%		8.92		7/1/2025	7/8/2030			15,342,956		14,945,260			14,070,795			3.40
Databricks Inc⁽⁷⁾⁽⁸⁾⁽¹²⁾	1st Lien Term Loan	Software & Services	S+4.50%		8.17		12/19/2024	1/3/2031			1,147,239		1,144,200			1,141,503			0.28
Databricks Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹²⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+4.50% (1.00% on unfunded)		1.00		1/5/2026	1/5/2032			34,993,259		-			(174,966	)		(0.04	)
Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹¹⁾	1st Lien Revolver	Specialty Chemicals	S+6.00%, 1.00% Floor (0.50% on unfunded)		0.50		11/15/2024	11/15/2029			670,518		(7,322	)		569		0.00
Elessent Clean Technologies Inc⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Chemicals	S+6.00%, 1.00% Floor		9.68		11/15/2024	11/15/2029			6,886,222		6,807,556			6,892,070			1.66
G-3 Chickadee Purchaser, LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Chemicals	S+5.75%, 1.00% Floor		9.42		10/31/2025	10/31/2031			5,552,453		5,447,496			5,469,166			1.32
Gibson Brands Inc⁽⁸⁾	1st Lien Term Loan	Consumer Brands	S+5.26%, 0.75% Floor		8.93		10/29/2024	8/11/2028			5,202,966		4,844,190			4,784,492			1.16
Gopher Resource LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Environmental Solutions	S+5.75%, 1.00% Floor (2.50% PIK)		9.45		3/21/2025	10/4/2029			16,154,012		16,017,499			16,026,119			3.87
Gopher Resource LLC⁽⁶⁾⁽⁷⁾⁽⁸⁾	1st Lien Revolver	Environmental Solutions	S+5.75%, 1.00% Floor (0.50% on unfunded)		9.12		1/1/2026	10/4/2029			1,219,064		1,164,882			1,164,395			0.28
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Technology Hardware & Equipment	S+5.50%, 1.00% Floor (0.50% on unfunded)		0.50		8/12/2025	8/12/2030			2,119,534		(39,227	)		(39,211	)		(0.01	)
Guava Buyer LLC (dba AVI-SPL)⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Technology Hardware & Equipment	S+5.50%, 1.00% Floor		9.14		8/12/2025	8/12/2032			17,855,662		17,515,505			17,552,116			4.24
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Technology Hardware & Equipment	S+5.50%, 1.00% Floor (1.00% on unfunded)		9.16		8/12/2025	8/12/2032			2,112,540		889,808			889,687			0.21
Hammer IntermediateCo LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Automobiles & Components	S+5.50%, 1.00% Floor		9.20		10/1/2025	10/1/2031			6,031,562		5,946,174			6,016,483			1.45
Hammer IntermediateCo LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Automobiles & Components	S+5.50%, 1.00% Floor (0.50% on unfunded)		0.50		10/1/2025	10/1/2031			990,868		(14,056	)		(11,147	)	0.00
i.PARK BROADWAY LLC (1050 N Broadway)⁽⁷⁾	1st Lien Term Loan	Real Estate Development & Management	S+5.30%, 4.25% Floor		9.55		7/3/2025	7/6/2027			3,676,858		3,630,137			3,647,655			0.88
Igloo Group Parent Inc⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Technology	S+5.00%, 1.00% Floor		8.70		12/23/2025	12/23/2031			24,490,431		23,065,836			22,996,510			5.55
Industrial Service Solutions WC, Inc.⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Industrial Products & Services	P+6.75%, 0.75% Floor (0.50% on unfunded)		10.25		2/6/2026	2/7/2033			2,495,127		141,917			141,391			0.03
Industrial Service Solutions WC, Inc.⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Industrial Products & Services	S+4.50%, 0.75% Floor		8.17		2/6/2026	2/7/2033			14,346,979		14,211,808			14,203,509			3.43
IXS Holdings Inc⁽⁸⁾	1st Lien Term Loan	Automobiles & Components	S+5.50%, 1.00% Floor		9.17		8/15/2025	9/21/2029			4,228,655		4,079,557			4,211,909			1.02
Jennmar Intermediate III LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Industrial Products & Services	S+5.00%		8.68		12/16/2025	12/16/2030			29,895,170		29,045,211			29,446,743			7.11
Likewize Corp⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Insurance & Insurance Services	S+5.75%, 0.50% Floor		9.42		12/6/2024	8/27/2029			8,093,854		7,917,408			7,378,883			1.78
LVF Holdings Inc⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Food & Beverage	S+5.50%		9.17		2/24/2025	2/24/2032			20,306,798		19,400,123			19,186,681			4.63
Meta Buyer LLC⁽⁷⁾	1st Lien Term Loan	Consumer Products	S+5.25%, 0.75% Floor		8.94		12/22/2025	12/22/2031			4,864,898		4,819,463			4,818,122			1.16
Meta Buyer LLC⁽⁷⁾	1st Lien Term Loan	Consumer Products	E+5.25%, 0.75% Floor		7.29		12/22/2025	12/22/2031	€		6,763,041		7,845,148			7,738,362			1.87


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate		Original Acquisition Date(15)	Maturity Date		Par Amount(3)		Cost / Amortized Cost(4)			Fair Value			% of Net Assets(5)
Meta Buyer LLC⁽⁷⁾	1st Lien Term Loan	Consumer Products	BBSY+5.25%, 0.75% Floor		9.03	12/22/2025	12/22/2031	AU$		5,118,308	$	3,350,750		$	3,497,856			0.84	%
Meta Buyer LLC⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Consumer Products	S+5.25%, 0.75% Floor (1.00% on unfunded)		8.92	12/22/2025	12/22/2031	$		4,522,348		2,124,249			2,112,580			0.51
Meta Buyer LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Consumer Products	S+5.25%, 0.75% Floor (0.50% on unfunded)		0.50	1/21/2026	12/22/2031			1,972,759		(18,983	)		(18,948	)	0.00
Metropolis Technologies Inc⁽⁸⁾	1st Lien Term Loan	Consumer Services	S+5.25%		8.98	10/20/2025	11/3/2032			5,503,077		5,469,731			5,423,970			1.31
Michael Baker International LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Professional Services	S+4.50%, 0.75% Floor		8.20	12/30/2025	12/1/2028			20,726,949		20,060,654			20,131,049			4.86
Paperworks Industries, Inc.⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Paper & Packaging	S+6.25%, 1.00% Floor		9.95	7/11/2025	6/30/2029			15,382,705		15,121,176			15,008,404			3.62
Pelican Power Borrower LLC⁽⁷⁾⁽⁸⁾⁽¹⁴⁾	1st Lien Term Loan	Power Generation	S+5.50%, 2.00% Floor		9.17	8/29/2025	8/29/2030			26,828,170		26,914,307			27,176,937			6.56
Peloton Interactive Inc⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Fitness & Leisure	S+5.50%		9.17	1/23/2026	5/30/2029			6,982,234		7,076,701			6,984,405			1.69
Pioneer AcquisitionCo LLC⁽⁸⁾	1st Lien Term Loan	Commercial Services	S+3.25%		6.96	10/24/2025	10/27/2032			3,453,000		3,463,927			3,462,358			0.84
Quirch Foods Holdings LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Delayed Draw Term Loan	Food & Beverage	S+6.50%, 1.00% Floor (1.00% on unfunded)		1.00	11/24/2025	11/12/2030			1,538,390		(8,976	)		(21,537	)		(0.01	)
Quirch Foods Holdings LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Food & Beverage	S+6.50%, 1.00% Floor		10.25	11/24/2025	11/12/2030			14,871,096		14,704,733			14,662,900			3.54
Radiate Holdco LLC⁽⁶⁾	1st Lien Delayed Draw Term Loan	Telecommunications	S+4.00%, 1.00% Floor (1.50% on unfunded)		7.67	10/23/2025	6/26/2029			7,499,250		2,480,594			2,487,226			0.60
Radiate Holdco LLC	1st Lien Term Loan	Telecommunications	S+4.00%, 1.00% Floor		7.67	10/23/2025	6/26/2029			2,499,750		2,465,535			2,495,575			0.60
Rayonier AM Products Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Paper & Packaging	S+7.50%, 3.00% Floor		11.20	10/28/2024	10/29/2029			5,857,761		5,748,081			5,541,368			1.34
Recorded Books Inc (RB Media)⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Media: Diversified & Production	S+5.00%, 0.75% Floor		8.67	2/13/2026	9/3/2030			8,610,854		8,569,016			8,492,455			2.05
Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Delayed Draw Term Loan	Media: Diversified & Production	S+5.00%, 0.75% Floor (1.00% on unfunded)		1.00	2/13/2026	9/3/2030			387,355		(1,883	)		(5,326	)	0.00
Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Media: Diversified & Production	S+5.00%, 0.75% Floor (0.50% on unfunded)		8.67	2/13/2026	8/31/2029			979,780		451,060			444,836			0.11
Resistance Holdings Inc⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Pharmaceuticals & Life Sciences	S+5.00%, 1.00% Floor		8.67	3/16/2026	3/14/2031			12,186,544		12,004,878			12,003,746			2.90
Resistance Holdings Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Pharmaceuticals & Life Sciences	S+5.00%, 1.00% Floor (0.50% on unfunded)		0.50	3/16/2026	3/14/2031			1,015,545		(15,100	)		(15,233	)	0.00
RKG Newco LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Consumer Products	S+5.50%, 1.00% Floor		9.16	2/2/2026	2/2/2033			24,252,370		23,784,285			23,767,323			5.74
RKG Newco LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Consumer Products	S+5.50%, 1.00% Floor (0.50% on unfunded)		9.16	2/2/2026	2/2/2033			1,889,795		151,910			151,184			0.04
Shrieve Chemical Co LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Chemicals	S+6.00%, 1.00% Floor		9.67	10/30/2024	10/30/2030			11,743,509		11,553,881			11,445,417			2.76
Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Specialty Chemicals	S+6.00%, 1.00% Floor (0.50% on unfunded)		9.67	10/30/2024	10/30/2030			944,724		434,947			426,227			0.10
Smarsh Inc⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Software & Services	S+4.75%, 0.75% Floor		8.45	1/31/2025	2/18/2029			170,466		169,563			164,614			0.04
Smarsh Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Delayed Draw Term Loan	Software & Services	1.00% (1.00% on unfunded)		8.45	1/31/2025	2/18/2029			113,644		(355	)		(3,902	)	0.00
Smarsh Inc⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Software & Services	S+4.75%, 0.75% Floor (0.50% on unfunded)		8.45	1/31/2025	2/18/2029			113,644		23,637			20,342		0.00
Southeastern Grocers LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Staples Retail	S+7.50%, 1.00% Floor		11.20	9/19/2025	9/19/2030			14,173,491		13,791,786			13,900,623			3.36
SP PF Buyer LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Retail	S+7.00%, 1.00% Floor		10.67	10/16/2024	10/13/2029			25,417,803		24,831,825			24,831,905			6.00
Stryten Energy Resources LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Industrial Products & Services	S+5.50%, 1.00% Floor		9.18	12/18/2024	12/18/2029			18,845,576		18,567,794			18,552,844			4.48
Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Retail	S+5.75%, 0.75% Floor		9.40	12/17/2024	8/5/2030			20,331,111		19,920,461			19,782,171			4.78


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate			Original Acquisition Date(15)	Maturity Date		Par Amount(3)		Cost / Amortized Cost(4)			Fair Value			% of Net Assets(5)
USA Debusk LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Commercial Services	S+5.25%, 0.75% Floor		8.92		1/1/2026	4/30/2031	$		7,438,357	$	7,386,945		$	7,386,288			1.78	%
USA Debusk LLC⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Commercial Services	S+5.25%, 0.75% Floor (1.00% on unfunded)		8.92		1/1/2026	4/30/2031			2,467,995		1,746,746			1,756,316			0.42
USA Debusk LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Commercial Services	S+5.25%, 0.75% Floor		8.94		10/21/2025	4/30/2031			7,069,513		7,005,268			7,020,026			1.70
USA Debusk LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Commercial Services	S+5.25%, 0.75% Floor (0.50% on unfunded)		8.92		2/2/2026	4/30/2030			1,041,604		1,011,745			1,016,953			0.25
USA Debusk LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Commercial Services	S+5.25%, 0.75% Floor (0.50% on unfunded)		8.94		2/2/2026	4/30/2030			607,603		130,444			134,627			0.03
Vantage Specialty Chemicals Inc⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Chemicals	S+6.75%, 1.00% Floor (2.75% PIK)		10.45		8/29/2025	8/29/2029			23,299,630		22,778,816			22,484,143			5.43
Vantage Specialty Chemicals Inc⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Specialty Chemicals	S+6.25%, 1.00% Floor (0.50% on unfunded)		9.90		8/29/2025	2/28/2029			1,074,627		192,576			177,313			0.04
Vensure Employer Services Inc⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Business Services	S+5.00%, 0.50% Floor		8.69		12/18/2025	9/27/2031			14,924,472		14,942,302			14,757,091			3.56
Xactus LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Business Services	S+5.50%, 0.75% Floor (0.50% on unfunded)		0.50		5/6/2025	5/6/2030			670,485		(7,013	)		(7,375	)	0.00
Xactus LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Business Services	S+5.50%, 0.75% Floor		9.20		5/6/2025	5/6/2032			8,207,293		8,141,992			8,158,049			1.97
Total United States of America 1st Lien/Secured Loans													529,542,416			526,293,757			127.08
Canada
1261229 BC LTD⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Healthcare Equipment & Supplies	S+6.25%		9.92		8/28/2025	10/8/2030			20,387,688		20,211,175			19,644,027			4.74
Arterra Wines Canada Inc⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Food & Beverage	S+3.76%, 0.75% Floor		7.46		10/31/2025	11/26/2027			15,151,919		14,949,508			14,773,114			3.57
Gateway Casinos & Entertainment Ltd⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Gaming & Entertainment	S+6.25%, 0.75% Floor		9.94		12/18/2024	12/18/2030			10,447,638		10,427,894			10,432,384			2.52
Source Energy Services Ltd⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Oilfield Services	S+5.25%, 4.25% Floor		9.50		12/20/2024	12/20/2029			5,772,015		5,585,939			5,750,698			1.39
Total Canada 1st Lien/Secured Loans													51,174,516			50,600,223			12.22
Luxembourg
Accelya Lux Finco Sarl⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+5.25%		8.95		9/29/2025	10/4/2032			14,970,476		14,763,042			13,613,777			3.29
Total Luxembourg 1st Lien/Secured Loans													14,763,042			13,613,777			3.29
Netherlands
WeTransfer BV⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Technology	E+5.25%		737.70	%	7/18/2025	3/7/2031	€		1,562,696		1,804,510			1,619,428			0.39
WeTransfer BV⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Technology	E+5.88%		800.20	%	1/2/2026	3/7/2031	€		2,548,411		2,876,914			2,660,802			0.64
Total Netherlands 1st Lien/Secured Loans													4,681,424			4,280,230			1.03
United Kingdom
Inspired Entertainment Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Gaming & Entertainment	SONIA+6.00%, 3.00% Floor		9.78		12/9/2025	6/4/2030	£		3,524,444		4,713,285			4,623,666			1.12
Total United Kingdom 1st Lien/Secured Loans													4,713,285			4,623,666			1.12
Singapore
Oravel Stays Singapore Pte Ltd⁽⁹⁾	1st Lien Term Loan	Technology	S+8.00%, 1.00% Floor		11.71		1/27/2026	12/20/2029			7,154,660		7,374,193			7,244,093			1.75
Total Singapore 1st Lien/Secured Loans													7,374,193			7,244,093			1.75
Total 1st Lien/Secured Loans													612,248,876			606,655,746			146.49


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate		Original Acquisition Date(15)	Maturity Date		Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
2nd Lien/Secured Loans
United States of America
FourPoint Resources Intermediate Holdings, LLC⁽⁷⁾⁽⁸⁾	2nd Lien Term Loan	Energy	S+7.00%, 2.50% Floor		10.66	1/22/2025	1/22/2030	$		6,279,208	$	6,142,315	$	6,134,786		1.48	%
Delos Living LLC⁽⁷⁾	2nd Lien Term Loan	Real Estate Development & Management	14.00% (7.00% PIK)		14.00	10/9/2025	7/11/2027			2,161,998		2,081,337		2,063,514		0.50
Total United States of America 2nd Lien Term Loan												8,223,652		8,198,300		1.98
Total 2nd Lien/Secured Loans												8,223,652		8,198,300		1.98
Equities
United States of America
RKG Group Partners LP⁽⁷⁾⁽¹³⁾	Preferred Equities	Consumer Products	N/A	N/A		2/2/2026	N/A			1,275,228		1,275,228		1,275,228		0.31
Total United States of America Equities												1,275,228		1,275,228		0.31
Total Equities												1,275,228		1,275,228		0.31
Senior Secured Bonds
United States of America
Citgo Petroleum Corp⁽⁷⁾	Senior Secured Bonds	Energy	15.00%		15.00	11/26/2025	12/1/2045			18,349		18,349		18,349	0.00
Total United States of America Senior Secured Bonds												18,349		18,349		—
Canada
Bausch Health Cos Inc (Valeant)⁽⁹⁾	Senior Secured Bonds	Healthcare Equipment & Supplies	4.88%		4.88	11/5/2025	6/1/2028			412,000		376,478		377,236		0.09
Total Canada Senior Secured Bonds												376,478		377,236		0.09
Total Senior Secured Bonds												394,827		395,585		0.09
Warrants
United States of America
Delos Living LLC⁽⁷⁾⁽¹³⁾	Warrants	Real Estate Development & Management	N/A		-	10/9/2025	N/A			1		42,547		53,114		0.01
Total Warrants												42,547		53,114		0.01
Total Investments, March 31, 2026(16)(17)											$	622,185,130	$	616,577,973		148.88	%

(1)

All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted.

(2)

Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate (“SOFR” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”), or Prime Rate (“P”), Sterling Overnight Index Average ("SONIA") or the Australian Dollar Bank Bill Swap Bid Rate ("BBSY"), which can generally include one-, three- or six-month tenor, at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on March 31, 2026.

(3)

Par amount includes unfunded commitments, accumulated payment-in-kind (“PIK”) interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments are recorded as number of shares owned or economic ownership percentage.

(4)

Cost represents amortized cost for debt investments less principal payments, plus capitalized PIK, if any. As of March 31, 2026, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $3,599,394; the aggregate gross unrealized depreciation for all investments where there was an excess of tax cost over fair value was $7,987,662; the net unrealized depreciation was $4,388,268; the aggregate tax cost of securities for Federal income tax purposes was $620,966,777.

(5)

Percentage is based on net assets of $414,153,822 as of March 31, 2026.

(6)

The investment has an unfunded commitment as of March 31, 2026 (see Note 8 in the accompanying notes to the consolidated financial statements).

(7)

Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the consolidated financial statements).

(8)

Some or all of these investments are pledged as collateral to the revolving credit facility (see Note 6 in the accompanying notes to the consolidated financial statements).

(9)

These investments are treated as non-qualifying investments under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund’s total assets. As of March 31, 2026, qualifying assets totaled 81.8% of the Fund's total assets.

(10)

The negative fair value is the result of the underlying investment being unfunded and the original discount on the loan, creating a negative fair value.

(11)

The negative amortized cost is the result of the original discount being greater than the principal amount outstanding on the loan.

(12)

Investment represents a first lien term loan that, under the terms of the applicable credit agreement, does not have first-out priority, whereby revolving facilities or other term loans referenced therein receive priority with respect to the payment of principal and interest.

(13)

Represents a non-income producing investment

(14)

The Fund sold a participating interest of approximately $0.5 million of the portfolio company's first lien term loan. As the transaction did not qualify as a "true sale" in accordance with U.S. GAAP, the Fund recorded a corresponding $0.5 million liability, at fair value, and the secured borrowing was included in other liabilities on the consolidated statements of assets and liabilities. The associated expenses are included in other general and administrative expenses on the consolidated statements of operations.

(15)

Original acquisition date represents the first or original investment in a portfolio company and there may be subsequent follow-on investments after the original acquisition date.

(16)

Securities exempt from registration under the Securities Act of 1933, as amended, may be deemed to be “restricted securities." As of March 31, 2026, the Fund held no securities that would be deemed a restricted security.

(17)

As of March 31, 2026 the Fund held no investments on non-accrual status, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund's accounting policies).


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate			Original Acquisition Date(16)	Maturity Date		Par Amount(3)		Cost / Amortized Cost(4)			Fair Value			% of Net Assets(5)
Non-Controlled/Non-Affiliated Investments
1st Lien/Secured Loans
United States of America
175 3rd Street⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Real Estate Development & Management	S+5.50%, 3.75% Floor		9.37	%	4/30/2025	5/1/2026	$		4,900,194	$	4,881,217		$	4,894,931			2.34	%
Atlas Sand Co LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Oilfield Services	9.51%		9.51		3/5/2025	3/1/2032			3,254,890		3,224,978			3,186,537			1.52
Bending Spoons US Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Technology	S+5.25%, 1.00% Floor		9.03		2/19/2025	3/7/2031			7,524,796		7,404,475			7,314,102			3.49
CP Atlas Buyer Inc (American Bath)⁽⁹⁾	1st Lien Term Loan	Building Products	S+5.25%		8.97		7/1/2025	7/8/2030			7,381,506		7,053,789			7,123,154			3.40
Databricks Inc⁽⁷⁾⁽⁹⁾⁽¹²⁾	1st Lien Term Loan	Software & Services	S+4.50%		8.27		12/19/2024	1/3/2031			4,741,672		4,722,911			4,765,380			2.27
Databricks Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+4.50%, (1.00% on unfunded)		1.00		12/19/2024	1/3/2031			1,016,073		-			-		0.00
Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Specialty Chemicals	S+6.00%, 1.00% Floor (0.50% on unfunded)		0.50		11/15/2024	11/15/2029			459,015		(7,109	)		(1,524	)	0.00
Elessent Clean Technologies Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Chemicals	S+6.00%, 1.00% Floor		9.73		11/15/2024	11/15/2029			4,726,020		4,649,540			4,710,329			2.25
G-3 Chickadee Purchaser, LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+5.75%, 1.00% Floor		9.59		10/31/2025	10/31/2031			2,395,701		2,348,766			2,347,787			1.12
Gibson Brands Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Consumer Brands	S+5.11%, 0.75% Floor		8.85		10/29/2024	8/11/2028			3,716,551		3,449,542			3,599,573			1.72
Gopher Resource LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Environmental Solutions	S+7.00% 1.00% Floor		10.67		3/21/2025	10/4/2029			358,817		345,181			355,873			0.17
Guava Buyer LLC (dba AVI-SPL)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Technology Hardware & Equipment	S+5.50%, 1.00% Floor		9.34		8/12/2025	8/12/2032			7,008,019		6,871,273			6,867,859			3.28
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Technology Hardware & Equipment	S+5.50%, 1.00% Floor (1.00% on unfunded)		9.36		8/12/2025	8/12/2032			827,967		351,879			346,724			0.17
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Technology Hardware & Equipment	S+5.50%, 1.00% Floor (0.50% on unfunded)		9.34		8/12/2025	8/12/2030			829,793		272,356			271,066			0.13
Hammer IntermediateCo LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+5.50%, 1.00% Floor		9.49		10/1/2025	10/1/2031			2,586,156		2,548,206			2,547,363			1.22
Hammer IntermediateCo LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Industrial Products & Services	S+5.50%, 1.00% Floor (0.50% on unfunded)		9.34		10/1/2025	10/1/2031			424,855		85,947			85,679			0.04
i.PARK BROADWAY LLC (1050 N Broadway)⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Real Estate Development & Management	S+5.30%, 4.25% Floor		9.55		7/3/2025	7/6/2027			3,676,858		3,620,446			3,632,662			1.73
Igloo Group Parent Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Technology	S+5.00%, 1.00% Floor		8.73		12/23/2025	12/23/2031			24,644,459		23,165,791			23,165,791			11.06
IXS Holdings Inc⁽⁹⁾	1st Lien Term Loan	Automobiles & Components	S+5.50%, 1.00% Floor		9.22		8/15/2025	9/21/2029			4,239,306		4,080,477			4,224,293			2.02
Jennmar Intermediate III LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+5.00%		8.73		12/16/2025	12/16/2030			33,347,051		32,348,394			32,846,845			15.68
Likewize Corp⁽⁹⁾	1st Lien Term Loan	Insurance & Insurance Services	S+5.75%, 0.50% Floor		9.66		12/6/2024	8/27/2029			8,200,352		8,007,354			7,872,338			3.76
LVF Holdings Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Food & Beverage	S+5.50%		9.32		2/24/2025	2/24/2032			8,728,887		8,334,188			8,323,029			3.97
LVF Holdings Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Delayed Draw Term Loan	Food & Beverage	S+5.50%, (5.50% on unfunded)		5.50		2/24/2025	2/24/2032			1,315,913		(28,932	)		(60,879	)		(0.03	)
Meta Buyer LLC⁽⁷⁾	1st Lien Term Loan	Consumer Brands	S+5.25%, 0.75% Floor		8.94		12/22/2025	12/22/2031			4,877,091		4,828,642			4,828,320			2.30
Meta Buyer LLC⁽⁷⁾	1st Lien Term Loan	Consumer Brands	E+5.25%, 0.75% Floor		7.29		12/22/2025	12/22/2031	€		6,779,991		7,860,467			7,884,140			3.76
Meta Buyer LLC⁽⁷⁾	1st Lien Term Loan	Consumer Brands	BBSY+5.25%, 0.75% Floor		9.02		12/22/2025	12/22/2031	AU$		5,131,136		3,357,439			3,389,767			1.62
Meta Buyer LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Consumer Brands	S+5.25%, 0.75% Floor (0.50% on unfunded)		0.50		12/22/2025	12/22/2031			1,972,759		(16,239	)		(16,313	)		(0.01	)
Meta Buyer LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Delayed Draw Term Loan	Consumer Brands	S+5.25%, 0.75% Floor (1.00% on unfunded)		1.00		12/22/2025	12/22/2031			4,522,348		(18,744	)		(18,843	)		(0.01	)
Metropolis Technologies Inc⁽⁹⁾	1st Lien Term Loan	Technology	S+5.25%		8.98		10/20/2025	10/20/2032			1,016,869		1,006,865			1,006,700			0.48
Michael Baker International LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+4.50%, 1.00% Floor		8.19		12/30/2025	12/29/2028			23,376,258		22,558,707			22,558,086			10.77


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate			Original Acquisition Date(16)	Maturity Date	Par Amount(3)		Cost / Amortized Cost(4)			Fair Value			% of Net Assets(5)
Paperworks Industries, Inc.⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Paper & Packaging	S+6.25%, 1.00% Floor		9.92	%	7/11/2025	6/30/2029	$	5,984,961	$	5,899,989		$	5,868,969			2.80	%
Pelican Power Borrower LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Power Generation	S+5.50%, 2.00% Floor		9.32		8/29/2025	8/29/2030		9,837,806		9,649,600			9,995,211			4.77
Pioneer AcquisitionCo LLC⁽⁹⁾	1st Lien Term Loan	Business Services	S+3.25%		6.94		10/24/2025	10/27/2032		1,253,000		1,249,887			1,254,566			0.60
Quirch Foods Holdings LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Delayed Draw Term Loan	Consumer Brands	S+6.50%, 1.00% Floor (1.00% on unfunded)		1.00		11/24/2025	11/12/2030		483,702		(2,986	)		(3,023	)	0.00
Quirch Foods Holdings LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Consumer Brands	S+6.50%, 1.00% Floor		10.34		11/24/2025	11/12/2030		4,675,783		4,618,435			4,617,336			2.20
Radiate Holdco LLC⁽⁶⁾	1st Lien Delayed Draw Term Loan	Consumer Brands	S+4.00%, 1.00% Floor (1.50% on unfunded)		7.72		10/23/2025	6/26/2029		7,499,250		2,478,355			2,443,506			1.17
Radiate Holdco LLC	1st Lien Term Loan	Consumer Brands	S+4.00%, 1.00% Floor		7.72		10/23/2025	6/26/2029		2,499,750		2,462,862			2,481,002			1.18
Rayonier AM Products Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Paper & Packaging	S+7.50%, 3.00% Floor		11.17		10/28/2024	10/29/2029		5,872,591		5,755,029			5,622,669			2.68
Shrieve Chemical Co LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Chemicals	S+6.00%, 1.00% Floor		9.72		10/30/2024	10/30/2030		5,880,181		5,782,292			5,778,982			2.76
Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Specialty Chemicals	S+6.00%, 1.00% Floor (0.50% on unfunded)		9.73		10/30/2024	10/30/2030		471,846		146,280			146,041			0.07
Smarsh Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+4.75%, 0.75% Floor		8.42		1/31/2025	2/18/2029		170,466		169,448			168,776			0.08
Smarsh Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Delayed Draw Term Loan	Software & Services	1.00% (1.00% on unfunded)		1.00		1/31/2025	2/18/2029		113,644		(331	)		(1,127	)	0.00
Smarsh Inc⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Software & Services	S+4.75%, 0.75% Floor (0.50% on unfunded)		8.43		1/31/2025	2/18/2029		113,644		43,283			42,816			0.02
Southeastern Grocers LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Staples Retail	S+7.50%, 1.00% Floor		11.17		9/19/2025	9/19/2030		5,242,589		5,091,076			5,137,371			2.45
SP PF Buyer LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Retail	S+7.00%, 1.00% Floor		10.86		10/16/2024	10/13/2029		9,787,651		9,549,599			9,548,823			4.56
Stryten Energy Resources LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+5.50%, 1.00% Floor		9.36		12/18/2024	12/18/2029		9,039,323		8,889,968			8,898,913			4.25
Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Retail	S+5.75%, 0.75% Floor		9.69		12/17/2024	8/5/2030		5,925,000		5,823,653			5,788,725			2.76
USA Debusk LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+5.25%, 0.75% Floor		9.05		10/21/2025	4/30/2031		7,087,275		7,017,265			7,034,121			3.36
Vantage Specialty Chemicals Inc⁽⁷⁾⁽⁹⁾⁽¹⁵⁾	1st Lien Term Loan	Specialty Chemicals	S+6.75%, 1.00% Floor		10.42		8/29/2025	8/29/2029		12,481,632		12,190,043			12,175,832			5.81
Vantage Specialty Chemicals Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Specialty Chemicals	S+6.75%, 1.00% Floor (0.50% on unfunded)		0.50		8/29/2025	2/28/2029		1,074,627		(24,240	)		(26,328	)		(0.01	)
Vensure Employer Services Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+5.00%, 0.50% Floor		8.70		12/18/2025	9/27/2031		14,962,236		14,980,939			14,881,512			7.10
X Corp (as successor to Twitter)⁽⁹⁾	1st Lien Term Loan	Technology	S+6.75%		10.45		9/12/2025	10/29/2029		4,547,986		4,478,121			4,463,530			2.13
Xactus LLC⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾	1st Lien Revolver	Business Services	S+5.50%, 0.75% Floor (0.50% on unfunded)		0.50		5/6/2025	5/6/2030		287,484		(3,745	)		(2,731	)	0.00
Xactus LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+5.50%, 0.75% Floor		9.17		5/6/2025	5/6/2032		3,527,909		3,476,893			3,513,797			1.68
Total United States of America 1st Lien/Secured Loans												277,029,521			277,880,058			132.64
Canada
1261229 BC LTD⁽⁹⁾	1st Lien Term Loan	Healthcare Equipment & Supplies	S+6.25%		9.97		8/28/2025	10/8/2030		14,939,042		14,865,663			14,559,068			6.95
Arterra Wines Canada Inc⁽⁹⁾	1st Lien Term Loan	Consumer Brands	S+3.76%, 0.75% Floor		7.43		10/31/2025	11/26/2027		11,091,948		10,922,474			10,900,834			5.20
Gateway Casinos & Entertainment Ltd⁽⁹⁾	1st Lien Term Loan	Gaming & Entertainment	S+6.25%, 0.75% Floor		9.95		12/18/2024	12/18/2030		8,974,020		8,949,890			8,970,296			4.28
Source Energy Services Ltd⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Oilfield Services	S+5.25%, 4.25% Floor		9.50		12/20/2024	12/20/2029		5,952,375		5,778,715			5,963,392			2.85
Total Canada 1st Lien/Secured Loans												40,516,742			40,393,590			19.28
Luxembourg
Accelya Lux Finco Sarl⁽⁹⁾	1st Lien Term Loan	Software & Services	S+5.25%		8.92		9/29/2025	9/29/2032		3,007,996		2,949,270			2,983,556			1.42
Total Luxembourg 1st Lien/Secured Loans												2,949,270			2,983,556			1.42


Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate			Original Acquisition Date(16)	Maturity Date		Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Netherlands
WeTransfer BV⁽⁹⁾	1st Lien Term Loan	Technology	E+5.25%		7.27	%	7/18/2025	3/7/2031	€		1,582,730		1,827,021		1,790,906		0.85	%
Total Netherlands 1st Lien/Secured Loans													1,827,021		1,790,906		0.85
United Kingdom
Inspired Entertainment Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Gaming & Entertainment	SONIA+6.00%, 3.00% Floor		9.97		12/9/2025	6/4/2030	£		3,660,000		4,891,871		4,931,850		2.35
Total United Kingdom 1st Lien/Secured Loans													4,891,871		4,931,850		2.35
Total 1st Lien/Secured Loans													327,214,425		327,979,960		156.54
2nd Lien/Secured Loans
United States of America
FourPoint Resources Intermediate Holdings, LLC⁽⁷⁾⁽⁹⁾	2nd Lien Term Loan	Energy	S+7.00%, 2.50% Floor		10.99		1/22/2025	1/22/2030			6,279,208		6,136,341		6,078,273		2.90
Delos Living LLC⁽⁷⁾	2nd Lien Term Loan	Real Estate Development & Management	14%		14.00		10/9/2025	7/11/2027			2,127,660		2,030,816		2,016,554		0.96
Total United States of America 2nd Lien Term Loan													8,167,157		8,094,827		3.86
Total 2nd Lien/Secured Loans													8,167,157		8,094,827		3.86
Senior Secured Bonds
United States of America
Citgo Petroleum Corp⁽⁷⁾	Senior Secured	Energy	15%		15.00		11/26/2025	12/1/2045			18,349		18,349		18,349		0.01
Service Properties Trust⁽¹³⁾	Senior Secured	Real Estate Development & Management	0%		-		9/15/2025	9/30/2027			3,571,000		3,140,502		3,226,111		1.54
Total United States of America Senior Secured Bonds													3,158,851		3,244,460		1.55
Canada
1261229 BC LTD	Senior Secured	Healthcare Equipment & Supplies	10%		10.00		12/26/2025	4/15/2032			728,000		755,520		756,850		0.36
Bausch Health Cos Inc (Valeant)	Senior Secured	Healthcare Equipment & Supplies	5%		4.88		11/5/2025	6/1/2028			412,000		372,831		369,131		0.18
Total Canada Senior Secured Bonds													1,128,351		1,125,981		0.54
Total Senior Secured Bonds													4,287,202		4,370,441		2.09
Warrants
United States of America
Delos Living LLC⁽⁷⁾⁽¹⁴⁾	Warrants	Real Estate Development & Management	N/A	N/A			10/9/2025	N/A			1		42,547		55,325		0.03
Total Warrants													42,547		55,325		0.03
Total Investments, December 31, 2025(17)(18)												$	339,711,331	$	340,500,553		162.52	%

(1)

All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted.

(2)

Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate (“SOFR” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”), or Prime Rate (“P”), which can generally include one-, three- or six-month tenor, at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on December 31, 2025.

(3)

(4)

Cost represents amortized cost for debt investments less principal payments, plus capitalized PIK, if any. As of December 31, 2025, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $1,079,689; the aggregate gross unrealized depreciation for all investments where there was an excess of tax cost over fair value was $453,663; the net unrealized appreciation was $626,027; the aggregate tax cost of securities for Federal income tax purposes was $190,344,272.

(5)

Percentage is based on net assets of $209,483,545 as of December 31, 2025.

(6)

The investment has an unfunded commitment as of December 31, 2025 (see Note 8 in the accompanying notes to the consolidated financial statements).

(7)

Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the consolidated financial statements).

(8)

Some or all of these investments are pledged as collateral under sell/buy-back agreements (see Note 7 in the accompanying notes to the consolidated financial statements).

(9)

Some or all of these investments are pledged as collateral to the revolving credit facility (see Note 6 in the accompanying notes to the consolidated financial statements).

(10)

The negative fair value is the result of the underlying investment being unfunded and the original discount on the loan, creating a negative fair value.

(11)

The negative amortized cost is the result of the original discount being greater than the principal amount outstanding on the loan.

(12)

Investment represents a first lien last out term loan pursuant to the respective credit agreement, with revolving facilities receiving priority with respect to payment of principal and interest. In exchange for the greater possible risk of loss, the the first lien last out term loan earns a higher interest rate than the revolving facilities.

(13)

This investment is a 0% coupon bond. The bond accrues interest through the amortization of its discount. Interest will be paid upon maturity of the bond.

(14)

Represents a non-income producing investment.

(15)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+6.75%.

(16)

Original acquisition date represents the first or original investment in a portfolio company and there may be subsequent follow-on investments after the original acquisition date.

(17)

Securities exempt from registration under the Securities Act of 1933, as amended, may be deemed to be “restricted securities." As of December 31, 2025, the Fund held no securities that would be deemed a restricted security.

(18)

As of December 31, 2025 the Fund held no investments on non-accrual status, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund's accounting policies).

Organization and Business

Silver Point Private Credit Fund (the “Fund”), organized under the laws of the State of Maryland on June 5, 2024, is an externally managed, non-diversified closed end management investment company that has elected to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940 (the "1940 Act"). The Fund is an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to reduced public company reporting requirements. Prior to electing to be regulated as a BDC on February 2, 2026 (the "BDC Election Date") the Fund operated as a private fund in reliance on an exception from the definition of "investment company" under Section 3(c)(7) of the 1940 Act.

The Fund’s investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in middle market lending opportunities. Under normal circumstances, the Fund will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies).

Silver Point Private Credit Fund Management, LLC, a Delaware limited liability company, serves as the Fund’s investment adviser and administrator (the “Adviser”). Subject to the supervision of the Fund’s Board of Trustees (the “Board of Trustees” or the “Board”), the Adviser manages the day-to-day operations and provides the Fund with investment advisory and management services. The Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to the Fund and to its portfolio companies as required.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), are presented in U.S. dollars and include the accounts of the Fund and its wholly owned subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, Financial Services – Investment Companies. All material intercompany balances and transactions have been eliminated. All references to the Fund include the accounts of its consolidated subsidiaries.

The consolidated interim financial statements are prepared in accordance with U.S. GAAP and following the BDC Election Date the Fund is required to comply with Article 6 of Regulation S-X of the Securities Act of 1933, as amended (the "1933 Act"). The interim financial data as of March 31, 2026 and for each of the three months ended March 31, 2026 and 2025 is unaudited. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated interim financial statements for the periods presented have been included. These consolidated interim financial statements should be read in conjunction with the Fund's audited consolidated financial statements, and notes related thereto, for the year ended December 31, 2025. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2026.

Basis of Consolidation

The Fund generally consolidates any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund has consolidated the results of its subsidiaries in its consolidated financial statements, including SPPC CAL, L.P, SPPC CAL GP, LLC, SPPC Offshore, Ltd., SPPC Onshore, Inc. and Robins Brooks SPPCF Holdings LLC. As provided by ASC 946, the Fund will not consolidate portfolio companies in which it invests, unless the portfolio company is itself an investment company or is a controlled operating company whose business consists of providing services to the Fund. The Fund's investments in the portfolio companies (including its investments held by consolidated subsidiaries) are listed on the Fund's consolidated statements of assets and liabilities as investments at fair value.

Use of Estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

Investment Classification

The Fund classifies its investments by level of control. Under the 1940 Act, the Fund is presumed to "control" a portfolio company if the Fund owns more than 25% of a portfolio company's voting securities and/or holds the power to exercise control over the management or policies of such portfolio company; the Fund is generally presumed a non-control "affiliated person" if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company's outstanding voting securities and/or is under common control with the portfolio company. Detailed information with respect to the Fund's investment classification by level of control is disclosed in the accompanying consolidated financial statements, including the consolidated schedules of investments.

Cash, Restricted Cash, Cash Equivalents and Foreign Cash

Cash and restricted cash on deposit at a major financial institution are included in cash and restricted cash, respectively, in the consolidated statements of assets and liabilities. Cash equivalents consist of highly liquid assets, such as money market funds. At times, cash and restricted cash may exceed Federal Deposit Insurance Corporation insured limits. Management believes that the credit risk to these deposits is minimal. Cash equivalents are classified as Level 1 in the U.S. GAAP valuation hierarchy.

As of March 31, 2026 restricted cash represents the required minimum cash balance to be held under the terms of the Fund's revolving credit facility (Note 6). This amount is not available for general purposes and is presented as restricted cash on the consolidated statements of assets and liabilities.

Additionally, cash denominated in currencies other than U.S. dollars is recorded as foreign cash held at banks. At times, foreign cash held at banks may exceed Federal Deposit Insurance Corporation insured limits.

The table below comprises our cash, restricted cash and foreign cash as of March 31, 2026 and December 31, 2025:


($ in millions)*	March 31, 2026		December 31, 2025
Cash	$	14.9	$	11.0
Restricted cash		27.5		—
Foreign cash held at banks		0.4		—
Total cash and cash equivalents	$	42.8	$	11.0

(*) Totals may not foot due to rounding.

Interest income generated on cash and cash equivalents is included in interest income on the consolidated statements of operations. The following table presents interest income generated by cash, restricted cash and cash equivalents for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
($ in millions)	2026		2025
Interest income on cash, restricted cash and foreign cash	$	0.2	$	0.1

Investment Transactions and Related Income and Expense

Investments are carried at fair value, with resulting unrealized appreciation and depreciation reflected in the consolidated statements of operations. Purchases and sales of investments are recorded on a trade date basis. Net gains or losses on investments are included on the consolidated statements of operations. Realized gains and losses on investments are determined on the specific cost identification basis.

Loans including revolving credit agreements are generally recorded on the consolidated statements of assets and liabilities as a component of investments owned at fair value, net of the unfunded portion of the related revolving credit agreement.

Interest income and expense are recognized on an accrual basis. Discounts and premiums to par value on investments are accreted and amortized into interest income over the required period of the respective investment using the effective interest method. Loan origination fees received in full at the inception of a loan or bond and fees earned in full upfront and to be paid at the termination of the loan are deferred and accreted into interest income, using the effective yield method as an enhancement to the related loan’s yield over the contractual life of the loan. The amortized cost of investments is adjusted for accretion of fees, if any. For the three months ended March 31, 2026 and 2025, non-cash interest income related to such accretion amounted to $0.9 million and $0.1 million, respectively. Upon the prepayment of a loan, prepayment premiums and any unamortized fees are recorded as interest income.

The Fund may own loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is generally recorded as interest income on an accrual basis. On the specified capitalization date, PIK interest is added to the principal balance and cost of the loan.

Generally, loans are placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income. Interest payments received on debt investments on non-accrual status may be recognized as interest income or treated as a reduction of cost basis of the debt investment based on management’s judgment of ultimate recovery and other considerations.

Distributions from Equity Investments

Distributions received from equity investments in limited liability companies (“LLCs”) and limited partnerships (“LPs”) are evaluated to determine if the distribution should be recorded as dividend income, return of capital or realized gain (loss). Generally, the Fund will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax basis earnings and profits in the LLCs or LPs prior to the distribution. Prior to the ex-dividend date, the value of a dividend may be reflected in the fair value of the equity investment. Distributions from equity investments that are classified as a return of capital are recorded as a reduction in the cost basis of such equity investments.

Other Income

From time to time, the Fund may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies. These fees are recognized when services are rendered and recorded as other income.

Foreign Currency Transactions

Net realized gain (loss) from foreign currency transactions as reported in the consolidated statements of operations arises from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on investment transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded in the Fund’s books and records, and U.S. dollars equivalent of the amounts actually received or paid. Net change in unrealized appreciation (depreciation) from foreign currency translations as reported in the consolidated statements of operations arises from changes in the fair values of assets and liabilities, other than investments at fiscal period-end, resulting from changes in exchange rates.

Investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Fund does not isolate realized and unrealized gains and losses on investments and derivative contracts resulting from changes in foreign currency exchange rates on the consolidated statements of operations. Such fluctuations are reflected on the consolidated statements of operations together with net realized gain (loss) and net change in unrealized gain (loss) on investments and derivative contracts.

Deferred Financing and Debt Issuance Costs

Deferred financing costs represent fees and other direct costs incurred in connection with the Fund’s revolving credit facility. These amounts are capitalized as an asset within the consolidated statements of assets and liabilities and are amortized using the straight-line methodology over the expected term of the borrowing which is generally expected to be at the end of the revolving period. The Fund records costs related to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the consolidated statements of assets and liabilities.

Organizational Expenses and Offering Costs

Organizational costs are expensed as incurred and recorded in the consolidated statements of operations. Offering costs associated with the Fund's common shares are capitalized as an asset within in the consolidated statement of assets and liabilities and are amortized over a twelve-month period from incurrence. Costs from any additional offerings are deferred and amortized as incurred. For the three months ended March 31, 2026 and 2025, the Fund incurred no organizational expenses and incurred offering costs of $38,004 and none, respectively.

Valuation of Investments

Investments at fair value consist primarily of senior secured debt and equities.

The Board has designated the Adviser as the Fund’s valuation designee pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Accordingly, the Adviser has appointed its BDC Valuation Committee with the responsibility for fair value determinations pursuant to valuation procedures adopted for the Fund. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments are valued in good faith by the Adviser at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable. The Fund conducts this valuation process on a quarterly basis.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative “bid” quotation if held long and the representative “ask” quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources.

Investments for which independent pricing sources or recent transaction activity are either not readily available or are not deemed reliable (“Non-Quoted Investments”) are fair valued as determined in good faith by the Adviser. Non-Quoted Investments are valued in a multi-step process:

The BDC valuation team within Fund Accounting team of the Adviser (“Fund Accounting”) provides recent portfolio company financial statements and other reporting materials to independent valuation firm(s) approved by the BDC Valuation Committee.

The independent valuation firm(s) evaluates this information along with relevant observable market data to conduct independent valuations each quarter, and their valuation recommendations are documented and discussed with the BDC Valuation Committee, Fund Accounting and the relevant investment professionals, as appropriate.

The valuation recommendations for certain investments may be determined by the BDC Valuation Committee in good faith in accordance with the valuation policy for the Fund without the employment of an independent valuation firm, based on immateriality or other considerations as appropriate.

The BDC Valuation Committee discusses the valuations and approves the fair value of the investments in good faith based on the input and advice provided by the independent valuation firm(s), the BDC valuation team and relevant investment professionals of the Adviser, as necessary.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). In accordance with U.S. GAAP, these inputs are summarized in the three broad levels listed below:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser’s perceived risk of that instrument.

Investments whose values are based on the unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities are classified within Level 1. These include actively traded listed equities as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025 there were no investments classified within level 1.

Investments that are valued based on dealer quotations or alternative pricing sources supported by observable inputs are generally classified within level 2. These may include certain bonds or bank loans.

Investments classified within level 3 have significant unobservable inputs. Level 3 instruments may include certain bank loans, trust interests, private equity and real estate properties. When observable prices are not available for these investments, one or more valuation techniques (e.g., market approach or income approach) for which sufficient and reliable data is available may be used. Within level 3, the use of the market approach technique generally consists of using comparable market data, while the use of the income approach technique generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other factors. Quotations provided by independent pricing sources may also be considered, if available and deemed reliable, in determining the value of level 3 investments.

The inputs used in estimating the value of level 3 investments that are not valued using quotations provided by independent pricing sources may include but are not limited to the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, discount rates, durations and changes in financial ratios or cash flows. Comparable public companies may also be identified based on industry, size, strategy, etc. and a trading multiple or yield is determined for each comparable company. Additionally, level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s consolidated results of operations.

Income Taxes

Effective February 2, 2026, the Fund intends to be treated, and to qualify annually thereafter, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986 (the "Code"). As a RIC, the Fund generally does not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders. Any tax liability related to income earned and distributed by the Fund represents obligations of the shareholders.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of its investment company taxable income, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. As a RIC, the Fund is also subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner, for each taxable year, an amount at least equal to the sum of (1) 98% of its ordinary net income for the calendar year, (2) 98.2% of capital gains (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 prior years. To maintain its tax treatment as a RIC, the Fund intends, among other things, to make the requisite distributions to its shareholders, which generally relieves the Fund from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year. To the extent that the Fund determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Fund will be subject to a nondeductible 4% U.S. federal excise tax on estimated excess taxable income.

For the three months ended March 31, 2026 and 2025, there was no accrued U.S. federal excise tax.

Prior to February 2, 2026, the Fund was treated as a partnership for U.S. federal income tax purposes. As a partnership, the Fund was generally not subject to U.S. federal income taxes at the entity level. Instead each investor was individually responsible for income taxes, if any, on its share of the Fund’s net taxable income. During this period, the Fund may have incurred entity-level state taxes or withholding taxes based on specific investors or income sources. Such taxes, were either recorded as entity-level expenses or charged directly to respective investors. Non-U.S. sourced income, such as interest, dividends, or capital gains, could have been subject to withholding and other taxes levied by the jurisdiction where the income was sourced. Such withholding taxes are accrued when incurred as withholding taxes against the relevant income stream. For the three months ended March 31, 2026 and 2025, the Fund did not incur any non-U.S. tax expenses.

During the period when the Fund was treated as a partnership for U.S. federal income tax purposes, IRS audits and adjustments were conducted at the Fund level, with the Fund potentially responsible for taxes (and associated interest and penalties) resulting from such adjustments. In certain cases, the Fund could elect to have the tax assessed or collected at the investor level. In the event of an audit, partnership audit rules and elections could significantly affect the amount and timing of tax (and associated interest and penalties) that is required to be borne by the Fund and its investors (including former investors).

The Fund follows the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, and is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. For the three months ended March 31, 2026 and 2025, there were no liabilities related to accounting for uncertain tax positions.

The Fund files tax returns as required in the jurisdictions where it operates or invests and may be subject to examination for all open tax years, the earliest of which is 2024. The Fund recognizes interest and penalties, when known on the consolidated statements of operations. For the three months ended March 31, 2026 and 2025, there were no material interest and penalties.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting, the Fund has determined that it has a single operating and reporting segment. Operating and reporting segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Fund's chief operating decision maker (the "CODM") in deciding how to allocate resources and assess performance. The Fund's CODM is its Chief Executive Officer and Chief Financial Officer. The key metrics, along with other various factors, the CODM utilizes to determine performance and make operating decisions are net investment income and net increase (decrease) in net assets resulting from operations, as reported on the consolidated statements of operations. The Fund's CODM views the Fund's operations and manages its business in one operating segment, which is to primarily invest in U.S. middle market lending opportunities to achieve the Fund's investment objective.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

Significant Agreements and Related Party Transactions

The Fund is party to an amended and restated advisory agreement, entered into on February 2, 2026 (the "Advisory Agreement") pursuant to which the Fund agrees to pay the Adviser fees for its investment advisory and management services consisting of a management fee (the "Management Fee") and incentive fee (the "Incentive Fee"), which are ultimately borne by the shareholders. Prior to the BDC Election Date, an origination fee (the "Origination Fee") was incurred by the Fund.

Origination Fee

Prior to the BDC Election Date, the Fund was subject to an Origination Fee payable to the Adviser calculated at 1% of the aggregate dollar amount of investments committed and entered into by the Fund. In 2025, the Adviser agreed to irrevocably waive the Origination Fee from the Fund's commencement of operations. Prior to the waiver, the Fund had incurred an Origination Fee of $0.7 million. The Fund recorded the waiver on January 1, 2025 and as such, no Origination Fee was incurred for the three months ended March 31, 2026 and 2025.

Management Fee

The Management Fee is calculated at an annual rate of 1.25% of the Fund's aggregate net assets as of the beginning of the first calendar day of the applicable month. The Management Fee for any partial month will be appropriately prorated.

The Adviser has agreed to waive the Management Fee for (i) the period prior to the BDC Election Date, and (ii) the six-month period following the BDC Election Date. The fee waiver is not subject to recoupment by the Adviser.

As of March 31, 2026 and December 31, 2025, Management Fees payable were zero. For the three months ended March 31, 2026 and 2025, the Fund incurred a Management Fee of $0.8 million and $0.0 million, respectively. For the three months ended March 31, 2026 and 2025, the Management Fees waived were $0.8 million and $0.0 million, respectively.

Incentive Fee

The Incentive Fee consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income ("Incentive Fee on Pre-Incentive Fee Net Investment Income"), and a portion is based on capital gains ("Capital Gains Fee").

Incentive Fee on Pre-Incentive Fee Net Investment Income

The Income Incentive Fee is calculated and payable to the Adviser quarterly in arrears based on the amount by which Pre-Incentive Fee Net Investment Income (as defined below) in respect of the current calendar quarter exceeds the Hurdle Rate Amount (as defined below). The Income Incentive Fee is calculated and paid as follows:

•

No amount in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate Amount.

•

100% of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate Amount but is less than or equal to the Catch-up Amount (as defined below).

•

For any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income exceeds the Catch-Up Amount, 12.5% of the amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-Up Amount.

The “Hurdle Rate Amount” is calculated on a quarterly basis by multiplying 1.25% (5.00% annualized) and the Fund’s net asset value (total assets less indebtedness) at the beginning of each applicable calendar quarter. The “Catch-up Amount” is calculated on a quarterly basis by multiplying 1.4286% (5.7143% annualized) and the Fund’s net asset value at the beginning of each applicable calendar quarter.“Pre-Incentive Fee Net Investment Income" means, dividends (including reinvested dividends), interest and fee income accrued by the Fund during the calendar quarter, minus the Fund’s operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund may not have received in cash. Pre-Incentive Fee Net Investment Income also includes net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges and other expenses paid by the Fund to the derivative or swap counterparty). Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital appreciation or depreciation.

Prior to the BDC Election Date, the Adviser voluntarily waived all Income Incentive Fees. As of March 31, 2026 and December 31, 2025, Income Incentive Fee payable was $0.9 million and zero, respectively. For the three months ended March 31, 2026 and 2025, the Income Incentive Fee was $0.9 million and zero, respectively.

Incentive Fee on Capital Gains

The Incentive Fee on Capital Gains, which is determined in arrears at the end of each fiscal year, is equal to 12.5% of the Fund’s Cumulative Capital Gains (as defined below) from the BDC Election Date to the end of such fiscal year, less the amount of any Incentive Fee on Capital Gains previously paid. "Cumulative Capital Gains” means, on any relevant date, cumulative realized capital gains, less the sum of (a) cumulative realized capital losses and (b) cumulative unrealized capital depreciation on investments, in each case as of such date.

Under U.S. GAAP, the Fund is required to accrue any Incentive Fee on Capital Gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each reporting period. In calculating the accrual for the Incentive Fee on Capital Gains, the Fund considers the cumulative aggregate unrealized capital appreciation in the calculation, because Incentive Fee on Capital Gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. There can be no assurance that such unrealized capital appreciation will be realized in the future and therefore the corresponding accrued Incentive Fee on Capital Gains for U.S. GAAP purposes may be reversed accordingly.

Prior to the BDC Election Date, the Adviser voluntarily waived all Incentive Fees on Capital Gains. As of March 31, 2026 and December 31, 2025, there was no Incentive Fee on Capital Gains payable. For the three months ended March 31, 2026 and 2025, the Fund incurred no Incentive Fee on Capital Gains.

Expense Support and Conditional Reimbursement Agreement

On October 14, 2024 the Fund entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or distributions and/or servicing fees of the Fund. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

Following any quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Fund shall be referred to as a “Reimbursement Payment”. “Available Operating Funds” means the sum of (i) net investment Fund taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

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

No Reimbursement Payment for any quarter will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Fund at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the "Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

The Fund’s obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter.

The following table presents a summary of all expenses supported, recouped, and eligible to recoup, by the Adviser:


For the Period Ended	Amount of Expense Support		Recoupment of Expense Support		Unreimbursed Expense Support		Reimbursement Eligibility Expiration	Effective Rate of Distribution per Share			Operating Expense Ratio
December 31, 2024	$	816,933	$	112,783	$	704,150	December 31, 2027		0.00	%		2.39	%
September 30, 2025		382,006		—		382,006	September 30, 2028		0.00	%		2.46	%
December 31, 2025		373,014		—		373,014	December 31, 2028		0.00	%		2.26	%
Total	$	1,571,953	$	112,783	$	1,459,170

For the three months ended March 31, 2026 and 2025 the Fund accrued no Expense Support amounts and made no Reimbursement Payments to the Adviser. For the three months ended March 31, 2026 and 2025, all accrued recuopment amounts noted in the table above were included in accrued expenses and other liabilities in the consolidated statement of assets and liabilities.

Other Related Party Transactions

Pursuant to the Advisory Agreement, the Adviser is responsible for providing various accounting and administrative services to the Fund and the Fund will reimburse the Adviser for all costs and expenses incurred in performing its administrative obligations, including the allocable portion of overhead (such as rent, office equipment and utilities) and the allocable portion of the compensation paid to the Fund's General Counsel, Chief Compliance Officer and Chief Financial Officer and their respective staffs. As of March 31, 2026 and December 31, 2025, the related party administration fee payable was $0.0 million and $0.2 million, respectively and was included in accrued expenses and other liabilities in the consolidated statement of assets and liabilities. For the three months ended March 31, 2026 and 2025, the Fund incurred $0.3 million and $0.2 million, respectively, in related party administration fees and was included in administration fees in the consolidated statement of operations.

The Adviser, or its affiliates, is authorized to pay expenses in the name of and on behalf of the Fund. To the extent that expenses borne by or reimbursements due to the Fund are paid by the Adviser, or an affiliate, the Fund will reimburse or seek reimbursement from such party. As of March 31, 2026 and December 31, 2025, the Fund owed $2,708 and $8,218, respectively to an affiliate.

On January 5, 2026, the Fund purchased $147.3 million of secured, floating rate, loans from an affiliated fund. The investments purchased were transacted on then current estimated fair value, supported by market quotations, market transactions or prices provided by independent valuation firms. Of the $147.3 million of loans that were purchased there was an unfunded commitment of $3.2 million related to revolving facilities and $6.2 million in unfunded delayed draw term loans.

On January 16, 2026 the Fund purchased $26.5 million of secured, floating rate, loans from a warehouse portfolio, managed by an affiliate of the Adviser, at fair value. Of the $26.5 million loans that were purchased there was $1.1 million of unfunded commitments related to a delayed draw term loan.

Investments

Investments consisted of the following at March 31, 2026 and December 31, 2025:


	March 31, 2026							December 31, 2025
	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
First lien debt	$	612,248,876	$	606,655,746		98.39	%	$	327,214,425	$	327,979,960		96.32	%
Second lien debt		8,223,652		8,198,300		1.33			8,167,157		8,094,827		2.38
Secured debt		394,827		395,585		0.06			4,287,202		4,370,441		1.28
Equities and warrants		1,317,775		1,328,342		0.22			42,547		55,325		0.02
Total	$	622,185,130	$	616,577,973		100.00	%	$	339,711,331	$	340,500,553		100.00	%

The Fund invested primarily in first-lien debt which may include stand-alone first-lien loans, unitranche/last-out loans and first lien/last-out loans which generally bear greater risk in exchange for a higher interest rate, and senior secured corporate bonds with similar features to these categories of first-lien loans. As of March 31, 2026 and December 31, 2025, the first lien/last-out loans, at fair value, were 0.16% and 1.40%, respectively, of the investment portfolio.

The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of March 31, 2026 and December 31, 2025 with corresponding percentages of total fair value:


	March 31, 2026							December 31, 2025
Industry Classification	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Automobiles & Components	$	10,011,675	$	10,217,245		1.66	%	$	4,080,477	$	4,224,293		1.24	%
Building Products		14,945,260		14,070,795		2.28			7,053,789		7,123,154		2.09
Business Services		23,077,281		22,907,765		3.72			42,262,681		42,205,230		12.40
Commercial Services		20,745,075		20,776,568		3.37			—		—		—
Consumer Brands		4,844,190		4,784,492		0.78			39,940,247		40,106,299		11.78
Consumer Products		43,332,050		43,341,707		7.03			—		—		—
Consumer Services		5,469,731		5,423,970		0.88			—		—		—
Energy		6,160,664		6,153,135		1.00			6,154,690		6,096,622		1.79
Environmental Solutions		17,182,381		17,190,514		2.79			345,181		355,873		0.10
Fitness & Leisure		7,076,701		6,984,405		1.13			—		—		—
Food & Beverage		49,045,388		48,601,158		7.88			8,305,256		8,262,150		2.43
Gaming & Entertainment		15,141,179		15,056,050		2.44			13,841,761		13,902,146		4.08
Healthcare Equipment & Supplies		20,587,653		20,021,263		3.25			15,994,014		15,685,049		4.61
Healthcare Technology		1,958,332		1,920,719		0.31			—		—		—
Industrial Products & Services		61,966,730		62,344,487		10.11			53,238,546		53,760,708		15.79
Insurance & Insurance Services		7,917,408		7,378,883		1.20			8,007,354		7,872,338		2.31
Media: Diversified & Production		9,018,193		8,931,965		1.45			—		—		—
Oilfield Services		8,782,292		8,929,329		1.45			9,003,693		9,149,929		2.69
Paper & Packaging		20,869,257		20,549,772		3.33			11,655,018		11,491,638		3.37
Pharmaceuticals & Life Sciences		11,989,778		11,988,513		1.94			—		—		—
Power Generation		26,914,307		27,176,937		4.41			9,649,600		9,995,211		2.94
Professional Services		20,060,654		20,131,049		3.26			—		—		—
Real Estate Development & Management		10,649,403		10,687,501		1.73			13,715,528		13,825,583		4.06
Software & Services		20,781,566		19,420,237		3.15			7,884,581		7,959,401		2.34
Specialty Chemicals		47,207,950		46,894,905		7.61			22,736,806		22,783,332		6.69
Specialty Retail		44,752,286		44,614,076		7.24			15,373,252		15,337,548		4.50
Staples Retail		13,791,786		13,900,623		2.25			5,091,076		5,137,371		1.51
Technology		54,593,745		52,794,517		8.56			37,882,273		37,741,029		11.08
Technology Hardware & Equipment		18,366,086		18,402,592		2.98			7,495,508		7,485,649		2.20
Telecommunications		4,946,129		4,982,801		0.81			—		—		—
Total	$	622,185,130	$	616,577,973		100.00	%	$	339,711,331	$	340,500,553		100.00	%

The following table presents the composition of the investment portfolio by geographic dispersion at amortized cost and fair value as of March 31, 2026 and December 31, 2025 with corresponding percentages of total fair value:


	March 31, 2026							December 31, 2025
Geographic Dispersion(1)	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Canada	$	51,550,994	$	50,977,458		8.27	%	$	41,645,093	$	41,519,571		12.19	%
Luxembourg		14,763,042		13,613,777		2.21			2,949,270		2,983,556		0.88
Netherlands		4,681,424		4,280,230		0.69			1,827,021		1,790,906		0.52
Singapore		7,374,193		7,244,093		1.17			—		—		—
United Kingdom		4,713,285		4,623,666		0.75			4,891,871		4,931,850		1.45
United States of America		539,102,192		535,838,749		86.91			288,398,076		289,274,670		84.96
Total	$	622,185,130	$	616,577,973		100.00	%	$	339,711,331	$	340,500,553		100.00	%

(1)

Geographic dispersion represents the country of the issuer and may not represent the operating domicile.

Fair Value Measurements

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of March 31, 2026.


	March 31, 2026
	Level 1		Level 2		Level 3		Total
Investments:
Secured loans	$	—	$	139,560,923	$	475,293,123	$	614,854,046
Secured debt		—		377,236		18,349		395,585
Equities and warrants		—		—		1,328,342		1,328,342
Total investments	$	—	$	139,938,159	$	476,639,814	$	616,577,973

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of December 31, 2025.


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Investments:
Secured loans	$	—	$	70,073,748	$	266,001,039	$	336,074,787
Secured debt		—		4,352,092		18,349		4,370,441
Equities and warrants		—		—		55,325		55,325
Total investments	$	—	$	74,425,840	$	266,074,713	$	340,500,553

The following table includes a roll forward of the amounts for three months ended March 31, 2026 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement.


	Fair Value Measurements of Level 3 Investments
	Secured Loans			Secured Bonds		Equities and warrants			Total
Balance at December 31, 2025	$	266,001,038		$	18,349	$	55,325		$	266,074,712
Transfer in(1)		—			—		—			—
Transfer out(2)		(10,913,675	)		—		—			(10,913,675	)
Accretion/amortization of discounts/premiums		685,733			—		—			685,733
Interest paid-in-kind		193,823			—		—			193,823
Purchases(3)		256,927,897			—		1,275,228			258,203,125
Sales, paydowns and resolutions(3)		(36,364,716	)		—		—			(36,364,716	)
Net realized gain/(loss)		211,825			—		—			211,825
Net change in unrealized appreciation/(depreciation)		(1,448,802	)		—		(2,211	)		(1,451,013	)
Balance at March 31, 2026	$	475,293,123		$	18,349	$	1,328,342		$	476,639,814
Change in net unrealized appreciation / (depreciation) on investments held as of March 31, 2026	$	(1,480,749	)	$	—	$	(2,211	)	$	(1,482,960	)

(1) There were no investments transferred in to level 3.

(2) Investment was transferred out from level 3 due to changes in observability of valuation inputs.

(3) Includes the effects of reorganizations, if any.

The following table includes a roll forward of the amounts for three months ended March 31, 2025 for investments classified within level 3.


	Fair Value Measurements of Level 3 Investments
	Secured Loans			Secured Bonds		Equities and warrants		Total
Balance at December 31, 2024	$	57,830,754		$	—	$	—	$	57,830,754
Transfer in(1)		—			—		—		—
Transfer out(2)		—			—		—		—
Accretion/amortization of discounts/premiums		88,382			—		—		88,382
Interest paid-in-kind		—			—		—		—
Purchases(3)		26,265,033			—		—		26,265,033
Sales, paydowns and resolutions(3)		(5,654,559	)		—		—		(5,654,559	)
Net realized gain/(loss)		(2,066	)		—		—		(2,066	)
Net change in unrealized appreciation/(depreciation)		200,471			—		—		200,471
Balance at March 31, 2025	$	78,728,015		$	—	$	—	$	78,728,015
Change in net unrealized appreciation / (depreciation) on investments held as of March 31, 2025	$	200,471		$	—	$	—	$	200,471

(1) There were no investments transferred in to level 3.

(2) There were no investments transferred out of level 3.

(3) Includes the effects of reorganizations, if any.

All realized gains (losses) and change in unrealized appreciation (depreciation) in the tables above are reflected in the accompanying consolidated statements of operations. Transfers between levels, if any, are recognized at the beginning of each reporting period.

The following tables provide quantitative information about the Fund’s level 3 fair value measurements for the Fund’s investments as of March 31, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, the Fund may also use, in accordance with the valuation policy, other valuation techniques and methodologies when determining the Fund’s fair value measurements. The below tables are not intended to be inclusive of all unobservable inputs, but rather provide information on the significant level 3 inputs as they relate to the Fund’s fair value measurements.

          
         Quantitative Information about Level 3 Value Investments

         Investment Type

         Fair Value at March 31, 2026

         Valuation
Technique(s)

         Unobservable
Input(s)

         Range (Weighted
Average)

         Impact to Valuation from an Increase in Input(1)

Secured Loans

425,041,205

Income Approach

Yield

8.4% - 19.3% (10.5%)

Decrease

          
         Expected Term(2)

         0.1 yrs. - 0.1 yrs. (0.1 yrs.)

         Decrease

50,251,918

Recent Transaction

N/A

N/A

Increase

Equities and warrants

1,275,228

Recent Transaction

N/A

N/A

Increase

53,114

Market Comparables

Market Multiple

2.3x

Increase

Secured Bond

18,349

Recent Transaction

N/A

N/A

Increase

Total Level 3 Investments

476,639,814

(1)

This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)

Expected term is an unobservable input for non-debt investments, or debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for the all the Fund's Level 3 debt investments, including those valued to contractual maturity, was approximately 4.6 years as of March 31, 2026.

          
         Quantitative Information about Level 3 Value Investments

         Investment Type

         Fair Value at December 31, 2025

         Valuation
Technique(s)

         Unobservable
Input(s)

         Range (Weighted
Average)

         Impact to Valuation from an Increase in Input(1)

Secured Loans

154,819,697

Income Approach

Yield

7.5% - 12.9% (10.3%)

Decrease

          
         Expected Term(2)

         0.6 yrs. - 1.8 yrs. (1.1 yrs.)

         Decrease

106,267,840

Recent Transaction

N/A

N/A

Increase

4,931,850

Market Quotation

Market Quotation

N/A

Increase

Equities and warrants

55,325

Recent Transaction

N/A

N/A

Increase

Total Level 3 Investments

266,074,712

(1)

(2)

Debt

At the BDC Election Date, the Fund elected to adopt an asset coverage ratio requirement of 150%. Asset coverage ratio is equal to (i) total assets at the end of the period, less all liabilities and indebtedness not represented by senior securities, divided by (ii) total debt represented by senior securities at the end of the period. As of March 31, 2026 and December 31, 2025, the asset coverage ratio based on the aggregate amount outstanding of the Fund's senior securities was 267% and 311%, respectively.

Revolving Credit Facility

On July 10, 2025 the Fund entered into a secured revolving credit facility agreement with Wells Fargo Bank NA (the “Revolving Credit Facility”) that allows the Fund to borrow an amount up to $400 million. The facility termination date for the Revolving Credit Facility is July 10, 2030. The interest rate is based on the daily SOFR plus a margin of 205 basis points per annum on the drawn portion, as well as a commitment fee of 50 basis points per annum on any unused portion. In connection with the Revolving Credit Facility, the Fund has pledged certain investments and cash as collateral and such pledged investments may accordingly be restricted as to resale. Certain specified revaluation events related to pledged assets may result in a decrease in the borrowing base, and could incent or require the Fund to pledge additional collateral.

2056 Promissory Notes

On January 29, 2026, the Fund issued $1.5 million in aggregate principal of promissory notes (the "2056 Promissory Notes"). The Fund pays interest on the principal amount of the 2056 Notes at a rate of 12% per annum, payable annually in arrears. The 2056 Promissory Notes mature on January 29, 2056 and may be prepaid by the Fund at any time, in whole or in part, provided that (i) the Fund will pay on the date of such prepayment all accrued and unpaid interest due on such prepaid principal amount to and including the date of prepayment and (ii) if the prepayment occurs within twenty-four months after the issue date of the 2056 Promissory Notes, the Fund will pay a one-time premium.

The following tables present the details of the Fund's borrowings as of March 31, 2026 and December 31, 2025.


	March 31, 2026
Facility	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value		Fair Value		Coupon	Interest Rate	Maturity Date
Revolving Credit Facility(1)	$	400,000,000	$	246,800,000	$	246,800,000	$	246,800,000	S+2.05%	5.71%	7/10/2030
2056 Promissory Notes(2)		1,500,000		1,500,000		1,392,003		1,486,500	12.00%	12.00%	1/29/2056
Total	$	401,500,000	$	248,300,000	$	248,192,003	$	248,286,500


	December 31, 2025
Facility	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value		Fair Value		Coupon	Interest Rate	Maturity Date
Revolving Credit Facility(1)	$	200,000,000	$	94,300,000	$	94,300,000	$	94,300,000	S+2.05%	6.29%	7/10/2030
Total	$	200,000,000	$	94,300,000	$	94,300,000	$	94,300,000

(1)

Interest rate as of March 31, 2026 and December 31, 2025 was daily SOFR+2.05%, respectively. The base interest rate is subject to daily changes. Interest rate does not include the amortization of upfront fees, facility agent fee, unfunded fees and expenses that were incurred in connection with the Revolving Credit Facility.

(2)

Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

The fair value of the Fund’s borrowings are categorized as Level 3 within the fair value hierarchy as of March 31, 2026 and December 31, 2025.

The components of the Fund's interest and financing expenses for the three months ended March 31, 2026 and March 31, 2025 were as follows:


	For the Three Months Ended March 31,
	2026			2025
Stated interest expense	$	3,028,996		$	1,224,975
Unfunded fees		253,302			—
Amortization of deferred financing costs and debt issuance costs		318,329			179,161
Total interest expense(1)	$	3,600,627		$	1,404,136
Weighted average interest rate(2)		6.42	%		8.92	%
Average borrowings(1)	$	227,577,806		$	63,873,107

(1)

Total interest expense includes amounts related to the sale/buy back financing arrangements, if applicable.

(2)

Annualized.

Sell / Buy-back Agreements

The Fund may finance the purchase of certain investments through sell / buy-back agreements, which are similar to repurchase agreements. In a sell / buy-back agreement, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. The Fund uses sell/buy-back agreements as a short-term financing with terms generally 90 days or less. Under U.S. GAAP, the Fund treats its sell/buy-back agreements as secured borrowings and continues to present the investment as an asset and the obligation to return the cash received as a liability on the consolidated statement of assets and liabilities. The amount borrowed is generally equal to the cost of the assets pledged. Interest income earned on investments pledged as collateral and financing charges associated with the sell / buy-back agreements are included within interest income and interest and financing expenses, respectively, on the consolidated statement of operations. Accrued interest receivable on investments and accrued financing charges on the sell / buy-back agreements are included within interest receivable and interest payable, respectively, on the consolidated statement of assets and liabilities.

As of March 31, 2026 there were no amounts outstanding under the sell/buy-back agreements with Macquarie Bank. As of December 31, 2025 there were $5.1 million of outstanding borrowings under the sell/buy-back agreements with Macquarie Bank, all of which had a maturity date of February 27, 2026.

As of December 31, 2025, all sell/buy-back agreements were carried at cost, which approximates their fair value due to the short-term maturity of the agreements. The fair value of the sell/buy-back agreements would be categorized as Level 3 within the fair value hierarchy.

Commitments and Contingencies

From time to time, the Fund may enter into commitments to fund investments. Such commitments are incorporated into the Fund's assessment of its liquidity position. The Fund's senior secured revolver commitments are generally available on a borrower's demand. The Fund's senior secured delayed draw term loan commitments are generally available on a borrower's demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

A summary of the composition of the Fund’s unfunded commitments as of March 31, 2026 and December 31, 2025 is shown in the table below:


Portfolio Company	Investment Type	March 31, 2026		December 31, 2025
Accela Inc/US	1st Lien Revolver	$	7,108,216	$	—
Databricks Inc	1st Lien Delayed Draw Term Loan		34,993,259		1,016,073
Elessent Clean Technologies Inc	1st Lien Revolver		670,518		459,015
Gopher Resource LLC	1st Lien Revolver		40,636		—
Guava Buyer LLC	1st Lien Revolver		2,119,534		542,131
Guava Buyer LLC	1st Lien Delayed Draw Term Loan		1,186,939		464,684
Hammer IntermediateCo LLC	1st Lien Revolver		990,868		332,803
Industrial Service Solutions WC, Inc.	1st Lien Revolver		2,328,785		—
LVF Holdings Inc	1st Lien Delayed Draw Term Loan		—		1,315,913
Meta Buyer LLC	1st Lien Delayed Draw Term Loan		2,366,320		4,522,348
Meta Buyer LLC	1st Lien Revolver		1,972,759		1,972,759
Quirch Foods Holdings LLC	1st Lien Delayed Draw Term Loan		1,538,390		483,702
Radiate Holdco LLC	1st Lien Delayed Draw Term Loan		4,999,500		4,999,500
Recorded Books Inc (RB Media)	1st Lien Delayed Draw Term Loan		387,355		—
Recorded Books Inc (RB Media)	1st Lien Revolver		524,068		—
Resistance Holdings Inc	1st Lien Revolver		1,015,545		—
RKG Newco LLC	1st Lien Revolver		1,700,816		—
Shrieve Chemical Co LLC	1st Lien Revolver		494,406		317,710
Smarsh Inc	1st Lien Delayed Draw Term Loan		113,644		113,644
Smarsh Inc	1st Lien Revolver		89,400		69,702
USA Debusk LLC	1st Lien Revolver		486,082		—
USA Debusk LLC	1st Lien Delayed Draw Term Loan		694,403		—
Vantage Specialty Chemicals Inc	1st Lien Revolver		859,700		1,074,627
Xactus LLC	1st Lien Revolver		670,485		287,484
Total		$	67,351,628	$	17,972,095

In the normal course of its operations, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund believes the risk of significant loss to be remote.

From time to time, the Fund and its affiliates are subject to litigation arising in the normal course of business, including with respect to our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

Net Assets

Prior to the BDC Election date, the Fund was party to subscription agreements with investors, including affiliates of the Adviser, providing for the private placement of the Fund's common shares through commitments (collectively "Capital Commitments"). Under the terms of the Capital Commitments, investors were required to fund capital contributions to purchase the Fund's common shares up to the amount of their respective Capital Commitment on an as-needed basis each time a drawdown notice is delivered to investors.

After the BDC Election date, the Fund will enter into subscription agreements with investors, including affiliates of the Adviser, providing for the private placement of the Fund's common shares through subscriptions (collectively "Capital Subscriptions"). Under the terms of the Capital Subscriptions, the Fund continuously offers shares of its common stock on a monthly basis at a price equal to the then current NAV per share. Capital Subscriptions are accepted as of the first calendar day of each month. The Fund is authorized to issue an unlimited number of common shares of beneficial interest at $0.01 per share par value.

As of December 31, 2025, the Fund had $204.4 million of total capital commitments, of which approximately 1.0% are held by affiliates. As of December 31, 2025, $202.3 million of capital commitments were funded.

Shares issued and outstanding as of March 31, 2026 and December 31, 2025 were 15,534,956 and 7,598,987, respectively. The aggregate interests of Shareholders affiliated with the Adviser was approximately 0.5% of the Fund as of March 31, 2026 and 1.0% as of December 31, 2025.

The following tables summarize activity in the number of shares issued during the three months ended March 31, 2026 and 2025:


Date	Shares Issued		Proceeds Received		Issuance Price per Share
January 2, 2026		77,621	$	2,140,000	$	27.57
February 2, 2026		7,053,752	$	190,451,300	$	27.00
March 2, 2026		784,629	$	21,090,830	$	26.88


Date	Shares Issued		Proceeds Received		Issuance Price per Share
February 24, 2025		599,760	$	15,000,000	$	25.01

Distributions

The Board may, in its discretion, authorize the Fund to distribute ratably among the shareholders of any class of shares in the Fund in accordance with the number of outstanding full and fractional shares of such class or series as the Board may deem proper or as may otherwise be determined in accordance with the governing documents of the Fund. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Fund or any assets thereof) or shares of any class or series or any combination thereof. It is expected that the Board will authorize at least quarterly distributions of the majority of the Fund’s net investment income. The Board may always retain such amount as it may deem necessary to pay the debts or expenses or meet other obligations of the Fund, or as it may otherwise deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

The following table summarizes the Fund's dividends declared for the three months ended March 31, 2026:


Date Declared	Record Date	Payment Date	Type	Distribution per Share		Total Amount
January 28, 2026	January 28, 2026	February 27, 2026	Regular	$	0.98	$	7,523,076
February 27, 2026	February 27, 2026	March 31, 2026	Regular	$	0.16	$	2,320,031
March 25, 2026	March 31, 2026	April 30, 2026	Regular	$	0.16	$	2,446,752

The Fund declared no dividends the three months ended March 31, 2025.

Distribution Reinvestment Plan

On February 2, 2026 the Fund adopted a distribution reinvestment plan pursuant to which the Fund will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares. Shareholders who receive distributions in the form of common shares will be subject to the same tax consequences as if the distributions were received in cash.

The table below summarizes the number of common shares issued to shareholders through the Fund’s distribution reinvestment plan for the three months ended March 31, 2026.


Declared Date	Record Date	Payment Date	Shares Issued
February 27, 2026	February 27, 2026	March 2, 2026		19,968

As of March 31, 2025 the Fund did not have a distribution reinvestment plan in place.

Share Repurchase Program

At the discretion of Board, the Fund intends to commence a share repurchase program following the six month anniversary of the BDC Election Date in which it intends to repurchase up to 5% of the Fund’s common shares outstanding, either by number of common shares or aggregate NAV, as of the close of the applicable calendar quarter. The Board may amend, suspend or terminate the share repurchase program or conduct additional repurchases of common shares in an amount greater than 5% of common shares at any time if in its reasonable judgment it deems such action to be in the Fund’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act.

Under the share repurchase program, to the extent the Fund offers to repurchase common shares in any particular quarter, the Fund expects to repurchase common shares pursuant to tender offers on or around the last business day of that quarter (the "Repurchase Date") using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that common shares that have not been outstanding for at least one year will be purchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date in respect of such common shares and ends immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, solely in the discretion of the Adviser, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining Shareholders.

There have been no repurchases under the Share Repurchase Program.

10.

Financial Highlights

The following summarizes the financial highlights for the Fund:


	For the Three Months Ended March 31,
	2026			2025
Per Share Data*(1)
Net asset value, beginning of period	$	27.57		$	23.82
Net investment income (loss)		0.76			1.33
Net realized gain (loss) and net change in unrealized appreciation (depreciation)		(0.37	)		0.16
Total from operations(2)		0.39			1.49
Dividends declared from net investment income		(1.30	)		—
Total increase (decrease) in net assets		(0.91	)		1.49
Net asset value, end of period	$	26.66		$	25.31
Shares outstanding, end of period		15,534,956			1,199,760
Total Return, based on net asset value(3)(4)		1.39	%		6.29	%
Ratios to average net assets(5)
Interest and financing related expenses		4.76	%		25.40	%
Net expenses		7.65	%		30.97	%
Net investment income (loss)		11.91	%		7.10	%
Total investment income		19.56	%		38.08	%
Net assets, end of period	$	414,153,822		$	30,370,667
Portfolio turnover rate(6)		12.73	%		7.50	%
Weighted-average shares outstanding		12,489,695			839,904

* Totals may not foot due to rounding

(1)

The per share data was derived by using the weighted average shares outstanding during the applicable period, except for net asset value and distributions declared which reflected the actual amount per share for the applicable period.

(2)

Total from operations on a per share basis was calculated and allocated using monthly income and weighted average shares outstanding due to capital call cadence on an annual basis.

(3)

Total return is not annualized. Total return is calculated as the change in net asset value for the period, assuming dividends and distributions if any, are reinvested, divided by the beginning net asset value per share.

(4)

If the Origination Fee waiver had been effective March 31, 2025, the Fund's total return would have been 1.40% for the three months ended March 31, 2025.

(5)

The ratio reflects an annualized amount, except in the case of non-recurring expenses.

(6)

Portfolio turnover is calculated as the lesser of (i) purchases of portfolio investments or (ii) the aggregate total of sales of portfolio investments plus any prepayments received, divided by average fair value of portfolio investments during the period.

(7)

Weighted-average interest rate on financing includes interest expense and the amortization of issuance costs on both the Revolving Credit Facility and sell/buy-back agreements.

11.

Subsequent Events

Management has performed an evaluation of subsequent events and has determined that no additional items require adjustments to, or disclosure in the consolidated financial statements other than those items described below.

On April 1, 2026 the Fund issued and sold 949,126 shares at an offering price of $26.66 per share. The Fund received approximately $25.3 million as payment for such shares.

On April 28, 2026 the Fund declared a regular monthly distribution of $0.1575 per share, payable on May 29, 2026 for Shareholders of record on April 30, 2026.

On May 1, 2026 the Fund received approximately $36.4 million of net proceeds relating to subscriptions.

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

The information contained in this section should be read in conjunction with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) contain forward-looking statements that involve risks and uncertainties, which relate to future events or the future performance or financial condition of Silver Point Private Credit Fund (the "Fund," "we," "us," or "our"). Our actual results could differ materially from those anticipated by such forward-looking information including statements concerning:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

changes in the economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession;

•

risk associated with possible disruptions in our operations or the economy generally;

•

the impact of global health epidemics on our and our portfolio companies’ business and the global economy;

•

the effect of investments that we expect to make;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with our Adviser and its affiliates;

•

the dependence of our future success on the general economy and its effect on the industries in which we invest, including as a result of inflation;

•

the ability of our portfolio companies to achieve their objectives;

•

the use of borrowed money to finance a portion of our investments, including the consequences of interest rate increases;

•

the adequacy of our financing sources and working capital;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

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;

•

the consequences of the conflict between Russian and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chain;

•

our ability to qualify and maintain our qualification as a BDC; and

•

the effect of changes in laws or regulations affecting our operations or to tax legislation and its tax position.

We use words such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology to identify forward-looking statements.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the "SEC"), including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

The Fund was originally formed on June 5, 2024, under the laws of the State of Maryland as a staturoy trust and started operations on October 24, 2024. We have elected to be regulated as a BDC under the 1940 Act and to be treated as a RIC for U.S. federal income tax purposes. We are an “emerging growth company” under the JOBS Act. For so long as we remain an emerging growth company under the JOBS Act, we will be subject to reduced public company reporting requirements.

Investment Framework

We are a specialty finance company that is a closed-end management investment company. We have elected to be regulated as a BDC under the 1940 Act. Our investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in U.S. middle market lending opportunities, and specialty asset based financings. We define “middle market companies” to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) between $50 million and $200 million annually and/or enterprise value between $150 million and $2 billion at the time of investment. As of March 31, 2026, the portfolio median EBITDA for our portfolio companies was approximately $143.9 million. We may also, from time to time, invest in larger or smaller companies. In seeking to achieve our investment objective, we may also invest across a broad range of industries. We will invest primarily in first-lien debt, but may also invest in second-lien debt, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

We focus on U.S. middle market opportunities that have barriers to entry because they entail in-depth due diligence, valuation and collateral analyses; involve complexity; and require speed and certainty of execution and similar features that limit the participation of traditional financing sources. These opportunities are often less competitive and allow us to require more favorable structural and economic terms than available in broader public markets. In addition to investments in U.S. middle market companies, we may invest a portion of our capital in opportunistic investments, including, but not limited to, loans, debt securities (secured and unsecured) and equity. The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating.

Our Adviser believes the middle market lending environment is attractive throughout the credit cycle as a result of the following (i) growing demand for non-traditional lenders, (ii) trajectory of the middle market environment, (iii) dynamics of middle market lending conditions and (iv) the niches of the specialty lending market, on which we believe our Adviser has the credit expertise and sourcing relationships to capitalize. The reduced competition and barriers to entry within these deals may allow us to originate and purchase loans at premium economics and with better creditor protections than those available in the broader market.

If we are successful in achieving our investment objective, we believe that we will be able to provide our Shareholders with consistent dividend distributions and attractive risk-adjusted total returns, although there can be no assurances in this regard. Since we commenced investment operations on October 24, 2024, through March 31, 2026, we have invested approximately $0.7 billion in 60 portfolio companies, excluding any subsequent exits or repayments. As of March 31, 2026, the fair value of our portfolio was invested approximately 98.4% in first lien secured debt, 1.3% in second lien debt and 0.2% in equity investments.

Relationship with our Adviser

Silver Point Private Credit Fund Management, LLC (the "Adviser"), a Delaware limited liability company and wholly owned subsidiary of Silver Point Capital, L.P. ("Silver Point"), serves as our investment adviser and administrator (see Note 3 to the consolidated financial statements for more details). Subject to the supervision of our Board of Trustees, our Adviser manages our day-to-day operations and provides us with investment advisory and management services. Our Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to us and to our portfolio companies as required. We believe our Adviser will be able to leverage Silver Point’s existing relationships across advisors, intermediaries, investment banks, financial sponsors, broker-dealers, lawyers, and investors to source attractive investment opportunities.

We seek to accomplish our investment objective through leveraging the Silver Point investment platform with $47.3 billion of investable assets (including leverage for applicable funds) and Silver Point’s significant credit investing expertise, which enables us to source and identify less competitive and/or mispriced market opportunities. We target secured, floating rate loans with stable income that are structured with significant downside protection, which we believe includes strong covenant packages and comprehensive collateral packages. We prioritize investments in first lien debt, which we believe offers more attractive risk-adjusted return characteristics.

We and our Adviser have obtained an exemptive order from the SEC to permit greater flexibility to negotiate the terms of co-investments if our Board of Trustees determines that it would be advantageous for us to co-invest with other affiliated funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Key Components of Our Results of Operations

Investments

We focus primarily on targeting direct lending opportunities to U.S. middle market companies throughout the business cycle. Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the prevailing economic and market environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain U.S. companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

Since formation, in excess of 70% of the Fund’s assets have been “qualifying assets” under Section 55(a) of the 1940 Act. As of March 31, 2026, the fair value of the Fund’s total assets was comprised of approximately 81.8% of “qualifying assets.”

Revenues

We generate revenue primarily in the form of interest income on the investments we hold and, to a lesser extent, capital gains on the sales of loans and debt and equity securities and dividend income on direct equity investments. In addition, we generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees and prepayment fees.

Interest and dividend income are recorded on an accrual basis. Loan origination fees, original issue discount and market discounts or premiums are capitalized, and we accrete or amortize such amounts to income. We record contractual prepayment premiums and the acceleration of unamortized premiums or discounts on loans and debt securities as income, which can cause investment income to vary quarter by quarter.

Interest on debt investments is generally payable monthly or quarterly. Some of our investments provide for deferred interest payments or PIK interest. The principal amount of debt investments and any accrued but unpaid interest generally becomes due at the maturity date. Generally a small but varied number of portfolio companies may make voluntary prepayments in any quarter, meaning that changes in the amount of prepayment fees received can vary significantly between periods and can vary without regard to underlying credit trends. Repayments of our debt investments can reduce interest income from period to period.

We recognize realized gains or losses on sales of investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment at time of disposition, without regard to unrealized gains or losses previously recorded. We record changes in unrealized gain or loss on investments based on the current period changes in fair value of investments inclusive of the reversal of previously recorded unrealized gains or losses with respect to investments realized during the current period.

Expenses

Our primary operating expenses include interest and financing costs incurred from our credit facilities and the payment of fees to our Adviser under the Advisory Agreement. Additionally, we bear other costs and expenses of our operations, administration and transactions, including, but not limited to, the following:

•

investment advisory and management fees;

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expenses, including travel expenses, incurred by our Adviser, or members of our investment team, or payable to third parties, in respect of prospective or consummated investments;

•

amounts payable to third parties relating to, or associated with, making or holding investments, including legal, tax, consulting and other professional expenses;

•

commissions and other compensation payable to brokers or dealers;

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transfer agent and custodial fees;

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certain taxes;

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direct costs and expenses of administration, including audit, accounting, consulting and legal costs;

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errors and omissions liability insurance for Trustees and officers and any other insurance premiums;

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interest payable on debt incurred to finance our investments;

•

calculation of our net asset value (including the costs and expenses of any independent valuation firms);

•

Independent Trustee fees and expenses;

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the costs of any reports, proxy statements or other notices to our Shareholders, the SEC and other regulatory authorities (including printing and mailing costs), the costs of any Shareholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; and

•

our fidelity bond.

We bear other costs and expenses of our operations and transactions in accordance with and as set forth in more detail in our Advisory Agreement (see Note 3 to the consolidated financial statements).

Use of Leverage

We are a party to debt financing arrangements that allow us to borrow money and lever our investment portfolio, subject to the limitations of the 1940 Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our Shareholders. The use of leverage involves significant risks. As a BDC, pursuant to the 1940 Act, our total borrowings are limited. We are allowed to borrow amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150% immediately after such borrowing. This means that we can borrow up to $2 for every $1 of investor equity. The amount of leverage that we employ will depend on our Adviser’s and our Board of Trustees’ assessment of market conditions and other factors at the time of any proposed borrowing.

Market Opportunity

We believe the middle market lending environment, and in particular our focus area within middle market lending, is attractive throughout the credit cycle as a result of a combination of the following:

Size of the Middle Market Environment and Resulting Demand for Capital. The middle market is a critical portion of the U.S. economy and serves an outsized role in terms of GDP and revenues. According to the National Center for The Middle Market Year-End 2025 Middle Market Indicator, there are nearly 200,000 businesses in the U.S. middle market which represents one-third of private sector GDP and employment. Moreover, average year-over-year revenue growth in the middle market remained strong at 11.7%, with 84% of companies reporting top-line growth year-over-year. The Middle Market Indicator defines U.S. middle market companies as those with annual revenue between $10 million and $1 billion, significantly overlapping with our definition of U.S. middle market companies. The contribution from middle market companies to the economy has grown over time, and as the sector continues to expand, we believe there will be a similarly outsized need for capital. Historically, U.S. commercial and regional banks were traditional lenders to the middle market. However, regulatory and structural changes have taken place in the lending space that have resulted in less supply of capital for middle market companies from these traditional lenders. This has created an attractive lending opportunity for direct lenders to fill the void of traditional lenders.

Specialty Lending Market. We believe that middle market lending opportunities yield higher returns with better creditor protections when compared to broadly syndicated loan opportunities and that a unique opportunity exists for specialty lenders with differentiated sourcing channels and underwriting expertise to structure deals with more favorable terms than the broader market. We believe there persists a void in the market for deals where the borrower is in an industry or position that requires the lender to (i) conduct independent in-depth enterprise and collateral analysis and/or understand complexity, (ii) offer creative customized solutions and/or (iii) provide capital with speed and certainty of execution. We believe the reduced competition and barriers to entry within these deals allow us to originate loans at a risk-adjusted return premium to the broader market and to secure relatively stronger covenant packages, which provides our loans with significant downside protection.

Specialty Lending Expertise. Successfully lending within the middle market space requires a specialized skill set, particularly in assessing credit quality and risk, assessing business valuations, structuring and documentation, and asset management. Lenders in the middle market space have the ability to enhance value through intricate knowledge of capital structures and business dynamics, and through thoughtful structuring of financial covenants. Furthermore, lenders who engage in robust asset monitoring and management can successfully enhance returns throughout the business and credit cycle. We believe Silver Point is well-positioned to extract value from middle market opportunities given its platform, deep credit expertise, and experience managing portfolios of loans across cycles.

Attractive Opportunities to Invest in Senior Secured and Floating Rate Loans. We believe that opportunities to invest in senior secured loans are attractive because of the floating rate structure of most senior secured debt issuances and the defensive characteristics of these types of investments. We believe that floating rate debt investments can offer a superior return profile relative to fixed-rate investments, since floating rate structures are generally less susceptible to declines in value. In addition, senior secured debt possesses attractive defensive characteristics given its priority in payment relative to junior debt holders and equity holders.

Periods of economic uncertainty present both significant opportunities and risks. Increased volatility and market dislocation often result in a weakened capital base for new loan supply, and an increase in lending opportunities that require private capital to be accretive solution providers. We believe that the macroeconomic backdrop represents an attractive opportunity as, in addition to the borrowers that already prioritize private credit for their capital needs, when there is volatility in the public markets, there may be significantly increased demand for private credit. Given our capabilities and expertise in the specialty lending market, we believe we have built an all-cycle business model and we are well positioned to take advantage of the opportunity set in any market environment.

Portfolio and Investment Activity

As of March 31, 2026 and December 31, 2025, we had investments in 56 and 49 portfolio companies, respectively, with an aggregate fair value of $616.6 million and $340.5 million, respectively. As of March 31, 2026 and December 31, 2025, our portfolio had an average portfolio company investment size of $11.0 million and $6.9 million based on fair value, respectively.

The table below summarizes our investments as of March 31, 2026 and December 31, 2025:


	March 31, 2026							December 31, 2025
($ in millions)	Amortized Cost		Fair Value		Percentage of Total Fair Value			Amortized Cost		Fair Value		Percentage of Total Fair Value
First-lien debt	$	612.3	$	606.7		98.4	%	$	327.2	$	328.0		96.3	%
Second-lien debt		8.2		8.2		1.3	%		8.2		8.1		2.4	%
Unsecured debt		0.4		0.4		0.1	%		4.3		4.4		1.3	%
Equities		1.3		1.3		0.2	%		—		—		0.0	%
Total	$	622.2	$	616.6		100.0	%	$	339.7	$	340.5		100.0	%

The following table summarizes the performing and non-accrual investments, based on fair value and amortized cost, as of March 31, 2026 and December 31, 2025:


	March 31, 2026								December 31, 2025
($ in millions)	Amortized Cost				Fair Value				Amortized Cost				Fair Value
Performing	$	622.2	100.0	%	$	616.6	100.0	%	$	339.7	100.0	%	$	340.5	100.0	%
Non-accrual(1)		—	0.0	%		—	0.0	%		—	0.0	%		—	0.0	%
Total	$	622.2	100.0	%	$	616.6	100.0	%	$	339.7	100.0	%	$	340.5	100.0	%

(1)

Loans are generally placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income (see Note 2 to the consolidated financial statements for more details).

For the three months ended March 31, 2026, we funded an aggregate principal amount of $342.0 million. We funded $93.2 million in 10 new portfolio companies and $248.8 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 5.5 years. For the same period, we received $(60.9) million of aggregate repayments, paydowns and sales.

For the three months ended March 31, 2025, we funded an aggregate principal amount of $26.3 million. We funded $26.1 million in 6 new portfolio companies and $0.2 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 6.2 years. For the same period, we received $(5.7) million of aggregate repayments, paydowns and sales.

Our investment activity for the three months ended March 31, 2026 and 2025 is presented below:


	For the Three Months Ended March 31,
($ in millions)	2026			2025
Investment funded:
New purchases	$	93.2		$	26.1
Follow-ons		248.8			0.2
Total	$	342.0		$	26.3
Investments funded(1):
First-lien debt	$	340.7		$	20.1
Second-lien debt		—			6.1
Unsecured debt		—			—
Equities		1.3			—
Other investments		—			—
Total	$	342.0		$	26.3
Investments sold or repaid(1):
First-lien debt	$	(56.9	)	$	(5.7	)
Second-lien debt		—			—
Unsecured debt		(4.0	)		—
Equities		—			—
Other investments		—			—
Total	$	(60.9	)	$	(5.7	)
Number of new investment commitments in new portfolio companies		10			6
Average new investment fundings in new portfolio companies	$	9.3		$	4.3
Weighted average term (years) for new investments in new portfolio companies		5.5			6.2
Percentage of new floating rate debt investments at fair value		100.0	%		87.4	%
Percentage of new fixed rate debt investments at fair value		—			12.6	%
Weighted average yield of new investments at fair value		9.1	%		10.6	%

(1)

Excluding non-cash additions or disposals as a result of restructures, if any.

The weighted average yields and interest rates of our debt investments at fair value, as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026			December 31, 2025
Weighted average yield of portfolio		10.0	%		9.7	%
Weighted average yield of performing debt investments		10.0	%		9.7	%
Weighted average interest rate of performing debt investments		9.3	%		9.7	%
Weighted average spread over SOFR of floating rate performing investments		5.5	%		5.3	%

Results of Operations

Operating results for the three months ended March 31, 2026 and 2025 were as follows:


	For the Three Months Ended March 31,
($ in millions)	2026			2025
Total investment income	$	14.8		$	2.1
Less: Total expenses		5.8		$	1.2
Net investment income		9.0			0.9
Net realized gain (loss)		0.1			—
Net change in unrealized gain (loss)		(6.4	)		0.2
Net increase (decrease) in net assets resulting from operations	$	2.7		$	1.1


Maryland	99-6611702
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Two Greenwich Plaza, Suite 1 Greenwich, Connecticut	06830
(Address of principal executive offices)	(Zip Code)


		Page
PART I	CONSOLIDATED FINANCIAL INFORMATION	1
Item 1	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	5
	Notes to Consolidated Financial Statements (Unaudited)	14
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4	Controls and Procedures	46
PART II	OTHER INFORMATION	47
Item 1	Legal Proceedings	47
Item 1A	Risk Factors	47
Item 2	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	47
Item 3	Defaults Upon Senior Securities	47
Item 4	Mine Safety Disclosures	47
Item 5	Other Information	47
Item 6	Exhibits	48
Signatures		49


($ in millions)	March 31, 2026		December 31, 2025
First Lien Secured Debt	$	67.4	$	18.0
Total Portfolio Company Commitments	$	67.4	$	18.0


	March 31, 2026
Basis Point Change	Change in Interest Income			Change in Interest Expense			Change in Net Investment Income(1)
($ in millions)
Up 300 basis points	$	18.7		$	(7.4	)	$	11.3
Up 200 basis points		12.4			(4.9	)		7.5
Up 100 basis points		6.2			(2.5	)		3.7
Up 50 basis points		3.1			(1.2	)		1.9
Down 50 basis points		(3.1	)		1.2			(1.9	)
Down 100 basis points		(6.1	)		2.5			(3.6	)
Down 200 basis points		(11.9	)		4.9			(7.0	)
Down 300 basis points		(16.4	)		7.4			(9.0	)


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


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________.


	Payments Due by Period
($ in millions)	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
2056 Promissory Notes	$	1.5	$	—	$	—	$	—	$	1.5
Revolving Credit Facility		246.8		—		—		246.8		—
Total Contractual Obligations	$	248.3	$	—	$	—	$	246.8	$	1.5


Exhibit Number		Description
3.1		Agreement and Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund’s registration statement on Form 10 (File No. 000-56819) filed on February 2, 2026).
3.2		By-Laws (incorporated by reference to Exhibit 3.2 to the Fund’s registration statement on Form 10 (File No. 000-56819) filed on February 2, 2026).
10.1		Form of Amended and Restated Investment Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Fund’s registration statement on Form 10 (File No. 000-56819) filed on February 2, 2026).
10.2		Amendment No. 1 to the Loan and Security Agreement among SPPCF Facility Services, LLC, Robins Brooks SPPCF Holdings, LLC, the Fund and the Lenders party thereto, dated January 8, 2026 (incorporated by reference to Exhibit 10.8 to the Fund's registration statement on Form 10/A (File No. 000-56819) filed on March 31, 2026).
31.1		Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2		Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


	Silver Point Private Credit Fund

Date: May 13, 2026	By:	/s/ Anthony Dinello
		Anthony DiNello
		Chief Executive Officer (Principal Executive Officer)

Date: May 13, 2026	By:	/s/ Jesse Dorigo
		Jesse Dorigo
		Chief Financial Officer (Principal Financial Officer)