v3.26.1
MIDDLE MARKET CREDIT FUND, LLC (Tables)
 6 Months Ended
Jun. 30, 2026
Investment Company [Abstract]  
Summarized Financial Information Below is certain summarized consolidated financial information for Credit Fund as of June 30, 2026 and December 31, 2025.
As of
June 30, 2026December 31, 2025
Selected Consolidated Balance Sheet Information:(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,191,222 and $970,522, respectively)
$1,175,963 $957,830 
Cash, cash equivalents and restricted cash(1)
31,870 90,283 
Other assets12,786 17,302 
Total assets$1,220,619 $1,065,415 
LIABILITIES AND MEMBERS’ EQUITY
Secured borrowings$1,002,509 $589,000 
Mezzanine loans(2)
— 40,500 
Other liabilities18,843 229,032 
Subordinated loans and members’ equity(3)
199,267 206,883 
Total liabilities and members’ equity$1,220,619 $1,065,415 
(1)As of June 30, 2026 and December 31, 2025, $22,153 and $88,417, respectively, of Credit Fund’s cash and cash equivalents was restricted.
(2)As of December 31, 2025, the fair value of the Company’s ownership interest in the mezzanine loan was $40,500. There was no ownership interest in the mezzanine loans as of June 30, 2026.
(3)As of June 30, 2026 and December 31, 2025, the fair value of the Company's ownership interest in the subordinated loans and members' equity was $123,753 and $123,114, respectively.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Selected Consolidated Statements of Operations Information:(unaudited)(unaudited)
Total investment income$24,666 $15,416 $44,294 $29,646 
Expenses
Interest expense and credit facility fees12,066 6,381 21,449 12,543 
Other expenses683 572 1,282 949 
Total expenses12,749 6,953 22,731 13,492 
Net investment income (loss)11,917 8,463 21,563 16,154 
Net realized gain (loss) on investment and foreign currency(12)— (5,174)— 
Net change in unrealized appreciation (depreciation) on investments and foreign currency(889)(868)(2,505)(3,824)
Net increase (decrease) resulting from operations$11,016 $7,595 $13,884 $12,330 
Below is certain summarized consolidated financial information for Structured Credit Partners as of June 30, 2026.
As of
June 30, 2026
Selected Consolidated Balance Sheet Information:(unaudited)
ASSETS
Investments, at fair value (amortized cost of $1,664,368)
$1,659,630 
Cash and cash equivalents(1)
130,014 
Other assets35,583 
Total assets$1,825,227 
LIABILITIES AND EQUITY
Debt and secured borrowings$1,353,020 
Dividend payable5,070 
Accrued expenses and other liabilities317,605 
Members’ Equity(2)
149,290 
Non-controlling interest(3)
242 
Total liabilities and equity$1,825,227 
(1)As of June 30, 2026, $9,743 of cash and cash equivalents was restricted.
(2)As of June 30, 2026, the fair value of the Company's ownership interest in the members' equity was $69,385.
(3)As of June 30, 2026, a third-party investor had a 5% economic interest in Sixth Street SCP Warehouse 4, Ltd., a consolidated subsidiary of Structured Credit Partners.
Three Months Ended June 30,Six Months Ended June 30,
20262026
Selected Consolidated Statements of Operations Information:(unaudited)(unaudited)
Total investment income$22,123 $23,573 
Expenses
Interest expense and credit facility fees16,442 16,973 
Other expenses368 1,168 
Total expenses16,810 18,141 
Net investment income (loss)5,313 5,432 
Net realized gain (loss) on investments103 133 
Net change in unrealized appreciation (depreciation) on investments29 (4,738)
Net increase (decrease) resulting from operations5,445 827 
Less: Net increase (decrease) resulting from operations attributable to non-controlling interest(13)(13)
Net increase (decrease) resulting from operations attributable to Structured Credit Partners JV, LLC$5,458 $840 
Schedule of Investments
Below is a summary of Credit Fund’s portfolio, followed by a listing of the loans in Credit Fund’s portfolio as of June 30, 2026 and December 31, 2025:
As of
June 30, 2026December 31, 2025
Senior secured loans(1)
$1,197,580 $978,828 
Number of portfolio companies in Credit Fund69 55 
Average amount per portfolio company(1)
$17,356 $17,797 
Number of loans on non-accrual status1 2 
Fair value of loans on non-accrual status$329 $6,297 
Percentage of loans at floating interest rates(2)(3)
100.0 %100.0 %
Fair value of loans with PIK provisions$48,390 $36,618 
Percentage of portfolio with PIK provisions(3)
4.1 %3.8 %
(1)At par/principal amount.
(2)Floating rate debt investments are generally subject to interest rate floors.
(3)Percentages based on fair value.
Consolidated Schedule of Investments as of June 30, 2026
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (99.7% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)(b)(2)Transportation: ConsumerSOFR5.25%8.98%10/3/2032$24,875 $24,552 $22,077 
AGS Health BCP LLC(b)(2)(3)Healthcare & PharmaceuticalsSOFR4.25%7.92%7/31/20329,152 9,130 9,171 
Allied Benefit Systems Intermediate LLC(a)(b)(2)(3)(9)Healthcare & PharmaceuticalsSOFR5.00%8.64%10/31/203022,352 22,230 22,321 
Alpine Acquisition Corp II(a)(2)(3)(9)Transportation: CargoSOFR5.00%8.64%1/14/2031840 840 840 
Alpine Acquisition Corp II(a)(2)(3)Transportation: CargoSOFR5.25%8.89%1/14/20311,079 1,079 1,079 
AP Plastics Acquisition Holdings, LLC(b)(2)(3)Chemicals, Plastics & RubberSOFR4.75%8.37%8/10/203019,750 19,616 19,373 
Apex Companies Holdings, LLC(b)(2)(3)Environmental IndustriesSOFR5.00%8.67%1/31/203020,375 20,340 20,284 
Atlas US Finco, Inc.(b)(2)(3)High Tech IndustriesSOFR5.00%8.66%12/9/20297,310 7,167 7,346 
Atlas US Finco, Inc.(b)(2)(3)High Tech IndustriesSOFR4.50%8.16%12/9/202921,349 21,265 21,361 
BMS Holdings III Corp.(b)(2)(3)(6)Construction & BuildingSOFR
2.75%,
3.25% PIK
9.73%3/31/202810,878 10,872 9,983 
Businessolver.com, Inc.(b)(2)(3)Business ServicesSOFR4.50%8.23%12/3/203218,867 18,779 18,612 
Celerion Buyer, Inc.(a)(b)(2)(3)(9)Healthcare & PharmaceuticalsSOFR5.00%8.63%5/8/203322,573 22,324 22,323 
Chartwell Cumming Holding Corporation(a)(b)(2)(3)(9)Construction & BuildingSOFR4.75%8.48%6/16/20335,562 5,329 5,327 
Cliffwater LLC(b)(2)(3)Diversified Financial ServicesSOFR4.50%8.14%4/22/203224,812 24,791 24,690 
Cority Software Inc. (Canada)(b)(2)(3)SoftwareSOFR4.50%8.16%10/31/203234,617 34,213 34,444 
CST Holding Company(b)(2)(3)(6)Consumer Goods: Non-DurableSOFR5.00%8.64%11/1/20289,620 9,620 9,603 
Deerfield Dakota Holding, LLC(b)(2)(3)Diversified Financial ServicesSOFR
3.00%,
2.75% PIK
9.48%9/12/203220,341 20,152 19,902 
Denali Intermediate Holdings, Inc.(b)(2)(3)Media: Broadcasting & SubscriptionSOFR5.50%9.15%8/26/203214,300 14,168 14,197 
Divisions Holding Corporation(b)(2)(3)Business ServicesSOFR4.50%8.23%4/17/203227,393 27,165 27,426 
Dwyer Instruments, Inc.(b)(2)(3)Capital EquipmentSOFR4.75%8.48%7/21/202916,282 16,171 16,282 
Eliassen Group, LLC(b)(2)(3)Business ServicesSOFR5.75%9.48%4/14/202818,696 18,609 17,862 
Enverus, Inc.(b)(2)(3)Energy: Oil & GasSOFR4.50%8.15%12/18/203216,974 16,878 16,847 
Finastra USA, Inc.(b)(2)High Tech IndustriesSOFR4.00%7.75%9/17/203224,938 24,711 22,905 
GGG Midco, LLC(a)(b)(2)(3)(9)Consumer ServicesSOFR4.75%8.42%4/1/203316,406 16,164 16,164 
GI DI Emerald Intermediate Limited (United Kingdom)(b)(2)(3)Business ServicesEURIBOR4.75%7.04%2/12/2033€5,440 6,202 6,157 
GI DI Emerald Intermediate Limited (United Kingdom)(b)(2)(3)Business ServicesSOFR4.75%8.48%2/12/20338,826 8,738 8,742 
Goose Borrower, L.P.(a)(b)(2)(3)(9)SoftwareSOFR4.75%8.48%3/2/203315,737 15,560 15,561 
Heartland Home Services, Inc.(b)(2)(3)(6)Consumer ServicesSOFR5.75%9.48%12/15/20266,987 6,976 6,870 
Heartland Home Services, Inc.(b)(2)(3)(6)Consumer ServicesSOFR6.00%9.73%12/15/202623,392 23,382 23,030 
Heartland Home Services, Inc.(a)(2)(3)(6)Consumer ServicesSOFR6.75%10.49%12/15/2026794 794 782 
Higginbotham Insurance Agency, Inc.(b)(2)(3)Diversified Financial ServicesSOFR4.50%8.14%6/11/20318,755 8,755 8,715 
Horizon Avionics Buyer, LLC(b)(2)(3)Aerospace & DefenseSOFR4.75%8.49%3/28/203222,078 21,973 21,979 
Consolidated Schedule of Investments as of June 30, 2026
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Hyphen Solutions, LLC(b)(2)(3)Construction & BuildingSOFR4.50%8.14%8/6/2032$6,748 $6,718 $6,661 
IEM New Sub 2, LLC(b)(2)(3)Energy: ElectricitySOFR4.75%8.37%12/3/203119,705 19,613 19,625 
Iron Infinity Buyer Sub, Inc.(b)(2)(3)Utilities: Oil & GasSOFR4.50%8.23%10/16/203219,950 19,903 19,718 
KBP Investments, LLC(b)(2)(3)(6)Beverage & FoodSOFR5.25%8.89%5/25/202735,941 35,900 35,280 
Kona Buyer, LLC(a)(b)(2)(3)(9)Healthcare & PharmaceuticalsSOFR4.50%8.16%7/23/203110,834 10,723 10,864 
LDS Intermediate Holdings, L.L.C.(b)(2)(3)Transportation: CargoSOFR5.00%8.64%2/7/203225,390 25,225 24,983 
Matterhorn Finco, Inc.(a)(b)(2)(3)(9)SoftwareSOFR5.50%9.23%3/5/203310,833 10,714 10,714 
McQueen Bidco PTY LTD. (Australia)(b)(2)(3)Auto Aftermarket & ServicesSOFR4.50%8.13%11/28/203224,480 24,363 24,676 
Monarch Buyer, Inc.(b)(2)(3)Business ServicesSOFR4.75%8.49%6/2/203219,850 19,663 19,583 
More Cowbell II, LLC(b)(2)(3)Diversified Financial ServicesSOFR4.50%8.24%9/1/203021,250 21,250 21,250 
NFO Orange Buyer, LLC(a)(b)(2)(3)(9)Construction & BuildingSOFR4.50%8.13%1/13/203315,009 14,938 14,924 
North Haven Fairway Buyer, LLC(b)(2)(3)Consumer ServicesSOFR5.00%8.74%5/17/202824,823 24,720 24,683 
OEI, Inc.(a)(b)(2)(3)(9)Construction & BuildingSOFR4.50%8.23%12/29/203221,101 20,951 21,335 
Onward Acquierco, Inc.(a)(b)(2)(3)(9)SoftwareSOFR
2.38%,
2.68% PIK
8.69%4/1/203318,696 18,503 18,505 
Orbcomm Inc.(a)(b)(2)(9)TelecommunicationsSOFR5.25%8.98%4/27/203218,090 17,847 17,847 
Output Services Group, Inc.(b)(2)(3)(6)Media: Advertising, Printing & PublishingSOFR6.25%9.98%11/30/20284,160 3,112 3,712 
PROS Parent, Inc.(a)(b)(2)(3)(9)Transportation: ConsumerSOFR4.75%8.40%12/9/203222,467 22,417 22,424 
Pushpay USA Inc.(b)(2)Diversified Financial ServicesSOFR3.75%7.39%8/18/203123,365 23,386 23,286 
QBS Parent, Inc.(b)(2)(3)Energy: Oil & GasSOFR4.50%8.23%6/3/203226,610 26,527 26,299 
Radwell Parent, LLC(b)(2)(3)WholesaleSOFR4.75%8.48%4/1/203013,465 13,411 13,453 
Ranpak B.V. (Netherlands)(b)(2)Containers, Packaging & GlassSOFR4.50%8.14%12/19/20317,688 7,616 7,649 
Ranpak Corp.(b)(2)Containers, Packaging & GlassSOFR4.50%8.14%12/19/203112,012 11,901 11,952 
Rialto Management Group, LLC(b)(2)(3)Diversified Financial ServicesSOFR5.00%8.64%12/5/203015,289 15,261 15,125 
Rotation Buyer, LLC(b)(2)(3)Capital EquipmentSOFR4.75%8.49%12/27/20318,679 8,627 8,500 
SCHP Purchaser, INC(b)(2)(3)Healthcare & PharmaceuticalsSOFR4.50%8.16%10/24/203218,601 18,431 18,461 
SCHP Purchaser, INC(b)(2)(3)Healthcare & PharmaceuticalsSOFR5.00%8.63%10/24/20324,048 4,008 4,064 
Seahawk Bidco, LLC(a)(b)(2)(3)(9)Consumer ServicesSOFR5.00%8.73%12/19/203114,292 14,201 14,067 
Secretariat Advisors LLC(b)(2)Construction & BuildingSOFR4.00%7.73%3/1/203217,626 17,552 17,241 
SIG Parent Holdings, LLC(a)(b)(2)(3)(9)Diversified Financial ServicesSOFR4.75%8.39%8/21/20313,921 3,760 3,841 
Sigma Irish Acquico Limited (Ireland)(b)(2)Diversified Financial ServicesSOFR5.25%8.87%3/19/203210,222 10,048 10,094 
Solarwinds Corporation(b)(2)SoftwareSOFR4.00%7.67%3/15/20322,872 2,754 2,395 
Spotless Brands, LLC(b)(2)(3)Consumer ServicesSOFR5.50%9.35%7/25/202810,701 10,635 10,682 
Striper Buyer, LLC(b)(2)(3)Containers, Packaging & GlassSOFR5.50%9.14%12/30/202812,806 12,793 11,327 
Tank Holding Corp.(b)(2)(3)(6)Capital EquipmentSOFR5.75%9.38%3/31/202819,248 19,045 17,602 
The Chartis Group, LLC(b)(2)(3)Healthcare & PharmaceuticalsSOFR4.25%7.98%9/17/203115,381 15,277 15,381 
Consolidated Schedule of Investments as of June 30, 2026
Investments (1)
Footnotes
Industry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity Date
Par/ Principal Amount
Amortized Cost (4)
Fair Value (5)
Trintech, Inc.(a)(b)(2)(3)(9)SoftwareSOFR4.75%8.39%1/29/2033$16,726 $16,291 $16,294 
TS Imagine Intermediate Inc.(a)(b)(2)(3)(9)SoftwareSOFR6.25%9.91%6/12/203112,281 12,077 12,076 
U.S. TelePacific Holdings Corp.(a)(2)(3)(6)(7)TelecommunicationsSOFR
1.00%,
7.00% PIK
11.63%5/2/20264,386 2,817 329 
Vensure Employer Services, Inc.(a)(b)(2)(3)(9)Business ServicesSOFR5.00%8.73%9/27/203118,760 18,417 18,390 
Victors Purchaser, LLC(b)(2)(3)High Tech IndustriesSOFR4.50%8.24%12/23/203216,975 16,935 16,936 
VRC Companies, LLC(b)(2)(3)(6)Business ServicesSOFR5.50%9.16%6/29/202722,899 22,829 22,816 
Whitney Merger Sub, Inc.(b)(2)(3)Leisure Products & ServicesSOFR4.75%8.48%7/3/20329,950 9,858 9,771 
Yellowstone Buyer Acquisition, LLC(b)(2)(3)(6)Consumer Goods: DurableSOFR5.75%9.52%9/13/202738,100 37,913 35,465 
First Lien Debt Total$1,187,475 $1,172,535 
Equity Investments (0.3% of fair value)
48Forty TopCo LLC(a)(8)Transportation: Cargo1 $2,688 $2,327 
48Forty TopCo LLC(a)(8)Transportation: Cargo1 — — 
EvolveIP, LLC(a)(8)Telecommunications311 1,059 1,101 
Output Services Group, Inc.(a)(8)Media: Advertising, Printing & Publishing205 — — 
Equity Investments Total$3,747 $3,428 
Total Investments$1,191,222 $1,175,963 
(a) Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the "Credit Fund Facility"). On February 25, 2026, Credit Fund also entered into a revolving credit facility (the "Credit Fund Subscription Facility"), pursuant to which the lenders have a first priority lien on the unfunded capital commitments, the collateral accounts and other related assets. Accordingly, such assets are not available to creditors of Credit Fund Sub.
(b) Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub 2025 Facility”). The lenders of the Credit Fund Sub 2025 Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of June 30, 2026, the geographical composition of investments as a percentage of fair value was 2.1% in Australia, 0.9% in Ireland, 1.9% in Luxembourg, 0.7% in the Netherlands, 2.9% in Canada, 1.3% in United Kingdom and 90.2% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. As of June 30, 2026, the reference rates for Credit Fund’s variable rate loans were the 90-day EURIBOR at 2.32%, the 30-day SOFR at 3.63%, the 90-day SOFR at 3.63% and the 180-day SOFR at 3.67%.
(3)Loan includes interest rate floor feature, which ranges from 0.50% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these unaudited consolidated financial statements.
(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.
(7)Represents an investment on non-accrual status as of June 30, 2026.
(8)Represents a non-income producing security as of June 30, 2026.
(9)As of June 30, 2026, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value in the accompanying Selected Consolidated Balance Sheet Information:

First Lien Debt – unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
Allied Benefit Systems Intermediate LLCDelayed Draw1.00 %$2,535 $(3)
Alpine Acquisition Corp IIDelayed Draw0.50 81— 
Alpine Acquisition Corp IIRevolver0.50 324— 
Celerion Buyer, IncRevolver0.50 2,427(24)
Chartwell Cumming Holding CorporationDelayed Draw0.50 1,657(17)
Chartwell Cumming Holding CorporationRevolver0.50 16,253(163)
Goose Borrower, L.P.Revolver0.50 2,792(27)
GGG Midco, LLCDelayed Draw1.00 3,125(30)
GGG Midco, LLCRevolver0.50 5,469(53)
Kona Buyer, LLCDelayed Draw0.50 8,59813 
Kona Buyer, LLCRevolver0.50 7681 
Matterhorn Finco, Inc.Revolver0.25 1,667(16)
NFO Orange Buyer, LLCDelayed Draw— 3,216(15)
OEI, Inc.Revolver0.38 3,84636 
Onward Acquierco, IncDelayed Draw— 7,961(57)
Orbcomm Inc.Delayed Draw0.50 2,743(27)
Orbcomm Inc.Revolver1.00 4,167(40)
PROS Parent, Inc.Revolver0.38 2,533(4)
Seahawk Bidco, LLCDelayed Draw1.00 9,861(89)
Seahawk Bidco, LLCRevolver0.50 779(7)
SIG Parent Holdings, LLCDelayed Draw0.75 15,217(62)
SIG Parent Holdings, LLCRevolver0.38 459(2)
Trintech, Inc.Delayed Draw0.75 2,788(56)
Trintech, Inc.Revolver0.50 2,091(42)
TS Imagine Intermediate Inc.Delayed Draw0.50 409(6)
TS Imagine Intermediate Inc.Revolver0.50 1,023(15)
Vensure Employer Services, Inc.Delayed Draw0.50 5,316(82)
Total unfunded commitments$108,105 $(787)
    
Consolidated Schedule of Investments as of December 31, 2025
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
First Lien Debt (99.9% of fair value)
Accelya Lux FinCo S.Á.R.L. (Luxembourg)+(2)Transportation: ConsumerSOFR5.25%8.92%10/3/2032$25,000 $24,658 $24,781 
AGS Health BCP LLC+(2)(3)Healthcare & PharmaceuticalsSOFR4.50%8.32%7/31/20329,152 9,129 9,185 
Alpine Acquisition Corp II+(2)(3)(7)Transportation: CargoSOFR6.00%9.65%11/30/202910,134 9,738 4,652 
AP Plastics Acquisition Holdings, LLC+(2)(3)Chemicals, Plastics & RubberSOFR4.75%8.58%8/10/203019,850 19,715 19,828 
Apex Companies Holdings, LLC+(2)(3)Environmental IndustriesSOFR5.00%8.82%1/31/202820,471 20,425 20,337 
API Technologies Corp.+(2)(6)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
10.67%5/9/202716,653 15,865 15,187 
API Technologies Corp.+(2)(3)(6)Aerospace & DefenseSOFR
1.00%, 6.00% PIK
10.67%5/9/20271,471 1,204 1,471 
Applied Technical Services, LLC+(2)(3)Business ServicesSOFR5.25%8.92%4/8/203115,581 15,446 15,454 
Atlas US Finco, Inc.+(2)(3)High Tech IndustriesSOFR4.75%8.61%12/12/202921,457 21,361 21,473 
BMS Holdings III Corp.+(2)(3)(6)Construction & BuildingSOFR5.50%9.17%9/30/202610,792 10,774 10,087 
Businessolver.com, Inc.+(2)(3)Business ServicesSOFR4.50%8.17%12/3/203218,867 18,774 18,773 
Cliffwater LLC+(2)(3)Diversified Financial ServicesSOFR4.75%8.72%4/22/203224,937 24,915 24,919 
CST Holding Company+(2)(3)(6)Consumer Goods: Non-DurableSOFR5.00%8.72%11/1/20289,670 9,670 9,718 
Deerfield Dakota Holding, LLC+(2)(3)Diversified Financial ServicesSOFR
3.00%, 2.75% PIK
9.42%9/12/203220,168 19,970 19,960 
Denali Intermediate Holdings, Inc.+(2)(3)Media: Broadcasting & SubscriptionSOFR5.50%9.23%8/26/203214,372 14,232 14,231 
Divisions Holding Corporation+(2)(3)Business ServicesSOFR4.50%8.17%4/17/203227,531 27,286 27,715 
Dwyer Instruments, Inc.+(2)(3)Capital EquipmentSOFR4.75%8.43%7/21/202916,366 16,238 16,366 
Eliassen Group, LLC+(2)(3)Business ServicesSOFR5.75%9.42%4/14/202818,793 18,683 18,313 
Enverus, Inc.^+(2)(3)(9)Energy: Oil & GasSOFR4.50%8.19%12/18/203211,115 11,068 11,068 
Finastra USA, Inc.+(2)High Tech IndustriesSOFR4.00%7.72%9/17/203225,000 24,758 24,438 
Heartland Home Services, Inc.+(2)(3)(6)Consumer ServicesSOFR5.75%9.42%12/15/20267,023 7,001 6,850 
Heartland Home Services, Inc.^+(2)(3)(6)(9)Consumer ServicesSOFR6.00%9.67%12/15/202623,859 23,838 23,306 
Higginbotham Insurance Agency, Inc.+(2)(3)Diversified Financial ServicesSOFR4.50%8.22%6/11/20318,799 8,799 8,755 
Horizon Avionics Buyer, LLC+(2)(3)Aerospace & DefenseSOFR4.75%8.42%3/28/203222,133 22,023 22,023 
Hyphen Solutions, LLC+(2)(3)Construction & BuildingSOFR4.50%8.22%8/6/20326,782 6,749 6,746 
IEM New Sub 2, LLC+(2)(3)Energy: ElectricitySOFR4.75%8.27%12/3/203119,807 19,708 19,708 
Iron Infinity Buyer Sub, Inc.+(2)(3)Utilities: Oil & GasSOFR4.75%8.42%10/16/203220,000 19,950 19,945 
KBP Investments, LLC+(2)(3)(6)Beverage & FoodSOFR5.50%9.19%5/25/202736,917 36,853 35,311 
LDS Intermediate Holdings, L.L.C.+(2)(3)Transportation: CargoSOFR5.00%8.72%2/7/203225,518 25,342 25,436 
McQueen Bidco PTY LTD. (Australia)+(2)(3)Auto Aftermarket & ServicesSOFR4.50%8.17%11/28/203224,480 24,358 24,358 
Monarch Buyer, Inc.+(2)(3)Business ServicesSOFR4.50%8.32%6/2/203219,950 19,751 19,745 
More Cowbell II, LLC+(2)(3)Diversified Financial ServicesSOFR4.50%8.24%9/1/203021,357 21,357 21,351 
NEFCO Holding Company LLC+(2)(3)Construction & BuildingSOFR5.00%8.97%8/5/202819,717 19,582 19,717 
North Haven Fairway Buyer, LLC^+(2)(3)(9)Consumer ServicesSOFR5.00%8.77%5/17/202822,627 22,497 22,439 
Output Services Group, Inc.+(2)(3)(6)Media: Advertising, Printing & PublishingSOFR6.25%10.41%11/30/20284,160 2,960 3,755 
Consolidated Schedule of Investments as of December 31, 2025
Investments (1)
FootnotesIndustry
Reference Rate (2)
Spread (2)
Interest Rate (2)
Maturity DatePar/ Principal Amount
Amortized Cost (4)
Fair Value (5)
PF Atlantic Holdco 2, LLC+(2)(3)(6)Leisure Products & ServicesSOFR5.50%9.23%11/12/2027$14,929 $14,832 $14,929 
Pushpay USA Inc.+(2)Diversified Financial ServicesSOFR3.75%7.62%8/18/203123,483 23,505 23,568 
QBS Parent, Inc.+(2)(3)Energy: Oil & GasSOFR4.50%8.17%6/3/203226,744 26,656 26,913 
Radwell Parent, LLC+(2)(3)WholesaleSOFR5.50%9.17%4/1/202913,535 13,472 13,535 
Ranpak B.V. (Netherlands)+(2)Containers, Packaging & GlassSOFR4.50%8.22%12/19/20317,727 7,650 7,727 
Ranpak Corp.+(2)Containers, Packaging & GlassSOFR4.50%8.22%12/19/203112,073 11,953 12,073 
Rialto Management Group, LLC+(2)(3)Diversified Financial ServicesSOFR5.00%8.72%12/5/203015,289 15,259 15,298 
Rotation Buyer, LLC+(2)(3)Capital EquipmentSOFR4.75%8.43%12/27/20318,723 8,667 8,647 
SCHP Purchaser, INC+(2)(3)Healthcare & PharmaceuticalsSOFR4.50%8.37%10/24/203218,601 18,423 18,420 
Secretariat Advisors LLC+(2)Construction & BuildingSOFR4.00%7.67%3/1/203217,716 17,635 17,716 
Sigma Irish Acquico Limited (Ireland)+(2)Diversified Financial ServicesSOFR5.25%8.91%3/19/203210,222 10,036 10,094 
Solarwinds Corporation+(2)SoftwareSOFR4.00%7.70%3/15/20322,887 2,761 2,880 
Spotless Brands, LLC+(2)(3)Consumer ServicesSOFR5.50%9.36%7/25/202810,756 10,674 10,808 
Striper Buyer, LLC+(2)(3)Containers, Packaging & GlassSOFR5.50%9.22%12/30/202614,250 14,221 12,812 
Tank Holding Corp.+(2)(3)(6)Capital EquipmentSOFR5.75%9.47%3/31/202819,348 19,091 17,680 
The Chartis Group, LLC+(2)(3)Healthcare & PharmaceuticalsSOFR4.25%7.95%9/17/203115,459 15,347 15,613 
Turbo Buyer, Inc.^+(2)(3)(9)Auto Aftermarket & ServicesSOFR6.00%9.62%6/1/202633,997 33,997 33,997 
U.S. TelePacific Holdings Corp.^(2)(3)(6)(7)TelecommunicationsSOFR
1.00%, 7.00% PIK
11.65%5/2/20264,286 2,817 1,645 
Victors Purchaser, LLC+(2)(3)High Tech IndustriesSOFR4.50%8.19%12/23/203216,975 16,933 16,925 
VRC Companies, LLC+(2)(3)(6)Business ServicesSOFR5.25%9.09%6/29/202723,019 22,916 23,012 
Whitney Merger Sub, Inc.+(2)(3)Leisure Products & ServicesSOFR4.75%8.42%7/3/203210,000 9,902 9,901 
Yellowstone Buyer Acquisition, LLC+(2)(3)(6)Consumer Goods: DurableSOFR5.75%9.62%9/13/202738,300 38,039 35,120 
First Lien Debt Total$969,463 $956,714 
Equity Investments (0.1% of fair value)
48forty Intermediate Holdings, Inc.^(8)Transportation: Cargo1 $— $— 
EvolveIP, LLC^(8)Telecommunications311 1,059 1,116 
Output Services Group, Inc.^(8)Media: Advertising, Printing & Publishing205 — — 
Equity Investments Total$1,059 $1,116 
Total Investments$970,522 $957,830 
^ Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into a revolving credit facility with the Company (the “Credit Fund Facility”). Accordingly, such assets are not available to creditors of Credit Fund Sub.
+ Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub 2025 Facility”). The lenders of the Credit Fund Sub 2025 Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund.
(1)Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2025, the geographical composition of investments as a percentage of fair value was 2.5% in Australia, 1.1% in Ireland, 2.6% in Luxembourg, 0.8% in the Netherlands and 93.0% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
(2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. As of December 31, 2025, the reference rates for Credit Fund's variable rate loans were the 30-day SOFR at 3.69%, the 90-day SOFR at 3.65% and the 180-day SOFR at 3.57%.
(3)Loan includes interest rate floor feature, which ranges from 0.75% to 1.00%.
(4)Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.
(5)Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements, to these unaudited consolidated financial statements.
(6)Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.
(7)Represents an investment on non-accrual status as of December 31, 2025.
(8)Represents a non-income producing security as of December 31, 2025.
(9)As of December 31, 2025, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans. The unfunded debts’ fair value is included in investments, at fair value in the accompanying Selected Consolidated Balance Sheet Information:
First Lien Debt—unfunded delayed draw and revolving term loans commitmentsTypeUnused FeePar/ Principal AmountFair Value
Enverus, Inc.Delayed Draw1.00%$1,608 $(6)
Heartland Home Services, Inc.Revolver0.50428 (10)
North Haven Fairway Buyer, LLCDelayed Draw0.502,316 (17)
Turbo Buyer, Inc.Revolver0.50233 0 
Total unfunded commitments$4,585 $(33)
Below is a summary of Structured Credit Partners’ portfolio as of June 30, 2026:
As of
June 30, 2026
Total Investments(1)
$1,681,254 
Number of portfolio companies in Structured Credit Partners428 
Average amount per portfolio company(1)
$3,928 
Floating rate loans(2)
99.5 %
(1)At par/principal amount.
(2)Percent of total investments at fair value.
The industry and geography composition of investments as of June 30, 2026 was as follows:
IndustryAmortized CostFair Value% of Fair Value
Aerospace & Defense$77,745 $77,745 4.7 %
Auto Aftermarket & Services45,943 45,985 2.8 
Beverage & Food50,150 50,261 3.0 
Business Services177,077 176,405 10.6 
Capital Equipment105,834 105,845 6.4 
Chemicals, Plastics & Rubber28,790 28,912 1.7 
Construction & Building91,558 91,241 5.5 
Consumer Goods: Durable31,398 31,391 1.9 
Consumer Goods: Non-Durable27,749 27,792 1.7 
Consumer Services125,242 125,148 7.5 
Containers, Packaging & Glass44,160 44,139 2.7 
Diversified Financial Services212,220 210,609 12.7 
Energy: Electricity15,266 15,222 0.9 
Energy: Oil & Gas29,187 29,185 1.8 
Environmental Industries24,057 24,068 1.5 
Forest Products & Paper2,457 2,387 0.1 
Healthcare & Pharmaceuticals102,635 102,638 6.2 
High Tech Industries121,605 119,392 7.2 
Leisure Products & Services80,886 80,764 4.9 
Media: Advertising, Printing & Publishing12,856 12,930 0.8 
Media: Broadcasting & Subscription21,064 21,102 1.3 
Media: Diversified & Production28,004 28,023 1.7 
Metals & Mining3,976 4,000 0.2 
Retail25,826 25,717 1.5 
Telecommunications20,090 20,180 1.2 
Transportation: Cargo7,392 7,504 0.5 
Transportation: Consumer27,334 27,244 1.6 
Utilities: Electric10,158 10,209 0.6 
Utilities: Oil & Gas4,909 4,949 0.3 
Wholesale108,800 108,643 6.5 
Total$1,664,368 $1,659,630 100.0 %
GeographyAmortized CostFair Value% of Fair Value
Australia$1,980 $2,009 0.1 %
Canada16,308 16,208 1.0 
Germany15,482 15,573 0.9 
Ireland879 877 0.1 
Luxembourg19,504 19,393 1.2 
Netherlands22,163 22,267 1.3 
Switzerland631 658 0.0 
United Kingdom21,391 21,160 1.3 
United States1,566,030 1,561,485 94.1 
Total$1,664,368 $1,659,630 100.0 %
Schedule of Line of Credit Facilities
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Outstanding borrowings, beginning of period$— $— $40,500 $— 
Borrowings— — — — 
Repayments— — (40,500)— 
Outstanding borrowings, end of period$— $— $— $— 
For the period from January 1, 2025 through March 20, 2025
Outstanding borrowings, beginning of period$189,221 
Borrowings29,000 
Repayments(218,221)
Outstanding borrowings, end of period$— 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Outstanding borrowings, beginning of period$652,500 $430,000 $589,000 $— 
Borrowings293,347 19,000 433,847 449,000 
Repayments(59,000)(47,000)(136,000)(47,000)
Foreign currency translation(62)— (62)— 
Outstanding borrowings, end of period$886,785 $402,000 $886,785 $402,000 
Three Months Ended June 30,Six Months Ended June 30,
20262026
Outstanding borrowings, beginning of period$75,724 $— 
Borrowings40,000 115,724 
Repayments— — 
Outstanding borrowings, end of period$115,724 $115,724 
Below is a summary of the borrowings and repayments under the credit facilities for the respective periods.
Carlyle US CLO 2026-B, Ltd.
Sixth Street SCP Warehouse 3, Ltd.
Sixth Street SCP Warehouse 4, Ltd.
Total
Three Months Ended June 30, 2026
Outstanding borrowings, beginning of period$565 $— $— $565 
Borrowings75,678 68,241 18,547 162,466 
Repayments— — — — 
Outstanding borrowings, end of period$76,243 $68,241 $18,547 $163,031 
Six Months Ended June 30, 2026
Outstanding borrowings, beginning of period$— $— $— $— 
Borrowings76,243 68,241 18,547 163,031 
Repayments— — — — 
Outstanding borrowings, end of period$76,243 $68,241 $18,547 $163,031 
The following tables summarize the terms of the securitizations and principal amount outstanding as of June 30, 2026:
Carlyle US CLO 2026-3, Ltd.
As of
Debt TrancheCredit RatingReference RateSpreadJune 30, 2026
A-1AAASOFR1.16%$441,000 
A-2AAASOFR1.50%21,000 
BAASOFR1.60%68,250 
CASOFR1.80%40,250
DBBBSOFR3.00%45,500
EBBSOFR6.00%26,250
Total Principal Amount Outstanding642,250 
Less: unamortized debt issuance costs(1,903)
Total Carrying Value$640,347 
Sixth Street CLO 32, Ltd.
As of
Debt TrancheCredit RatingReference RateSpreadJune 30, 2026
A-1AAASOFR1.17%$378,000 
A-2AAASOFR1.50%24,000 
BAASOFR1.65%54,000 
CASOFR1.95%36,000
DBBBSOFR3.10%36,000
D-2BBBSOFR4.10%4,500
EBBSOFR6.00%19,500
Total Principal Amount Outstanding552,000 
Less: unamortized debt issuance costs(2,358)
Total Carrying Value$549,642 
Below is a summary of the borrowings and repayments under the Credit Facility for the three and six months ended June 30, 2026 and 2025, and the outstanding balances under the Credit Facility for the respective periods.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Outstanding borrowings, beginning of period
$415,319 $288,169 $563,660 $213,439 
Borrowings231,589 241,950 386,240 530,882 
Repayments(312,948)(160,926)(611,948)(376,426)
Foreign currency translation(1,823)9,422 (5,815)10,720 
Outstanding borrowings, end of period
$332,137 $378,615 $332,137 $378,615 
The Credit Facility consisted of the following as of June 30, 2026 and December 31, 2025:
Total
Facility		Borrowings
Outstanding
Unused 
Portion (1)
Amount Available (2)
June 30, 2026$875,457 $332,137 $543,320 $543,320 
December 31, 2025$960,000 $563,660 $396,340 $396,340 
(1)The unused portion is the amount upon which commitment fees are based.
(2)The amount available is based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.
For the three and six months ended June 30, 2026 and 2025, the components of interest expense and credit facility fees of the Credit Facility were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest expense$4,801 $4,515 $10,169 $9,009 
Facility unused commitment fee509 579 1,010 1,122 
Amortization of deferred financing costs and debt issuance costs282 261 565 482 
Total interest expense and credit facility fees$5,592 $5,355 $11,744 $10,613 
Cash paid for interest expense and credit facility fees$5,616 $5,141 $11,971 $9,685 
Weighted average debt principal outstanding$386,629 $313,852 $406,203 $303,014 
Weighted average interest rate(1)
4.91 %5.69 %4.98 %5.91 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.
Below is a summary of the borrowings and repayments under the CSL III SPV Credit Facility for the three months ended June 30, 2025 and for the period from March 27, 2025 through June 30, 2025, and the outstanding balance under the CSL III SPV Credit Facility for the period.
Three Months Ended June 30, 2025
For the period from March 27, 2025 through June 30, 2025
Outstanding borrowings, beginning of period
$206,000 $— 
CSL III Merger— 206,000 
Borrowings— — 
Repayments(31,000)(31,000)
Outstanding borrowings, end of period
$175,000 $175,000 
For the three months ended June 30, 2025 and for the period from March 27, 2025 through June 30, 2025, the components of interest expense and credit facility fees of the CSL III SPV Credit Facility were as follows:
Three Months Ended June 30, 2025
For the period from March 27, 2025 through June 30, 2025
Interest expense$3,164 $3,369 
Facility unused commitment fee57 59 
Total interest expense and credit facility fees$3,221 $3,428 
Cash paid for interest expense and credit facility fees$2,912 $2,912 
Weighted average debt principal outstanding$175,341 $176,938 
Weighted average interest rate(1)
7.14 %7.14 %
(1)Excludes facility unused commitment fee and amortization of deferred financing costs and debt issuance costs.