INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

INVESTMENTS [Abstract]

Schedule of Fair Value

The following table shows the composition of the Company’s investment portfolio as of March 31, 2026, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

										Fair Value Hierarchy
		Cost				Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value ⁽¹⁾
First Lien Secured Debt		$	1,328,502			$	1,321,518			$	-			$	13,253			$	1,308,265			$	-
Second Lien Secured Debt			29,976				26,389				-				-				26,389				-
Investments in Equity			890				890				-				-				890				-
Investments in Joint Venture			64,625				64,209				-				-				-				64,209
Total Investments at Fair Value		$	1,423,993			$	1,413,006			$	-			$	13,253			$	1,335,544			$	64,209

⁽¹⁾	In accordance with ASC 820, the Company’s investment in SBLA JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

The following table shows the composition of the Company’s investment portfolio as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

										Fair Value Hierarchy
		Cost				Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value ⁽¹⁾
First Lien Secured Debt		$	1,219,955			$	1,217,362			$	-			$	13,933			$	1,203,429			$	-
Second Lien Secured Debt			29,951				30,070				-				-				30,070				-
Investments in Equity			890				890				-				-				890				-
Investments in Joint Venture			61,592				61,606				-				-				-				61,606
Total Investments at Fair Value		$	1,312,388			$	1,309,928			$	-			$	13,933			$	1,234,389			$	61,606

⁽¹⁾	In accordance with ASC 820, the Company’s investment in SBLA JV is measured using the net asset value (or its equivalent) as a practical expedient for fair value and has not been classified in the fair value hierarchy.

Schedule of Changes in Fair Value

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026:

		For the three months ended March 31, 2026
		First Lien Secured Debt				Second Lien Secured Debt				Equity
Fair value, beginning of period		$	1,203,429			$	30,070			$	890
Purchases			269,622				-				-
Payment-in-kind interest income capitalized			252				-				-
Sales and repayments			(163,038	)			-				-
Net (amortization) accretion on investments			1,664				25				-
Net realized gains (losses) on investments			58				-				-
Net change in unrealized gains (losses) on investments			(3,722	)			(3,706	)			-
Transfers out of Level 3⁽¹⁾			-				-				-
Transfers into Level 3⁽¹⁾			-				-				-
Fair value, end of period		$	1,308,265			$	26,389			$	890
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2026		$	(2,749	)		$	(3,706	)		$	-

⁽¹⁾	For the three months ended March 31, 2026 there were no transfers out of/into Level 3.

The following table presents changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:

		For the three months ended March 31, 2025
		First Lien Secured Debt
Fair value, beginning of period		$	439,367
Purchases			151,409
Sales and repayments			(33,754	)
Net (amortization) accretion on investments			676
Net realized gains (losses) on investments			12
Net change in unrealized gains (losses) on investments			256
Transfers out of Level 3⁽¹⁾			-
Transfers into Level 3⁽¹⁾			-
Fair value, end of period		$	557,966
Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2025		$	798

⁽¹⁾	For the three months ended March 31, 2025 there were no transfers out of/into Level 3.

Schedule of Quantitative Information

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2026, were as follows:

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average ⁽¹⁾

First Lien Secured Debt

$

967,670

Income Approach

Discount Rate

7.71% - 11.94%

9.14

%

First Lien Secured Debt

340,595

Market Approach

Transaction Price

n/a

n/a

Second Lien Secured Debt

26,389

Income Approach

Discount Rate

12.47% - 13.47%

12.97

%

Investments in Equity

890

Market Approach

Transaction Price

n/a

n/a

Total Level 3 Investments

$

1,335,544

The unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of December 31, 2025, were as follows:

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average ⁽¹⁾

First Lien Secured Debt

$

876,531

Income Approach

Discount Rate

7.23% - 11.25%

8.72

%

First Lien Secured Debt

326,898

Market Approach

Transaction Price

n/a

n/a

Second Lien Secured Debt

30,070

Income Approach

Discount Rate

9.94% - 10.44%

10.19

%

Investments in Equity

890

Market Approach

Transaction Price

n/a

n/a

Total Level 3 Investments

$

1,234,389

⁽¹⁾	Weighted averages are calculated based on fair value of investments.

SBLA II Private Credit LLC Schedule of Investments

The following table presents the consolidated schedule of investments of the SBLA JV as of March 31, 2026:

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Units				Cost⁽³⁾				Fair Value				% of Net Assets
First Lien Secured Debt⁽⁴⁾⁽⁵⁾

Aerospace & Defense
Accel International Holdings Inc (Term Loan)		1M S + 4.50%		8.17%		4/26/2032		$	12,000			$	12,000			$	12,000				16.35	%
Unical Aviation Inc (Term Loan)		1M S + 3.75%		7.42%		10/31/2029			7,841				7,771				7,802				10.63
													19,771				19,802				26.98
Air Freight & Logistics
RJW Logistics Group, Inc (Term Loan)		3M S + 5.00%		8.70%		11/26/2031			12,000				11,899				11,865				16.17
													11,899				11,865				16.17
Automobile Components
ATCDT Corp (Term Loan)		1M S + 3.50%		7.27%		1/25/2028			13,623				13,523				13,538				18.45
													13,523				13,538				18.45
Beverages
King Juice (Term Loan)		3M S + 3.35%		7.02%		3/25/2027			1,038				1,033				1,038				1.41
King Juice (Revolver) ⁽⁶⁾		3M S + 3.35%		7.02%		3/25/2027			794				781				794				1.08
													1,814				1,832				2.49
Commercial Services & Supplies
KDV Label (Term Loan)		3M S + 3.85%		7.52%		6/11/2026			8,243				8,229				8,170				11.13
KDV Label (Delayed Draw) ⁽⁶⁾		3M S + 3.85%		7.52%		6/11/2026			541				539				511				0.70
Meridian Waste Acquisitions, LLC (Term Loan)		3M S + 3.38%		7.70%		8/30/2029			8,759				8,759				8,715				11.88
Meridian Waste Acquisitions, LLC (Delayed Draw) ⁽⁶⁾		3M S + 3.75%		7.69%		8/30/2029			3,815				3,815				3,796				5.17
Meridian Waste Acquisitions, LLC (Revolver) ⁽⁶⁾		3M S + 3.38%		7.21%		8/30/2029			1,066				1,066				1,057				1.44
													22,408				22,249				30.32
Construction & Engineering
Discovery Marketing And Distributing, LLC (Term Loan)		3M S + 4.00%		7.94%		8/10/2027			16,697				16,590				16,655				22.70
													16,590				16,655				22.70

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Shares				Cost⁽³⁾				Fair Value				% of Net Assets
Containers & Packaging
Accord Buyer LLC (Term Loan)		1M S + 4.50%		8.27%		5/19/2028		$	8,597			$	8,535			$	8,361				11.39	%
Accord Buyer LLC (Term Loan) ⁽⁶⁾		1M S + 4.50%		8.27%		5/19/2028			1,360				1,360				1,294				1.76
Schoeneck Containers, LLC (Term Loan)		1M S + 4.10%		7.88%		5/7/2028			9,096				9,096				9,073				12.36
Schoeneck Containers, LLC (Delayed Draw)		1M S + 4.10%		7.88%		5/7/2028			4,647				4,647				4,635				6.32
													23,638				23,363				31.83
Financial Services
Forge Borrower, LLC (Term Loan)		3M S + 4.50%		8.20%		1/31/2033			1,750				1,733				1,733				2.36
Trimont Holdings LLC (Term Loan)		3M S + 2.75%		6.45%		5/31/2027			25,200				25,042				24,948				34.00
													26,775				26,681				36.36
Health Care Equipment & Supplies
MGS Mfg. Group, Inc. (Term Loan)		1M S + 4.50%		8.27%		12/31/2028			10,024				10,024				9,937				13.54
MGS Mfg. Group, Inc. (Delayed Draw)		1M S + 4.50%		8.27%		12/31/2028			1,195				1,195				1,185				1.61
													11,219				11,122				15.15
Health Care Providers & Services
Falcon Parent Holdings Inc (Term Loan)		3MS + 5.50% (incl. 2.75% PIK)		9.17%		11/6/2031			5,967				5,891				5,855				7.98
													5,891				5,855				7.98
Industrials
Madison Safety & Flow LLC (Revolver) ⁽⁶⁾		3M S + 2.50%		N/A		9/26/2029			-				-				-				-
													-				-				-
IT Services																					-
BCM One, Inc. (Term Loan)		6M S + 4.50%		8.24%		11/17/2027			10,234				10,234				10,222				13.93
BCM One, Inc. (Delayed Draw)		1M S + 4.50%		8.27%		11/17/2027			1,567				1,567				1,565				2.13
													11,801				11,787				16.06
Leisure Products
Buffalo Games LLC (Term Loan)		1M S + 2.50%		6.27%		8/31/2027			1,717				1,717				1,717				2.34
													1,717				1,717				2.34
Life Sciences Tools & Services
TransnetYX, Inc (Term Loan)		3M S + 4.75%		8.45%		4/13/2027			8,575				8,575				8,575				11.69
													8,575				8,575				11.69
Machinery
Rental Equipment Investment Co. (Term Loan)		3M S + 4.50%		8.20%		10/8/2030			24,938				24,651				24,657				33.60
Seakeeper Technologies LLC (Term Loan)		3M S + 3.25%		6.92%		7/19/2027			17,971				17,859				17,926				24.43
													42,510				42,583				58.03
Professional Services
ComPsych Investment Corp. (Term Loan)		3M S + 4.75%		8.42%		7/22/2031			11,850				11,826				11,850				16.15
Investor Group Services LLC (Term Loan)		1M S + 3.25%		7.01%		10/21/2027			11,920				11,837				11,815				16.10
Vensure Employer Services Inc (Term Loan)		3M S + 5.00%		8.70%		9/29/2031			11,850				11,801				11,761				16.03
													35,464				35,426				48.28
Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan)		1M S + 3.75%		7.42%		2/2/2028			13,886				13,787				13,834				18.85
													13,787				13,834				18.85

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Units				Cost⁽³⁾				Fair Value				% of Net Assets
Specialty Retail
Alliance Mobile Inc (Term Loan)		3M S + 3.50%		7.35%		8/1/2028			2,205				2,188				2,199				3.00
Alliance Mobile Inc (Term Loan)		3M S + 3.50%		7.35%		8/1/2028			14,639				14,589				14,602				19.90
Alliance Mobile Inc (Delayed Draw)		3M S + 3.50%		7.35%		8/1/2028			1,359				1,359				1,355				1.85
M&M Thrift Management Company LLC (Term Loan)		1M S + 2.25%		6.02%		12/1/2026			9,983				9,939				9,945				13.55
													28,075				28,101				38.30
Textiles, Apparel and Luxury Goods
Colorescience Inc (Term Loan)		3M S + 4.75%		8.45%		1/23/2032			15,103				14,955				14,952				20.38
													14,955				14,952				20.38
Total First Lien Secured Debt												$	310,412			$	309,937				422.36	%
Total Investments at Fair Value												$	310,412			$	309,937				422.36	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the SBLA JV are denominated in USD dollars and are income producing. All investments are pledged as collateral under a credit facility, unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of March 31, 2026.

⁽³⁾	The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the SBLA JV are domiciled in the United States.

⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 -Investments”).

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of March 31, 2026, the total unfunded loan commitment was approximately $14.2 million.

The following tables presents the consolidated schedule of investments of the SBLA JV as of December 31, 2025.

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Units				Cost⁽³⁾				Fair Value				% of Net Assets
First Lien Secured Debt⁽⁴⁾⁽⁵⁾

Aerospace & Defense
Unical Aviation Inc (Term Loan)		1M S + 3.75%		7.47%		10/31/2029		$	7,943			$	7,869			$	7,898				11.21	%
													7,869				7,898				11.21

Air Freight & Logistics
RJW Logistics Group, Inc (Term Loan)		3M S + 5.00%		8.67%		11/26/2031			12,000				11,895				11,895				16.89
													11,895				11,895				16.89

Automobile Components
ATCDT Corp (Term Loan)		1M S + 3.50%		7.32%		1/25/2028			13,823				13,709				13,754				19.53
													13,709				13,754				19.53

Beverages
King Juice (Term Loan)		1M S + 4.35%		7.22%		3/25/2027			1,620				1,611				1,620				2.30
King Juice (Revolver) ⁽⁶⁾		1M S + 4.35%		7.22%		3/25/2027			64				47				64				0.09
													1,658				1,684				2.39

Commercial Services & Supplies
KDV Label (Term Loan)		1M S + 3.85%		7.72%		4/30/2029			8,348				8,317				8,295				11.78
KDV Label (Delayed Draw) ⁽⁶⁾		1M S + 3.85%		N/A		4/30/2029			-				(5	)			(22	)			(0.03	)
Meridian Waste Acquisitions, LLC (Term Loan)		3M S + 3.38%		7.81%		8/30/2029			8,816				8,816				8,816				12.53
Meridian Waste Acquisitions, LLC (Delayed Draw) ⁽⁶⁾		3M S + 3.38%		7.88%		8/30/2029			3,575				3,575				3,575				5.08
Meridian Waste Acquisitions, LLC (Revolver) ⁽⁶⁾		3M P + 2.25%		9.00%		8/30/2029			977				977				977				1.39
													21,680				21,641				30.75

Construction & Engineering
Discovery Marketing And Distributing, LLC (Term Loan)		3M S + 4.00%		7.91%		8/10/2027			17,192				17,063				17,128				24.33
													17,063				17,128				24.33

Containers & Packaging
Accord Buyer LLC (Term Loan)		1M S + 4.50%		8.32%		5/19/2028			8,722				8,652				8,504				12.08
Accord Buyer LLC (Term Loan) ⁽⁶⁾		1M S + 4.50%		8.32%		5/19/2028			1,377				1,377				1,317				1.87
													10,029				9,821				13.95

Financial Services
Trimont Holdings LLC (Term Loan)		1M S + 2.75%		6.47%		3/1/2030			25,900				25,704				25,641				36.42
													25,704				25,641				36.42

Health Care Equipment & Supplies
MGS MFG. Group, Inc. (Term Loan)		1M S + 4.50%		8.32%		5/31/2027			10,036				10,036				10,036				14.25
MGS MFG. Group, Inc. (Delayed Draw)		1M S + 4.50%		8.32%		5/31/2027			1,197				1,197				1,197				1.70
													11,233				11,233				15.95

Health Care Providers & Services
Falcon Parent Holdings Inc (Term Loan)		3M S + 5.00%		8.89%		11/6/2031			5,940				5,861				5,843				8.31
													5,861				5,843				8.31

Industrials
Fairbank Equipment (Term Loan)		3M S + 3.90%		7.72%		12/23/2026			9,060				8,981				8,992				12.77
Madison Safety & Flow LLC (Revolver) ⁽⁶⁾		3M S + 2.75%		N/A		9/26/2029			-				-				-				-
													8,981				8,992				12.77

IT Services
BCM One, Inc. (Term Loan)		6M S + 4.50%		8.20%		11/17/2027			10,263				10,263				10,263				14.58
BCM One, Inc. (Delayed Draw)		6M S + 4.50%		8.80%		11/17/2027			1,571				1,571				1,571				2.23
													11,834				11,834				16.81

Investments⁽¹⁾		Reference Rate and Spread⁽²⁾		Interest Rate⁽²⁾		Maturity Date		Par Amount/ Common Units				Cost⁽³⁾				Fair Value				% of Net Assets
Leisure Products
Buffalo Games LLC (Term Loan)		1M S + 2.50%		6.32%		8/31/2027		$	2,673			$	2,673			$	2,673				3.80	%
													2,673				2,673				3.80

Life Sciences Tools & Services
TransnetYX, Inc (Term Loan)		3M S + 4.75%		8.42%		4/13/2027			9,931				9,931				9,931				14.11
													9,931				9,931				14.11

Machinery
Rental Equipment Investment Co. (Term Loan)		3M S + 4.50%		8.17%		10/8/2030			25,000				24,700				24,688				35.06
Seakeeper Technologies LLC (Term Loan)		3M S + 3.25%		7.09%		7/19/2027			17,971				17,838				17,903				25.43
													42,538				42,591				60.49

Professional Services
ComPsych Investment Corp. (Term Loan)		3M S + 4.75%		8.61%		7/22/2031			11,880				11,855				11,880				16.87
Investor Group Services LLC (Term Loan)		1M S + 3.25%		7.04%		10/21/2027			11,920				11,824				11,815				16.78
Vensure Employer Services Inc (Term Loan)		3M S + 5.00%		8.67%		9/29/2031			11,880				11,829				11,835				16.81
													35,508				35,530				50.46

Real Estate Management & Development
Royal Property Company Borrower LLC (Term Loan)		1M S + 3.75%		7.47%		2/2/2028			14,076				13,964				14,041				19.94
													13,964				14,041				19.94

Specialty Retail
Alliance Mobile Inc (Term Loan)		3M S + 3.50%		7.32%		8/1/2028			14,957				14,876				14,882				21.14
Alliance Mobile Inc (Term Loan)		3M S + 3.50%		7.32%		8/1/2028			2,251				2,232				2,240				3.18
Alliance Mobile Inc (Delayed Draw)		3M S + 3.50%		7.32%		8/1/2028			1,396				1,396				1,389				1.97
M&M Thrift Management Company LLC (Term Loan)		3M S + 2.25%		6.02%		12/1/2026			10,248				10,187				10,196				14.48
													28,691				28,707				40.77
Total First Lien Secured Debt												$	280,821			$	280,837				398.88	%
Total Investments at Fair Value												$	280,821			$	280,837				398.88	%

⁽¹⁾	Unless otherwise indicated, debt investments held by the SBLA JV are denominated in USD dollars and are income producing. All investments are pledged as collateral under a credit facility, unless otherwise indicated.

⁽²⁾	Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”), which generally resets periodically. For each loan, the SBLA JV has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of December 31, 2025.

⁽³⁾	The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with U.S. GAAP.

⁽⁴⁾	Unless otherwise indicated, issuers of debt held by the SBLA JV are domiciled in the United States.

⁽⁵⁾	All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2 - Summary of Significant Accounting Policies” and “Note 4 -Investments”).

⁽⁶⁾	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from the unfunded commitment being valued below par and/or unamortized fees, which are capitalized to the investment cost. As of December 31, 2025 the total unfunded loan commitment was approximately $15.8 million.

SBLA II Private Credit LLC Statement of Assets and Liabilities

The following table presents the consolidated statements of assets and liabilities information of the SBLA JV as of March 31, 2026 and December 31, 2025:

		March 31, 2026				December 31, 2025
ASSETS
Investments at fair value
Non-controlled/non-affiliated investments (cost $310,412 and $280,821, respectively)		$	309,937			$	280,837
Cash and cash equivalents			10,781				16,289
Interest receivable from non-controlled/non-affiliated investments			1,257				1,192
Total assets		$	321,975			$	298,318

LIABILITIES
Debt (net of deferred financing costs $2,454 and $2,600, respectively)		$	242,346			$	221,200
Interest payable			3,610				3,888
Distribution payable			2,075				2,304
Professional fees payable			274				211
Due to advisor			178				196
Administration fees payable			110				112
Total liabilities		$	248,593			$	227,911
MEMBERS’ EQUITY
Members’ equity		$	73,382			$	70,407
Total members’ equity		$	73,382			$	70,407
Total liabilities and members’ equity		$	321,975			$	298,318

SBLA II Private Credit LLC Statement of Operations

The following table presents the consolidated statements of operations information of the SBLA JV for the three months ended March 31, 2026 and March 31, 2025:

		For the three months ended March 31, 2026				For the three months ended March 31, 2025
Investment income
Non-controlled/non-affiliated investments:
Interest income		$	6,072			$	2,218
Fee income			44				(4	)
Total investment income		$	6,116			$	2,214

Expenses
Interest expense		$	3,764			$	970
Professional fees			164				46
Interest and other debt expenses			-				158
Administration fees			109				-
Other general & administrative			3				-
Total expenses		$	4,040			$	1,174
Net expenses		$	4,040			$	1,174
Net investment income		$	2,076			$	1,040

Net realized and change in unrealized gain (loss)
Net change in unrealized gain (loss):
Non-controlled/non-affiliated investments		$	(491	)		$	96
Net change in unrealized gain (loss)		$	(491	)		$	96
Net realized and change in unrealized gain (loss)		$	(491	)		$	96
Net increase (decrease) in net assets resulting from operations		$	1,585			$	1,136

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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